Hey guys,
I have one more question, this being about Litecoin storage. I have quite a large amount of Litecoins that I plan on storing away for a very long time. I'm aware that people store their BTC for long periods of time by using disks and flashdrives. I have a Litecoin wallet ready, but for some reason, the wallet can't be encrypted. Would you advise me to store a lot of Litecoins (the wallet.dat file) on a CD/DVD/Flashdrive anyway? No one would have access to these by the way.
The only thing that REALLY scares me is this error that I recently received with BOTH my BTC and LTC wallet. I had only a few dollars worth of BTC and LTC in my BTC/LTC client (which I open/start up everyday by the way) when one day, I suddenly couldn't open the wallet. Once the clients started, there was an error saying that something wasn't accessible. After many attempts to recover the wallets, I gave up and started new ones.
Should I leave my Litecoins in the online wallet I purchased them to?
If you meet with any startup problems, copy wallet.dat file out and reinstall bitcoin client. ( https://en.bitcoin.it/wiki/Data_directory) Replace the wallet.dat file back and try and see if it's working. If it's not, extract the privatekeys from the wallet to recover your coins. Storing in your wallet is generally safer then online wallet services, if you back them up adequately and encrypt them. Yeah, I've tried many recovery options, such as the ones you've mentioned, but without success unfortunately. I guess I'll just test the wallet.dat on another computer to confirm that the wallet.dat does in fact work correctly. |
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I've been meaning to grab a few gold bars for myself using the Bitcoins that I've been recently acquiring, and I'm wondering how much more expensive this would be than to simply turn BTC -> USD.
Here's my plan:
BTC -> Gold Bars -> USD
I'd acquire the USD buy simply walking to one of my local exchanges. How much more expensive do you think this would be than simply doing a bank transfer over at MtGox?
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Hey guys,
I have one more question, this being about Litecoin storage. I have quite a large amount of Litecoins that I plan on storing away for a very long time. I'm aware that people store their BTC for long periods of time by using disks and flashdrives. I have a Litecoin wallet ready, but for some reason, the wallet can't be encrypted. Would you advise me to store a lot of Litecoins (the wallet.dat file) on a CD/DVD/Flashdrive anyway? No one would have access to these by the way.
The only thing that REALLY scares me is this error that I recently received with BOTH my BTC and LTC wallet. I had only a few dollars worth of BTC and LTC in my BTC/LTC client (which I open/start up everyday by the way) when one day, I suddenly couldn't open the wallet. Once the clients started, there was an error saying that something wasn't accessible. After many attempts to recover the wallets, I gave up and started new ones.
Should I leave my Litecoins in the online wallet I purchased them to?
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Presumably, there's lots of people who have no problems.
Presumably, there's enough money in their bank to cover all depositors.
Presumably, Bernie Madoff had all his investors' money tucked away just waiting for them to withdraw it all.
Presumably doesn't mean anything is true, at best it means you hope it's true.
MtGox persistently refuses to undergo an audit and refuses to prove to anybody that they have any or all depositor money... not even just for the BTC alone, where doing so would be as simple as using the "sign message with private key" feature.
I operate a brick-and-mortar small business in the payroll industry where bringing in an auditor annually is just a routine part of doing business and is expected by many of my clients, and all of the larger ones. It's really not a big deal, the auditor's job is to provide an independent written opinion that what you say you do is what you do, and his fee is less than the cost of 1 month of office rent. Getting audited is about as simple as paying the fee, having the auditor come out, show him whatever he wants to see (he gives a list in advance before even coming), and then sign off on his report.
I have been prodding MtGox to get an audit since May of 2011. Them getting an audit is a 110% reasonable expectation, yet they don't even pretend they'll consider it - they immediately start coughing up reasons why they "can't". The fact that MtGox offers excuses, excuses, excuses, and more excuses at the prospect of such an audit and won't prove any BTC ownership either, is everything I need to know to AVOID doing business there.
Would you say most Bitcoin exchange companies are in the same situation? BTC-e and Vircurex are two other exchanges that have similar, if not identical, withdrawal options, but I chose to make my CAD withdraw with MtGox simply because "they handle over 80% of the Bitcoin trades", which made me assume that they held the best track record. Maybe I use an alternative cash out option. I regularly see BTC -> Mailed Cheque/Bankwire services with very reasonable fees. I'll begin looking into each of them. |
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From what I can tell, there seem to always be a few people complaining about having issues with MtGox. Behind that, though, are presumably thousands of people who don't have any reason to complain.
If you're dealing with a lot of money, I'd make sure that you're in MtGox's good graces before moving it around by having your identity verified and such.
Yeah, I have all the material and docs I need to identify myself if need be. Thanks, I guess I'll just go ahead with it and try not to worry so much. |
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Hey everyone,
I've been doing a bit of trading over at MtGox, and I'm ready to cash out a few CAD$ via bankwire, but I've been reading a bit around this forum and noticed that there were issues with MtGox's cash out option. Is this still happening?
I've been seeing people make threads about very abnormal delays on transfers, and that they are only tended to once they contact customer support or present their issue to this BTC forum.
I'm just a bit worried. I'm playing with several thousand dollars here.
Any advice would be highly appreciated. Thanks a bunch.
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