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I don't time at all. I just recognize where I have the money that I want to put into it, and then just buy it at the price it's at, at that time. Same for btc purchases.
If you're confident in the use-case of bitcoin, it really matters little when individual exchanges happen.
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Yeah thats what I've been saying in reply to others. At the time of posting this I was more concerned about what would happen so I wasn't really thinking of things like another technology that could be better used for currency that we can't even imagine. Like the thought of internet in the 1800's, no one would've known this existed or anything like it. Probably unimaginable for them. We'll probably either destroy eachothers because humans are stupid, or we'll be immortal by then. Anything could happen
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Secure against what? Against random hackers trying to steal your coins, they are pretty solid. Against malware that compromises your PC, they are designed to be highly resistant. Against disassembly and hardware hacking of the device, possibly not so much. Against rubber hose cryptography, not at all. They also can't prevent you from sending your coins to an address given on a spoof email or web page (although fiat bank accounts aren't immune to that either). You also need to think carefully about writing down the device seed and then keeping it secure; if someone can steal the seed they don't need the device.
(Actually the Trezor, and possibly other devices, do have a defense against rubber hose cryptography: you can have an arbitrary number of secret passwords with other wallets behind them, and the attacker has no way of knowing if you have revealed all of them. But then maybe they just keep on beating you to be sure)
To a point. I would worry about plugging that thing in 10 years from now and it doesnt work. I run a VM on my desktop that contains my desktop wallets. The VM is backed up to multiple sources both local and in the cloud. that way if the VM or my desktop crash, I can always just get a new computer, install HyperV, and import the VM from backup. They are more secure than any other option that you have readily available right now. |
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Not paying attention to where you send the btc.
not backing up your shit
backing up your shit and storing the backup improperly (or in the open or near flames)
not secure enough pin
not keeping your btc secret
No. The most glaring defect of hardware wallets is the presence of the physical device itself, which identifies you as an owner of bitcoins. It's like painting a bullseye on your back. How can you answer “What bitcoins, sir?” to the customs officer, when he's looking right at your Trezor or Ledger device? Or to your nosy neighbor? Or to the random house guest? Use an online/offline software wallet with freely-available, open source code. Never put your keys on a network-connected machine. Sign all your transactions offline. Memorize your seed mnemonic. That way, wherever you go, your bitcoins go with you. Invisibly, without leaving any physical trace. Once you've arrived at your new location, buy a Raspberry Pi and an SD card and download and install the wallet software on it for use as a signing machine. Sign transactions using your mnemonic, so your seed is never stored on any physical medium. Run a full node with a watch-only wallet for broadcasting transactions and tracking your balances. Difficult? Yes, but true security is always difficult. All the “easy” solutions involve relinquishing control to some trusted third party, and reliance on third parties is exactly what Bitcoin was created to free us from. I am not a big fan of having to keep the master seed of hardware wallets stored. Even if you keep it somewhere safe, someone can still get to it and have access to your funds. So this is my setup: *1) Live-usb ubuntu, network disconnected. *2) Generate addresses using bitcoin paper wallet downloaded offline site, printing PDFs. *3) Save these PDF on an encripted container using veracrypt, with a very strong password. This encripted file you can store safely online on google drive or something. *4) Split your BTC across some addresses, thinking of how you'll use them. Keep the public addresses handy. *5) When you want to use it, just boot ubuntu again, open the PDF, and use a mobile phone wallet like Mycelium to import the private key using QR Code. *6) Spend the amount needed and send the remaining amount to a new paper wallet and don't use the old one anymore. Edit: never type the veracrypt password anywhere but the ubuntu live cd and dont store it online. |
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Not paying attention to where you send the btc.
