BC CRYPTO
Saved by @CodyyyGardner

I've received many questions from people considering to set up a #Bitcoin multisig wallet but confused about the backup process, what should be backed up, and why.

🧵So here's a thread on backing up multisig wallets - what, why, and how.

 The main caveat in a multisig wallet is that, while you need only a threshold of devices (ie. 2 of 3, 3 of 5, etc.) to sign a transaction, losing access to even a single device could potentially prevent you from being able to spend the funds - if you don't back up properly!
The reason is that (usually) in order to make a Bitcoin transaction, it is not enough to be able to sign it, but you also need to provide the "terms for spending", that is, the Script (code) that is used to lock the coins.
That's because the full script is usually not stored directly on the blockchain, but only as a hash (a unique identifier of it).
Then on spending, you need to provide both the original script code which matches that hash, and satisfy any condition that the script may include.
In a single key wallet, this is trivial.

The script is composed of the public key of your wallet and a few standard commands - and satisfying it requires the signature for that key, so both the script and signature can be constructed by having access to that one private key.
With a multisig, this is not the case. The script for a multisig contains the list of public keys of all possible cosigners - which means it can be constructed only by knowing the public keys of ALL devices in the multisig, not just of the devices you are signing with.
To demonstrate, let's assume a 2 of 3 multisig. When you want to get an address of your multisig, your wallet software is taking the public keys of all 3 cosigners, lists them in a standard way inside a script, hashes it, then with this hash constructs the address.
When receiving bitcoin to that address, there is a "commitment" on the blockchain for all 3 public keys, out of which 2 signatures are needed. But the public keys themselves are not listed yet on the blockchain - you must provide them too when spending from the address.
Now assuming you have lost access to one private key (a device and its mnemonic backup), you won't be able to tell its public key anymore - so you won't be able to reconstruct the script of the address. So even though you have enough signatures, you won't be able to access funds.
The solution - which is the extra step of a multisig backup - is to also keep a backup of the list of public keys (xpubs) of all cosigners, from which you will be able to recreate the script.
Since this list of public keys does not contain signing (private) keys, there is no risk of losing funds even if an attacker manages to access it, but this would be a privacy concern since the attacker will then be able to see the balance on the multisig wallet.
That's why it is not recommended to leave this file on some cloud backup or some other insecure option.

It's recommended that you keep it with each one of the cosigners/ seed backups so that you can recover regardless of the combination of signers you eventually use.
Besides the list of public keys, it is also necessary to know the script type used (whatever native SegWit, nested SegWit, or legacy), and the threshold chosen in order to construct the multisig script. These are possible to know by guessing (brute force), but better keep it too.
The last piece which you should include is the derivation paths used for each device. Each derivation path tells your wallet how to turn each master public key, into a different individual "disposable" public key used to generate every new address.
This data of derivation paths is standardized so that all wallets should use the same derivation path by default, but it is best to keep that around too especially if you use a unique one for some reason.
This might sound like a lot of components, but to simplify usage, there’s a standard for storing and recovering such information, which is called Output Descriptors.

https://t.co/WAPJHlXtbK
Just as an example of what the final backup might look like, here are a few pics of a PDF backup generated from @SpecterWallet

This contains the individual devices keys list, as well as everything in an output descriptor format (and a bit of extra data like wallet name etc.)
You could save this by simply printing the PDF, storing it on an SD card, or just keep it encrypted on a cloud backup. What you need to remember is:
1. You need this information to recover the wallet.
2. Anyone with access to this information can see your wallet history.
So to simply sum it up, the additional piece you should backup when using a multisig wallet is the output descriptor - a list of the public keys of the cosigners with some data on the wallet.
This information is possible to derive only with access to all devices in your multisig and is necessary to spend from it.
So to remove the single point of failure of losing access to one cosigner, you should keep this backup along with each of your devices. fin/

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Options used to be close to irrelevant for bitcoin's price.

Until now.

At current price levels, hedging large option notionals has a major impact on price.

Here's a quick thread on options 👇

Let's start with the meaning of delta.

Delta is the rate of change of an option's price relative to a change in the price of its underlying.

For example, the price of a 50 delta option will move 50% as much as the underlying.

For practical purposes, think of it as how much of the underlying you have:

- if long 50 delta call on 1 BTC => long 0.5 BTC
- if long 50 delta put on 1 BTC => short 0.5 BTC
- if short 50 delta call on 1 BTC => short 0.5 BTC
- if short 50 delta put on 1 BTC => long 0.5 BTC

An option where the option's strike (i.e. exercise price) is equal to current spot price is known as an at-the-money option (ATM). ATM options have a delta of 50, while deep in the money options have a delta of close to 100.

