Help Me [Recover] My Bitcoin!

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Help Me [Recover] My Bitcoin!

Post by Reubin »

Hi. Four years ago someone online on a different forum was giving out small amounts of bitcoin as he was touting and promoting it. I signed up for an account on blockchain.info and sent him my blockchain address which I created (but I don't remember how exactly) and he generously gave me .05 bitcoin, worth about $15 at the time. It just sat there for years and I totally forgot about it.

Well with the recent meteoric rise it's now worth over $930 and I'd like to cash it out before it crashes. The only problem is that I do not have the private key, only the public key. When I enter the public key in the blockchain.info search engine I see the .05 BTC sitting there. I've opened a new blockchain.info wallet and was able to import the .05 BTC into it but because I don't have the private key it's a "watch only" in my wallet, where I have no control over it and can't sell it or spend it.

This is very frustrating to me and I would appreciate any help in extracting my BTC before it crashes. You can't believe how much time I've spent trying to figure this out.

Thanks!
PFInterest
Posts: 2684
Joined: Sun Jan 08, 2017 12:25 pm

Re: Help Me Cash Out My Bitcoin!

Post by PFInterest »

Sounds like You don't actually own it....
it's like that $20 you misplaced...
User avatar
HomerJ
Posts: 15671
Joined: Fri Jun 06, 2008 12:50 pm

Re: Help Me Cash Out My Bitcoin!

Post by HomerJ »

Reubin wrote: Sun Dec 17, 2017 11:34 pmThe only problem is that I do not have the private key
Then you don't own it. Be happy it's only $930 you're never going to get.

There are people who lost their private key and have millions of dollars they cannot access.
User avatar
Veiled
Posts: 152
Joined: Sun Oct 15, 2017 7:12 am

Re: Help Me Cash Out My Bitcoin!

Post by Veiled »

As I understand it, this is part of the reason cryptocurrencies (or at least bitcoin) will inevitably depreciate.
Pardon me as I read these one hundred and fifty-seven SP vs LLC vs Scorp threads...
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

HomerJ wrote: Sun Dec 17, 2017 11:56 pm
Reubin wrote: Sun Dec 17, 2017 11:34 pmThe only problem is that I do not have the private key
Then you don't own it. Be happy it's only $930 you're never going to get.

There are people who lost their private key and have millions of dollars they cannot access.
When I recently created my blockchain.info wallet they provided me with a 12 word backup key. I have these words saved. Would this help me in any way to locate the private key from the original transaction?

Also, when I enter the original address thread into the wallet ID line while logging into my new wallet, blockchain is sending me my new wallet ID address via my email and I'm able to sign into my new wallet using that. So somehow blockchain has associated my original thread address with my new wallet address. However the bitcoin in the new wallet still shows "Watch Only" when I open it.
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

HomerJ wrote: Sun Dec 17, 2017 11:56 pm
Reubin wrote: Sun Dec 17, 2017 11:34 pmThe only problem is that I do not have the private key
Then you don't own it. Be happy it's only $930 you're never going to get.

There are people who lost their private key and have millions of dollars they cannot access.
Well that makes me feel much better :)
alwayshedge
Posts: 219
Joined: Sat Nov 30, 2013 7:43 pm

Re: Help Me Cash Out My Bitcoin!

Post by alwayshedge »

If you don't have your private key, you don't own it anymore. Nobody owns it anymore.
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

alwayshedge wrote: Mon Dec 18, 2017 12:11 am If you don't have your private key, you don't own it anymore. Nobody owns it anymore.
I've never known Bogleheads to quit this easily.
Do you remember when Elaine on Seinfeld went through holy hell to get her free sub sandwich? Well that''s how I feel about this.
gips
Posts: 738
Joined: Mon May 13, 2013 5:42 pm

Re: Help Me Cash Out My Bitcoin!

Post by gips »

Why don’t you have the private key? Did you lose it?
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

gips wrote: Mon Dec 18, 2017 12:19 am Why don’t you have the private key? Did you lose it?
You know I'm really not certain. When the person was offering the free BTC I must have gone to blockchain.info and generated a wallet address because I posted this address beginning with the number 1 on the forum. Then the donator deposited the .05 BTC into this address thread. I barely knew what I was doing at the time tbh. I can see this transaction including the time as well as a hash 160 number. There's also a QR scan which I believe corresponds to the public key but I'm not sure. On the same blockchain web page there is a Donate button and a Request payment button, both of which I've messed around with without success.
movingabroad
Posts: 21
Joined: Wed Jul 08, 2015 8:14 am

Re: Help Me Cash Out My Bitcoin!

Post by movingabroad »

Do you have the wallet ID number? Search through the email of which you signed up on the account with. If you still have that email, it will have your wallet ID. You then can try to guess your password. If that doesn't work, you might be able to email them and get some help. Also, you can have them resend your wallet ID again with your email. I'd at least do that and try to guess the password to the account.

https://blockchain.info/wallet/#/help


And here's the link where you can login: https://blockchain.info/wallet/#/login
User avatar
rmelvey
Posts: 825
Joined: Sat Sep 18, 2010 5:17 pm
Contact:

Re: Help Me Cash Out My Bitcoin!

Post by rmelvey »

This stuff happens all the time. I'm sorry for your loss. At least it wasn't more.
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

movingabroad wrote: Mon Dec 18, 2017 2:20 am Do you have the wallet ID number? Search through the email of which you signed up on the account with. If you still have that email, it will have your wallet ID. You then can try to guess your password. If that doesn't work, you might be able to email them and get some help. Also, you can have them resend your wallet ID again with your email. I'd at least do that and try to guess the password to the account.

https://blockchain.info/wallet/#/help

I can get into my blockchain.info wallet. I have that ID number and password. But the bitcoin says Watch only. I have a 12 word recovery phrase also but not sure what it does or how to use it. Any help would be appreciated.


And here's the link where you can login: https://blockchain.info/wallet/#/login
lolbatross
Posts: 132
Joined: Thu Feb 20, 2014 10:36 pm

Re: Help Me Cash Out My Bitcoin!

