i already use paper wallets. just dont use inkjet as they fade after a few years. use laser printers and then seal the design using a fixative, which is a kind of varnish.
my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)
just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.
and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.
proudhon gave me a great idea which i adapted; print the paper wallet using Armory, cut it into a smaller piece, folded it once, wrap it in a piece of construction paper so it can't be seen and then laminate both sides. i'm sure it protects somewhat from oxidative damage to the print and it can be stuffed in a safe deposit box if desired. Guess I didn't read the thread well enough since you posted the same suggestion. I never thought about covering it with construction paper or some other medium. The only thing I would worry about with that is you can't really inspect the paper so if it is degrading over time you would never know it until you opened it up. |
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Well since banks don't lend out depositor money but rather create new money through loans and fractional reserve banking... I didn't think along those lines. I suppose there could be a bank that offers loans with interest rates for bitcoins.
Of course they lend out depositor money, where do you think the "reserves" in fractional reserves comes from? |
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Apple snaffles $5 as a service fee, while the person who provided the cash nets $3. Wow a 16% transaction fee. I guess if you're in a real bind, still I don't see many people using this. |
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Curious if anyone writes guitar tablature, preferably using a program like Power Tabs or something similar. If so, please post here and your going rate. Thanks.
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MY question is "should I borrow 10k from my bank at 5% a year and put it all into bitcoin?"
NO. You should never leverage yourself to invest in speculative investments. The only reason you should do so is if you can satisfy at bare minimum, the following criteria: 1) No credit card debt 2) A savings account with at least 6 months to 1 years worth of living expenses 3) A decent retirement plan set up that you are regularly contributing to and will fulfill your needs when you retire There's probably more depending on your risk tolerance but you should have at least these three things squared away before you start borrowing. This is even more true if you have dependents (children). Yawn. Sell this to the 401K generation who lost everything they worked for in the stock market, and now won't be able to retire until they're 80. Can't believe they're still teaching people to think this way. You've got to be agressive when you're young. I would say to OP, most definitely, ride bitcoin up and then re-evaluate every step of the way. Oh I'm sorry. Yes, 2nd mortgage your house, convert everything to Bitcoin, then play the 50% at SatoshiDice. Better? |
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Which is the "game is postponed due to Beyonce breaking the lights" square?
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Also known as the ghost pepper. Is it true that the heat level can vary quite a bit? What is the optimal climate for growing? Tropical?
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floored or ceilinged by the action
no, as in not floored, i have been consistently bullish with my subs and have recommended buying all dips. its clear where we're headed. Dude you can't lie anymore we have undisputable evidence you have no coin. https://bitcointalk.org/index.php?topic=140831.0cypherdoc 1cypherEucdwyZ8Xn84M8qUscjBXnWGZA 0 12.7255  |
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There are so many chinese business owner who have plenty of fiat money at hand without any good investment target That's generally because at some point the conversion process needs to get banks involved if we're talking about large sums. This goes for any investment, even Bitcoin. Yeah you can do some exchange via localbitcoins or some other medium but if we're talking big money, it gets a lot harder to move around without raising eyebrows. |
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It's very possible in 5 years time there could even be a war within Bitcoin itself. The problem with the 1MB size limit for example and how to deal with it. As problems and solutions come up, I could see forks in Bitcoin as a possibility. Some people go with Bitcoin-y for a certain reason while others go with Bitcoin-x for other reasons.
If that's the case then the early, pre-fork Bitcoins would be more valuable as they could be used on all chains. An early adopter bonus, if you will.
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There's a binary you can download at https://casascius.com/btcaddress.zipIf you don't want a precompiled binary, I totally understand. The generator at bitaddress.org is substantially the same if all you're after is an unencrypted paper wallet. Thank you. I assume this was compiled by you? |
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You could always laminate the paper, which would make it considerably more durable. That would essentially protect it from general degradation and water. It would obviously still be vulnerable to certain things (ie. theft, fire) but so would a coin.
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MY question is "should I borrow 10k from my bank at 5% a year and put it all into bitcoin?"
NO. You should never leverage yourself to invest in speculative investments. The only reason you should do so is if you can satisfy at bare minimum, the following criteria: 1) No credit card debt 2) A savings account with at least 6 months to 1 years worth of living expenses 3) A decent retirement plan set up that you are regularly contributing to and will fulfill your needs when you retire There's probably more depending on your risk tolerance but you should have at least these three things squared away before you start borrowing. This is even more true if you have dependents (children). |
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Do you have your private key? If so, just import that into the client or another wallet (ie Blockchain.info)
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Sorry to interject, very interesting conversation. If this is the case, how does sites like SatoshiDice continue to function? Wouldn't the transaction expense be completely eating away at their profits due to the sheer volume of input/outputs?
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Showing off my best bottom catching this year:  I caught the bottom at $15.41, so much so that my order didn't even get to fill entirely  |
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Yeah, that's the exact mentality people had at the last $30 bubble. Didn't work out well for a lot of people......
The 2011 bubble lasted a week. There wasn't time for people to acquire a mentality. So it's actually worse now or what?  Volume traded was higher, but that's maybe only because Bitcoins were considered play money then? I feel uneasy about the current low volume, but maybe I've got it wrong. I can be that more are clinging to their coins, which suggest higher prices? The 0.5% Gox fee is now equivalent to $0.1 price difference, so if people were day trading as usual for profit, we would see larger swings at this price level. A lot of traders are long and won't trade out of fear of being left behind. Ok confirmed, it is worse. What do you think will those same traders do in a prolonged correction? I'm one of those traders holding instead of playing the swings. When the prolonged correction comes I will continue to buy a set USD amount with every paycheck as I've been doing for the last 6 months. What did you have in mind for me to do? What you're doing, dollar cost averaging, is not at all a bad strategy if you are looking at BTC as a long-term holding. |
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But the fact remains there are some who can and will do it. The rich are always looking for tax loopholes.
[Edited] A tax loophole is a legal method of paying less taxes by eploitating tax law. This is usually because some "loophole" was either specifically written into the law to cause some behavior or was somehow overlooked, allowing the filer to pay a lower amount of taxes than others who aren't eligible to use the loophole or omit to do so. Not reporting capital gains is not a "loophole". What makes you think only the rich consider tax implications when making decisions? Yeah you're right it's not a loophole. The old adage about the difference between "tax avoidance and tax evasion." I realize not paying is the latter. And by no means do I think the rich are the only who consider tax implications, but for the purposes of this conversation I was trying to figure out if big money could be moving to Bitcoin to avoid taxes. The average person cannot move markets (unless done en masse) and is therefore not really important to me in this context. |
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The bank you withdraw to will report you recieving money.
I think it's certainly possible to pay 0% tax on your gains in bitcoin and it`s not that hard for an average citizen, but if you are going to try large amounts, it gets alot harder to spend any gains.
Hmm good point, I forgot about Currency Transaction Reports. I think they're mainly used to combat money laundering but I can see how that would make it difficult to receive a large amount of funds without drawing suspicion. |
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