By now you have certainly heard about platforms like Rarible and NBA Top Shot and stories like the one published on the front page of the Wall Street Journal about the $69 million digital artwork purchase. These rely on a technology being referred to as NFTs, or Non-Fungible Tokens, that represent such collectibles.

Though my focus is almost solely on Bitcoin these days, the deep technical dive into NFTs done by Jonty Wareing caught my eye and took my feelings around NFTs to a whole new level of shock. From his analysis it seems that the NFT situation is actually…

Not Your Entropy, Not Your Keys

In a previous post I discussed the advantages of using using ShowMyWork, a process I developed which enables a Bitcoin user with no technical background to fully audit the generation of his own set of seed words. Perhaps the easiest way to use ShowMyWork is by booting up a Raspberry Pi with the latest Rudefox Burrow image. Creating such a device makes a nice complement to any hardware wallet setup. Of course, you will want to make sure that you use the hardware in a way that is secure and consistent with the requirements of your threat model. …

As a follow up to my previous post, Two Heads Are Better than One, I’m excited to announce the initial release of Rudefox Burrow. There is certainly much work ahead to get it to where I want it to be in terms of features and user experience, but I’m satisfied enough with what I currently have for a release.

I apologize for the delay to those in my DMs who have been waiting patiently. …

Cheap Security Enhancement for Every Hardware Wallet Setup

Whether it’s a TREZOR, Ledger, COLDCARD or any other hardware wallet, it (hopefully) uses techniques or devices (such as a “secure element”) to make it difficult for an attacker with physical access to the hardware wallet to extract your seed words. Single-board computer (SBC) -based devices, like my Raspberry Pi-based Rudefox Burrow, which lack such provisions, should not be used to store your seed words or keys. In fact, I configured the Burrow with a read-only file system, rendering it “memory-less” or “stateless”, in order to prevent the user from storing his seed phrase on the device.

This does not…

Written in response to a client who asked for my thoughts regarding this article by Paul Vigna, published in the WSJ in November of 2019 and headlined “Large Bitcoin Player Manipulated Price Sharply Higher, Study Says”

TL;DR: No. Retail FOMO was.

For some background, a “stablecoin” is a digital token issued by an institution against an asset, such as the USD, in reserve. As a result, the stablecoin trades at or near the value of the underlying asset. The subject of this article is the Tether USD (USDT) stablecoin, one of the oldest. Tether and the Bitfinex (Bitcoin exchange) have…

Written in response to the following question:

In the bitcoin white paper, it sounds like Satoshi is talking about a transactional currency. And yet, it seems like the better application is bitcoin as a store of value. So why didn’t he argue it more that way. It sounds more like he wanted to see a currency that could be used more day to day. So basically, if what I am saying is true, should be a concern that he didn’t really understand what he built?

TL;DR: Investigations into who Satoshi is/was or what his original intentions were might be interesting…

B.J. Dweck

Bitcoin Coding, Custody Solutions & Seminars | Austrian Econ | Voluntarism | Authentic Parenting | NVC | PET | Project-Based Learning | Recovering Carb Addict

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