Post by lolbatross »

Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

I have my wallet ID and password for my blockchain wallet. I also have a 12 word recovery phrase that was provided which I have no idea how to use.
lolbatross
Posts: 132
Joined: Thu Feb 20, 2014 10:36 pm

Re: Help Me Cash Out My Bitcoin!

Post by lolbatross »

Reubin wrote: Mon Dec 18, 2017 9:46 am I have my wallet ID and password for my blockchain wallet. I also have a 12 word recovery phrase that was provided which I have no idea how to use.
Do you have it for you new wallet or for your old wallet? (or both)
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

lolbatross wrote: Mon Dec 18, 2017 9:53 am
Reubin wrote: Mon Dec 18, 2017 9:46 am I have my wallet ID and password for my blockchain wallet. I also have a 12 word recovery phrase that was provided which I have no idea how to use.
Do you have it for you new wallet or for your old wallet? (or both)
I have it for the new wallet. However, as I previously stated, when I paste the original address into the sign in for my wallet I get an email giving me the wallet ID #. So possibly they're linked?
lolbatross
Posts: 132
Joined: Thu Feb 20, 2014 10:36 pm

Re: Help Me Cash Out My Bitcoin!

Post by lolbatross »

Reubin wrote: Mon Dec 18, 2017 12:59 pm
lolbatross wrote: Mon Dec 18, 2017 9:53 am
Reubin wrote: Mon Dec 18, 2017 9:46 am I have my wallet ID and password for my blockchain wallet. I also have a 12 word recovery phrase that was provided which I have no idea how to use.
Do you have it for you new wallet or for your old wallet? (or both)
I have it for the new wallet. However, as I previously stated, when I paste the original address into the sign in for my wallet I get an email giving me the wallet ID #. So possibly they're linked?
I think you're out of luck. From the link I previously posted straight from blockchain:
I forgot my password. What can you do to help?

Unfortunately, we're unable to help you re-gain access to your wallet if you've lost or forgotten your password. This is because we don't have access to your wallet or your wallet password.

If you find yourself in this situation, we recommend trying the steps below:

1. Try to log in using every possible password combination you may have used.

2. Your 12 word Wallet Recovery Phrase can be used if you forget your password. Enter the phrase using this form to create a new wallet that contains all the bitcoin addresses and balances contained in your previous wallet. Keep in mind, this process does NOT include funds stored in any Imported Addresses.
z91
Posts: 553
Joined: Fri Mar 07, 2014 1:19 pm

Re: Help Me Cash Out My Bitcoin!

Post by z91 »

Veiled wrote: Mon Dec 18, 2017 12:03 am As I understand it, this is part of the reason cryptocurrencies (or at least bitcoin) will inevitably depreciate.
Depreciate? Taking a simplistic approach to supply and demand rules..supply is down (lost bitcoin) so that means demand should go up in this case. Cost will go up.
an_asker
Posts: 2963
Joined: Thu Jun 27, 2013 2:15 pm

Re: Help Me Cash Out My Bitcoin!

Post by an_asker »

Reubin wrote: Mon Dec 18, 2017 12:13 am
alwayshedge wrote: Mon Dec 18, 2017 12:11 am If you don't have your private key, you don't own it anymore. Nobody owns it anymore.
I've never known Bogleheads to quit this easily.
Do you remember when Elaine on Seinfeld went through holy hell to get her free sub sandwich? Well that''s how I feel about this.
At least you're being a good sport about it (better than I would've for sure!). Your situation reminds me of this gif I recently got on whatsapp, of an animal (forget if it was a cat or a monkey) right outside the car windshield, trying to get at food on the dashboard of the car. It tries to eat it, then swipe at it, then bite it, in turns - getting more and more agitated!
Tal-
Posts: 507
Joined: Fri Apr 22, 2016 10:41 pm

Re: Help Me Cash Out My Bitcoin!

Post by Tal- »

t60 wrote: Mon Dec 18, 2017 3:06 pm
Veiled wrote: Mon Dec 18, 2017 12:03 am As I understand it, this is part of the reason cryptocurrencies (or at least bitcoin) will inevitably depreciate.
Depreciate? Taking a simplistic approach to supply and demand rules..supply is down (lost bitcoin) so that means demand should go up in this case. Cost will go up.
Inflation/deflation is technically defined as the amount of money that exists. For example, when the Fed prints a $20 bill, they are, by definition, creating inflation. If I were to burn a $20 bill, I'm by definition, creating deflation. In this case, it sounds like a $930 dollar bill was basically burnt. :(

With that said, I think the view of supply and demand is intuitive, but maybe dangerous. If you think of Bitcoin as a collectible, your point of supply and demand is accurate. But ultimately, Bitcoin can only survive if it's a currency, and not a collectible.
Debt is to personal finance as a knife is to cooking.
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

an_asker wrote: Mon Dec 18, 2017 3:23 pm
Reubin wrote: Mon Dec 18, 2017 12:13 am
alwayshedge wrote: Mon Dec 18, 2017 12:11 am If you don't have your private key, you don't own it anymore. Nobody owns it anymore.
I've never known Bogleheads to quit this easily.
Do you remember when Elaine on Seinfeld went through holy hell to get her free sub sandwich? Well that''s how I feel about this.
At least you're being a good sport about it (better than I would've for sure!). Your situation reminds me of this gif I recently got on whatsapp, of an animal (forget if it was a cat or a monkey) right outside the car windshield, trying to get at food on the dashboard of the car. It tries to eat it, then swipe at it, then bite it, in turns - getting more and more agitated!

Yes, that's me!
techrover
Posts: 124
Joined: Tue Jun 12, 2012 2:23 pm

Re: Help Me Cash Out My Bitcoin!

Post by techrover »

Hoping this helps others:

1. When you download a wallet app or have an online wallet, here is what happens:
a. The wallet will have a id/password for you to login to wallet. This is wallet specific and will only work for that wallet provider.
b. The wallet will generate a pair of keys(random alpha-numeric characters) called public key and private key. They are like lock+key meaning the private key is used to prove the ownership of public key and hence can be used to transfer funds. This is a standard operation blockchain wide and so a public/private key generated on your wallet will work with any wallet.

