I would suggest hdd encryption on the system you are using for offline storage. That will protect the bitcoins/wallets. Why encrypt the hard drive to protect the wallet when only the wallet itself needs to be encrypted which is done via the client? |
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Can anyone confirm the above two things for me? I also noticed the following: http://bitcoin.org/en/secure-your-walletBackup your entire wallet
Some wallets use many hidden private keys internally. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup. Make regular backups
You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup. However, all applications will be soon using wallets that only need to be backed up once. Are these both non-issues with Multibit and the *-qt wallets? |
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If the password is deemed non-secure, and the wallet (private key) that is protected by that password could be available to leaks, then your only choice is to transfer all the BTC from that compromised address to a new, secure one.
If you know the wallet that is protected by that password is still secure on your machine, then you only need to change to a more secure password.
What if you back up your private keys along with the rest of your system backups which are then versioned via rdiff-backup? I would think you'd have to delete all remnants of your private keys from your versioned backups in case they are compromised in the future and used with your non-secure password? I'm not sure if rdiff-backup will do that but hopefully. No. If the private key is exported without a password, then you'll have the encrypted copy in the wallet, and an unencrypted copy in the multibit.key file.
But on *-qt clients, if the wallet is encrypted with a password then the exported wallet will also be encrypted? |
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I've encrypted each wallet and backed them up.
If the password I use to encrypt my wallets is compromised or otherwise deemed non-secure at some point, do I need to hunt down and delete all backed up copies which used that password?
Why is /home/user/MultiBit/multibit.key only 132 bytes when the wallet backups from all of the other clients are over 50 KB?
Multibit asks me if I want to password-protect the exported file when I Export Private Keys. Is that redundant if I've already added a password via Add Password?
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Currently I have my BTC, LTC, NMC, PPC, and XPM in each of the clients on my Linux computer. This worries me because if my computer is physically stolen, I would lose access to my coins permanently. I've read about the various procedures for protecting coins from online attackers, but right now I'd like to protect my coins in the event my computer is stolen. Should encrypting and backing up each wallet to a series of safe computers somewhere accomplish this? It's OK if one of the backups is stolen since the backed up wallet is encrypted, right?
The procedure for this in the *-qt clients seems to be Encrypt Wallet and Backup Wallet, and for multibit it seems to be Add Password and Export Private Keys. Is that correct?
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I've read some talk about $2K-$3K. And what about LTC?
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How about this strategy?
1. buy periodically in increments
2. buy on a dip/crash in increments
3. hold
If I skip #1, I might "miss the boat". If I skip #2, I don't take advantage of low prices effectively enough. If I go all-in instead of buying incrementally and the price goes lower, I won't be able to lower my average cost by buying again. #3 is key.
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I guess this question is answered: yes, don't be scared to buy. So true. The question I posed in the title of this thread literally answers itself now. |
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Personally, if I had to chose between dollar cost averaging and following rpietila's buy/sell based on deviation from the uber-trendline, I would go with the latter approach. DCA is simply too conservative for Bitcoin -- you'd lose out on spectacular returns simply because you'd sell into the most wonderful rallies  I didn't think DCA called for selling at all. I thought it was a buy and hold strategy. The trendline is worrisome to me because it looks like it wouldn't have called for buying in the latter part of 2010, all of 2011, and the beginning of 2012. That means missing out on a lot. Or would the line have been sufficiently different then? I'm starting to think there isn't a better method for BTC than buying as much as you can as quickly as you can and holding for a long time. |
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The best strategy is to decide on a certain amount you can afford to spend every week on BTC ($20, $100, whatever) and just buy regularly. That way you'll evenly buy into the lows and the highs and don't have to sweat it so much. This is what you should do. It is by far the easiest way to be a responsible, risk-reducing bitcoin investor. You gain the large majority of all price rises, while averaging out any short term volatility. I'm surprised this was only the post in this whole thread that gave reasonable advice. Edit: of course, every so often, your review the long term prospects. You could devise some sort of exit plan based on your outlook, and then adjust as the situation develops. For long term bulls, dollar cost averaging is a great way to invest. This sounds like it might be right for me. I'm definitely a long-term bull. "Selling high" doesn't really make sense to me any time soon. "Buying low" as much as possible is really what I'm after. If I have $10K now that I want to put into BTC+altcoins, should I split that up into $200/week or something to take advantage of dollar cost averaging? |
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i personally break orders down into 5-10 different price points and never sell on a loss. and if i had 50% stash already in waiting for a sell point to hit, i wait for an adequate price drop to compensate, EG not buy in on a $2 drop if im waiting for a $10 rise.. (id wait for atleast a $10 drop to buy in and then wait for the correction) This sounds really interesting. So always wait to buy until there is a drop equal to the rise that would cause you to sell? buy, forget, hold few years. Profit. I think this is a great idea, but when to buy and when not to buy? Every week or so I get more comfortable and I want to buy more. What about when the urge to buy is in the middle(?) of a major rally like this? |
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I've been waiting for BTC to come back down so I can buy more but it's not cooperating. Will I be left behind or is this a bubble?
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I think you're doing great. It is by far the best around.
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i hope there are no better sites Wink doning my best
dont you like it? It's a great site. I just wish there was more historical info for some currency combinations. |
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I've been using Coinbase to get money into BTC which can of course then be easily transferred between exchanges. It's so expensive though. Is there a better way? I was using CampBX+Dwolla until that disappeared.
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If the price went down a lot and is getting close to a large bid wall it's better to wait and see if it bounces than sell at a loss and hope you can break even someday. People talk about these walls a lot. How can I find out where they are and how high? |
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