not backing up your shit
backing up your shit and storing the backup improperly (or in the open or near flames)
not secure enough pin
not keeping your btc secret
постоянная ссылкаembedсохранитьначальный
Not keeping your seed secret (hint split 2 copies of the seed into 3rds and store 2 different 3rds in each of 3 locations) And don't tell anyone, not your wife, not your boyfriend, not your siblings.... No one! So what happens when you die and your total networth is lost on the blockchain? We all get a little richer |
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i think that online gambling should be regulated in some way, now with bitcoin, people feel even more secure to gambling(it sound like an oxymoron) but really it is the true, maybe put a limit on the bet or something?
because many of them can't stop playing until they lose all(and i know how they feel, fortunately i have good selfcontrol), and with bitcoin i find that it is even worse then regular fiat, because they can play with more anonimity
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Bovada is nr1 gambling site. It has much more bitcoin users than all the other bitcoin sites together. They convert traffic into real players by far the best. This is why low or zero edge does not matter. http://www.alexa.com/siteinfo/megadice.com http://www.alexa.com/siteinfo/bovada.lv -> traffic of bovada is by orders of magnitude higher So they are by far not a legacy yet. It is bovada that is teaching ppl to gamble through bitcoins. All the btc community should be thankful to them. There is still Betonline and few smaller ones and locals, but yeah many withdrew. I know guys from 5d, I know well guys from Bovada, even in person. If you think that people like Calvin Ayre are here, with 9 digit revenue/yr, just to die off, then you are wrong. Like they were able to silently squeeze what they could from poker by restrictive policy, they will squeeze whatever they can from btc too. So far simply normal gamblers are happy with them to use btc as transaction currency, not as betting currency. If the taste of players change, they will change too ofc. They have the money for that. But the taste so far did not change, that is the point (and I do not believe whole world will turn into cryptos that easily). Also please note that Calvin is involved in btc beyond gambling borders. Yes I'm not arguing that Bovada is the market leader, but lets see what happens in a few years from now. Bitcoin has drastically lowered the barriers to entry in this market. Efficient players can run at a much lower edge rate. |
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It helps Bitcoin, and has potential to REALLY help Bitcoin. See currently every gambling game you lose 1-5% , remove the house edge and not only does it make gambling compelling but it has the potential to destroy all current retail and online gaming.
Offering poker without a rake, offering slots without an expected loss, offering roulette without a green slot on the wheel, etc... All of this turns your expected value to net neutral which would flip the gambling world upside down.
Sports betting without a house edge? Massive. When somebody actually creates a system off BTC/Ethereum that reduces all house edge, the inflows of BTC/Ether will be insane.
It proves the deflationary potential of technology.
Bitcoin gambling in its current state still shovels massive amounts of $ into the house. Let's make gambling net neutral and all of a sudden the market will blow up. To do this would require peer to peer staking because nobody would tie up their bitcoin capital without an expected return unless they are gambling themselves.
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I guess i would add my location if i had nothing to hide.
As an example, if i was a store or a local business, that would just be added publicity for free. right.
Same for a user buying coffee or a sandwich. If i am already sharing my location on instagram, snapchat, why do i care that someone saw me pay for my sandwich with bitcoin.
Are you stupid? no. if you want some form of legal adoption, you would need to make sure that majority usage is legal. right. Why would BTC usage be illegal without your street address/other personal info being tacked on? as of now it's sort of in a grey zone the world over. neither legal, nor having been declared explicitly illegal / banned. At your own Risk kinda thing. I mean, if you went to the cops and told them someone robbed you of your BTC, they would just look you up and down. |
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I guess i would add my location if i had nothing to hide.
As an example, if i was a store or a local business, that would just be added publicity for free. right.
Same for a user buying coffee or a sandwich. If i am already sharing my location on instagram, snapchat, why do i care that someone saw me pay for my sandwich with bitcoin.
You are badly misinformed |
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Yep, Bitcoin is not the only one on the run, take a look at IOTA...WOW
Yes, Microsoft, Cisco etc are dumping funds into IOTA. Bill gates personally putting money into IOTA.. So Raising kid is IOTA now. Soon as a BTC ... hmm IOTA has no value for people. It is just for the "Internet Of Things". ie. its a token for machines. Shouldn't even be on exchanges? |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
dollar averaging is proven not to work |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
bitcoin hoarding/investing is very profitable when bitcoin succeeds and very lossy if bitcoin fails. There is nothing in between. |
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Please tell me you have 2 factor authentication enabled. People have had their money stolen and 50k loss would be pretty devastating.
