 Show Posts
|
|
Pages: « 1 2 [3] 4 »
|
|
Yep, this is nuts already. Command line stuff. Sounds nice and complicate. I’ll stick with what I have. And hardware wallets with a secure element is considered cold storage. For whoever said it’s not. Thanks for all of the input guys and gals.
|
|
|
|
Using a combination of ledger, Trezor For the record: a hardware wallet connected to an online computer isn't considered cold storage. Does the benefit outweigh the risks and is it better than what I’m doing now. I don’t know enough to make that decision. If you're using a hardware wallet now, switching to Bitcoin Core on a computer connected to the internet is not going to make your funds safer. It's less safe. But you get more privacy for it, as Ledger or Trezor can no longer know what you own. I’ve researched the hell out of it and it all sounds so complicated. Let me ask another question: what benefit do you hope to get from changing wallets? I can, but not yet. I don’t know enough. There are stories of people doing it wrong or a setting isn’t right etc, and they get funds stolen. So, I’m on the fence till I learn more. People have gotten their funds stolen when they enter their hardware wallet's seed phrase into a phishing site too. No storage system is perfect, especially when the owner makes (dumb) mistakes. I'd say don't keep more funds in any hot wallet than you're willing to risk. The same goes for funds on exchanges. In general, especially for unexperienced users, a hardware wallet is safer and easier to keep safe than Bitcoin Core. Perfect!! So it would run counter to my already paranoia. That not only answers my question but also solidifies my decision. Lol. I really just wanted to support the network and was on the fence about the core wallet. I wouldn’t then use the core wallet and the is be running a node for it just to sit there and look pretty and not really use it. Thanks for all of the clarity. I’ll just stick with my cold storage and multisig. Thanks again. |
|
|
|
I use cold storage and multi sig at the moment. What software did you use to create your cold storage, and what do you use to make a transaction? I don’t know how to use a Bitcoin core wallet yet (hot wallet?) A "hot wallet" means it's connected to the internet (or has been in the past). Bitcoin Core is easy: install it (link on top of this page), download 440 GB, and create a wallet (and a few backups). Isn’t that risky? All software has risks. The trick is finding what works best for your situation. I use many different wallets, depending on the purpose. I hear about the cons of running a node from a security standpoint. I hear how bitcoiners should be running their own node. I hear a lot of things  It helps to also hear the "why" part. I believe Bitcoiners should use whatever software works best for what they need. Using a combination of ledger, Trezor, and collaborative custody multisig. You are correct, “the why” is more important than the how. That’s what I’m battling. Does the benefit outweigh the risks and is it better than what I’m doing now. I don’t know enough to make that decision. I’ve researched the hell out of it and it all sounds so complicated.
Oh ok, I understand. I want to run a pruned node and I don’t plan on using a Bitcoin core wallet, or wallets that work with nodes, unless I should? Or with a small amount? Or……. I am currently in cold storage. Is a core wallet considered hot? What exactly are you trying to accomplish? There's no point running a pruned Bitcoin Core installation if you don't intend to use Bitcoin Core as a wallet. I can, but not yet. I don’t know enough. There are stories of people doing it wrong or a setting isn’t right etc, and they get funds stolen. So, I’m on the fence till I learn more. [moderator's note: consecutive posts merged] |
|
|
|
There are generally no security risks associated with running a full node. Some businesses have had their hot wallets hacked, however their servers were not a target because they were running a full node, they were a target because they had private keys associated with large amounts of coin.
Running a full node will consume resources. Depending on what type of business you are conducting on your computer, and how critical it is to maximize your various computer resources, it may be better to use another computer/server to run a full node.
In general, running a full node will maximize your privacy associated with using bitcoin. It is however resource-intensive if you want to import a private key associated with an address that has previously received transactions, and especially so if you are running a pruned node.
