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We have a constant stream of people coming back after abandoning Dogecoin and the sub in 2014 when the price fell. These people all have old versions of QT and are now basically trying to recover their coins, presumably to cash out and abandon us again. This is causing strain for the network, as far more people are trying to leech blocks than seed them.
The thing is, none of this is necessary. Especially if you're just going to dump coins. With resources such as https://coinb.in/#settings
all you need are your private keys, and you can create, sign and broadcast transactions yourself. No client required, let alone one as resource-hungry as QT.
"So, how do I get my keys?"
First of all, lets talk about data management. The overwhelming majority of coins are not lost through theft, especially direct theft of wallets (as distinct from wholesale thefts/scams/implosions like Moolah, GAW, MtGox, Cryptsy, and even our own beloved Dogetipbot)
. Most coins are lost because people forget about their wallets and do silly things like reformat hard drives, lose passwords and so on.
So, everyone should have a wallet list. Here is a sample bit of HTML that gives you a page with two columns of wallets, one for local wallets you would withdraw coins to, the other the third-party wallets you would deposit coins to third parties through (do note that many services use temporary addresses generated for deposits which expire after 24h or so)
. A page like this is how I manage my 100+ wallets, and I have copies on my network and hidden online. Such a page makes it easy to at least keep track of all your wallets, for a trivial amount of work to set up.
Sample - Twitter Fr DFXXz9gq3WkgJaHn9tXRChMhFQcwm4Y251 To DByYgzd4ec5Ku9vPag8XqoBfyRpsoj8Xs3 @TipDoge Sample - Backslash Fr DSDyv83VC1QtEnmJ4ATKFn5Sw3iC12VLmX To D9MsxSyJe5Mq7fWFRpC7zQQt1gexHccN4w Backslash To DJ3GL68kw8vh99RvxnEmQKE8A3cWRoEEqo Backslash Faucet Sample - Block.io To DE5QamzWVnxK2HmCS61cUsrn9iwgTArunU Block.io
"OK, great, so now I have a list of my wallets. Now what?"
Now you're going to need the private keys for each of those wallets. Obviously you're not going to store these in a public place though. So you will need a separate file, which can just be plain text. Copy each of those addresses into it.
Now go ahead and fire up QT. If you haven't synced it in 3 years, its going to take forever, but that doesn't matter. You don't actually need the blockchain for this, so you don't have to wait for it to catch up.
Open up the console which is in the Help menu. Then give the command dumpprivkey
with the wallet address you want the key to. Then use the up-arrow key to bring that command back, replace the address with the next one, and keep going until you have them all.
It will look something like this:
13:05:18 Welcome to the Dogecoin RPC console. Use up and down arrows to navigate history, and Ctrl-L to clear screen. Type help for an overview of available commands. 13:11:06 dumpprivkey D9xDcRthB6XP4vRGqiyKdDfVJ7CWhYuBBi 13:11:06 6KEcssuq1wWUrFVmMF8yDxHuAdQMiRezz53zDxADLmyoXnix7iM 13:12:00 dumpprivkey DUDARNrGHVTFcCgriwRWgDQJPKDuDQr9jg 13:12:00 6JNk6NNFZcr49fbsD2jcTfTxFLjJKq9DHQ5JU8CYeZ2Cz6JdKMY 13:12:25 dumpprivkey DG6xnwCT6BXePaySqU85XocobZmhbJczQH 13:12:25 6JNXFv95Mp9SzehHw9jojjdxHRNPeh77qCsRbaNwJZMp9MKCAu3
Yes, those are real wallets. But don't bother trying to steal my coins, I just generated them on https://walletgenerator.net/
and they're empty.
That's basically it. All you need to do is add some descriptions of what the wallets are, pretty up the format to your liking, and save copies in multiple, secure places, including printed out.
Remember, if you lose your keys, OR someone else sees them, you lose your coins!
If those were my real wallets above, you could use the keys and spend my coins. So obviously, don't let anyone else, especially annoying little brothers, get their grubby hands on them. But also make sure they can be discovered if anything happens to you. That's why the printed copies... nobody is going to go trolling through your porn or warez collection on the offchance there's something valuable in there. But they will look in your safe or wherever you store other important documents. Just be sure to leave a note as to what they are and how to use them. Remember the woman who came here a couple years ago who had found a USB stick with 110 BTC in a locked wallet.dat on it from her dead husband? I sometimes wonder if she ever got the money. Don't be her. Or him.
"OK, great. Now I have my keys. What now?"
Well, you can spend coins using https://coinb.in/#settings
from any wallet you have the keys to. First step is to choose the network. Dogecoin (mainnet) obviously. Then go to Transaction in the +New menu. Enter your address and hit the Load button. It will pull in the first 100 transactions. Now enter the address to pay, and the amount. Note the Transaction Fee box!
