NiceHash suspends Bitcoin withdrawals to Coinbase

Archaea

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Your missing the point, that recovery phase/seed is not your Crypto Private keys, it tells the hardware wallet what keys to use for that seed for the different coins private address's. No one knows the actual private address and is not retrievable, you have to rely on replacing the original wallet if lost, stolen or damaged. Show how to retrieve the Secret (Private) key from the hardware wallet for BTC where I can use that Private Key in another wallet like a web wallet, QT wallet etc. not depending upon their business, network and software.
It’s in the instructions. BIP32 standard/BIP39 standard

Linked here:
https://wiki.trezor.io/Recovery_seed

and here:
https://support.ledger.com/hc/en-us/articles/115005297709-Export-your-accounts

1621303800855.png



Trezor
https://wiki.trezor.io/Apps

1621304129077.png


Why do you think they warn you that if you lose control of your 24 word seed your wallet is completely compromised and can be taken over at will? Web search of Reddit comes up with these questions answered repeatedly that you are not locked behind the hardware wallet if you know the 24 world mnemonic phrase.
Example:
https://www.reddit.com/r/ledgerwall...urce=share&utm_medium=ios_app&utm_name=iossmf

And from a Trezor blog
1621304729224.png
 
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noko

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It’s in the instructions. BIP32 standard/BIP39 standard

Linked here:
https://wiki.trezor.io/Recovery_seed

and here:
https://support.ledger.com/hc/en-us/articles/115005297709-Export-your-accounts

View attachment 357642


Trezor
https://wiki.trezor.io/Apps

View attachment 357644

Why do you think they warn you that if you lose control of your 24 word seed your wallet is completely compromised and can be taken over at will? We search of Reddit comes up with these questions answered that you are not locked behind the hardware wallet if you know the 24 world mnemonic phrase.
Example:
https://www.reddit.com/r/ledgerwall...urce=share&utm_medium=ios_app&utm_name=iossmf
Thanks you, I stand corrected.
 

Andrew_Carr

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That is only the key/seed for the Hardware Wallet and not your Crypto Private Keys. Show me anywhere where you can extract the exact Crypto Secret Key from Leger or Trezor your actual BTC private key? Or any of the other coins. You run their software/app, hook up their hardware wallet design, it goes through their servers and you make a transaction. If their service is interrupted or lost for whatever reason, your keys are locked behind a worthless device. You cannot just say, hey, what is my private key, write it down and then get access to your account/wallet using another method. To add insult to injury, you now have one seed that exposes all of your different Crypto's stored on the hardware wallet vice having different private keys separated by many different means. Anyways show me how to extract the real Private Key from the hardware wallet, to get access to your Crypto like BTC, maybe I missed something.

You don't need trezor.io to access your keys. Not sure on ledger.

Here's some ways you'd still be able to get your keys if they go under:
Electrum (open source wallet), Exodus (Closed source wallet), trezorctl utility, HWI Thin interface to use Trezor with Bitcoin Core, Trezor desktop app (understandable if you think they'll go under to not trust anything made by them), other hardware wallets ()

Kraken released a good guide on securing your crypto. I like their approach because it works for people that are more/less security conscious and gives you some idea of what you should do based on how much you stand to lose: https://kraken.docsend.com/view/sk7fzd3hccaysycq
 
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Bigbacon

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Nicehash spelled out the why in their post about it:
Coinbase limits their API and they cannot process huge amounts of requests coming from our service. Although we have tried to resolve these issues with Coinbase for several months now we have not managed to get a response from them.
We understand that this is a very popular method of withdrawing Bitcoin to Coinbase and we would like to keep it - as it is free and almost instantaneous! But unfortunately, Coinbase remains unresponsive.

As for transferring directly to your coinbase address yeah there is fees but its not that bad its like .1% so $2.50 to transfer out $2500 worth for example. probably slightly more if you are trying to transfer a small ammount and i believe you need to transfer at least .001? Also while its not "instant" I am pretty sure it's still quite fast. I send transfers to my private wallet from nicehash and its like less than 10 minutes so unless coinbase is slow to report it I would assume similar timeframe.

