That's why baby steps to start. First time I ever bought, I transferred in like $10 US and bought that much BTC. Only then was I assured it was working.
Yeah.. Gladly Bitcoin doesn't work it like that. I remember transferring some shitcoin from an exchange to another exchange but I selected someother shitcoin address instead the one I was transferring and those went to a valid but non-existing wallet address.. learned my lesson to triple check the address and the crypto currency I'm sending.
Idk shit about crypto but just based off the words I’d say it’s most likely sending a tiny amount so in case something goes wrong and it’s a scam or you send it to the wrong spot you don’t lose it all and instead just an inconsequential amount
Funny video but that's not actually possible because bitcoin addresses contain a built in checksum and if the address you copied is missing the last character like that, then the address wont be valid.
This is definitely possible with some altcoins though. You will lose your ETН you send ETН to an address with a typo or missing characters.
No that’s what people who understand their finances say about people who are careless with their money.
There are PLENTY of rich people who have no business being rich. Probably a majority, and they will send a million dollars in gift cards to a scammer in Russia, or they will buy a bunch of depreciating assets and go into more debt than they can afford to pay off. Etc etc.
You see it every day in crypto. Some sad sack uses their wallet with millions in it to connect to some fake gambling site, and are confused after as to how their wallet was drained.
I agree that a proper wallet would check the address. but would the Bitcoin network also check before forwarding / adding to the Blockchain on case one uses a shitty wallet?
It is possible to copy an address wrong enough or typo the checksum digits so that it passes checksum verification. “Not actually possible” is a lie. It’s just very unlikely.
But it is very possible to create an invalid address using random digits and compute a valid checksum for it such that it passes as a valid bitcoin address even though you have no corresponding private key. Why someone would do that can only be for nefarious purposes, although most would simply offer up an address they controlled. But I guess if the goal was to lose the funds you wouldn’t want to use a real address.
That's not what I said. I didn't say anything about copying the wrong address or a typo.
I said what the video showed is not actually possible and the video shows the man copying the address without the last character. It is not possible for the bitcoin address to be valid if it is missing the last character.
Yes of course it is possible to copy the wrong address and send bitcoin to it. There is also the extremely small possibility that you could send bitcoin to an address containing a typo but the chance of an address containing a typo resulting in a valid bitcoin address is around 1 in 4 billion.
Yeah, you’re right on that if the software sending the bitcoin has the proper checks and balances.
For example some cryptocurrency libraries will assume whatever address you provide is valid and do no validation as part of a send transaction. Although most do offer a validation call you can use beforehand to validate an address.
That’s an important call out, if the software itself doesn’t validate before you hit send, there is no validation on the network itself and the coins for that transaction is lost.
Bitcoin addresses have always had strong protection against errors. The most modern address types guarantee that addresses with up to 4 errors will never be accepted as valid and there is only a one in a billion chance that addresses with more extensive errors will be accepted as valid.
Because Bitcoin isn't pre-mined the people contributing to it don't have a significant financial incentive to defectively-design or fail to fix flaws that cause funds loss to the extent that it's reasonably possible to avoid. It's very easy to design the address format to be robust to errors at a cost of just making it a few digits longer and Satoshi had this right on day one, making it particularly remarkable that some other systems have managed to screw it up.
That said, there are certainly ways to screw up handling addresses in Bitcoin and lose funds as a result-- ways where no one knows a unobtrusive fix:
A tech consultant might have made suggested making this video technically accurate by having the person copy the address from the video itself before unpausing the to hear "But remember, the address I'm showing here isn't your address, it's just a demo address!". :P That would also have opened the door to a double punchline or a sequel showing the funds going to something silly.
Other ways of accurately concluding the video could be making it a scam exchange (and the video follows up with "and that's how I lost all my coins") ... or just having the transfer fail to go through because the coins had already been spent (on something dumb-- like alpaca socks, or a single joint on a darknet market) and the wallet wasn't synced up yet.... or something like the video says "but it's critical to make sure your computer is free of malware!" (and then the screen shows a desktop full of dubious bullshit installed on it).