2. Usually the wallet providers will give out the public key, but private key is not easily available unless you know how to get it. Wallet providers use this tactic to retain consumers. Though there are many wallets even offline wallets that allow you to retain full control of your keys.
There are conflicting views on what arrangement is best - should you have full control or should you let the wallet provider retain control. If you are tech savvy enough, you should retain full control. If not, you may be better of using wallet provider because they can help you regain lost passwords etc. There are many cases of user loosing their private keys with eventual loss of the associate crypto currency.

3. Even when you use online exchanges like coinbase, the mechanism is slightly different as the exchange holds the currencies in their wallets(supposedly having better security :) ) and they only have an accounting system which credits you the currency. You do not get any private keys associated with the currency...
And I do not have to explain how secure the exchanges have proven to be - Mt. Gox is perfect example.

4. In your case, since you used a wallet provider, you may be in luck. Try to login to the online wallet - reset password etc. as long as you have the email used and the wallet provider is around, you should be able to get to wallet. Once there, you can transfer the money out to another wallet you own or sell it(process will depend on wallet provider).
User avatar
queso
Posts: 985
Joined: Thu Jan 07, 2016 3:52 pm

Re: Help Me Cash Out My Bitcoin!

Post by queso »

Reubin wrote: Mon Dec 18, 2017 4:02 pm
an_asker wrote: Mon Dec 18, 2017 3:23 pm
Reubin wrote: Mon Dec 18, 2017 12:13 am
alwayshedge wrote: Mon Dec 18, 2017 12:11 am If you don't have your private key, you don't own it anymore. Nobody owns it anymore.
I've never known Bogleheads to quit this easily.
Do you remember when Elaine on Seinfeld went through holy hell to get her free sub sandwich? Well that''s how I feel about this.
At least you're being a good sport about it (better than I would've for sure!). Your situation reminds me of this gif I recently got on whatsapp, of an animal (forget if it was a cat or a monkey) right outside the car windshield, trying to get at food on the dashboard of the car. It tries to eat it, then swipe at it, then bite it, in turns - getting more and more agitated!

Yes, that's me!
He's being a good sport now, but wait until his .05 BTC is worth $500k and then see how nuts he goes trying to find that key! :)
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

techrover wrote: Mon Dec 18, 2017 6:01 pm Hoping this helps others:

1. When you download a wallet app or have an online wallet, here is what happens:
a. The wallet will have a id/password for you to login to wallet. This is wallet specific and will only work for that wallet provider.
b. The wallet will generate a pair of keys(random alpha-numeric characters) called public key and private key. They are like lock+key meaning the private key is used to prove the ownership of public key and hence can be used to transfer funds. This is a standard operation blockchain wide and so a public/private key generated on your wallet will work with any wallet.

2. Usually the wallet providers will give out the public key, but private key is not easily available unless you know how to get it. Wallet providers use this tactic to retain consumers. Though there are many wallets even offline wallets that allow you to retain full control of your keys.
There are conflicting views on what arrangement is best - should you have full control or should you let the wallet provider retain control. If you are tech savvy enough, you should retain full control. If not, you may be better of using wallet provider because they can help you regain lost passwords etc. There are many cases of user loosing their private keys with eventual loss of the associate crypto currency.

3. Even when you use online exchanges like coinbase, the mechanism is slightly different as the exchange holds the currencies in their wallets(supposedly having better security :) ) and they only have an accounting system which credits you the currency. You do not get any private keys associated with the currency...
And I do not have to explain how secure the exchanges have proven to be - Mt. Gox is perfect example.

4. In your case, since you used a wallet provider, you may be in luck. Try to login to the online wallet - reset password etc. as long as you have the email used and the wallet provider is around, you should be able to get to wallet. Once there, you can transfer the money out to another wallet you own or sell it(process will depend on wallet provider).
Okay. I logged into my blockchain.info wallet and I see the .05 BTC there. Its now worth $946.
The wallet says that I received the BTC on Nov. 9th, 2013, which is correct.
When I click on Settings and then Addresses it shows the BTC and the public key but says Watch Only.
Now how do I export it? Can I export it?
It's giving me the option to archive, transfer or spend. To spend, I require the private key so no go.
It does seem to be allowing me to transfer it but I'm fairly certain that once it's transferred it'll be as a watch only status again.

How many more subs must I eat before I get my reward?
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

I have opened up a coinbase wallet and I could transfer the BTC from my blockchain wallet to the coinbase wallet for a fee of $9, it says. I think that I might be able to accomplish this. But I fear it'll still be a Watch only account because of not having the private key. Is it worth a try?
User avatar
David Jay
Posts: 9980
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: Help Me Cash Out My Bitcoin!

Post by David Jay »

Reubin wrote: Mon Dec 18, 2017 7:09 pm I have opened up a coinbase wallet and I could transfer the BTC from my blockchain wallet to the coinbase wallet for a fee of $9, it says. I think that I might be able to accomplish this. But I fear it'll still be a Watch only account because of not having the private key. Is it worth a try?
If you can spend your Bitcoin without the private key then blockchain isn't secure. Good luck with that.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius
techrover
Posts: 124
Joined: Tue Jun 12, 2012 2:23 pm

Re: Help Me Cash Out My Bitcoin!

Post by techrover »

Reubin wrote: Mon Dec 18, 2017 7:04 pm
Okay. I logged into my blockchain.info wallet and I see the .05 BTC there. Its now worth $946.
The wallet says that I received the BTC on Nov. 9th, 2013, which is correct.
When I click on Settings and then Addresses it shows the BTC and the public key but says Watch Only.
Now how do I export it? Can I export it?
It's giving me the option to archive, transfer or spend. To spend, I require the private key so no go.
It does seem to be allowing me to transfer it but I'm fairly certain that once it's transferred it'll be as a watch only status again.