I did a transfer this way yesterday and it took about 5 hours to complete. paid 1.20 in fees to move 210 dollars worth of BTC to coinbase.
 

Modred189

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Again, noob here, what's with the boosted pay rate in the last hours?
1621437780173.png
 

noko

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Bigbacon

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Yep, another reason to stay away from storing a significant amount in pools or exchanges -> When you need to have access to your funds at very critical times, you can get locked out.

I was pulling the btc out of HC when I met the minimum but now can't even do that. Really need to get off NH but got like 6 machines that I would need to change over and not really in the mood to do that. NH was such EZ mode and it worked with any hardware (mostly) to get it mining.
 

noko

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I was pulling the btc out of HC when I met the minimum but now can't even do that. Really need to get off NH but got like 6 machines that I would need to change over and not really in the mood to do that. NH was such EZ mode and it worked with any hardware (mostly) to get it mining.
It may seem hard but once you do it, it becomes rather easy and potentially much less restrictive and more rewarding. I laid out one method I do, using Awesome Miner and run down how to setup and use:

https://hardforum.com/threads/plan-to-mine-eth-part-time-on-gaming-pc-questions.2009453/

Today I got notice of .1 Eth, which I automatically setup, went to Coinbase which I immediately cashed out. You could at MiningPoolHub convert whatever you mine to BTC as well or any other Crypto they support is one example of available pools out there. I've have at times mined at 5 different pools which having the option of going to whatever location I want has been very lucrative and problem free or limited issues.
 

SunnyD

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Here's the thing with all these crypto companies - as long as THEY'RE making money the water flows and the lights are on. But now that their profitability us directly taking a hit the customer is going to take the brunt of it.

Same thing with Robinhood and the ganestonk fiasco. None of these companies are legit working for you.
 

noko

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Here's the thing with all these crypto companies - as long as THEY'RE making money the water flows and the lights are on. But now that their profitability us directly taking a hit the customer is going to take the brunt of it.

Same thing with Robinhood and the ganestonk fiasco. None of these companies are legit working for you.
This goes for all businesses, go to work at the Ice Cream parlor, lights out and you may or may not get your paycheck and out of a job. Except you may qualify for Unemployment. That is the risks involved in most endeavors.
 

obs

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This goes for all businesses, go to work at the Ice Cream parlor, lights out and you may or may not get your paycheck and out of a job. Except you may qualify for Unemployment. That is the risks involved in most endeavors.
Likewise, open an ice cream parlor and you could lose your entire investment as the owner. A lot more risk to the owner than the employee. Hence why the owner also gets most of the profits.
 
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SunnyD

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This goes for all businesses, go to work at the Ice Cream parlor, lights out and you may or may not get your paycheck and out of a job. Except you may qualify for Unemployment. That is the risks involved in most endeavors.

Likewise, open an ice cream parlor and you could lose your entire investment as the owner. A lot more risk to the owner than the employee. Hence why the owner also gets most of the profits.

While true, look at the history of crypto exchanges and other crypto operations that make their money off the backs of their customers. Nearly all of them have shut their doors and taken off with their customer's assets when the going got tough.

At least typical businesses can and do survive a few years of losses before they throw in the towel.
 

Archaea

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While true, look at the history of crypto exchanges and other crypto operations that make their money off the backs of their customers. Nearly all of them have shut their doors and taken off with their customer's assets when the going got tough.

At least typical businesses can and do survive a few years of losses before they throw in the towel.
SunnyD. nicehash was hacked in 2017. They paid everybody back. Every last penny. They didn’t just disappear, and they didn’t leave anybody hanging. They developed a payback plan, took out loans, created partnerships and slowly paid everyone back through multiple small distributions. They offered steady communication throughout this process. They are a legit company. They reimbursed me in full, as I was one for the affected users. People said over and over at the time you’ll never get that back — they were wrong. Nicehash made good.

https://coingeek.com/nicehash-returns-100-of-stolen-funds/
 
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obs

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While true, look at the history of crypto exchanges and other crypto operations that make their money off the backs of their customers. Nearly all of them have shut their doors and taken off with their customer's assets when the going got tough.

