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1: China
2: Cyprus
3: Panic buying
4: Media attention
5: ?
Irrational exuberance? |
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I am new here so I don't know what I am talking about and most likely will be labeled as a troll.
What I see is bunch of people sitting on their BTCs waiting for the price to sky rocket, again. Sure, history is full of those kinds of stories. NOT!
If this board is any indication, almost nobody is using BTC as a currency. They are sitting on BTCs in much the same way as somebody who is stashing cash, Fiat, in their mattress expecting it to grow.
Why should it grow in value if almost nobody is using it?
The idea that BTC is a currency is a joke.
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Fox have no more ideas lol... This is thin!
You often shoot the messenger? <LOL> shaking head |
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There must be private keys, otherwise I don't know what the hell kind of paper wallet generator you just used.
Usually there is a QRcode with Load/Verify on the left, starting with a 1.
And there is another QRcode on the right, with Spend and it starts with a 5.
Here is the best way I found to do paper wallets...
1. Boot from ubuntu cd and select trial version. Using a paper wallet generator, generate and print paper wallets, OFFLINE. Make sure you have at least two copies of each paper wallet.
2. Go to Staples and buy those photo laminate thingys that are like 4x6. Laminate your stuff.
3. You can cut the p.wallet in half with the Load on one side, and Spend on the other. Hide/protect the Spends. You can leave the Load anywhere.
4. Load with whatever app floats your boat.
5. Use Mycelium's cold storage app to spend.
I think we have it sorted out. Seems that the "spend" address is sometimes called "private key" or Vice versa. |
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The person that designed the paper wallet labels the private key "spend" because you need it to spend/send the bitcoins.
In the most basic terms, a wallet contains one or more private keys. A paper wallet is a wallet that is printed on a piece of paper. I assume your wallet has two things:
1. A bitcoin address labeled "load/verify"
2. A private key labeled "spend".
There is no such thing as a "private address". The bitcoin address is derived from the private key.
Yes, it has both a "load/verify" and a "spend". What I think I am hearing, is that the "spend" and "private key" are one in the same. If that is indeed true it would help to clear things up for me. |
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For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?
1. Are you sure you have no private key on the paper wallet? It could be in QR code or a long string of characters (51 characters starting with a "5" or 52 characters starting with "L" or "K"). 2. The btc address is for you to receive bitcoin, you need the private key to spend the bitcoin. It has 2 address. One is the spending address, that is to be kept private, and that number does indeed start with a 5. I am under the impression that the private keys are different from the spending address, and the spending address is derived from the private keys. Or are we stuck calling the same thing by two different names? |
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Recently created a paper wallet as a backup and more importantly a learning experience.
After thinking about it I realized I don't understand, as the subject says, the relationship of private keys to the BTC address and/or the wallet.
Can somebody point me in the right direction to get this figured out?
For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?
What do I need to know about private keys?
Regards,
BBJ
PS: the search feature here sucks. if I need to try a new search I must wait a certain period of time, way too long of a time.
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I've meant it like "Go ahead and think about one, like figure it out"
I think you were correct. |
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Young nephew: "Uncle, what's a store of value?"
Uncle: "You told me yesterday that you may want to go to college and learn about computer animation, right? Well, a store of value is a way for us to slowly save over time so that when you are ready to pay for college, you will have the value to do so."
Young nephew: "Uncle, what's a speculative investment?"
Uncle: "You know those three video games you want? Well, your allowance only gives you enough money to buy one of them. A speculative investment is a way to put your allowance at risk, in hopes that its value grows and that you can buy all three of those video games if you choose. But speculative investments are risky too; you may lose some or all of your allowance and then you won't be able to buy any video games until you save more. An investor tries to determine if the risk of losing his allowance is worth the risk of increasing its value! It's a difficult thing to do."
Young nephew: "Uncle, what is a peer-to-peer medium of exchange?"
Uncle: "Your peers are the people you encounter in your life and that you interact with. Right now, when you buy a video game from that online store you like, your mom can't directly pay the owner of the store. Instead she has to use a "middle man" who then pays the store. But the "middle man" takes some of your money and is sometimes mean to the owner of the store. But if we used a peer-to-peer medium of exchange, your mom could pay the man from the store directly. This would lower the cost of your video games so that you could buy more!"
Young nephew: "Uncle, can you buy me some bitcoins for my birthday?"
Excellent Idea. I did have my daughter setup a wallet and send a request before she knew what I was up too. She watched the transaction come in and confirm and now has a wallet with something in it. |
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Hm, I wonder if your attitude could have something to do with people not wanting to help you?
