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Author Topic: Would you keep your bitcoins in your wallet if you are 'going away' for a while  (Read 484 times)
bennybong
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May 19, 2015, 02:30:54 PM
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A friend of mine is unfortunately going to prison for up to a year, possibly more. He told me he plans on putting all his fiat into bitcoin while he's away. Can't work out if that's a good idea or not, he said he may trust me to keep an eye on them and to cash them out if the price tanks. I don't really want that responsibility but am happy to help him however I can, if that's what he wants.

Do you think this is a good idea?

Personally I think it's risky, if he kept it in fiat then he would have the same amount of money when he comes out. He is clearly hoping for profit and sees that him not being able to touch them as a good thing.
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rapsaodan84
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May 19, 2015, 02:35:06 PM
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A friend of mine is unfortunately going to prison for up to a year, possibly more. He told me he plans on putting all his fiat into bitcoin while he's away. Can't work out if that's a good idea or not, he said he may trust me to keep an eye on them and to cash them out if the price tanks. I don't really want that responsibility but am happy to help him however I can, if that's what he wants.

Do you think this is a good idea?

Personally I think it's risky, if he kept it in fiat then he would have the same amount of money when he comes out. He is clearly hoping for profit and sees that him not being able to touch them as a good thing.

Converting everything to bitcoin is definitely too risky in my opinion. keeping a percentage (probably 10-33%) would be OK IMO.
You also need to have clear rules on what 'tanking' means. you don't want him to be unhappy with your decisions when he gets back.
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May 19, 2015, 02:38:20 PM
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The price of BTC has tanked, but I'm betting it will be another 10-20 years before BTC goes mainstream and the value soars.

bennybong
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May 19, 2015, 02:39:35 PM
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A friend of mine is unfortunately going to prison for up to a year, possibly more. He told me he plans on putting all his fiat into bitcoin while he's away. Can't work out if that's a good idea or not, he said he may trust me to keep an eye on them and to cash them out if the price tanks. I don't really want that responsibility but am happy to help him however I can, if that's what he wants.

Do you think this is a good idea?

Personally I think it's risky, if he kept it in fiat then he would have the same amount of money when he comes out. He is clearly hoping for profit and sees that him not being able to touch them as a good thing.

Converting everything to bitcoin is definitely too risky in my opinion. keeping a percentage (probably 10-33%) would be OK IMO.
You also need to have clear rules on what 'tanking' means. you don't want him to be unhappy with your decisions when he gets back.


Yeah exactly. I don't know if I want that responsibility. Not sure how much money he's talking about either. I'm guessing around £5-10k
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May 19, 2015, 05:33:35 PM
 #5

Where your friend is located?
In some countries the prisoner has to burden the costs for the imprisonment if too much money is left on the bank account. If this is true for your friend, keeping (too much) fiat money is the wrong choice.

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May 19, 2015, 05:49:27 PM
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Depends. Bitcoin could be worth ten times what it is today, or it could be the same, or it could have tanked. I wouldn't invest all my money in it but maybe half and hope the investment pays off.
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May 19, 2015, 07:06:15 PM
 #7

I would refuse to take his private keys.  What if you lose them.. what if someone steals them?  Nope would not do it.
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May 19, 2015, 07:21:42 PM
 #8

How much money are you talking about here?  Does he not need any for commissary?  Is this his first time in prison?  Ramen noodles are not free, and I don't mean to make light of this situation.  He could write down the private key and laminate it and hide it up his keister for the duration of his visit.  Like Christopher Walken's watch in Pulp Fiction.   Grin

bennybong
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May 19, 2015, 07:44:48 PM
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Where your friend is located?
In some countries the prisoner has to burden the costs for the imprisonment if too much money is left on the bank account. If this is true for your friend, keeping (too much) fiat money is the wrong choice.

UK. He does plan on keepiing a little bit in the bank for living whilst in prison, you can earn money but it's something stupid like £2.50 a day. The crimes he is convicted of do not come with any possible fines. I think he is however worried about the government (or someone) getting their hands on his assets. Putting it all into bitcoin puts him in full control of his money regardless of it's value. That's one thing I like about bitcoin. I don't think we're talking about much more than £10,000. And I think most of that is cash Wink. He is worried about what to do with it I think.
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May 21, 2015, 09:01:22 AM
 #10

Where your friend is located?
In some countries the prisoner has to burden the costs for the imprisonment if too much money is left on the bank account. If this is true for your friend, keeping (too much) fiat money is the wrong choice.

Yes keep all money in btc is highly risky but yet can be profitable in certain point you can have lot but also you can go down with it.
Basically tell you friend that use 50-50 that way he can be sure to have some plat and later he can withdraw btc to cash anytime.



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dominicg
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May 21, 2015, 02:35:09 PM
 #11

Just tell your friend to put all his bitcoins into brain wallet and just cash out when he go out from prison.

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May 27, 2015, 11:30:56 PM
 #12

I would warn him not to put all his eggs into one basket. Yet if they're going to confiscate what he owns, I would definitely store my capitals on a flash drive.

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