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Setting up a Trezor Model T Hardware Wallet from scratch

This is a promoted post. Read more in our Editorial Policy In the second of our series of articles on the Trezor Model T, we look at how you can set up your wallet from scratch, and what cryptocurrencies are available for you to hodl on your wallet. You can read our article on how to buy a Trezor Model T and Unboxing. Once you have wallet, you first need to connect it to a computer (or Android smartphone) using the cable. We’re using a PC using Windows in this guide. Once you connect the wallet, you’re welcomed by a

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This is a promoted post. Read more in our Editorial Policy

In the second of our series of articles on the Trezor Model T, we look at how you can set up your wallet from scratch, and what cryptocurrencies are available for you to hodl on your wallet. You can read our article on how to buy a Trezor Model T and Unboxing.

Once you have wallet, you first need to connect it to a computer (or Android smartphone) using the cable. We’re using a PC using Windows in this guide.

Once you connect the wallet, you’re welcomed by a bright white screen with the Trezor Logo, and a welcome message telling you to go to Trezor.io/Start. On this screen, you need to choose which model Trezor you’re using, so we select the Model T. The first thing it does now is shows an animated gif of the hologram, to confirm that the device hasn’t been tampered with. Once you’re happy with this, can you can continue to the wallet.

Out of the box, the Model T doesn’t have firmware, so you’ll need to install this first. This takes a couple of minutes to download the firmware, and install it on the device. Once it does, it reboots, and the wallet then gives you the option to set up a new device or recover an existing wallet.

In this article, we’ll look at how to set one up from scratch as a new wallet.

Selecting a new wallet, it then prompts you to read the terms of service. You can accept this by pressing the touch screen on the Trezor. It then asks you if you’d like to enable labelling. This enables you to connect your wallet to Dropbox, so that you can store notes about your wallets and transactions (encrypted of course) and secured by the private key on your device. In order to do this, you need to the connect to a dropbox account.

Once you’ve made that decision, you’re now into your wallet. You can commence generating your first bitcoin address to send funds to, but it prompts you to do a backup first, and this is highly recommended.

In the first step, you accept to make a backup. This is where the paper copy that comes in the accessory pack comes into play, or if you’re shelled out on a cryptosteel. There are 12 words which are displayed on your device, 4 at a time. You write these down in the order given, and it will then prompt you to type in two random ones to confirm you have it saved ok. This means that should you lose your device, or forget your encryption password in the future, you can get back into all your various crypto (and if you’ve enabled labelling, all the transaction notes too).

Once you have swiped through the 12 words and written the down, you then hold the button on the screen for a few seconds to confirm. Next it will ask you to type two words on the screen. You touch the letters and press till you get the right letter. It’ll auto suggest a word, and as you work through the letters, it’ll get you to the word you want. Once you’re at it, you then confirm by pressing the word which brings up a tickbox. Hold the word on screen for a second and it’ll prompt for the next.

You can then choose not to continue, and start using your device, or proceed to add a Pin lock. The pin lock gives a second level of security in a few ways. Firstly when you load up your device or do any actions, it’ll prompt you for the pin as a double check you want to do any actions (open the wallet interface, send funds, enable labelling etc). It’ll prompt you on the device to enable a pin, and you can type one in. As with the older device, Trezor uses a slight variation on the pins to prevent your pin being seen. Instead of showing the numbers in 1-9 order like on a phone keypad, it randomises the positions. So you’ll need to make sure you know the number, and then enter them in the right order on the screen, and then confirm them to add your pin.

Once that’s done, you can then name your device (handy if you have several and want to know which is which), and once that’s done you’re prompted to bookmark the wallet address in your browser, sign up to the newsletter and follow Trezor on Social Media.

Once you’ve finished these steps and decided if you want to, your backup is complete.

On the homescreen option of the device, you an then decide if you want to change the default image that’s shown on your Model T, and you can choose from one of the default ones, or upload your own 144×144 image which will be displayed instead.

Next up., you’ll want to go into Wallet settings, and choose your base currency. It defaults to dollar, but you can choose from all the major currencies, in my case Euro. Once you choose this and click save and reload, it’ll restart the wallet in your browser.

