This is a really nice elegant solution! I like it a lot. But it sounds quite error-prone to manually create these transactions, so now I'm thinking about writing a utility that can handle it for me...

Naturally it requires one's next-of-kin to actually have a Bitcoin address already and know how to use it.

Most answers have revolved around hidden files, USB keys, scraps of paper, passwords etc. But what happens when you die?

Let's assume that you have some significant wealth in BTC, and that you would like your spouse or children to inherit it. How do you create a wallet that is both secure against theft but can still actually be spent by authorised individuals after your death?

My current thinking is a brain wallet saved on a USB key, deposited with an attorney. Give the password to next of kin, make sure they remember it but don't explain what it's for.

You "pay" some effort to dig in the ground. If a nugget of gold comes up, you win that gold. Therefore, mining is illegal in the US.

... and nobody gives a damn ;-)

Hi, I sent this PM on 24th April and didn't get any reply/confirmation:

nbartlett; 30; 2.58; 16HXNGWtaoqoJ5Q1ce7BFyNv4N4RUS

I'm finally out of Newbie-jail... can you confirm my order please?

Yep


I think they were concerned about getting burned by price fluctuations. Most amateur daytraders do indeed get burned.


Bitcoin is not a stock.


Seriously, you think people won't use bitcoin because of... decimal places??


Right, most people haven't heard of bitcoins (although it's been in a lot of mainstream press recently), but who cares? Cyprus showed that an EU government is willing to confiscate funds and impose capital controls, which sets a precedent for the entire EU. Fiat cash can be confiscated... gold can be confiscated... Bitcoin can't.

More interesting than that though: it's simply the easiest, cheapest and most efficient way to pay somebody -- especially people in other countries. That's where its value comes from.

The runup in the price has not "already occurred". It's got a long way to go, though admittedly there will probably be more bubbles and crashes on the way up.

I don't think it's big money investors driving the price at this stage. It's ordinary geeks with some spare cash to invest. Now, when the big investors DO start to pile in... :-)

Since this is the government you're talking about, Bitcoin is a real game changer because it has to be one of the few (only?) assets that even governments cannot simply confiscate (assuming you have taken adequate security precautions...  and if they are trying to take *all* bitcoins then a reasonable minority will have taken those precautions). They would have to buy it from you, at whatever price you dictate.

You can read on Wikipedia about all the other times people tried to corner a market, and how successful they were: https://en.wikipedia.org/wiki/Corner_the_market.

If this is a crash then that pimple on your arse is Mount McKinley.

I feel very pleased with myself for buying at almost the very bottom of the dip... $61 :-)

I'm swapping some of my BTC for gold now. Certainly not because I've lost confidence but for a little diversification.

I think the press might be interested in this. They do love a good story about banks screwing innocent customers.

Or if you actually want somebody to get to the bottom of what happened and hold the bank to account, try Radio 4's Money Box programme: http://www.bbc.co.uk/radio4/features/money-box/contact/

Because the quoted prices are not the prices you'll end up paying. Neither Bitstamp nor MtGox are deep or liquid enough to immediately execute trades at large volumes... and you'll need large volumes if you want to overcome the friction of transfer fees and so on.

True arbitrage is risk-free. Ideally when a price gap opens up, you would create two equal-but-opposite orders at the same time on each exchange (to support this you would need to maintain balances in both BTC and USD on both exchanges). However it's likely one side will fail to execute, or only be partially filled, leaving you with a nonzero position, and therefore exposed to risk.

By the time you can actually get hold of your Avalon it will be worthless. Unless you jump the queue by buying a preorder on eBay (one of these went for USD 50,000 recently!)

TBH I don't know why Avalon and BFL actually bother selling to customers. It seems they could make more money by keeping all the ASICs and mining for themselves.