My advice is have a few setups and add strong passphrases
I know the importance of wallet passphrase but honestly I don't know what are strong passphrases, could you help me with information about that or any resources for learning about that?
It's easy to find resources to learn about passwords, how to create a strong password, but with passphrases I see very limited resources to learn and apply for my practice.
Like how many words are considered as strong enough for a wallet passphrase?
No recommendation about that in Mastering Bitcoin book.
https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch05_wallets.adoc#optional-passphrase-in-bip39Personally, I think that the earlier table that was posted by Forsyth Jones is a good guideline for at least shooting for at least minimal levels of safety, especially if we want to shoot to have our levels to at least be in the orange, and probably better to be in the lighter orange rather than the darker orange, just to be safer, yet even if we land in the darker orange, we should not need to panic, even though we might want to consider if we might want to create a wee bit stronger variation and then move our coins to that stronger variation.
Below is a table showing the strength of each passphrase extension:
you jest but at least mtgox people got ~20% of their btc/bcash back
Yep and a long solid hodl so good they made nice money in fiat terms.
incorrect
i think just like FTX they got 20% of the price at the time of theft. so no hodl, just 20% of what u lost at that time 5-6 or more years ago
You are guessing, and you are providing skewedly wrong information because you guess wrong and you act like you know what you are talking about, when you don't.
MTGOX got around 20% of the number of coins that they had at the time of the shutdown (which is "in-kind" redemption), and I think around 75% of the claims (or the total value had been paid so far) - yeah 10 years later, which is a bit of an injustice in itself.
FTX got something around 20% of the cash value at the time of the filing, when the BTC price was then around $19.5k... So they were not the same, and the FTX folks got reimbursed even worse since their bitcoin claims were liquidated into dollars and they got 20% of the dollar value and the BTC price was up around 3x (close to $60k) when they got paid those dollars.
Maybe you could argue that FTX is more just because the claims were paid out more promptly, and so I am not going to dispute that the forced HODL situation of MTGOX likely created a lot of injustices for those who did not have something like a 10-ish to 13-ish year timeline, to the extent that they had already been paid (maybe around 75% paid), and I am not sure if the still fucking around to pay more claims will end up getting paid, since there is some strangeness in how long it is taking with potential distributions at the end of this year, perhaps? so yeah, delays are injust, too.