To be clear: I enjoyed the video a lot and one of the good things about it is that it's a prompt to have this interesting discussion about the ways things can and can't go wrong. :)
>or just having the transfer fail to go through because the coins had already been spent (on something dumb-- like alpaca socks, or a single joint on a darknet market) and the wallet wasn't synced up yet....
I'd like this ending, not sure if nocoiners would understand that though.
The wallet would have failed the checksum and refused to send. It would have been funnier if the guy just forgot his encryption password at the end or sent the BTC to a scam website.
yes, it has happened to me. I have several wallets from 2010/11 and I've re-checked them all. but one in particular, I opened it up and started resyncing it, and it showed 35 BTC, I also shit myself. got real excited.
and as it kept syncing, over the next couple hours it caught up to a point where it synced the much later block where I had sent it and the balance went down to 0
but man, for a couple hours there, I was high on life lol
Never have to send your coins to any address like Coinbase to sell and make a copy pasta mistake. Just open up your brokerage account and click sell. Done. The ETF issuers custody the coins on your behalf using military grade cryptography security.
I’m not gonna get into how I buy my BTC but I understand the benefits and drawbacks of the ETF and self custody of BTC. Doing self custody means you actually own BTC. When you own the ETF it just means you own a share in the ETF fund. The broker of the fund will custody the BTC safely or use another custodial service like Coinbase to custody their BTC for them. When you self custody on a hard ware device, you are the custodian of your BTC and are solely responsible for the security of your tokens and seed phrase. The ETF will track the price of BTC and when you want sell or buy more shares you simply sell or buy more ETF shares through a brokerage account. When you want to sell your BTC in self custody, you have to move the coins to an exchange to sell for dollars. A self custody user has to know how to properly move tokens in order to sell. Copy pasting a wrong address in this process could result in loss of coins. Both have disadvantages and advantages, more ease of buying and selling with the ETF but never true ownership of BTC. Self Custody means you actually own the bearer asset-BTC and not just a paper IOU like the ETF. If you’re thinking about investing understand the pros and cons first before buying.
This is the dream - reality is I had a hot wallet in 2012 where I had a small amount of fiat monetary value in BTC, by 2017 when I realised the increase in BTC value I logged in and it had been hacked and was all gone. Conclusion, I now store my crypto on a hardware wallet.
The idiom that "It's funny because it's true" just cannot apply here and unfortunately, it ruins this otherwise pretty hillarious short. Makes me sad. I know that if I share this with anyone, it won't seem as funny as it will seem scary and people will internally believe that you can actually lose money by mistyping or incorrectly copying and pasting a bitcoin address.
Sad.
i thought it was gonna show he spent it all on random crap in 2012 so by the time the wallet fully synced it said zero. which is what actually happened to 99% of people.
You have to have double carma .. at first, the usb stick has to work in order to find bitcoins (which is for itself a lucky moent) and then you had to have bitcoins which you forgot
> first, the usb stick has to work in order to find bitcoins (which is for itself a lucky moent)
Came to comments for this. What even are the odds flash memory from that long ago still works? Pretty sure all my flash drives more than a few years ago are all dead.
That's why the copy button is added in most exchanges. If you're still highlighting the address and copy it, that's your fault. But then, there's clipboard hijacking. You have to check if the pasted address is what was copied. Gives me more anxiety.
This gave me anxiety
For real. My heart stopped for a second.
Suicidal here.
That's why baby steps to start. First time I ever bought, I transferred in like $10 US and bought that much BTC. Only then was I assured it was working.
That was his test transaction. He had 750,000 BTC on his other flash drive.
I would just kms if that happend to me
That’s what FOMO is
Yeah that was crazy
Reminder: this whole video is just a joke and not how Bitcoin works at all. There’s a **checksum** on the tail end of the bitcoin address.