How many more subs must I eat before I get my reward?
If you are trying to sell it off for USD(i.e. exchange for USD), do not expect you will get your btc balance * market rate in return because of the various fees involved. There are other options also to cash out bitcoin, but less reliable in current environment due to the increase in "mining" fees. Most retailers have stopped taking bitcoin payments due this, but search for it. Some retailers like overstock used to accept bitcoin in-lieu of $ payments. Also services like https://www.ipayyou.io/ will exchange bitcoin for amazon gift cards.

Irrespective, here is how the process generally works for this type of wallet if you want to exchange for USD:

First you will need to figure out how will you sell this bitcoin. The entity you are selling to will have a public key(the address) that you will transfer the bitcoin to. You will have to pay some portion of this bitcoin amount as "mining" fee so you will not get full face value of bitcoin transferred.
Some options:
a. create an exchange account like at coinbase.com or gemini.com. Both are decent options for US residents.
When you create account, you will be provided the address of your wallet. This is the address you want to transfer your blockchain.info wallet bitcoins. When you transfer, you will have to pay a "mining" fee for transfer (a fraction of your bitcoin amount). This "mining" fee is not charged by coinbase/gemii, but is required when any bitcoin changes hands(i.e. transferred from one address to another even if they are owned by same person).
Once bitcoin is in your exchange account, you can sell it at market rate, but will have to pay fee for the sell - they depend on the exchange look it up.
b. If you are in one of metros, usually there are bitcoin meetups where users will exchange bitcoin in person. Usually you will have to pay "mining" fees only for the bitcoin transfer, but will not have to pay for the "sell" fees and usually get cash in hand.
c. There are also some bitcoin atms in large metros like SF/NYC. They do charge heavy fees. Use as last option and only if you want the income to be anonymous :)
RRAAYY3
Posts: 926
Joined: Thu Jan 17, 2013 12:32 pm

Re: Help Me Cash Out My Bitcoin!

Post by RRAAYY3 »

I can’t wait for this BS to crash so I can stop reading about it everywhere
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

techrover wrote: Mon Dec 18, 2017 8:55 pm
Reubin wrote: Mon Dec 18, 2017 7:04 pm
Okay. I logged into my blockchain.info wallet and I see the .05 BTC there. Its now worth $946.
The wallet says that I received the BTC on Nov. 9th, 2013, which is correct.
When I click on Settings and then Addresses it shows the BTC and the public key but says Watch Only.
Now how do I export it? Can I export it?
It's giving me the option to archive, transfer or spend. To spend, I require the private key so no go.
It does seem to be allowing me to transfer it but I'm fairly certain that once it's transferred it'll be as a watch only status again.

How many more subs must I eat before I get my reward?
If you are trying to sell it off for USD(i.e. exchange for USD), do not expect you will get your btc balance * market rate in return because of the various fees involved. There are other options also to cash out bitcoin, but less reliable in current environment due to the increase in "mining" fees. Most retailers have stopped taking bitcoin payments due this, but search for it. Some retailers like overstock used to accept bitcoin in-lieu of $ payments. Also services like https://www.ipayyou.io/ will exchange bitcoin for amazon gift cards.

Irrespective, here is how the process generally works for this type of wallet if you want to exchange for USD:

First you will need to figure out how will you sell this bitcoin. The entity you are selling to will have a public key(the address) that you will transfer the bitcoin to. You will have to pay some portion of this bitcoin amount as "mining" fee so you will not get full face value of bitcoin transferred.
Some options:
a. create an exchange account like at coinbase.com or gemini.com. Both are decent options for US residents.
When you create account, you will be provided the address of your wallet. This is the address you want to transfer your blockchain.info wallet bitcoins. When you transfer, you will have to pay a "mining" fee for transfer (a fraction of your bitcoin amount). This "mining" fee is not charged by coinbase/gemii, but is required when any bitcoin changes hands(i.e. transferred from one address to another even if they are owned by same person).
Once bitcoin is in your exchange account, you can sell it at market rate, but will have to pay fee for the sell - they depend on the exchange look it up.
b. If you are in one of metros, usually there are bitcoin meetups where users will exchange bitcoin in person. Usually you will have to pay "mining" fees only for the bitcoin transfer, but will not have to pay for the "sell" fees and usually get cash in hand.
c. There are also some bitcoin atms in large metros like SF/NYC. They do charge heavy fees. Use as last option and only if you want the income to be anonymous :)
Thank you! This was very informative. I'm ready to transfer my BTC into my new coinbase wallet but I still don't have the private key for it. If coinbase accepts the BTC (and charges me) won't the BTC still be in a "watch only" status and unavailable to be spent by me?
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

RRAAYY3 wrote: Mon Dec 18, 2017 9:09 pm I can’t wait for this BS to crash so I can stop reading about it everywhere
If you were in my position you might care a little more about it.
User avatar
arcticpineapplecorp.
Posts: 7007
Joined: Tue Mar 06, 2012 9:22 pm

Re: Help Me Cash Out My Bitcoin!

Post by arcticpineapplecorp. »

RRAAYY3 wrote: Mon Dec 18, 2017 9:09 pm I can’t wait for this BS to crash so I can stop reading about it everywhere
Amen to that brother (or sister). I feel the same way. Never before have I ever wanted something to fail in such an epic way.
by Reubin » Mon Dec 18, 2017 10:28 pm
If you were in my position you might care a little more about it
But we're not in your position Reubin and the reason we're not is because it's obviously not as great as cash in your wallet. It's too complicated. It requires technology which does fail from time to time. The fact that people are having a hard time accessing their money is like someone complaining how hard it is to get their money out of their swiss bank account or cayman island account (not all that sympathetic). The fact that people bought something but don't fully understand what it even is they bought or how to sell it when they want is what makes this comical.

Read this good (long) post to see what it took one man to recover his bitcoins after losing his password:

https://www.wired.com/story/i-forgot-my ... n-bitcoin/

He had to hire a 15 year old kid from the UK to help him recover. Sounds safe right?

