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I'm looking to create a system where bitcoins are paid to a given address automatically when the right payment conditions are met.
Any ideas on good ways of doing that?
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1. The bubble will deflate – then the price will rise again -
Lols, and you started with this prediction? Keep it the last , most people will close your webpage as soon as they read this.
Explain? Bit of a controversial one, I guess, though it's reasonable as the price has dropped 30% in a few weeks. Just not sure whether it's got much further to go or not since it seemed to recover at $750 and the price is now stable for the first time in months. |
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$1,000,000 / BTC = $21 trillion total. This is around 1/4 global GDP, or roughly equivalent to the current monetary base of the entire world.
That should provide some context for estimates.
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Meh, this is discussed to the death. To all readers: buy your way to the level that you want to, taking into account that you need to sell minimum 70% of the coins before it's all over.
Hi, I'm kinda new here and just made an account to ask a question. What does the bit I highlighted in bold refer to? Why would anyone investing in Bitcoin need to sell at least 70%? Sorry if I'm missing something obvious. Even a link to previous discussions would be great. Thank you. The price will still go up by at least 1000x. It is not realistic to assume that you buy now and do not cash out any single coin until the price is $1 million per coin (or higher). To enable a balanced cashout schedule, you will probably need 10 times (minimum 3 times) the number of coins now, than you intend to hold when it gets really high. So if you want to be really rich then (2 bitcoins), buy at least 6 bitcoins now so that you can sell some when needed on the way. 1000x = c. $1 million / BTC. What is this guess based on? Genuine question. Is this based on any economic model or data, or is it finger-in-the-wind stuff? It's a topic I plan to research myself in the coming fortnight and will post the results back here, but I'd be interested what your starting point/methodology is. |
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How are you getting on with Localbitcoins? I had a look but the buyer prices seem very low.
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I'm a little late to this party, but stumbled across the thread as I was looking into the same idea myself. It's simple enough to generate base-32 keys (same as base-58 but all caps) and they work fine within the existing framework. (I did try your existing standard for base-32 but some characters weren't recognised by blockchain.) 145 bits of entropy so should do the job ok. I'm looking at stamping/engraving them on jewellery for long-term cold storage, possibly with another tier of protection.
Did you get anywhere further with the idea?
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Thanks for the thoughts. Nice lasered QR.
From another friend:
"We're after a complexity of 160 bits and our character set would be 32: 24 letters (no I or O) and 8 numbers (no 1 or 0). Entropy is normally given as [password length] * ([log(number of characters)] / log(2)) so putting in 32 as the number of characters, 160 as the answer and rearranging to put password length on the left of the equality we get [minimum password length] = 160 / (log(32) / log(2)) = 32. Given the first character of the minikey has to be "S" the key is only really 29 characters long so you're three characters short. Twisting the equation round again, if you want to exceed 160 bits of entropy with a 29 character key your character set needs to consist of at least 46 characters."
In other words, a 30-char uppercase-only key does have significantly decreased security. A 33-char one does not.
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There's a page here: https://bitcointalk.org/index.php?topic=103939.0 about generating all-caps private keys for stamping on metal blocks for cold storage (nice idea). A mini private key would be easier, and it would be simple to generate an all-caps mini key. However it would be cryptographically weaker. The question is, how much weaker and would it be weak enough to be a bad idea? |
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