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Cold wallets: safe unless P = NP
Ok. Is it correct that an address holds BTC or NFTs (in the sense that the ledger knows which address is the owner of any digital asset it at any given moment)? If so are private keys tied one-to-one to addresses? If thatās true, how are new addresses created? Do you just have to pick one that isnāt already in use?
Yeah I use JWT tokens a lot. Same system. So I get that aspect now that you explained it in terms I understand.
Yep
Thereās no official link or record for this, itās just that if you have the private key that can sign a tx for the public key a/k/a address, youāre good to go.
You pick any random private key and derive a public key a/k/a address from it, basically. (You use software to do this securely/randomly)
Private keys give access to an effectively infinite number of addresses that are all a part of the same wallet.
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Is a wallet a thing that exists on the blockchain, or just a storage medium where you store your private keys? Do wallets have addresses?
Will the blockchain barf is someone tries to use a public key thatās already in use?
Man my son and I rewatched this last night and were just cackling the entire time. And my wife was there with us, just completely baffled. By the end, she was legit angry that we found it funny.
And that was before we watched the Tammy craps doll.
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The addresses you own (public keys) are derivable from your private key. A wallet is the collection of all addresses that an individual private key owns.
An address can only be owned by one private key, so there is no way to try to use one that is already in use.
1 private key = 1 wallet = effectively infinite addresses (simple version)
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This is incorrect.
1 wallet seed address = 1 wallet ā x private keys = x bitcoin addresses
Your wallet creates multiple private keys based on the seed. Each of those private keys link to exactly a single bitcoin address.
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Nope. First of all you need the private key and not the public one. The public one is basically the bitcoin address. If your wallet generates a private key already in use then you just got REALLY lucky and you get to transfer anything from that already in use address to a different one you alone have access to. There are 2^160 possible private keys so no point in worrying about that.
Iāve been short GME, AMC and NVAX intraday (unfortunately mostly gme) since spring of 2021 and Iām still shorting GME, so I wouldnāt argue against them failing in the long run.
But we are still working with whatās left of a legit pump and dump and pumps donāt seem to come after a surplus of positive news is exposed just like dumps donāt happen after of onslaught of shitty news. Weāve all seen enough "lol x happened and stonks are up! - so much for efficency. That behavior isnāt a new thing and will continue fool people out of their money while still ending up going in the direction that was expected. In short, Iām just trying to avoid the pumps.
Yeah they said that about the Big Bang. Then it happened.
Does a private key linking to an NFT address work the same way?
Anything that talks about private keys works that way. Also the big bang never happened.