I do hope you recover your bitcoins and sell them and don't buy/acquire anymore. Hopefully others will learn from your experience.
Last edited by arcticpineapplecorp. on Mon Dec 18, 2017 9:39 pm, edited 3 times in total.
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
User avatar
tadamsmar
Posts: 9163
Joined: Mon May 07, 2007 12:33 pm

Re: Help Me Cash Out My Bitcoin!

Post by tadamsmar »

Tal- wrote: Mon Dec 18, 2017 3:28 pm
t60 wrote: Mon Dec 18, 2017 3:06 pm
Veiled wrote: Mon Dec 18, 2017 12:03 am As I understand it, this is part of the reason cryptocurrencies (or at least bitcoin) will inevitably depreciate.
Depreciate? Taking a simplistic approach to supply and demand rules..supply is down (lost bitcoin) so that means demand should go up in this case. Cost will go up.
Inflation/deflation is technically defined as the amount of money that exists. For example, when the Fed prints a $20 bill, they are, by definition, creating inflation. If I were to burn a $20 bill, I'm by definition, creating deflation. In this case, it sounds like a $930 dollar bill was basically burnt. :(

With that said, I think the view of supply and demand is intuitive, but maybe dangerous. If you think of Bitcoin as a collectible, your point of supply and demand is accurate. But ultimately, Bitcoin can only survive if it's a currency, and not a collectible.
You are confusing a definition with a causal factor.

Inflation is just a sustained price rise. Increasing the money supply could could cause it.
therub
Posts: 191
Joined: Tue Aug 19, 2008 12:28 pm

Re: Help Me Cash Out My Bitcoin!

Post by therub »

Reubin wrote: Mon Dec 18, 2017 7:04 pm Okay. I logged into my blockchain.info wallet and I see the .05 BTC there. Its now worth $946.
The wallet says that I received the BTC on Nov. 9th, 2013, which is correct.
When I click on Settings and then Addresses it shows the BTC and the public key but says Watch Only.
Now how do I export it? Can I export it?
It's giving me the option to archive, transfer or spend. To spend, I require the private key so no go.
It does seem to be allowing me to transfer it but I'm fairly certain that once it's transferred it'll be as a watch only status again.

How many more subs must I eat before I get my reward?
The thing you might not be realizing is that everyone's public wallet is just that: public. The only secret part is that nobody (usually) knows which addresses belong to which people. Being able to see the balance of a public address is something anyone can do.

For example:
Here's wikileak's donation address. You can see how many bitcoin have been donated to them: https://blockchain.info/address/1HB5XML ... RoD4miY36v
Here is the famous silk road address, later auctioned off: https://blockchain.info/address/1Ez69Sn ... cBF2gpNQ55
Here is a wallet worth 2.5 billion! https://bitinfocharts.com/bitcoin/addre ... qkyNVsFk9r

That 2.5 billion dollar wallet is protected by a private key. The private key is the ONLY thing that protects that 2.5 billion, just as it is the only thing that will recover your .05 bitcoin. Unless you have any idea where your key may be, your bitcoin is lost.

This does bring up an observation of mine. In the past, keeping bitcoin on an exchange has proven very risky; many people lost many bitcoin when past exchanges had their bitcoin stolen or squandered by the owners. So, the common advice is to get your bitcoin off of the exchange and into a private wallet that you control. However, as more lay people (who may not be enthusiasts or take cryptography seriously) come into bitcoin, and as exchanges mature, I think we're at a tipping point where it makes more sense for typical cryptocurrency investors to keep their money on an exchange than on their own wallet. An exchange has similar security and recovery measures as a bank, which I think is the bigger risk that most people have than an exchange going under.

So, managing your own crypto currency is like managing your own physical gold. You have to be prepared to take precautions because if you bury it in your backyard and you forget where it is, or someone takes it, there's no recourse!
Fees are the rub.
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

therub wrote: Mon Dec 18, 2017 9:42 pm
Reubin wrote: Mon Dec 18, 2017 7:04 pm Okay. I logged into my blockchain.info wallet and I see the .05 BTC there. Its now worth $946.
The wallet says that I received the BTC on Nov. 9th, 2013, which is correct.
When I click on Settings and then Addresses it shows the BTC and the public key but says Watch Only.
Now how do I export it? Can I export it?
It's giving me the option to archive, transfer or spend. To spend, I require the private key so no go.
It does seem to be allowing me to transfer it but I'm fairly certain that once it's transferred it'll be as a watch only status again.

How many more subs must I eat before I get my reward?
The thing you might not be realizing is that everyone's public wallet is just that: public. The only secret part is that nobody (usually) knows which addresses belong to which people. Being able to see the balance of a public address is something anyone can do.

For example:
Here's wikileak's donation address. You can see how many bitcoin have been donated to them: https://blockchain.info/address/1HB5XML ... RoD4miY36v
Here is the famous silk road address, later auctioned off: https://blockchain.info/address/1Ez69Sn ... cBF2gpNQ55
Here is a wallet worth 2.5 billion! https://bitinfocharts.com/bitcoin/addre ... qkyNVsFk9r

That 2.5 billion dollar wallet is protected by a private key. The private key is the ONLY thing that protects that 2.5 billion, just as it is the only thing that will recover your .05 bitcoin. Unless you have any idea where your key may be, your bitcoin is lost.

This does bring up an observation of mine. In the past, keeping bitcoin on an exchange has proven very risky; many people lost many bitcoin when past exchanges had their bitcoin stolen or squandered by the owners. So, the common advice is to get your bitcoin off of the exchange and into a private wallet that you control. However, as more lay people (who may not be enthusiasts or take cryptography seriously) come into bitcoin, and as exchanges mature, I think we're at a tipping point where it makes more sense for typical cryptocurrency investors to keep their money on an exchange than on their own wallet. An exchange has similar security and recovery measures as a bank, which I think is the bigger risk that most people have than an exchange going under.