If you really want to secure your wallet further, if you click on your device, and into advanced there is the option for Passphrase security. What this does is to put a second, hidden layer of wallet addresses behind a further level of encryption. So for instance, if you enable this, when you load the device without it, it’ll show blank wallets, while if you have it enabled, you can ensure that your wallets are doubly protected. Also, this adds another factor of authentication when you’re doing transactions, enabling labelling.

A word of warning, if you forget your passphrase key, there is no way to get into your wallets without it, so here be dragons. When you choose this, it’ll prompt you to confirm you want to on the device, and then it’ll restart your device. You need to then disconnect and reconnect your device. It’ll first prompt you for your pin. Once you enter that, you can choose to enter your passphrase on the Trezor itself or on your computer. Once you have done this, it’ll then set the password, and you can choose to enable labelling or not.

With this complete, you now have a fully set up and secured crypto wallet!

So next up is to start generating some addresses. You can generate up to to 20 bitcoin wallet addresses initially. If you want more, you just have to make sure that there is a confirmed balance on some of the addresses you’re using, and then you can generate more. You can click show full address to see the full address on-screen and on the device (again another level of security to prevent any malicious plugins on your browser from hijacking crypto wallet addresses), and if you have labelling enabled, you can edit the label, for instance if a specific wallet is for a particular purpose. This lets you keep track of things.

Once you select your first wallet, and send it some crypto, then you’re ready to go!

In a separate article we’ll look at restoring an existing wallet, such as if you’re upgrading from the Trezor One to a Model T.

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Source: https://bitcoinsinireland.com/setting-up-a-trezor-model-t-hardware-wallet-from-scratch/

Blockchain

Nym: The World’s First Generic Incentivized Mixnet Releases its Whitepaper 

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[PRESS RELEASE – Please Read Disclaimer]

In a time when mass surveillance and data harvesting are ever present and not a day goes by without news of companies selling user data for profit, Nym Technologies is building a next generation privacy network that can change the way people use the internet.

Chelsea Manning, a famous whistleblower and technologist, says “As methods for network traffic analysis have dramatically improved in the last decade, I have frequently called for research (most notably in 2016) into alternative methods to Tor that avoid exposing the data within the network to such analysis. Nym is one such viable alternative worthy of research, and developmental implementation.”

Nym was conceived in 2017 and was the first privacy project to receive funding from Binance Labs in 2018, followed by a $2.5M raise from other well known investors. Today, the actual design of Nym has been made public after extensive review by technologists like Chelsea Manning, academics like Carmela Troncoso, and venture capital firms like Polychain Capital.

Carmela Troncoso (EPFL) notes “I spent a long part of my career working on improving mix-based anonymous communications systems. It is thrilling to see how the Nym team, a unique combination of expert software engineers and privacy experts, have made mixnets a reality.”

The Nym network is a generic, decentralized, and incentivized infrastructure that provides privacy to a broad range of applications and services, including any blockchain. A core component of Nym is a mixnet that protects the metadata of the internet packets sent to it with privacy superior to both VPNs and Tor.

Metadata is “data about data”, and includes IP addresses of the users, geolocations, information about who talked to who, when, and how often. All of this metadata can be monetized or used without users knowledge. Now it can be protected by Nym.

Anyone can join the network by running a node and get rewarded in NYM tokens for providing privacy to the network. Nodes do useful work anonymizing packets for users and services.

NYM tokens can be transformed into anonymous credentials that allow users to privately prove their “right to use” of services in a decentralized and verifiable manner. This allows users to be private at the network level as well as the application layer. Cosmos and the European Commission are amongst the many who have been supporting the use of Nym’s anonymous credentials.

The 3rd-party applications and services that can integrate their systems to the Nym network to protect their users from malicious actors and preserve their privacy range from crypto apps (wallets or DeFi projects) to messaging applications, IoT devices, or literally any data transfers over the internet that can leak metadata.

Currently, Nym is running an incentivized testnet with a 1500 capped number of nodes on the Liquid network, but this limit will raise in the next major release due to the high demand of people who want to join the network and test its features out.

Throughout human history, privacy has been considered a great asset and a prerequisite for freedom. However as privacy was not built into the fabric of the internet, power is now in the hands of a few powerful players. Nym is setting off to change this and give power back to users so they can decide if and how they reveal their data. To know more about the technicalities, read the whitepaper or join the Nym Telegram channel to stay up to date.