You want this amount to be zero. Depending on whether you're moving coins to another of your wallets to consolidate them (a very good idea.. go read the UTXO ELI5, which you will find a couple pages into https://www.reddit.com/dogecoin/comments/4yts6h/start_here_for_much_wallet_wow/ - Yes, I'm going to make you work for it, cos there's tons of useful stuff there you need to know)
, or paying someone else, you may want to select which inputs to use.
Once you're happy with the transaction, go ahead and submit it. You will now get a block of text, which is the raw, unsigned transaction. Copy this. Go to the Sign tab. Paste it. Add your private key and Submit to sign it.
After a little bit, you will get a signed transaction. Copy it. Go to the Broadcast tab, paste it and hit Submit.
That's it. It should go into the next block in a minute or two. Yes, even without paying a mining fee. Our network is so lightly loaded that there are no contention issues like the Bitcoin people have to put up with.
"That's it? So why do I need QT?"
You don't. The process above is all that's involved in spending coins. Everything else is window dressing. So there is no need to run QT, or any other client. Oh, and since you can download the site and run it locally (mostly offline)
, there is no security issue beyond the usual keyloggers/spyware that can compromise anything. And by knowing how to do this, you are much better protected from accidental loss than someone who blindly trusts black boxes they don't understand.
Oh, one final thing... if you really want to help the network by seeding rather than leeching, go ahead and run a full node. Instructions are in that link above. AND you may want to help seed the bootstrap file torrent from a couple of days ago. Just because YOU don't need it, doesn't mean others don't, right?
We've all done this, right?
I know I have. Because when I started out, I was lazy and stupid. And then later when it came to shitcoins, I was lazy, stupid AND disinterested. And I paid the price. Repeatedly. Still paying it now that I'm not stupid and a little less lazy in fact.
So, what's the problem, exactly?
- You go to Service A, say an exchange, and they give you a wallet to deposit into.
- Then, you go to Service B, say a faucet, and they ask you for a wallet to pay out to.
- You give Service B Service A's wallet address.
- WIN, right? WRONG!
Never forget, ANY
wallet you do not personally hold the keys to (and I would add can read with your own eyeballs) IS NOT YOUR WALLET!
What could POSSIBLY go wrong?
Service A may, and often does, generate a new wallet for you, expiring the old one. The wallet they give you may only be good for 24 hours, and they may claim to no longer have access after that. They may suspend or cancel your account if you use it as a wallet rather than the purpose it was intended for. They may get hacked. They may collapse. They may steal or lose your coins. Basically, anything can happen, because, well, its their wallet, not yours, and you can't force them to do squat. There is no government backing, guarantee, regulation or oversight.
Meanwhile, Service B may, and usually does, permanently associate the wallet address you gave them with your account (and IP, email and whatever else they may decide to... aren't cookies great?)
. So you can't change it when Service A goes belly up. You get to lose your money or abandon your account, usually both.
If you're lucky, you may only lose a handful of coins. But depending on the service, and how you use it, the amounts can get insane pretty quickly. I've had some $3,000 in referral income from one service for example (admittedly in cash, but that's beside the point)
, and if you were around really early when a Bitcoin was worthless dust, you could be talking millions now. Money matters, in any amount.
So what's the alternative?
- READ THE ELI5s! https://www.reddit.com/dogecoin/comments/3b3h5d/eli5_how_wallets_work/ (its right there, in the pinned topics at the top right) https://www.reddit.com/dogecoin/comments/2vc016/eli5_everything_you_didnt_know_you_needed_to_know/ https://www.reddit.com/dogecoin/comments/6e5hsq/eli5_extracting_privkeys_from_qtcore/ https://www.reddit.com/dogecoin/comments/5lxjrh/eli5_what_is_a_dogecoin/ https://www.reddit.com/dogecoin/comments/4yts6h/start_here_for_much_wallet_wow/ (that last one was stickied for over 9 months, BTW)
- Go to https://walletgenerator.net/ and https://coinb.in/#settings and learn to use them both. Download them so you can run them locally and offline. There is no limit to how many wallets you can own, so there is NO reason to rely on anyone other than yourself.
- Keep your keys safe and secure. Even if its just a text file, backed up, printed out, and stored in safe places where it won't be lost, destroyed or stolen, your record of your private keys and addresses IS your money. Treat this record like you would a bundle of cash. Because that's what it is, actually.
- Make Lists! Apart from your key file above, which must be kept secret, you should have a list of all your wallets AND what they're for. Again, I speak from bitter experience. Looking at one of my faucet referral links, I see ?ref=8c0963b5453b but I have absolutely NO idea what wallet I used with it, where it is, or even if its receiving payouts. If I'd written it down 3 years ago, I would know. Oh, and while you're at it, include other peoples' wallets in your lists. If you've ever sent or received coins from someone, you should have a record, because, have you ever tried to trace coins in the blockchain? I have, for an article in VeryMuchWow, and it was a huge PITA. Save yourself some grief.
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