Can also think of delta as probability. A 50 delta option has a 50% chance of expiring in the money.

For a call, the higher price goes => the more in the money the call => the higher the delta.

Once delta gets close to 100, odds are ~100% the option will expire in the money.
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Cole Garner
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@ColeGarnerBTC
1/  We've reached a critical inflection point in bitcoin's adoption curve.

A moment wholly unique in the history of markets.

Are you ready for what comes next? 👇

#Bitcoin


2/ A perfect storm of demand dynamics is driving #Bitcoin price.

I think something shifted in the market -- and active investors & traders would do well to adjust their mindset.

3/ After years asleep at the wheel, institutional leaders are now jarred awake, en masse.

If they want this asset: they'll have to hustle, compete with the masses and FOMO in above ATH's.

Against a backdrop of scarcity unlike anything they've ever seen.


4/ They will buy *all* dips.

Their bots will not stop buying.

There isn't enough supply for all of them, and they know it.

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How much appetite will strong hands have to market sell, just to run stops?

In the opening hours of the greatest bull market of their lives.

In a liquidity crisis.
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D.I.Y Investing
D.I.Y Investing
@vajolleratzii
Prepare For The Biggest Bull Run In Crypto EVER.

I made some charts explaining the long term trend of #Ethereum and how identical it is to the early #Bitcoin cycles.

It's very obvious what's happening and has been in the charts for months.

I call this pattern the, "4 Year Bowl."

New years are a time of market shifts both bullish and bearish. Each cycle goes through 4 years of this rounded accumulation pattern. After year 4 we start 1 year of parabolic rise.


When you take a look at the same principle with the last #Bitcoin cycle you get almost the exact same outcome. Only difference is Bitcoin usually tops at the first of December and not January.

The 4 Year Bowl is identical with Ethereum and Bitcoin


When you lay them side by side you get a pretty insane correlation. The fact $ETH accumulated for 2 years at that range low makes me feel as if the parabolic rise will happen faster than everyone thought.

Look how identical it is to the last $BTC cycle. Who could argue against?


S/O to @BobLoukas for teaching me how cycles work. I was one of the first members on @BitcoinLive1 and Bob was the only person I listened to. True Legend.

So... How does "4 Year Cycle Theory" work?

Measure from peak low to peak low. Each cycle equals 4 years in distance.
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Algostorm \u26a1 2/7/2021 6 pm EST ALGOWORLD USA
Algostorm ⚡ 2/7/2021 6...
@AW_USA
Unlike #ETH and #BTC $ Algo uses delegated proof of stake (DPOS) #AlgorandandFriends


Under the DPOS mechanism, the community will empower a number of users the delegates to choose the next block. This is a mechanism that is used by blockchains such as EOS etc. $Algo

There is a fixed number of delegates & these delegates can be viewed as having centralized control. In the adipose blockchain, the delegates may own a tiny fraction of the total money in the system. Yet, the whole blockchain is secure. $Algo

The Algorand consensus mechanism is called pure proof of stake. And it operates on this simple principle. It makes cheating by a minority of the money impossible and cheating by the majority stupid. $Algo

$Algo developed a mechanism so that those with small stakes cannot cheat, those that have a large stake in the network won’t cheat. It will completely devalue their holdings & make no economic sense. As long as 2/3 of the majority are honest, the protocol will work just fine. $
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Finshots
Finshots
@finshots
What happens to your cryptocurrency when you die??

A thread...

Did you know it’s illegal to log into a dead person’s crypto account?

So if you're a crypto investor and you died today, who reaps your fortune?

No one, technically, unless you name a beneficiary in your will. And it's a big deal as ~3.7M bitcoins, $140B is unrecoverable (excluding the 10k+ other cryptocurrencies) since the investor either lost their password or died intestate.

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Hare Krishna
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Alathiyur Hanuman Temple
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One of the Powerful Anjaneya Temples in Kerala. Hanuman temple is adjacent to Shri Ramar Sannidhi. Here Hanuman's head is tilted towards the left to hear Shri Rama's words. Shri Rama is entrusting Hanuman👇


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Hanuman stands leaning a little towards the left, showing how he hear Shri Rama's words and also assuring him Your Wish is my Command.
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There is a place marked here to show Hanuman’s leap to Lanka over sea.


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Alathiyur Hanumane
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Pedi Swapnam Kandalo
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I am using only one indicator in the chart.
i.e DC(20) = Donchain Channel
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if it is breaking DC down, can take bearish view.
if it is in between, can trade range-bound.

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If the volume is 1.5 to 2 times the average volume and if DC high/low is taken out then it can be a strong bullish/bearish signal.
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