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Hey everyone,

I hope my story serves as a cautionary tale and helps prevent others from making the same costly mistake I did. Recently, I experienced a significant financial loss of $17,000 in the world of #cryptocurrency . It was a painful lesson, but I believe sharing my experience can be beneficial to others. So, here's my story and some valuable lessons I learned along the way.

In 2014, I made a whimsical decision and purchased 25,000 #dogecoin as a joke. Little did I know that by 2021, the value of those coins would briefly skyrocket to over $17,000. There was just one problem—I couldn't remember the password to my wallet. Determined to recover my lost coins, I embarked on a journey that exposed me to online hackers, the intricacies of password security, and a fair share of frustration.

While not everyone may have thousands of forgotten cryptocurrency coins, passwords remain a fundamental aspect of our digital lives. As more people invest in crypto, it becomes crucial to explore ways to protect these valuable assets. To shed light on the matter, I consulted a panel of experts who shared insights on creating strong passwords for digital accounts and the trade-offs involved in basic storage methods. Let's dive in and uncover the secrets.

How To Get Back Your Own Crypto Wallet👛🔓🔑

Losing cryptocurrency can occur through various unfortunate scenarios. It could be as simple as discarding a hard drive containing your wallet, falling victim to a hacker attack, or, like me, forgetting your password. Surprisingly, hackers can offer a silver lining for those who still retain control over their wallets. By attempting to hack your own wallet or seeking assistance from experienced hackers, there's a chance to reclaim what was lost. Intrigued, I reached out to DC, an anonymous hacker renowned for cracking crypto wallets. For his services, he charged a standard fee of 20 percent, payable only upon success. Dc and his peers primarily employ brute force techniques, essentially making educated guesses through countless password attempts.

After a brief period, I received an email from Dc with disappointing news. "I tried over 100 billion passwords on your wallet," he shared. The mind-boggling number of attempts led me to believe that my coins would be recovered, but alas, we had only scratched the surface. The password remained elusive, and my coins remained lost. But how did this happen?

The Math Behind Strong Passwords🧮

Each additional digit in a password exponentially increases its difficulty to crack. Let's consider a one-digit password that allows both letters and numbers. If the password is case-sensitive, we have 52 letters plus 10 numerals, resulting in a mere 62 possible combinations. Guessing the password would require a maximum of 62 attempts (A, a, B, b, C, c ... and so on).

Now, let's raise the complexity by turning it into a two-digit password. It doesn't become twice as challenging to guess—it becomes 62 times harder. We now have 3,884 possible passwords to consider (AA, Aa, AB, and so forth). A six-digit password, following the same rules, presents approximately 56 billion possible permutations, assuming no special characters are used. Imagine a 20-character password adhering to these guidelines—it yields a staggering 62 to the power of 20 permutations, which amounts to 704,423,425,546,998,022,968,330,264,616,370,176 possible passwords. In comparison, the 100 billion attempts made by Dc seemed minuscule. This realization was disheartening for me, as I was quite certain that my password was lengthy, perhaps even a few lines of a song lyric. It seemed I was destined to face the music.

Password Best Practices⚠️

Choosing secure passwords is no easy task, as Dc attested. "If you create an unusual password for your wallet that deviates from your typical choices, it becomes difficult for you to remember and for me to assist you," he explained. Using consistent patterns makes it easier for hackers to guess your password, compromising security. Finding the right balance between security and memorability is a challenge that varies from person to person.

advice? "Either record all your passwords on paper (while taking the risk of it being discovered) or use a password manager." Ironically, in the digital age, resorting to pen and paper has become a preferred security method for some, as even Russia's state security agency reportedly returned to typewriters after the Snowden leaks.

Turning Negatives Into Positives🤗

Reflecting on my experience of accidentally making (and losing) what could have been a phenomenal investment, I pondered how to cope with such a loss. Christian Busch, a professor at New York University and author of "The Serendipity Mindset," suggested adopting a positive outlook. He explained that people who perceive themselves as lucky tend to view unexpected circumstances as happy coincidences, while those who consider themselves unlucky focus on what could have been better. This mindset can shape either a vicious or virtuous cycle.

Furthermore, I should be grateful for having the foresight to invest in crypto early, even if the outcome wasn't as desired. Busch argues that "unexpected good luck—serendipity—often doesn't merely happen by chance." Although I may have lost the dogecoins this time, the adventurous spirit of investing in emerging opportunities without jeopardizing my entire portfolio was invaluable. Assessing risks and embracing calculated decisions is an integral part of life.

Conclusion

When it comes to storing assets—especially cryptocurrencies—there is no foolproof method. Hardware wallets can be misplaced, exchanges can fall prey to hackers, and passwords can slip from memory. Whether it's through finding a balance between security and memorability or selecting the right storage option, each individual must evaluate the risks they are willing to accept.