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Source: https://cryptopotato.com/nym-the-worlds-first-generic-incentivized-mixnet-releases-its-whitepaper/

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This bullish Bitcoin options strategy lets traders speculate on BTC price with less risk

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Historical data shows that it is nearly impossible to consistently predict Bitcoin’s price action and many traders that attempt this end up losing money. Now that Bitcoin trades near $50,000, the ultimate goal for most traders is to hold on to their current holdings and incrementally add to them in a way that is not terribly risky. 

Options strategies provide excellent opportunities for traders who have a fixed-range target for an asset. For example, using leveraged futures contracts might be a solution for a scenario where one expects a price increase of up to 28% over the next month. Of course, using a tight stop loss lessens the viability of the trade.

On the other hand, using multiple call (buy) options can create a strategy that allows gains that are four times higher than the potential loss. These can be used in both bullish and bearish circumstances, depending on the investors’ expectations.

The long butterfly strategy allows a trader to profit from the upside while limiting losses. It’s important to remember that options have a set expiry date; therefore, the price increase must happen during the defined period.

The Bitcoin (BTC) calendar options below are for the March 26 expiry, but this strategy can also be used on Ether (ETH) options or a different time frame. Although the costs will vary, its general efficiency should not be affected.

Profit / Loss estimate. Source: Deribit Position Builder

The suggested bullish strategy consists of buying 1 BTC worth $48,000 call options while simultaneously selling double that amount of $56,000 calls. To finalize the trade, one should buy 1 BTC worth of $64,000 call options.

While this call option gives the buyer the right to acquire an asset, the contract seller gets a (potential) negative exposure.

As the estimate above shows, if BTC is trading for $48,700, any outcome between $49,380 (up 1.5%) and $62,630 (up 28.6%) yields a net gain. For example, a 10% price increase to $53,570 results in a $4,000 net gain. Meanwhile, this strategy’s maximum loss is $1,350 if BTC trades below $48,000 or above $64,000 on March 26.

This allure of this butterfly strategy is the trader can secure a $4,050 gain, which is 3x larger than the maximum loss, if BTC trades from $53,550 to $58,460 expiry.

Overall it yields a much better risk-reward from leveraged futures trading considering the limited downside.

The multiple options strategy trade provides a better risk-reward for bullish traders seeking exposure to BTC’s price increase and the only upfront fee required is the $1,350 which reflects the maximum loss if the price is below $48,000 or above $64,000 at the expiry date.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/this-bullish-bitcoin-options-strategy-lets-traders-speculate-on-btc-price-with-less-risk

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Transaction batching protocol Furucombo suffers $14 million “evil contract” hack

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The latest “evil contract” exploit has netted an attacker over $14 million in stolen funds. 

Furucombo, a tool designed to help users “batch” transactions and interactions with multiple protocols at once, fell victim to the attack which centered on token approvals from users.

The attacker’s address currently has $14 million worth of various cryptocurrencies, but the attack appears to be larger as they have been transferring ETH to privacy mixer Tornado Cash in batches over the last hour.

This attack is conceptually similar to the $20 million “evil jar” attack that struck Pickle Finance last year, as well as the $37 million “evil spell” exploit that hit Alpha Finance earlier this month. In these “evil contract” exploits, an attacker creates a contract that fools a protocol into believing it belongs there, giving them access to protocol funds.

In this case, the attacker ‘tricked’ the Furucombo protocol into thinking that their contract was a new verison of Aave. From there, instead of draining funds from the protocol as in previous evil contract exploits, the attacker instead leveraged the ability to transfer the funds of every user who had given the protocol token permissions. 

“Infinite permissions means you can wipe everyone who interacted with Furucombo,” said whitehat hacker and co-founder of DeFi Italy Emiliano Bonassi in a statement to Cointelegraph.

This type of exploit appears to be growing increasingly popular, now accounting for over $70 million in user funds lost in just a few months.

The team confirmed the attack in a Tweet, saying that they “believed” they’d mitigated the exploit but recommended revoking permissions “out of an abundance of caution:”

Users can leverage tools like revoke.cash to do so. 

The attack comes during a period of wider reflection in the DeFi world on security and the utility of auditing companies. In the last three months, three different auditing and code review services have emerged, each with a different incentive model designed to encourage more thorough and dynamic security practices.

Source: https://cointelegraph.com/news/transaction-batching-protocol-furucombo-suffers-14-million-evil-contract-hack

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