Oh ok, I understand. I want to run a pruned node and I don’t plan on using a Bitcoin core wallet, or wallets that work with nodes, unless I should? Or with a small amount? Or……. I am currently in cold storage. Is a core wallet considered hot? |
|
|
|
I want to run a pruned node. What’re the benefits vs cons cause I’m not sure I even need one. The benefits of running a pruned node are about the same as running a non-pruned node: Privacy as you rely on no third parties, security as it protects you against fraudulent activity, self-sovereignty as you get to verify the transactions and don't trust anyone, and freedom to enforce the rules you're agreed upon. No, I do t fully understand it all yet. Thanks Make sure you do. You don't want to either lose money or somehow make things worse, which is common if you proceed in something you don't understand. This might help you: https://www.lopp.net/bitcoin-information/full-node.htmlYep, that’s what I heard. That’s what makes me interested. Thank you for the learning link. |
|
|
|
I hear about the cons of running a node from a security standpoint. What did you hear? Is it about sharing your IP with other nodes (solution: use VPN/Tor), or is it about the risk of getting your funds stolen (solution: don't keep high value in a hot wallet). I want to run a pruned node. What’re the benefits vs cons It depends: what wallet are you using now? I use cold storage and multi sig at the moment. I do consistently use a VPN. I don’t know how to use a Bitcoin core wallet yet (hot wallet?) and don’t use electrum or Spector. Not currently. I hear how bitcoiners should be running their own node. That concept is foggy to me. Isn’t that risky? |
|
|
|
|
I keep hearing about the benefits of running your own node and would like to. I have one computer with a new enough OS to install one, but I also use the computer for business and I hear about the cons of running a node from a security standpoint. I want to run a pruned node. What’re the benefits vs cons cause I’m not sure I even need one. No, I do t fully understand it all yet. Thanks
|
|
|
|
|
Yep, it is imperative to have a cash cushion. I am working on that now. It will just take some time. I set a goal to be where I want to be cash wise for August 2022. Will take some dedication and hard work. But I know I will sleep easier knowing that my security does not depend on what the market does.
|
|
|
|
Having little savings in the bank would be bad, unless you can liquidate your bitcoin quickly in case of an emergency. The need of the savings and liquid cash is this itself, and failing to do that you could end up in a problematic situation. So manage this fund properly for a start.
Bitcoin if an investment from your side, does not need to be bought every week. Buy it when it drops below a per-determined price during a bear market. This price will be chosen based on your current experience and the existing S/R levels that you feel are significant.
Dont be an obsessive collector, you will fall in trouble. Remember that you are collecting bitcoin to profit, not to show off. So you have to sell on the bull market and recycle the cash back.
Keep these three things going for now and see how it goes. In case you are having problems controlling your hoarding tendency, then I would say that you need to stop trading bitcoin for your own mental peace.
Yep, I’m ok. To be honest, I just need to develop new habits by refraining. The weekly DCA of $50 is not a problem for me, it all the extra 100’s I get my grubby hands on in between. I’ve started putting it into savings this past week. Any extra cash after bills at the end of the month is going into savings. Just have to control my emotions. I’m self employed so I always have to worry about the phone ringing. Worse case, I have a way fast to liquidate if I need to. Transfer to Crypto.com exchange and top up my card. I don’t need to yet, just accumulating cash. |
|
|
|
Every one of us earns money, but that's not enough to gain some extra gain, to be honest. Proper management of the money is quite important. We always need Liquidity for life, we can't ignore that. So always should keep some USD or any fiat to manage emergency situations. Some funds should hold in the wallet to catch the dip. On the other hand, you may buy some sat regularly after filling your needs from the savings. That's how I try to manage. But sadly when I use my holding funds during the dip, sadly it becomes more dips, and can't take advantage. But that's how I am managing earnings.