As for me, I choose to remain optimistic and continue attempting to recall that elusive password. After all, even in the face of setbacks, it's the willingness to seize unforeseen opportunities that can lead to new and promising ventures.

I hope my story serves as a reminder that caution, research, and patience are vital when navigating the crypto landscape. Let's learn from each other's mistakes and strive for a safer and more responsible approach to cryptocurrency investments.

Stay informed, stay secure, and invest wisely!

"Share Your Stories in the Comments Below"

$DOGE $BNB

#FinancialMistakes #crypto

Remember that the cryptocurrency market is highly volatile and subject to rapid changes. It's important to conduct thorough research, stay updated with the latest news, and exercise caution when making investment decisions.

Sliver Healing: The big advantage of Red Stuff compared to the RS-code protocol is its self-healing property. This comes into play when nodes that did not receive their slivers directly from W try to recover them. Any storage node can recover their secondary sliver by asking f + 1 storage nodes for the symbols that exist in their row, which should also exist in the (expanded) column of the requesting node (fig. 3b and fig. 3c). This means that eventually all 2f + 1 honest nodes will have secondary slivers. At that point, any node can also recover their primary sliver by asking the 2f + 1 honest nodes for the symbols in their column (Figure 3d) that should also exist in the (expanded) row of the requesting storage node. In each case, the responding node also sends the opening for the requested symbol of the commitment of the source sliver. This allows the receiving node to verify that it received the symbol intended by the writer W, which ensures correct decoding if W was honest. Since the size of a symbol is O( |B| n2 ) each, and each storage node will download O(n) total symbols, the cost per node remains at O( |B| n ) and the total cost to recover the file is O(|B|) which is equivalent to the cost of a Read and of a Write. As a result by using Red Stuff, the communication complexity of the protocol is (almost8) independent of n making the protocol scalable.
#walrus $WAL @WalrusProtocol

The Read protocol is the same as for RS-codes. In order to allow for asychronous challenges, nodes only use their secondary sliver. If this is not necessary, we can use the primary sliver and have a faster reconstruction threshold of f + 1. The Read process starts with R collecting the metadata, i.e., the list of sliver commitments for the blob commitment. To do so, R requests the 1D encoded metadata parts from its peers along with the opening proofs. After the metadata is decoded, R checks that the returned set corresponds to the blob commitment. Then R requests a read for the blob commitment from all nodes and they respond with the secondary sliver they hold (this may happen gradually to save bandwidth). Each response is checked against the corresponding commitments in the commitment set for the blob. When 2f + 1 correct secondary slivers are collected R decodes B and then re-encodes it to recompute the blob commitment and check that it matches the blob commitment. If it is the same with the one W posted on chain then R outputs B, otherwise it outputs.
#walrus $WAL @WalrusProtocol

Cryptographic assumptions
Throughout the paper, we use hash() to denote a collision resistant hash function. We also assume the existence of secure digital signatures and binding commitments.
Network and adversarial assumptions
Walrus runs in epochs, each with a static set of storage nodes. At the end of the epoch n = 3f + 1 storage nodes are elected as part of the the storage committee of the epoch and each one controls a storage shard such that a malicious adversary can control up to f of them. The corrupted nodes can deviate arbitrarily from the pro-tocol. The remaining nodes are honest and strictly adhere to the protocol. If a node controlled by the adversary at epoche is not a part of the storage node set at epoch e + 1 then the adversary can adapt and compromise a different node at epoch e + 1 after the epoch change has completed. We assume every pair of honest nodes has access to a reliable and authenticated channel. The network is asyn-chronous, so the adversary can arbitrarily delay or reorder messages between honest nodes, but must eventually deliver every message unless the epoch ends first. If the epoch ends then the messages can be dropped. Our goal is not only to provide a secure decentralized system but to also detect and punish any storage node that does not hold the data that it is assigned. This is a standard additional assumption for dencentralized storage system to make sure that honest parties cannot be covertly compromised forever.
Erasure codes
As part of Walrus, we propose Asynchronous Complete Data Storage (ACDS) that uses an erasure coding scheme. While not necessary for the core parts of the protocol, we also assume that the encoding scheme is systematic for some of our optimizations, meaning that the source symbols of the encoding scheme also appear as part of its output symbols. Let Encode(B, t, n) be the encoding algorithm. Its output are n symbols such that any t can be used to reconstruct B. This happens by first splitting B into t symbols of size O( |B| / t ) which are called source symbols. These are then expanded by generating n − t repair symbols for a total of n output symbols. On the decoding side, anyone can call Decode(T, t, n) where T is a set of at least t correctly encoded symbols, and it returns the blob B. ACDS shares some similarities with Asychronous Verifi- able information Dispersal (AVID) given that the main goal of both protocol is to distribute data. However, they also have significant differences most notably the lack of completeness in AVID protocols which is critical for Walrus. A more in depth discussion is provided in Section VIII.
Blockchain substrate
Walrus uses an external blockchain as a black box for all control operations that happen on Walrus. A blockchain protocol can be abstracted as a computational black box that accepts a concurrent set of transactions, each with an input message T x(M) and outputs a total order of updates to be applied on the state Res(seq, U). We assume that the blockchain does not deviate from this abstract and does not censor T x(M) indefinitely. Any high-performance modern SMR protocol satisfies these requirements, in our implementation we use Sui.
#walrus $WAL @WalrusProtocol