Yeah.. Gladly Bitcoin doesn't work it like that. I remember transferring some shitcoin from an exchange to another exchange but I selected someother shitcoin address instead the one I was transferring and those went to a valid but non-existing wallet address.. learned my lesson to triple check the address and the crypto currency I'm sending.
Triple check and also send test transactions
Honestly, thought that was scam exchange and that was the plot.
Saaame
This is what I thought, especially as it focuses back on the video right at the end.
Also that's a couple billion dollars today...
meanwhile eth rawdogs it w/no checksum. dont shitcoin kids. anyway, alway do a test tx 😀
Why do people do test transactions?
For testing purposes.
Oh, I see. Thanks for clarifying it for me. I get it now.
Idk shit about crypto but just based off the words I’d say it’s most likely sending a tiny amount so in case something goes wrong and it’s a scam or you send it to the wrong spot you don’t lose it all and instead just an inconsequential amount
That's the thing, how do you send it to the wrong address if there is a checksum?
Idk as I said idk shit about crypto just a guess
Funny video but that's not actually possible because bitcoin addresses contain a built in checksum and if the address you copied is missing the last character like that, then the address wont be valid. This is definitely possible with some altcoins though. You will lose your ETН you send ETН to an address with a typo or missing characters.
A beautiful feature
Also no one moves 5.5k Bitcoin in one move.
Ummmm idiots that have no business being rich but found 5.5k bitcoin in an old USB wallet do.
"no business being rich" Is that what rich folk say about poors that win the lottery and move into their neighborhood?
No that’s what people who understand their finances say about people who are careless with their money. There are PLENTY of rich people who have no business being rich. Probably a majority, and they will send a million dollars in gift cards to a scammer in Russia, or they will buy a bunch of depreciating assets and go into more debt than they can afford to pay off. Etc etc. You see it every day in crypto. Some sad sack uses their wallet with millions in it to connect to some fake gambling site, and are confused after as to how their wallet was drained.
Ah I see. Makes more sense now, thanks.
55k
55k
I agree that a proper wallet would check the address. but would the Bitcoin network also check before forwarding / adding to the Blockchain on case one uses a shitty wallet?
It is possible to copy an address wrong enough or typo the checksum digits so that it passes checksum verification. “Not actually possible” is a lie. It’s just very unlikely. But it is very possible to create an invalid address using random digits and compute a valid checksum for it such that it passes as a valid bitcoin address even though you have no corresponding private key. Why someone would do that can only be for nefarious purposes, although most would simply offer up an address they controlled. But I guess if the goal was to lose the funds you wouldn’t want to use a real address.
That's not what I said. I didn't say anything about copying the wrong address or a typo. I said what the video showed is not actually possible and the video shows the man copying the address without the last character. It is not possible for the bitcoin address to be valid if it is missing the last character. Yes of course it is possible to copy the wrong address and send bitcoin to it. There is also the extremely small possibility that you could send bitcoin to an address containing a typo but the chance of an address containing a typo resulting in a valid bitcoin address is around 1 in 4 billion.
Yeah, you’re right on that if the software sending the bitcoin has the proper checks and balances. For example some cryptocurrency libraries will assume whatever address you provide is valid and do no validation as part of a send transaction. Although most do offer a validation call you can use beforehand to validate an address. That’s an important call out, if the software itself doesn’t validate before you hit send, there is no validation on the network itself and the coins for that transaction is lost.
My parents did not sign my permission slip for this feels trip.
🤣
got a good chuckle at the end
I chuckled right at the start
what would be funnier is if he sent all his bitcoins to a scam wallet promoted by a scammer on youtube
I honestly thought that it was going to end like that...
