How are the accounts getting hacked? Don't they use a hash of the password. I would think that as long as you use a strong password you would be okay. My Keepass generates a 24 random ASCII digit password. That should be more than sufficient.

2FA is a pain because you can't access your account when you travel overseas. I have to use a separate phone for each country due to phone incompatibilities, but I have never seen a 2FA account that allows for that.

While these coins are popular, I think there is one that is incredibly under-priced right now. Myriadcoin has the best set of wallets after Bitcoin and Litecoin. This could actually make Myriadcoin useful for day to day transactions rather than just speculation.

WALLET MANAGEMENT OF KEYS IS A VERY IMPORTANT BUT UNDERVALUED ASPECT OF AN ALTCOIN

For instance, I had a few Ethereum stored in a private key/address pair that I generated. I decided to sell all of them recently due to the hyperbubble in that community. I quickly discovered that there was no light weight wallet that I could download to move and sell them. In this case, I finally used an online wallet and imported the key. As we all know, this was extremely risky, and I could have lost all of them.

KEY MANAGEMENT SHOULD BE DONE ON YOUR COMPUTER, NOT SOME RANDOM SERVER

Is it just me or does anyone else do a lot of evaluation of an altcoin by the quality of it's wallets.

I have messed around with a lot of altcoins and you would be surprised by how flaky some of the wallets are. For instance, many have broken private key import/sweep functions. I discovered this when I went to sell some coins stored on paper wallets. Luckily, I understood enough math to construct my own transactions by hand even if I had to waste a day doing it.

I am not going to name any coins, because this changes over time, but I would recommend testing a coin's wallet management before you send a large amount of coins to a paper or cold wallet. You might be surprised at what you discover.

BTW, it is one of the reasons that I have invested a lot into Myriadcoin. They have 3 major wallets and one of those is Electrum, which in my opinion is the best light weight wallet available. They also have an excellent web wallet based on the Rushwallet that works fine on Android phones, an important consideration for 3rd world countries.

If you treat Bitcoin growth as a fractal chart that rhymes over time, growth is similar to August of 2012. If so, from this point we may see slow growth for the next 4-5 months, then a big jump of up to 10 fold, followed by less than a year to another big jump.

In total, this could be up to a 100 fold increase by the end of 2018. If so, we could easily $300,000 by then. Even with another big slump for half a decade, it would just need a small increase to hit $500,000.

Now personally that sounds a little high and unbelievable, but then if you had told someone back in late 2012, that Bitcoin would touch $1000 each by the end of 2013, you would have told them that they were insane. So who knows.

It is certainly possible. What if large fiat holders decide to switch large amounts of money from off shore accounts into crypto?

I am hoping to see $100,000 per bitcoin by 2020 and expect over $1M per bitcoin by 2030.

I can't even imagine holding fiat for any length of time. I use to hold silver and gold before I heard of Bitcoin, but never fiat.

When I was about 7 years old, a grandparent gave me a $5 savings account. At the time, I could buy a candy bar for $0.05. When I was 14, that savings account had about $6 in it (shitty interest rate even for that time). On the other hand, candy bars cost $0.35 (partly cause we moved). I just remember thinking we should just buy and store stuff. My other grandparent hoarded silver (and everything else) and seeing the light, I turned into a hoarder too.

BTW, hoarder precious metals has a lot of problems. I always worried about it getting stolen or lost and you can't travel with it. Crypto is just so much easier to deal with. You just need to memorize your keys or seed. I could lose absolutely everything and I would still have my crypto.

I thought capital gain taxes were only applicable if you took your profits? And if you wait till you have no income, then you don't even have to file a tax return.

Volatility is a result of to much energy passing through a system. Read Chaos by James Gleick to see how deterministic behavior switches to non-deterministic behavior (chaotic). For Bitcoin, money is the energy entering the system. This results in runaway valuation which then collapses to a new high.

This will continue till cryptocurrency reaches it's final valuation of the economy. At this point, we will switched to a more steady and predictable growth. I am guessing this final growth will be around 12% per year in value. There may be no fiat currency left to measure it though, you will just see the price of goods slowly dropping in terms of BTC instead.