What I learned about buying the dip is example I allocated an amount to buy ($500), the i laddered in on a chart by diving the $500 up into 10 buys. Even $50, divide by 10. Starting at the next support level and ladder down with limit orders. Or an easier way is to put a limit order every 5% decrease in price 10 times. And just leave it there. They eventually fill. Those that don’t, you can re-allocate or send the remainder back to your bank. When we had those major red candles down recently before trading sideways, I caught all of that all the way down to $25,500. It’s exciting to watch. You don’t have to spend a lot. Just divide it up. |
|
|
|
do not buy ethereum.
ethereum is going to 'detonate' into PoS
this means the underlying cost to mine. is no longer going to be millions of asics PoW mining which is/was over $1k of electric cost. instead its going to be 'staked' and only a couple dollars of cost to sign blocks to create fresh coin. this will cause cheap new coins meaning alot of sell-off cheaply while still profiting. causing a massive price correction down to a new low of only a few dollars of value.
Oh, ok. I understand what you said but don’t see the relationship to the post. |
|
|
|
|
Oh my god, dammit I shouldn’t have looked. Solana is down to $42 and Eth is at $1700. This is killing me. I wanna be y so bad but have to refrain. My next auto DCA isn’t till Saturday afternoon. It’s tough but the more I successfully resist the easier it will get. I hope. I put some $ in savings yesterday and it has to stay there. I’m doing good. I’m going to bed.
|
|
|
|
|
Yep, I’m going to put some cash savings aside and go at it as hard as I did Bitcoin. We are going to start with a cash goal. And maybe instead of stacking before the price goes up, we can stack before a catastrophe happens. Lol. Thanks to y’all that gave me some perspective and busted my chops a bit. I also need to pay off some debts too. I struggled a bit this month and in hind site, didn’t have to had I done the responsible thing. Thanks again.
|
|
|
|
Putting all your spare money into Bitcoin and not having a fiat safety net is dangerous and irresponsible. You never know when you're going to have an emergency - an issue with health, a natural disaster, unemployment, a broken car or something that requires fixing in your house - lots of things can happen in life that require immediate spending. And if you only own Bitcoin, it means you'll have to sell it, and if you're currently at a loss because your average price buy is above the current price, you achieved the opposite of store of value.
What you just said above needs to be printed, framed, and hung on a wall. It does not pay to be "scared as shit" when something happens, then it hurts worse when you're cash broke plus have to sell at a loss. Perfectly said. |
|
|
|
We don’t know when we are going to stay at these lower prices but it’s not like we are going to the moon next month. Don't worry. There will be plenty more large altcoins collapsing in the future which will bring the price down and let you buy some cheap bitcoin. You always hear about how many BTC there is left in circulation and all of these big companies and whales are buying now a days so it creates a sort of panic and sets a “get as much as you can before their all gone” mindset. As above, there will never be a shortage of newbies and other weak hands willing to sell their bitcoin to you at a discount. The general advice of don't invest what you cannot afford to lose holds true here. You should never go in to debt in order to buy bitcoin, and skimming money off your bill payments and risking going overdue is doing exactly that. There is a great flowchart on how to manage your fiat income from the Personal Finance subreddit ( https://www.reddit.com/r/personalfinance/) you can view here: https://i.imgur.com/lSoUQr2.pngObviously, such a sub will never mention bitcoin and so it doesn't appear on the chart, but in my opinion you should get to step 4 or 5 before you start buying bitcoin. That means paying all your bills in full, maxing out any retirement fund matching you can get from your employer, paying down high interest debt, and having an emergency fund of at least 3 months expenses. Once you've done that, then whatever money you have left over each month you can start allocating to where you prefer it to go: Retirement accounts, fiat investments, bitcoin, etc. If at any point you find something from step 4 or 5 (bitcoin) starts encroaching on something from step 1 (paying your bills), then you have done something wrong and need to re-evaluate your priorities. You are absolutely correct. Reality check time. |
|
|
|
I think a lot of people have that way of thinking. Michael Saylor said before that he used
to go to bed at night worrying that he didnt have enough Bitcoin!
DCA is just that, it can happen over a long period of time with whatever finds you allocate,
There are many people who would love to put $50 per week into Bitcoin.
The priority is keeping a roof over you and your family's head and making sure bills are paid
and food on the table. Bitcoin after that is the next important thing.
That is very true and I should feel blessed. i already spent waaaayyyy too much this month. Instead of being proud of it, in hind sight, its kind of embarrassing. |
|
|
|
How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.
