Bitcoin Core developer has lost 200+ BTC, can average Joe feel safe?

A

adm

Administrator
Staff member
Imagine that.. the lead bitcoin dev can not keep safe himself, and can we expect that an average CryptoJoe can do so?

upd: He's not actually a "lead developer", which would also imply some kind of corporate backing. He's successfully submitted a handful of minor contributions/code changes to open-source bitcoin core, but no one is hiring him or paying him directly. He claims he is a "contractor", but he's really just an amateur libertarian programmer grifting and grossly overselling his minor bitcoin contributions for 10+ years

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Unfortunately, a hot wallet is never 100% secure. Valid seed phrase mnemonics (valid wallets) can be calculated. Yes, there are a LOT of total wallets and the odds of them finding YOUR wallet is very low, but when they're calculating these mnemonics as fast as possible and comparing this to balances on the blockchain, it's not totally unrealistic that someone could have simply "guessed" his wallet seed. I have had discussions about this before and most seem to shrug it off, but this is a real problem. At some point (many years from now), it is possible that they may have calculated valid seed phrases for the majority of all total wallets, which as you can imagine would be detrimental to the security of crypto.
 
@JohnDoe, Maybe cold wallets and don't store all wallets at the same pc... but it's a lot of work to do...

At hot (online) wallet keep only coins that you can lose.
 
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