Bitcoin savings fund for children or grandchildren?

[BurtW]

Yes, I am dead serious.  I think its sad that you all are telling this guy to blow his children's and grandchildren's money on BTC, particularly since he is adverse to risk (as shown by an unwillingness to invest in stocks.)  

BTC is easily as risky (if not more) than a flavor-of-the-month penny stock, and is certainly not a sound investment. Speculative tool, maybe...but definitely not a "safe" investment.

So you tell him to invest in something that is CERTAIN to lose value - no chance of even retaining its value?

[evolve]

read the rest of my post.

[BurtW]

So I take it you actually believe the 1.7% inflation number.

And you would have also to believe that it will stay that way for the length of your safe CD.

Interesting beliefs you have there.

[evolve]

Right, because telling a risk-adverse investor to invest his children's money into bitcoin (which has the relative safety of a roulette table) is sound investment advice.

Why don't you just tell him to cash in his savings, go to Vegas, and put it all on black?

 



 

[cypherdoc]

Personally, I'd just go with a high yield CD (preferably through a federally insured credit union); it's one of the safest investments you can make.

high yield CD's issued by small banks or credit unions have been used in the past as a surrogate measure of risk that that institution may fail.  higher the yields, the higher the risk.

[evolve]

I agree.

As I said earlier, the higher potential yield of an investment, the higher the risk generally is. The individual investor need to decide how much risk they are willing to take on and weigh it versus the potential payoff.

I'm not saying that bitcoin or stocks (or any other investment vehicle for that matter) have no place in a portfolio, I am simply stating that investors that can't handle risk should look elsewhere.

I really don't see how that is an unreasonable position.

[BurtW]

I agree.

As I said earlier, the higher potential yield of an investment, the higher the risk generally is. The individual investor need to decide how much risk they are willing to take on and weigh it versus the potential payoff.

I'm not saying that bitcoin or stocks (or any other investment vehicle for that matter) have no place in a portfolio, I am simply stating that investors that can't handle risk should look elsewhere.

I really don't see how that is an unreasonable position.

I never told him to invest in Bitcoin.  I just stated that investing in "safe" CDs is a certain loss.  If what you mean by safe is that you are certain of the outcome (a loss) then yes, CDs are safe.

[evolve]

Get indignant if you like, but most financial advisers would agree with me.

[BurtW]

Get indignant if you like, but most financial advisers would agree with me.

Yes, I am sure they do.  Therefore, you are right.  CDs are safe.  Bitcoin is risky.  Everyone is happy.

[CurbsideProphet]

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. 

which is why i used colored construction paper to see if it fades.

Makes sense. 

[fireblond]

I would support if it can be done in a decentralized way like the private keys would be stored offline and not touched I also wonder if they would take into account future/past forks since It's inevitable to expect more BTC forks.

[knightmairesaint]

I would support if it can be done in a decentralized way like the private keys would be stored offline and not touched I also wonder if they would take into account future/past forks since It's inevitable to expect more BTC forks.

Saving bitcoin now for the future of our family is ideal but there is a great risk in holding. If the saved money will be used maybe after 20 years or more, the savings will surely encounter so many forks and challenges. We know how unstable cryptos are and we are not sure if what is the status 20 years after. There are many predictions that bitcoin will be the future money, still it is not guaranteed. It may be ideal to save bitcoin now but as long as it is unstable and the wallets are still open for attacks, people will still be doubtful of holding the coin that long.

[virtualkeybuyer]

I would support if it can be done in a decentralized way like the private keys would be stored offline and not touched I also wonder if they would take into account future/past forks since It's inevitable to expect more BTC forks.

Saving bitcoin now for the future of our family is ideal but there is a great risk in holding. If the saved money will be used maybe after 20 years or more, the savings will surely encounter so many forks and challenges. We know how unstable cryptos are and we are not sure if what is the status 20 years after. There are many predictions that bitcoin will be the future money, still it is not guaranteed. It may be ideal to save bitcoin now but as long as it is unstable and the wallets are still open for attacks, people will still be doubtful of holding the coin that long.

Yes the forks often make people to rethink about their investment but I will say that they do not need to worry about this as if they will remain with bitcoin for long term then nothing bad will happen and the price of bitcoin will increase just like in the current stage you can see the price of bitcoin is increasing even a few forks are happening in the way but still everything is going very well.