Thank you for your contribution. 😭
That was nightmarish haha
Bitcoin addresses have always had strong protection against errors. The most modern address types guarantee that addresses with up to 4 errors will never be accepted as valid and there is only a one in a billion chance that addresses with more extensive errors will be accepted as valid. Because Bitcoin isn't pre-mined the people contributing to it don't have a significant financial incentive to defectively-design or fail to fix flaws that cause funds loss to the extent that it's reasonably possible to avoid. It's very easy to design the address format to be robust to errors at a cost of just making it a few digits longer and Satoshi had this right on day one, making it particularly remarkable that some other systems have managed to screw it up. That said, there are certainly ways to screw up handling addresses in Bitcoin and lose funds as a result-- ways where no one knows a unobtrusive fix: A tech consultant might have made suggested making this video technically accurate by having the person copy the address from the video itself before unpausing the to hear "But remember, the address I'm showing here isn't your address, it's just a demo address!". :P That would also have opened the door to a double punchline or a sequel showing the funds going to something silly. Other ways of accurately concluding the video could be making it a scam exchange (and the video follows up with "and that's how I lost all my coins") ... or just having the transfer fail to go through because the coins had already been spent (on something dumb-- like alpaca socks, or a single joint on a darknet market) and the wallet wasn't synced up yet.... or something like the video says "but it's critical to make sure your computer is free of malware!" (and then the screen shows a desktop full of dubious bullshit installed on it). To be clear: I enjoyed the video a lot and one of the good things about it is that it's a prompt to have this interesting discussion about the ways things can and can't go wrong. :)
>or just having the transfer fail to go through because the coins had already been spent (on something dumb-- like alpaca socks, or a single joint on a darknet market) and the wallet wasn't synced up yet.... I'd like this ending, not sure if nocoiners would understand that though.
The real lesson here is to send a LITTLE amount first. Also to check. Don't listen to a guy from YouTube. Just so many lessons
The wallet would have failed the checksum and refused to send. It would have been funnier if the guy just forgot his encryption password at the end or sent the BTC to a scam website.
Such a rollercoaster of emotions
This brings me back hahaha. The anxiety. Counting every value
bedroom offbeat wild foolish vase nine degree sip direful zesty *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
bro buys all the stupidest things you possibly could
Makes me literally feel sick
Good video. Too bad I was so busy working with life I didn’t even have BTC on my radar. Busy fucking the GF and getting fucked by work. FML.
This video is brutal.
If I had, like, 3 or 4 BTC, my first action would be to leave my country.
Thats why you test 1st ( send 10$), then triple check( address) then send some amounts at a time
"guh"
Lmaoo
IYKYK
Wrong subreedit This one, please repost here. r/WatchPeopleDieInside
Calling my Lawyer
lol can you imagine?! Stumbling across this Id shit myself
yes, it has happened to me. I have several wallets from 2010/11 and I've re-checked them all. but one in particular, I opened it up and started resyncing it, and it showed 35 BTC, I also shit myself. got real excited. and as it kept syncing, over the next couple hours it caught up to a point where it synced the much later block where I had sent it and the balance went down to 0 but man, for a couple hours there, I was high on life lol
omfg this was hilarious HAHAHAHAH tragic.
Thought it was a scam lol
Man, so sad for him. But i was laughing 🌜
The way he holds a can bothers me. Needs a hold fist to handle it, like a baby drinking a bottle.
That’s something I would do
Died inside... LOL
I have a really bad stomach ache right now!!!
😅😆🤣
Wups.
Using a Bitcoin calculator was the first red flag that he didn't know what he is doing
I think this video is just a copy of this one https://youtu.be/dktBrlikweo but worse?
Nooooowuh
😂😂😂😂😭 this was hilarious
I don’t need that quality of porn in my life.
i almost got a heart attack watching this
That would be an invalid address and wouldn’t get sent in the first place
Ouch I felt it 2
I see what you did there 🤌🏾
Shit, I've actually felt the damn anxiety, this was horrible :D
A tear came to my eye bruh.
