I have a very hard lesson that I feel is important to WARN others about. I’ve have a wallet QT that will not send and I want to share a couple of points that I feel are important and are not disclosed, so I will here.
I “invested” in Litecoin and was careful to read instructions for a couple of months before jumping in as i wanted to do everything correctly. I set up the Wallet QT with the download and the wallet received coins fine, but since I had not planned on selling any, I had never had the need to “SEND”.
Before all of that, I encrypted the wallet and was very careful with the passphrase and I set it up and made multiple copies, wrote it all down, and had the passphrase written down in multiple places, so it’s not a matter of me losing it.
What I learned:
1. Never load wallet with any real amount of coins UNTIL you know that it sends properly, so you don’t run into the same problem as I did.
2. Always get the private key before encrypting the wallet, because once I was locked out, I could never get the private key, and having that I may have been able to import that wallet.dat file into another machine and QT, but could not because the private key was not able to be had.
3. **** (see below with update) ADD RECEIVE ADDRESSES AFTER ENCRYPTIONTHIS IS NOT THE PROBLEM AFTER TESTING, ELIMINATE #3. RECEIVE ADDRESSES CARRIED OVER AFTER ENCRYPTION WHEN TESTED IN QT. PROBLEM IS COMING DOWN TO #1. OR #2. OR A FLAW IN DESIGN OF WALLET QT AND LACK OF PROPER TESTING OF WALLET. 4-19-14
I had help from an engineer. He ran two different software programs. He tried to bruteforce attack the wallet, but was unable to.
Since I had the passphrase written down, I gave it to him (I had no other choice) in hopes that that would help him bruteforce it or use it to crack it with software like Crunch. We both thought that would resolve it as I had the passphrase written down.
Both methods did not work, despite having the passphrase, which brings me back to the Private Key.
Like I said, I researched this wallet QT for a couple of months and was very careful in studying up on the encryption part and was aware of the warnings, especially writing it down and making sure not to lose it. What I think it comes down to getting the Private Key before any encryption.
I want to give a FAIR WARNING to anybody and everybody about this. I do not want this to happen to anybody else, let alone have them lose money, or a significant amount, or any amount.
I do not feel as though this was disclosed in a manner one would expect given the outcome. I have to take full responsibility, but I also have to give a FAIR WARNING to others, to take heed. I wouldn’t wish this upon anybody else.
I’m curious why the two lessons (see #1. and #2. are not disclosed on the official website of Litecoin) are not clearly discussed on www.litecoin.org?
It is one thing to be able to RECEIVE, it is another thing to not be able to SEND. I tried getting help but was told I lost the passphrase or screwed up in encryption somehow. I still do not see how.
The engineer that helped me was able to tell me that it was not a matter of capital letters or being one letter off, etc. But then again, he was unable to bruteforce it at all. That is where it came down to the Private Key issue. He said with that, there would at least be a possibility, but that is where it lies for now.
I do not see anywhere that it says to get the Private Key before encryption. One would think that would be an important point to have on a homepage, rather than not being properly disclosed, with instructions coming from a multitude of forums.
I guess if any Alt Coins want any real credibility in the real world, they will have to do a proper job of disclosing things, as i feel kind of stupid, but not stupid to the extent that they accused me of losing my passphrase which is not true. Given the fact that it would not allow Bruteforce attack makes me wonder even still what the cause was, perhaps I will never know. But it is important to let others know the lesson, as this didn’t go so well as an “investment”. I never got the feeling that Litecoin really cared, but their lack of disclosure is telling enough.
Perhaps the technology will change and eliminate these problems. Perhaps there is a solution. All of which, this could all be avoided, and needs to be fixed before this currency can even expect to go mainstream. After all, it is disclosed to encrypt. And it was, and it was written down.
FAIR WARNING TO ALL. 1HE858Ln14qUWdwv48dwnkCyXMQUeTaDCY
Donate if you feel this was helpful and you feel coins need to disclose all, because they are not. So I did.
ADDITIONAL READING: https://en.bitcoin.it/wiki/How_to_import_private_keys *Note this is BTC info, though I had issue with LTC, and that’s the problem.
Below is NOT accurate. Someone tested this and the below is not “true”. Through process of elimination, #3. is not the problem for this very reason. 4-19-14
3. ******(UPDATE) I was asked if I added RECEIVE ADDRESSES before or after encryption, and I set up the RECEIVE addresses before I encrypted, as I recall. That was one of the first things that I remember doing, but we are going back to last year! I was told that if I set up RECEIVE addresses before encryption, then that is my problem. The reason apparently is because when you encrypt, it throws out the old keys for the addresses. Nowhere do I recall seeing this stern warning, ever. But this sounds right, but how was I to know? So now it comes down to whether I have a backup of the wallet from before encryption (which was before I received any coins). Decryption is also a possibility, but nobody knows how that is done in this situation. Above is not accurate, so this eliminates #3. 4-19-14
So let it be a warning, since this is not BOLDLY disclosed on the www.litecoin.org homepage from what I can tell, is DO NOT LOAD A WALLET with coins until AFTER encryption, because it generates new keys for the receive addresses. (Not accurate or true as when tested, disregard, see “blue” text which eliminates #3. as being problem, this information was wrong information and proven wrong when tested.)
So I was told I lost the passphrase or inputted it incorrectly. I do not believe that to be the case. I do believe that what happened was I set up RECEIVE addresses prior to encryption, and then when I encrypted, it caused me grief. This sounds accurate. This is the hard lesson I am thinking is the problem. Once arriving at the problem, the lesson can be learned. Whether or not there is a solution remains to be seen.
I will say this, the instructions for the wallet QT’s need to properly disclose the pitfalls in advance, with a step by step, because users of cryptocurrencies shouldn’t have to learn the hard way. It shouldn’t come to months of trying to figure out the problem, only to have to help instruct others, but this is what it came to. There needs to be a manual that points this out. I have.
What to avoid. #1, #2, and #3. I think these are sound points to be made and should be posted clear as day. Again, I don’t want anyone learning the hard way. Seems like #3 is where I screwed up, having to take full responsibility. Seems to me this could all be avoided. Development is one thing, basic instructions and warnings to the users is another. After testing, #3. IS NOT THE PROBLEM AS WHEN TESTED, THIS WAS NOT THE CASE, WHICH ELIMINATES #3. AS THE SOURCE OF PROBLEM). THIS MEANS THAT PROBLEM IS GOING TO BE #1. OR #2. AS THE PROBLEM OR LITECOIN HAS A FLAWED WALLET, ONE THAT THAT WAS NOT PROPERLY TESTED. 4-18-14
Digging through encryption or bin/ 32/ litecoin-qt and come across the following and don’t know if it is jibberish or what, probably, but worth noting.
Warning: error reading wallet.dat! All keys read correctly but transaction data or address book entries might be missing or incorrect.
“Warning wallet.dat corrupt, data salvaged! Original wallet.dat (timestamp).bak in %s if your balance or transactions are incorrect you should restore your backup bitcoin.core
You must set rpcpassword <password> in configuration file”
Found more stuff I could read. Don’t know if it is even real or just encrypted garbage or fluff I found.