Bitcoin Forum

whatever happens. and how many is it?

I have some of my bitcion for spending, and some of my bitcoin for short-term trading, and some of it will be sold if the price climb up so high. However,  some of the bitcoin I have will like to be hold forever, no matter what happens: the price rocket or the price is so low that the difficult is low enough for a double-spend attack . do you have such plan?

Let's sum the number of such saving plan. if you reply, just add the number of yours to the previous one.

my number:

100

What the hell did I just read.

I'd like to know what that meant, too.

Yes, I will pass it to someone else, if there are still lots of people who accept it as currency at that time.

Yes, I made sure that if Bitcoin becomes THE currency I'll have a nice wallet. So I created one, made a number of backups which I stored in different places with different security, and delete the instance on the running computer so it can't be stolen. The amount is not fixed - I transfer some money on it from time to time. Now that the rate is so low, I put in more.

You transfer money w/o syncing the wallets?

what's the point of never selling them? am i to assume that means you would also never trade them for goods or services?

https://en.bitcoin.it/wiki/FAQ#What_happens_when_someone_sends_me_a_bitcoin_but_my_computer_is_powered_off.3F

Transactions are not lost in the block chain just because I don't sync my wallet. The important information of the wallet is the key. Syncing can be done any time, tomorrow or in 30 years.

"Never", I don't believe you. If someone offers you a kilo of gold per coin, you *will* spend at least a fraction unless you're fairly insane or very rich already.

But yeah, there's a limit to how many coins I would sell anywhere near current prices. If Bitcoin enters a full-success-scenario, unlikely as it sounds, it would turn out a very bad deal to sell everything on the way. That's why I advise people to hold a few coins. I think expectation value of Bitcoin Value is much higher then 3 USD, but since the unlikely cases (full success) drive it up, one should not go all-in for risk reasons.

I think that's what HorseRider means, the fraction one doesn't sell until he sees a full success scenario.

I made a savings wallet with a large sum to keep myself from spending it all. The point is not to "never" spend it, but to keep some money for emergencies (kids' education, paying back loans, health issues, divorce, etc.). Much preferred by me than keeping it in a bank. So currently 1/3 of my Bitcoin possession is in this static savings (lately divided into smaller wallets), another 1/3 is in investment (mostly GLBSE) and 1/3 is for immediate spending. I don't plan to sell them for other currencies but it is a type of spending anyway (I imagine if I travel to a far away country, I'd look in to options of exchanging Bitcoin to the local currency).

This is the setup that makes sense to me. But planning to never ever spend is meaningless, though you would certainly break the moneybox in case of a real emergency, so what you're doing is in effect the same as what I do. :^)

I've got a wallet tucked away with some zeros in it.  It's not that I will never trade or spend these coins it's just that I'm betting on the future...

If you really want to hold them forever then just delete the wallet.dat file right away then you know you won't ever be tempted.  ;D

Most of my bitcoins are now off-line spread across several keys so I dont have to import all my bitcoins to spend just a few. I keep some on my PC and some on my phone for spending and demonstration. I'm long on Bitcoin and very patient. For my next of kin, I use a service that will inform them of the procedure to recover the off-line bitcoins in the event I stop responding to "pings".

To never sell them whatever happens, it doesn't make any sense. If you want to do that, then just say : I want to give a bigger heritage to my childs by givin btc to them...

I think what everybody do is saving few btc to sell them in 1 years or so, when to price will be higher in the case of BTC currency will be famous and strong ;)

20

the point is.... you believe, bitcoin dose have its ups and downs but the value could one day be very high, there for it is a good idea to to hold some... until retirement!



i hold 50BTC, but i'm hoping i hold 1,000 bitcoin b4 i retire

..... by which time 1BTC=125.99us
Investment!

By the time you retire, $125.99USD wouldn't even cover cost of the paper they are printed on. So you see a decline in bitcoin value too?  ;D

yes!
spend alot of bitcoins
and
hold alot of bitcoin

this is the best kind of person for the bitcoin economy

selling at retirement != never selling them