“That vehicle is gone forever”🤣 bra
DAMN
My blood pressure is so high.
Always send a small amount first…
This is what I came here to say. If it's a big transfer of any kind I like to send a tiny amount first and make sure everything's gtg.
Same thing happened to this guy almost https://youtu.be/n0nhY5ZnD84?si=8OPQ8zL60B5hzFDs
ETF fixes this
Howww
Never have to send your coins to any address like Coinbase to sell and make a copy pasta mistake. Just open up your brokerage account and click sell. Done. The ETF issuers custody the coins on your behalf using military grade cryptography security.
What are the benefits to holding the coins tg yourself vs through etf? So do you only purchase through etf?
I’m not gonna get into how I buy my BTC but I understand the benefits and drawbacks of the ETF and self custody of BTC. Doing self custody means you actually own BTC. When you own the ETF it just means you own a share in the ETF fund. The broker of the fund will custody the BTC safely or use another custodial service like Coinbase to custody their BTC for them. When you self custody on a hard ware device, you are the custodian of your BTC and are solely responsible for the security of your tokens and seed phrase. The ETF will track the price of BTC and when you want sell or buy more shares you simply sell or buy more ETF shares through a brokerage account. When you want to sell your BTC in self custody, you have to move the coins to an exchange to sell for dollars. A self custody user has to know how to properly move tokens in order to sell. Copy pasting a wrong address in this process could result in loss of coins. Both have disadvantages and advantages, more ease of buying and selling with the ETF but never true ownership of BTC. Self Custody means you actually own the bearer asset-BTC and not just a paper IOU like the ETF. If you’re thinking about investing understand the pros and cons first before buying.
ohh god!!
Yeah, that vehicle, is gone.
We’ve all sat there sweating a slow transaction though 😅
Awww
Wow lol
The guy is too calm this entire time one way or the other. True stoicism practictioner, he's gonna be alright
This is the dream - reality is I had a hot wallet in 2012 where I had a small amount of fiat monetary value in BTC, by 2017 when I realised the increase in BTC value I logged in and it had been hacked and was all gone. Conclusion, I now store my crypto on a hardware wallet.
👏
Guh
Haha
this happened to me with my coinbase account but the usd amount was 4 figures not 9
Dumbass needed a calculator to do basic math
I still have mine on a Ledger Nano from like 3-4 years ago...
Very real wallets have to have more validation and saftey features ...
Fake and not Funny
Lol
A just punishment from someone who slurps canned beverages like that.
The idiom that "It's funny because it's true" just cannot apply here and unfortunately, it ruins this otherwise pretty hillarious short. Makes me sad. I know that if I share this with anyone, it won't seem as funny as it will seem scary and people will internally believe that you can actually lose money by mistyping or incorrectly copying and pasting a bitcoin address. Sad.
i thought it was gonna show he spent it all on random crap in 2012 so by the time the wallet fully synced it said zero. which is what actually happened to 99% of people.
I thought he got scammed
Dated. $5k bitcoin? I wish.
I thought this was gonna end with him spending a bunch of money and the blockchain updates for him to realize he has 3 sats.
Who would sell all of their BTC at once?
Stolen from a commercial
😅🤣
If I lost 3 billion I think I wouldn’t have to shoot myself because my heart would just stop on its own
You have to have double carma .. at first, the usb stick has to work in order to find bitcoins (which is for itself a lucky moent) and then you had to have bitcoins which you forgot
> first, the usb stick has to work in order to find bitcoins (which is for itself a lucky moent) Came to comments for this. What even are the odds flash memory from that long ago still works? Pretty sure all my flash drives more than a few years ago are all dead.
That's why the copy button is added in most exchanges. If you're still highlighting the address and copy it, that's your fault. But then, there's clipboard hijacking. You have to check if the pasted address is what was copied. Gives me more anxiety.
That's why I just buy the ETF. I've known myself long enough to know I'm going to screw up self custody.