Token info
Total Supply: 5BCirculating Supply: 1.25B ~ 25%Price: $0.42Market Cap: $525MFDV: $2.1B
Raised Fund
Total Raised Fund: $140 million USDInvestors Tier 1 & 2: Standard Crypto, A16z, Electric Capital, Franlink Templeton Investment.
Token Use Case
PaymentGovSecurity
#walrus $WAL @WalrusProtocol

Business Model Observations
Focused on providing large data storage infrastructure (PDFs, images, files, etc.) on the blockchain. The target customer base is organizations (B2B) requiring storage for AI data, 3D game play, payment systems, etc., offering low storage costs. However, the platform will need time to prove its capabilities compared to existing competitors in the market.
With the launch of Walrus by its parent company, Mysten Labs, a crucial factor emerges:
It positions Walrus as a vital core data storage platform for Sui and the Sui Ecosystem in the future.This reflects Sui’s long-term strategic vision for AI, Fully Onchain 3D Gaming, and Payments.#walrus $WAL @WalrusProtocol

Walrus Protocol offers a decentralized storage model where users pay for data storage using the $WAL token.
According to the whitepaper, the product employs Red Stuff encoding for data, enabling low-cost storage and rapid recovery in case of errors.Users can select storage durations of up to two years, with the option to either delete or retain the data afterward, enhancing flexibility.The pricing for data storage and writing is determined in advance by node voting (requiring 66.67% based on stake weight), utilizing a prepayment mechanism with distribution occurring at the end of each epoch.
The economic mechanism encompasses
Rewards: Incentives are provided for successfully responding to challenges, assisting with data writing, and recovering data fragments.Penalties: Token burning is implemented for failure in challenges (above 50%) or failure to recover data fragments, thereby enhancing network security.#walrus $WAL @WalrusProtocol

Evan Cheng – Co Founder/CEO Mysten Labs
Possessing over 20 years of experience in the software and infrastructure systems industry, with a notable track record in programming languages, compilers, and performance optimization.He has held senior leadership positions at major corporations such as Apple and Facebook.At Novi Financial (Meta), serving as the Director of R&D, he demonstrated an ability to balance academic research with practical application.
Sam Blackshear – Co-Founder/CTO Mysten Labs
The creator of the Move programming language, specifically designed for blockchain development. Initially conceived for Meta’s Libra/Diem project, Move later became the core foundational technology of the Sui Blockchain.Prior to Mysten Labs, he served as a Principal Engineer at Meta (2015–2021), where he was a key contributor to Libra/Diem – a global stablecoin initiative.
Adeniyi Abiodun – Co Founder/CPO Mysten Labs
Former Product Lead at Novi (Crypto) – Meta (Facebook)Novi Crypto Platform – Facebook’s wallet and payment platformCollaborated with Sam Blackshear to help build the current Move ecosystem
Observations
Walrus Protocol is being developed by the founding team of Mysten Labs – comprised of exceptional former engineers and leaders from Meta, Apple, and Oracle. Their extensive experience in both academic research and real-world product development indicates a deep understanding of blockchain technology at the infrastructure level, as well as the ability to make it accessible to end-users.
Backed by such a highly skilled team, the launch of Walrus Protocol positions it to spearhead a new era of decentralized big data within web3, particularly in sectors like AI and Payments.
#Walrus $WAL @WalrusProtocol

Driven by key catalysts in 2025. Lower actual circulating supply than reported (supply squeeze) initiated by the project in the short term. Expansion of the Walrus Data Storage platform with integrations on other Layer 1 blockchains like Solana and Ethereum. The boom of 3D Gaming & AI and Payments on the Sui ecosystem -> direct use cases driving $WAL ’s price increase.
📢 Disclaimer:
Crypto investments are subject to market risk. This content is for educational purposes only and not financial advice. Always do personal research before making any investment decisions.
#Walrus $WAL @WalrusProtocol

Walrus Protocol offers a pioneering data storage solution on the Sui ecosystem with low storage costs. It addresses the challenge of storing large data files, PDFs, and images, particularly AI and 3D data, which the market has yet to effectively achieve on blockchain.
Total Raised Funds: $140M from Tier 1 Funds.
Funding was secured through a token sale at $0.4 per token to prominent funds like A16z and Franklin Templeton, valuing the Fully Diluted Valuation (FDV) at $2B USD on paper. The project is directly developed and funded by its parent company, Mysten Labs.
#walrus $WAL @WalrusProtocol