At least typical businesses can and do survive a few years of losses before they throw in the towel.
Well yea, that’s just straight up theft. No different than a bank just taking your money. But at least with most exchanges you can take steps to protect your investment by transferring to your own wallet.
 
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Andrew_Carr

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Hacked at the all time high BTC price and repayment after the market crashes again I'm sure.
 

noko

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While true, look at the history of crypto exchanges and other crypto operations that make their money off the backs of their customers. Nearly all of them have shut their doors and taken off with their customer's assets when the going got tough.

At least typical businesses can and do survive a few years of losses before they throw in the towel.
This is not uncommon for businesses in general, 9 out of 10 startups fail. Crypto Exchanges in essence is a business and prone as much as anyone else to failure, scams etc.
Some offhand reading:
https://www.failory.com/blog/startup-failure-rate
 

SunnyD

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This is not uncommon for businesses in general, 9 out of 10 startups fail. Crypto Exchanges in essence is a business and prone as much as anyone else to failure, scams etc.
Some offhand reading:
https://www.failory.com/blog/startup-failure-rate

My point is history has proven that financial markets, and even more so crypto markets will do things to limit it suspend legitimate customer actions when it affects the business's own profitability. There is NO reason this should be happening other than NiceHash is using YOUR asset for purposes unknown and because of that their own liquidity is at stake. And the big problem with crypto companies like this is that they are largely unregulated and as such do so with impunity.
 

Archaea

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My point is history has proven that financial markets, and even more so crypto markets will do things to limit it suspend legitimate customer actions when it affects the business's own profitability. There is NO reason this should be happening other than NiceHash is using YOUR asset for purposes unknown and because of that their own liquidity is at stake. And the big problem with crypto companies like this is that they are largely unregulated and as such do so with impunity.
No reason it should be happening? Are you following their blog posts? They are very clear why this is happening, daily updates.

I guess you can call them liars, but you can’t really say “NO reason”, as they’ve made the reasons crystal clear.

https://www.nicehash.com/blog

Bottom line: If you don’t trust me, don’t use em. But I don’t think throwing out disparaging remarks without actual insider knowledge or proof is winning you any points — specifically against Nicehash.

Also apparently you aren’t using them, because if you were you’d know they were actually still paying miners to their wallets during these windows of temporary public website outages and inability to withdraw.
 
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Modred189

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My point is history has proven that financial markets, and even more so crypto markets will do things to limit it suspend legitimate customer actions when it affects the business's own profitability. There is NO reason this should be happening other than NiceHash is using YOUR asset for purposes unknown and because of that their own liquidity is at stake. And the big problem with crypto companies like this is that they are largely unregulated and as such do so with impunity.
Naw, having helped hundreds of companies with data breaches, a few days of down time after an attempted targeted attack like this is SOP., or should be in terms of a good SOC Incident Response Plan. Hastily leaving things up, or re-starting them too soon is bad juju. Like closing the panels of a new PC build before booting once.

In their post, they mentioned a zero day, so getting things patched, working with that app vendor, and then doing a pen test all take time to do right.
 

Andrew_Carr

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Again, noob here, what's with the boosted pay rate in the last hours?
View attachment 358034

Not sure if NH took advantage of it, but earlier in the week everyone was freaking out to withdraw their money before the market crashed. Then everyone rushed back in to buy at lower prices. Either situation leads to higher gas prices, and higher gas prices increase the amount of ETH rewarded per block, which translates to higher income.

Whattomine has a pretty good graph that will show these things happening. For this scenario I entered 1GH/s at 1W (everyone's electric costs are different) and you had a spike from about $100/day to $160/day during this week's events despite the value of ETH dropping.
https://whattomine.com/coins/151-eth-ethash
 

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kirbyrj

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I saw this this morning. I don't need it to be instant. I just want it to be free.
 

Cypher-

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I started what will probably be my last one yesterday. Took 18 hours. Very likely going to skip nicehash and mine in pools from now on.
 
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I started what will probably be my last one yesterday. Took 18 hours. Very likely going to skip nicehash and mine in pools from now on.
NH just stated that it can take up to 24hrs for a transaction to complete. I'm small potatoes so I'm OK with that. Others with larger funds may not be.
 
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