With what you explained above, I have not seen you using any leverage not to talk of overleverage or what so called. Leveraging means you are borrowing and it is a term used most in crypto while trading in a way traders can borrow x amount of money with certain amount of collateral. But your case is not the same but totally different, just that you earn and buy bitcoin with almost all or all your money while not having enough in cash and the need for cash may arise, but you think bitcoin price may not favour at the time and not able to sell. I will advice you to just not convert all your money to bitcoin, have some for emergency in fiat if you feel good that way and you will be able to have fiat during emergency purposes. The fiat converted to bitcoin every week should be for long term and not short term, in a way you will not even think of converting to fiat for like 2, 3 or more years. Yea, that’s one that I don’t do( borrow to get more). What I meant by over leverage is now the crypto definition. I meant over leverage as in putting more liquidity into assets that aren’t immediately available. Or to allocate too much into one thing. Yep, if I was to hoard cash savings like I did for Bitcoin in one month, I’d be doing ok, but it’s always in hind sight when looking at my budget for the previous month. I look at my investing category and go, “Jesus!!!” I needed to have this discussion because the more I talk about it, the more screwed up and ass backwards my actions seem.
Thanks all for your kind words and advice. I consider myself done for the month except for the one weekly recurring automatic buy at the end of the month. I am going to work at this and also not try to watch the price so often as well, which I’m sure is a factor. If I see the price drop from 30k wick down to 25k again, I’m going to leave the house and leave my phone at home on purpose. Lol. It’s funny but not funny. But thank all of you for your input. [moderator's note: consecutive posts merged] |
|
|
|
|
Absolutely great advice. The solution seems like common sense, but I guess I needed to hear it. I’ll continue my $50 week automatic buy and leave the smash buy button alone. You both are absolutely right. We don’t know when we are going to stay at these lower prices but it’s not like we are going to the moon next month. Not 100% but pretty sure we’re not. You always hear about how many BTC there is left in circulation and all of these big companies and whales are buying now a days so it creates a sort of panic and sets a “get as much as you can before their all gone” mindset. Not remembering that people are constantly buying and selling. Thanks for the reinforcing advice. I’ll keep reminding myself. Over and over and over. Lol
|
|
|
|
|
ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....
How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.
|
|
|
|
Are we witnessing the emergence of the biggest bitcoin antagonist in the cryptospace? I think Sam Bankman-Fried is one of the most intelligent founders in the cryptospace, however, I am starting to be more skeptical about his agenda. In the article, he mentioned that bitcoin may have a future as an asset, a commodity or a store of value. I am scratching my head on what he might be implying in his statement. Is he telling us that bitcoin will not forever be no.1 in market capitalization? Skeptical. I do not know if he is making an honest assessment on bitcoin or if this is the beginning of their new agenda to remove bitcoin from being no.1.  Bitcoin has no future as a payments network because of its inefficiency and high environmental costs, according to one of crypto’s most influential chief executives.
Sam Bankman-Fried, founder of the digital asset exchange FTX, said the proof of work system of validating blockchain transactions, which underpins bitcoin, was not capable of scaling up to cope with the millions of transactions that would be needed to make the cryptocurrency an effective means of payment.
“The bitcoin network is not a payments network and it is not a scaling network,” said Bankman-Fried.
But despite his views on bitcoin, Bankman-Fried said he still believed the world’s biggest digital asset had a place in the crypto market.
“I don’t think that means bitcoin has to go,” he said, adding that the token may still have a future as “an asset, a commodity and a store of value” akin to gold.Read in full https://www.ft.com/content/02cad9b8-e2eb-43d4-8c18-2e9d34b443feI completely agree, if you are referring to the base layer BTC network. Regardless of the environmental cost or network speed, it will always be #1 because it has proven itself among many others, and I would be skeptical of ANYTHING now or in the future that claims to be better. It can be a means of payment later on if the sender and reciever is not in a hurry, but I understood thats why lightening was developed. Other than that, his (Sam) point is what? We knew this already, but why did he say it? |
|
|
|
|