So, managing your own crypto currency is like managing your own physical gold. You have to be prepared to take precautions because if you bury it in your backyard and you forget where it is, or someone takes it, there's no recourse!
So what you're saying is that I won't be getting my free sub after all?
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

arcticpineapplecorp. wrote: Mon Dec 18, 2017 9:37 pm
RRAAYY3 wrote: Mon Dec 18, 2017 9:09 pm I can’t wait for this BS to crash so I can stop reading about it everywhere
Amen to that brother (or sister). I feel the same way. Never before have I ever wanted something to fail in such an epic way.
by Reubin » Mon Dec 18, 2017 10:28 pm
If you were in my position you might care a little more about it
But we're not in your position Reubin and the reason we're not is because it's obviously not as great as cash in your wallet. It's too complicated. It requires technology which does fail from time to time. The fact that people are having a hard time accessing their money is like someone complaining how hard it is to get their money out of their swiss bank account or cayman island account (not all that sympathetic). The fact that people bought something but don't fully understand what it even is they bought or how to sell it when they want is what makes this comical.

Read this good (long) post to see what it took one man to recover his bitcoins after losing his password:

https://www.wired.com/story/i-forgot-my ... n-bitcoin/

He had to hire a 15 year old kid from the UK to help him recover. Sounds safe right?

I do hope you recover your bitcoins and sell them and don't buy/acquire anymore. Hopefully others will learn from your experience.
This is a quote from the Wired article:

"I tried to stop thinking about bitcoin, but I couldn’t help myself. To make matters worse, its price had been climbing steeply over the summer with no end in sight. That July, the eccentric software entrepreneur John McAfee tweeted that a single bitcoin would be worth more than $500,000 in three years—“if not, I will [(removed) --admin LadyGeek] on national television,” he said, with typical understatement. I didn’t actually believe the price would rise that spectacularly (or that McAfee would carry out his pledge), but it fueled my anxiety."

I know that feeling!
User avatar
HomerJ
Posts: 15671
Joined: Fri Jun 06, 2008 12:50 pm

Re: Help Me Cash Out My Bitcoin!

Post by HomerJ »

therub wrote: Mon Dec 18, 2017 9:42 pmThat 2.5 billion dollar wallet is protected by a private key. The private key is the ONLY thing that protects that 2.5 billion
Whoa, that seems like pretty good incentive to throw a lot of computing power at it to hack the private key. How many bytes is a bitcoin private key, and are there mechanisms in place to keep one from just guessing a private key over and over and over?
Last edited by HomerJ on Mon Dec 18, 2017 10:15 pm, edited 2 times in total.
User avatar
HomerJ
Posts: 15671
Joined: Fri Jun 06, 2008 12:50 pm

Re: Help Me Cash Out My Bitcoin!

Post by HomerJ »

techrover wrote: Mon Dec 18, 2017 6:01 pm4. In your case, since you used a wallet provider, you may be in luck. Try to login to the online wallet - reset password etc. as long as you have the email used and the wallet provider is around, you should be able to get to wallet. Once there, you can transfer the money out to another wallet you own or sell it(process will depend on wallet provider).
OP, he's asking you to logon to your FIRST online wallet. You don't need the private key to log on to your original wallet. The exchange holding that original wallet still has your key. Your NEW wallet (the one that is watching your old money) is worthless to get back the old money. You can use your new wallet for new bitcoins, but the original bitcoins are stored with the FIRST OLD wallet.

So if you can logon to that exchange, maybe they have a recover account and/or recover password feature, and you still might get your money.
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

HomerJ wrote: Mon Dec 18, 2017 10:06 pm
techrover wrote: Mon Dec 18, 2017 6:01 pm4. In your case, since you used a wallet provider, you may be in luck. Try to login to the online wallet - reset password etc. as long as you have the email used and the wallet provider is around, you should be able to get to wallet. Once there, you can transfer the money out to another wallet you own or sell it(process will depend on wallet provider).
OP, he's asking you to logon to your FIRST online wallet. You don't need the private key to log on to your original wallet. The exchange holding that original wallet still has your key. Your NEW wallet (the one that is watching your old money) is worthless to get back the old money. You can use your new wallet for new bitcoins, but the original bitcoins are stored with the FIRST OLD wallet.

So if you can logon to that exchange, maybe they have a recover account and/or recover password feature, and you still might get your money.

I just used my recovery phrase consisting of 12 words to backup my wallet and it was successful. However, the BTC still says watch only.
User avatar
HomerJ
Posts: 15671
Joined: Fri Jun 06, 2008 12:50 pm

Re: Help Me Cash Out My Bitcoin!

Post by HomerJ »

Reubin wrote: Mon Dec 18, 2017 10:17 pm
HomerJ wrote: Mon Dec 18, 2017 10:06 pm
techrover wrote: Mon Dec 18, 2017 6:01 pm4. In your case, since you used a wallet provider, you may be in luck. Try to login to the online wallet - reset password etc. as long as you have the email used and the wallet provider is around, you should be able to get to wallet. Once there, you can transfer the money out to another wallet you own or sell it(process will depend on wallet provider).
OP, he's asking you to logon to your FIRST online wallet. You don't need the private key to log on to your original wallet. The exchange holding that original wallet still has your key. Your NEW wallet (the one that is watching your old money) is worthless to get back the old money. You can use your new wallet for new bitcoins, but the original bitcoins are stored with the FIRST OLD wallet.

So if you can logon to that exchange, maybe they have a recover account and/or recover password feature, and you still might get your money.

I just used my recovery phrase consisting of 12 words to backup my wallet and it was successful. However, the BTC still says watch only.
That's your NEW wallet. You just recovered your new wallet.
Reubin wrote:I've opened a new blockchain.info wallet and was able to import the .05 BTC into it but because I don't have the private key it's a "watch only" in my wallet, where I have no control over it and can't sell it or spend it.
Recovering your NEW wallet isn't going to help you. What exchange did you use when you created your FIRST wallet? That exchange may still have the private key associated with your original wallet. You need to do an account and/or password recovery there.

If you don't remember, the bitcoin is lost.
techrover
Posts: 124
Joined: Tue Jun 12, 2012 2:23 pm

Re: Help Me Cash Out My Bitcoin!