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That's insane. My main advice is to not do this in the first place. My secondary advice is to store your coins locally in bitcoin-qt - do not use any third party app like armory or electrum as the long term risks are greater. The real best idea is to use a paper wallet but make sure you really understand it because there's some risk of losing all your money if you don't understand about what happens when you send a transaction that needs change.
If you only sweep using a mobile phone then the change address issue is avoided entirely. Where can I read more about this change address issue? |
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You've yet to figure out paperwallets?? Jesus Christ man, you invest your life savings BEFORE you do the basic research on how to properly secure them??? Please go buy a cheap netbook, load a brainwallet webpage in it, then disconnect it from the internet forever, create several paperwallets and start sending coins to them ASAP, also please enable 2FA on the exchange, disable API access, make sure the password you use is long, random and unique...my god I'm anxious thinking about it.
No kidding, it gives me the shakes... It's crazy! |
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is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!
Last week, I put all my life savings into Bitcoin. I'm only 30 so I know while it is a risk, I still have a chance to recover if it crashes, and I have a full time job anyway. I just thought how the people around me are putting money into their houses, into children and expensive weddings, and they will never get a return on that. It just disappears. I also thought how most people will go their whole life and not take a risk and 'go for it'... and when I'm older, I will not be able to things like this. I will be a lot more conservative. Now is the time for me to take a risk. So I put a total of about $50,000 USD and bought in. I don't know how long I'll keep it in, but I'm thinking at least 5 to 10 years, maybe longer. I haven't told anyone and I don't plan to, but I feel good about it. Another thing I think about is that there will only be 21 million bitcoins ever released, and that is NOTHING when I stop and think about it. To me it seems like a great opportunity. Sorry, I would not want this to lead to anyone acting irresponsibly or doing the same, unless they put the time to study the ins and outs and know the real risks. I took a risk because I am in a good place with my job and dont have any other responsibilities with family. Only posted here since I couldnt tell me friends or family, without them killing me. Since it flies in the face of a lot of common wisdom. In the exchange right now got to figure out paper wallets I hope when you say 'life savings' you are not including your emergency fund. An emergency fund of around 6 months of expenses should be kept in as liquid a state as possible, so that it can be used right away to deal with the unexpected. Not having a proper emergency fund can do major damage to you financially if you lose your job or have an accident. Just imagine how much it would suck to be forced to sell some of your coins during a temporary low in the market, only to watch the price go back up. In short, if you don't have an emergency fund, then you have an emergency. How do you store your loot? |
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Do you think Bitcoin will crash one day?
No one knows the actual worth of a bitcoin, so it will come down once it is overpriced, but again you don’t know how much price is overprice. Number of bitcoins are fixed and it’s price is increasing only based on demand and supply basis. There are still very few people trading in digital currency comparing to total population investing money or money invested in digital currencies are a small percentage compared to total money invested in market. So there is still much space left to grow for bitcoin, however there is high risk associated with it. At present I would bet on its buy deal and not sell. |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
Mycelium started out as a great wallet on Android and the dev team has been working hard at integrating with other partners. They make it very easy to watch your balances and make deposits while requiring you to insert a physical device in order to spend. Plus, if you have Galaxy S6 or Note 5 or higher, you can download an app that will turn a hardened section of your phone into one of those hardware wallets that are compatible with Mycelium. I'm using Mycelium and haven't got a hardware Wallet. Are you saying I will need one in the future to use Mycelium? If so, I will be moving away from it ASAP. Bitcoin Wallet (Android, BlackBerry OS) is exactly designed for this usecase. It's safe, very user friendly and perfect for daily transactions. |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
my choices is Greenadress and Copay |
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