I am going to make a prediction here, so I can reference it later:

Ethereum will drop to below $10/each before the end of 2018

I also think there is a 50/50 chance that Ethereum will drop below $5/each.

 

kwukduck was the best indicator for the market. The more he said "sell", the more I bought. When he said "the sky is falling", then I knew it time to go long. If he went on a total rant, then I went 10X long.

TBC web wallet has been relocated to: http://www.motelmaya.com/TBC/

I don't see any need to ever cash out large amounts for fiat. My intention is just to eventually cash out a small amount every month.

I am seriously considering retiring in Kenya, I can easily cash out about $1000 every month using Bitpesa. With that much money I can get a nice apartment with a pool, a maid, and anything I need. I can cash out a little extra if I want a nice TV or something.

I don't feel any real need to diversify. I will soon be getting about $800/month from my Social Security. I probably won't even bother to sell my place in the USA, just give it to one of my grandkids.

I think of crypto as the best store of wealth. No upkeep, no worrying about inflation, government can't seize it. It just solves so many problems. Why would I want to move it to fiat?

That just leaves volatility.

Volatility is just part of high growth, just read Chaos by James Gleick. Any system goes into chaotic behavior when it absorbs to much energy. For crypto, this energy is money, so it has to be chaotic.

At one point Litecoin hit around $50, then about 14 months later it bottomed out at around a $1 each. I expect the crash on Ethereum may even be worse.

Another way of looking at Ethereum: Bitcoin at least had a few small crashes before the long crash after the peak around Nov 2013. Ethereum has never been through a big crash before and a crazy amount of money has gone into. The Ethereum community has only seen FOMO and MORE MORE MORE. They have grown arrogant. It will crash hard.

Don't get me wrong, I think Ethereum has a future. Maybe I will even buy a few when the price drops below $5 later next year.

I kept a copy of that site, here is a pic showing all the coin options: http://imgur.com/a/806wE

I also have my own brainwallet site here: http://www.motelmaya.com/_BrainWallet.html

My brainwallet site is getting about a dozen hits a day now, up from a couple per month back in 2013.

In all seriousness, if I had been trading and trying to sell high/buy low, use margin, ect., then I would have got burned on this last dip. Almost 3000, then drop to 2500. Then small consolidate, then sharp drop again all the way down to 2120. I probably would have gone all in at around 2400, so would have got burned bad.

And we really don't know. The price could have dropped to 2500, gone sideways, then shot up all the way to 8000 before crashing back to 2100.

If we only we knew the highs and lows...but we don't.

I play around with small amounts of altcoins over at Bittrex and Polo, I can usually make small gains over time. Eventually what happens is that one of those altcoins goes up by about 100% by which time I have sold most of that coin. Normally the coin would drop back to normal and I would buy about a lot more of them. But then we get the coin that goes up 100%, then 200%, then 500%, then 5000%....and I look at that and think "yea, I doubled my money, but.....I SHOULD HAVE JUST HODLED"

I am starting a new strategy though that I read on one of the other forums. I will start converting 10-20% of my holdings to fiat every time the underlying coin doubles. If it goes down a lot after that, I probably will buy some back, otherwise I will just enjoy the fiat.

This seemed like a small bubble in our fractal growth. If it rhymes with an earlier one, maybe we will see another around the end of this year:



http://imgur.com/a/f3ZQy

Level 2 gives you $7000 per day, that is $210,000 per month, $2,555,000 per year. If that is your worst problem in life...just be happy.

We don't need to prove anything, time will do that for us 

I really don't security is going to be an issue with Bitcoin. Nothing less than a coordinated attack by multiple governments will take it down at this point and it is only getting stronger. And if Bitcoin was attacked and destroyed, it is at that point we would see altcoins proliferate like ants and flies at the city dump. I think that governments knows that. They would have to shut down the internet to stop cryptocurrency. And if the internet is shut down, guess what, Xtrabytes will fail too.

TL;DR Xtrabytes is security redundant and will fail...

I think this is relevant and suggest that altcoins will actually hold the majority of the market share in cryptoland.

https://www.wired.com/2004/10/tail/

Yes, unupdated nodes would reject.

However if 5 times as many blocks are being created, even with only 30% of the hash power of the original main chain, we would still be producing blocks at 150% of that chain. Our chain would be longer.