I had not noticed that people were not willing to help me. I noticed all this prior to making any posts. My posts have been limited mainly to comments. But, don't worry about me, I have had a few positive exchanges with a few others today. Regards, BBJ |
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This is the genius of bitcoin's design: it is in one's rational self-interest to grow the network. Bitcoin is presently very useful to me as a store of value, exciting to me as a speculative investment, and each month bitcoin is becoming more and more useful to me as a medium of exchange.
This is by design.
Please understand that by me being "shocked" I was not passing judgement on the whole investment vs currency thing. It is more that I was truly surprised, I didn't expect that. Also, and it may go hand in hand, I was asked by my young nephew "what are you going to do with your bitcoins?" I didn't have a good answer for him except to say that I was going to hang on to them for the time being as finding a place and a reason to spend them, especially over Fiat, is proving to elusive. Regards, BBJ |
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Electrum wallet is great, it uses a random deterministic seed with enough entropy, so
you can use it as a brain wallet.
Thank you. I currently use Multibit but have become concerned when its developers seem to blow off, in a rude way, a problem a user was having and Electrum was the next choice I ran into and am still considering it. Regards, BBJ |
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[/quote]
I try to be polite, respectful, and helpful, unless someone is obviously trolling.
What questions do you have about Bitcoin that I might be of service to answer?
Thank you,
Jonald
[/quote]
Thank you for the offer. But, I think for now I am set, have an understanding of the need to keep a wallet safe, private keys under my own control and not relying on an exchange to host the wallet, have found answers, or at least logical discussions on the questions I did have.
I understand the idea of a paperwallet, but get concerned with the whole idea of not "sweeping"(?) or transferring it all at once and risk losing the remaining portion of it. But the one thing I am still working through is the idea of a brain wallet. At one point it seems recommended, then I ran into a thread where most seemed to discourage it.
Regards,
BBJ
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reasons to detract
1. gold hoarders noticing their customers are no longer buying gold from them, but buying bitcoin. thus they have to either lower gold price to tempt them back or discourage people from buying bitcoin
2. investors that want to buy coins cheaper then they are now, by causing panic sells using fud
3. people that have been scammed and are wrongly blaming bitcoin, instead of blaming the person/entity/business that scammed them
4. naive noobs that do not understand bitcoin and think its a ponzi, scam, pyramid.
i think the motives for being negative are
1. gold hoarders (25%)
2. greedy investors (50%)
3. scam victims (3%)
4. naive noobs (22%)
(rough numbers, not statistics)
but it must be noted that for every detractor there is a hell of alot more promoters
I am one of the new guys. The more time I spend here the less enthusiastic I become about BTC. I came here, AS PART OF MY INTERNET SEARCH, to learn about BTC. I see this place is filled with jerks who have zero desire to help the new guys out, point them in the right direction, make sure their initial experience is positive. Another thing that SHOCKED me was how little BTC is considered a currency and much it is considered an investment. Seems a large number of people here DO NOT use BTC as a currency, but spend their time in a circle jerk trying to see who will predict the highest BTC price/value in the shortest time frame. I've seen predictions of $10,000 by the end of the year. Really? Are some of you that stupid? One thread title makes me crack up, lierally LOL, it is so frecking funny. The thread about how you guys are the new wealth elite. Dreaming about how you will buy an island and live off your BTC holdings. Look at this attitude I saw while writing this out "these bastards who dare to question bitcoin". This is the attitude I often see when a new guy questions any aspect of BTC. |
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Try the search function.
Again? Mark as read, ignore, and move on. Your post adds nothing. |
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Another noob, another dumb post.
OP, going from $0 to $450 in 5 years isn't a slow rate.
I am new around here and could not agree with the OP more. I also don't think the value of a BTC has anything to do with the adoptive rate in the OP subject. You were so quick to jump on him I'll bet you didn't even realize how silly your point was. The price of Bitcoin is not a measure of its adoption rate though That was exactly my point. |
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Another noob, another dumb post.
OP, going from $0 to $450 in 5 years isn't a slow rate.
I am new around here and could not agree with the OP more. I also don't think the value of a BTC has anything to do with the adoptive rate in the OP subject. You were so quick to jump on him I'll bet you didn't even realize how silly your point was. |
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ok did you guys forget bitcoin was suppose to be a currency not an investment, stop treating it like that and think of it as a way to pay for things.
I am new around here. That the general consensus of bitcoin being an investment first, and currency a distant second, is something that has really surprised, shocked me. It seems as if bitcoin used as a currency is a very minor part of bitcoin. |
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Well, you seem to be quite the fucking asshole. How is that for a first post? Fuck you and Fuck Apple. Fuck off.
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