Just curious if any out there have lost a substantial amount of satoshis to either trusting a custodian at one point, sending to the wrong address, lost seed phrases, been a developer and losing it while trying to figure something out, whatever really.
Substantial is subjective so whatever you personally consider meeting that. No need disclose any amounts.
What I find really amazing is aside from my first 10 or so transactions feeling a little nervous, I'm surprised at how relatively easy its been. Self custody was immediately appealing to me so I figured out wallets pretty quick.
There's a lot of talk out there right now about how self custody is more dangerous because people aren't smart enough to do it themselves. I have to say as a pretty big dunce myself, and knock on wood, Bitcoin has been fairly easy to understand for me on that level. It's just another way to scare people off.
It did get me thinking of all the other possible pitfalls I've managed to avoid so far though. And I'm basically just a user, so any other input is appreciated.
the only sats I've ever lost was a bet between my friend and I on the outcome of the 2020 presidential election/. I gave him an address that I don't control. I still don't know how it happened. 100k sats lost for ever.
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Did the sats move? Clipboards are an attack vector.
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Nope. Still there the last time I checked.
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to either trusting a custodian at one point,
That's fairly broad criteria.
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I figured leaving it broad would get more varied and interesting responses such as this rather than just asking if anyone on SN lost anything to FTX.
Like I myself definitely did. All of it. Every sat.
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I lost tons! Some examples of my buffoonery:
Wrong address (burned!) Lost in wallet (wrong derivation path ) Sent sats for cloud mining (LOL!) Lost in ln bits wallets Unclaimed tips Lightning roulette
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Lost because of derivation path?
Did you use a custom derivation path and forgot it or how did this happen?
If you know which wallet software you used, you should be able to recover.
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This was in my way earlier days so it might be tough to remember the exact details but I remember I created a blue wallet wrote the seeds down then I tried to import that wallet into fully noded wallet and I just randomly elected the derivation path. Then poof the bitcoin was lost. I couldn’t find it either in blue wallet or fully noded so I just moved on. I still have the seed words to that wallet and I even used that one offline tool to search for the coins but had no luck ever finding them.
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Oooh I'll have to look into the derivation path stuff. I love looking into things I barely comprehend.
Thank you for the inputs!
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Yup, lost them all in a boating accident.
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Sheit! You too?
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I mean. I intentionally do that every time I come across any. I meant in the playing before the ocean takes it.
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Cthulhu is Satoshi Nakamoto.
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Although I've been using many different wallets, both lightning and on-chain, and doing some playing around I actually only "lost" sats purposefully by doing stuff like opening and closing lightning channels. And Eternitywall.
Now that I think about it, my most significant losses are from doing coinflips in telegram chats using fiatjaf's lntxbot.
Someone wrote once that fiatjaf skewed the probabilities towards me losing flips. I wonder if it was serious.
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I've definitely burnt a lot more than I could have just in network fees playing around. Understanding UTXOs and such, I feel it was worth it.
I feel like unless you're really irresponsible with seed phrases (which I'm guilty of early on, managed to fix that before anything bad happened) or your doing some really deep developer stuff, it's actually been remarkable just watching those sats do only exactly as I tell them.
The sense of direct control is pretty huge. I'd rather make one of the potential mistakes than have it stolen or frozen by an exchange.
For all the "you can't expect regular people to learn this shit", as a regular dummy, I've found it challenging yet surprisingly easy to slowly add to my understanding enough to accomplish it so far.
Appreciate the response!
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burned 0.1 btc once from a failed bios update that unmounted my drive
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In a previous life, as a shitcoiner, i used to invest my hard earned bitcoins in scams. One of them, a top 50 CMC coin (last time I checked), has lost 90% of it's value against Bitcoin. 😂😅
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I have never lost any Sats so far and I'm not looking to - fingers crossed - I have to research more on opsec to know how best to send, receive and store my sats.
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how about spending?
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Spending insights are fine too. I was curious from a mistake or tech misunderstanding while experimenting, since I've been lucky enough to avoid most that. But anyone who wants to add anything is welcome.
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Me too, but without the 'bit' part:)
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