Post by techrover »

Reubin wrote: Mon Dec 18, 2017 9:27 pm Thank you! This was very informative. I'm ready to transfer my BTC into my new coinbase wallet but I still don't have the private key for it. If coinbase accepts the BTC (and charges me) won't the BTC still be in a "watch only" status and unavailable to be spent by me?
All exchanges including coinbase will not give you private keys mainly due to the reason I cited - they pool all the crypto assets and store it in their wallets "securely". Although they show wallets under your accounts, these wallets in your account do not hold real crypto....however you have ownership of the asset and can transfer/sell as you wish as long as you login to their account correctly. In short don't worry about getting private key associated with the coinbase wallet as you will not need it as long as you are trading bitcoins from within coinbase platform.

So if you got your account setup at coinbase, login and go to Accounts. Locate the Bitcoin wallet, click on Receive and it will display you the wallet address(alpha-numeric string of characters + qr code). You want to copy that address string and plugin it into blockchain.info wallet - transfer to address. Assuming you pay decent "miner" fees, your bitcoin will move from the blockchain.info wallet's to this coinbase's wallet. Due to recent volume/congestion on bitcoin network, it might take hours/days for your transaction to be "confirmed". Once its confirmed and shows in your coinbase account, you can sell it for USD from within coinbase platform only - without needing the dreaded "private key"

Hope you can cash in your prize ...
I know its hard for most users to get their head around this complexity, heck its even complicated for techies... So don't feel your are out of place.
mws13
Posts: 62
Joined: Wed Mar 25, 2015 2:14 pm

Re: Help Me Cash Out My Bitcoin!

Post by mws13 »

techrover wrote: Tue Dec 19, 2017 2:26 am
Reubin wrote: Mon Dec 18, 2017 9:27 pm Thank you! This was very informative. I'm ready to transfer my BTC into my new coinbase wallet but I still don't have the private key for it. If coinbase accepts the BTC (and charges me) won't the BTC still be in a "watch only" status and unavailable to be spent by me?
All exchanges including coinbase will not give you private keys mainly due to the reason I cited - they pool all the crypto assets and store it in their wallets "securely". Although they show wallets under your accounts, these wallets in your account do not hold real crypto....however you have ownership of the asset and can transfer/sell as you wish as long as you login to their account correctly. In short don't worry about getting private key associated with the coinbase wallet as you will not need it as long as you are trading bitcoins from within coinbase platform.

So if you got your account setup at coinbase, login and go to Accounts. Locate the Bitcoin wallet, click on Receive and it will display you the wallet address(alpha-numeric string of characters + qr code). You want to copy that address string and plugin it into blockchain.info wallet - transfer to address. Assuming you pay decent "miner" fees, your bitcoin will move from the blockchain.info wallet's to this coinbase's wallet. Due to recent volume/congestion on bitcoin network, it might take hours/days for your transaction to be "confirmed". Once its confirmed and shows in your coinbase account, you can sell it for USD from within coinbase platform only - without needing the dreaded "private key"

Hope you can cash in your prize ...
I know its hard for most users to get their head around this complexity, heck its even complicated for techies... So don't feel your are out of place.
I would also add that Coinbase has a "Vault" option where they send your Bitcoin into "cold storage". It will take 2 days to then pull your BTC out (there is an ETH Vault too). This is a complex process that I have done personally in the early days but I now let Coinbase do it for me. With the price appreciation, I am evaluating the safety of how much to use Coinbase as every financial firm eventually can go down. Coinbase states that only 2% of funds are online - https://www.coinbase.com/security

There are a bunch of "cold storage of bitcoin" videos on Youtube and they explain what it is and how to do it yourself.

Coinbase gets attacked a bunch as a market leader, but they worked through a problem with me on the phone, and they have made some/many good decisions over the past 2 years.
Topic Author
Reubin
Posts: 396
Joined: Mon Oct 18, 2010 2:39 pm

Re: Help Me Cash Out My Bitcoin!

Post by Reubin »

techrover wrote: Tue Dec 19, 2017 2:26 am
Reubin wrote: Mon Dec 18, 2017 9:27 pm Thank you! This was very informative. I'm ready to transfer my BTC into my new coinbase wallet but I still don't have the private key for it. If coinbase accepts the BTC (and charges me) won't the BTC still be in a "watch only" status and unavailable to be spent by me?
All exchanges including coinbase will not give you private keys mainly due to the reason I cited - they pool all the crypto assets and store it in their wallets "securely". Although they show wallets under your accounts, these wallets in your account do not hold real crypto....however you have ownership of the asset and can transfer/sell as you wish as long as you login to their account correctly. In short don't worry about getting private key associated with the coinbase wallet as you will not need it as long as you are trading bitcoins from within coinbase platform.

So if you got your account setup at coinbase, login and go to Accounts. Locate the Bitcoin wallet, click on Receive and it will display you the wallet address(alpha-numeric string of characters + qr code). You want to copy that address string and plugin it into blockchain.info wallet - transfer to address. Assuming you pay decent "miner" fees, your bitcoin will move from the blockchain.info wallet's to this coinbase's wallet. Due to recent volume/congestion on bitcoin network, it might take hours/days for your transaction to be "confirmed". Once its confirmed and shows in your coinbase account, you can sell it for USD from within coinbase platform only - without needing the dreaded "private key"

Hope you can cash in your prize ...
I know its hard for most users to get their head around this complexity, heck its even complicated for techies... So don't feel your are out of place.
I did that last night and it's hard to tell if it worked. Nothing said that the transaction went through and the balance in my coinbase wallet still shows zero.

Will this work? Wouldn't it allow anyone to transfer public BTC into their own coinbase wallets?
techrover
Posts: 124
Joined: Tue Jun 12, 2012 2:23 pm

Re: Help Me Cash Out My Bitcoin!

Post by techrover »

Reubin wrote: Tue Dec 19, 2017 9:20 am I did that last night and it's hard to tell if it worked. Nothing said that the transaction went through and the balance in my coinbase wallet still shows zero.

Will this work? Wouldn't it allow anyone to transfer public BTC into their own coinbase wallets?
As long as you included a decent "miner" fee, the transaction will get "confirmed" - though due to network congestion issues I mentioned it may take hours to confirm. You can look up the current miner fees online or post what you included as miner fee and we can tell if the transaction will go through. All this miner fee stuff have to be taken care of when you are using standalone wallets. When using exchanges like coinbase, they do it internally for you and experience is more transparent to end-user.
feh
Posts: 1409
Joined: Sat Dec 15, 2012 11:39 am

Re: Help Me Cash Out My Bitcoin!

Post by feh »

Reubin wrote: Tue Dec 19, 2017 9:20 am I did that last night and it's hard to tell if it worked. Nothing said that the transaction went through and the balance in my coinbase wallet still shows zero.

Will this work? Wouldn't it allow anyone to transfer public BTC into their own coinbase wallets?
Reubin, it's really simple - without the private key associated w/ the address you originally received the funds at, there is no way to access them. There is no back door.

Do not pass go. Do not collect $200. It's a waste of time pursuing this any further.
User avatar
MP123
Posts: 1935
Joined: Thu Feb 16, 2017 3:32 pm

Re: Help Me Cash Out My Bitcoin!

Post by MP123 »

techrover wrote: Tue Dec 19, 2017 2:26 am All exchanges including coinbase will not give you private keys mainly due to the reason I cited - they pool all the crypto assets and store it in their wallets "securely". Although they show wallets under your accounts, these wallets in your account do not hold real crypto....however you have ownership of the asset and can transfer/sell as you wish as long as you login to their account correctly. In short don't worry about getting private key associated with the coinbase wallet as you will not need it as long as you are trading bitcoins from within coinbase platform.
I wonder how much bitcoin they actually hold. Banks don't keep every dollar that you store with them, they lend it out and keep a fractional reserve. Of course bitcoin is unregulated for the most part. It seems possible that your deposit at coinbase isn't really backed by bitcoin at 100%. If everyone tried to cash out there might not be enough there like with Mt. Gox.
LookingtogetFIRE'd
Posts: 28
Joined: Mon Aug 28, 2017 6:58 am

Re: Help Me Cash Out My Bitcoin!

Post by LookingtogetFIRE'd »

I think you're going to have a hard time cashing it out any time soon:

http://money.cnn.com/2017/12/19/investi ... index.html
feh
Posts: 1409
Joined: Sat Dec 15, 2012 11:39 am

Re: Help Me Cash Out My Bitcoin!

Post by feh »

MP123 wrote: Tue Dec 19, 2017 1:28 pm
techrover wrote: Tue Dec 19, 2017 2:26 am All exchanges including coinbase will not give you private keys mainly due to the reason I cited - they pool all the crypto assets and store it in their wallets "securely". Although they show wallets under your accounts, these wallets in your account do not hold real crypto....however you have ownership of the asset and can transfer/sell as you wish as long as you login to their account correctly. In short don't worry about getting private key associated with the coinbase wallet as you will not need it as long as you are trading bitcoins from within coinbase platform.
I wonder how much bitcoin they actually hold. Banks don't keep every dollar that you store with them, they lend it out and keep a fractional reserve. Of course bitcoin is unregulated for the most part. It seems possible that your deposit at coinbase isn't really backed by bitcoin at 100%. If everyone tried to cash out there might not be enough there like with Mt. Gox.
Doesn't work that way. Coinbase is not like a bank. When a customer makes a bitcoin purchase, it is entered into the distributed ledger (blockchain).

The lesson to be learned from Mt Gox is: do not leave your purchases in the Coinbase wallet. If Coinbase is hacked, the private keys could be stolen, giving the thieves access to your bitcoins.

After purchase, transfer the funds to a wallet you are in control of.
CryingHawaiian
Posts: 57
Joined: Thu Nov 09, 2017 3:14 pm
Location: Honolulu, HI

Re: Help Me Cash Out My Bitcoin!

Post by CryingHawaiian »

Veiled wrote: Mon Dec 18, 2017 12:03 am As I understand it, this is part of the reason cryptocurrencies (or at least bitcoin) will inevitably depreciate.
why would this cause it to depreciate? If anything, wouldn't less of an available supply of bitcoins cause prices to increase?
You get what you get and you don’t get upset
User avatar
MP123
Posts: 1935
Joined: Thu Feb 16, 2017 3:32 pm

Re: Help Me Cash Out My Bitcoin!

Post by MP123 »

feh wrote: Tue Dec 19, 2017 1:33 pm
MP123 wrote: Tue Dec 19, 2017 1:28 pm
techrover wrote: Tue Dec 19, 2017 2:26 am All exchanges including coinbase will not give you private keys mainly due to the reason I cited - they pool all the crypto assets and store it in their wallets "securely". Although they show wallets under your accounts, these wallets in your account do not hold real crypto....however you have ownership of the asset and can transfer/sell as you wish as long as you login to their account correctly. In short don't worry about getting private key associated with the coinbase wallet as you will not need it as long as you are trading bitcoins from within coinbase platform.
I wonder how much bitcoin they actually hold. Banks don't keep every dollar that you store with them, they lend it out and keep a fractional reserve. Of course bitcoin is unregulated for the most part. It seems possible that your deposit at coinbase isn't really backed by bitcoin at 100%. If everyone tried to cash out there might not be enough there like with Mt. Gox.
Doesn't work that way. Coinbase is not like a bank. When a customer makes a bitcoin purchase, it is entered into the distributed ledger (blockchain).

The lesson to be learned from Mt Gox is: do not leave your purchases in the Coinbase wallet. If Coinbase is hacked, the private keys could be stolen, giving the thieves access to your bitcoins.

After purchase, transfer the funds to a wallet you are in control of.
What I'm getting at is they aren't really "your" bitcoins if they're at coinbase. Coinbase holds the private key and just says you have them in your account. In fact it's not clear that they have any legal requirement to buy them at all on your behalf. I agree with moving them elsewhere to a wallet you control.
Post Reply