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vm1990
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Activity: 1540
Merit: 1002
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March 11, 2013, 04:39:18 PM |
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yes there safe the bitchain keeps all info on bitcoins so in theory you could get 1 bitcoin not use the wallet for 5 years and then start from where you where
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TradersEdgeDice
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March 11, 2013, 04:45:38 PM |
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I did this. Ignored Bitcoin for over a year. Various configuration changes.
20 minutes to review the latest changes in Bitcoin. 20 minutes to set up and get the money in my wallet reconfirmed.
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Tirapon
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March 11, 2013, 04:49:47 PM Last edit: March 15, 2013, 01:23:44 AM by Tirapon |
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I *think* that they're still safe, even in the event of a hard fork. If this were to happen, your coins would still be 'valid' on whichever chain survives the hard fork, as long as you upgraded to using whichever version of the protocol becomes widely accepted. I might be wrong but in the event of a hard fork where both chains survive, I think you'd be able to spend the coins once on each branch of the fork?
If my understanding is correct (I'm still learning too...)
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tinyapps (OP)
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March 12, 2013, 05:00:50 AM |
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Thanks everyone for your replies! Here's to hoping that we see an Illustrated Guide to Bitcoin from O'Reilly soon!
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WorldOfBitcoin
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March 12, 2013, 05:10:19 AM |
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I *think* that they're still safe, even in the event of a hard fork. If this were to happen, you're coins would still be 'valid' on whichever chain survives the hard fork, as long as you upgraded to using whichever version of the protocol becomes widely accepted. I might be wrong but in the event of a hard fork where both chains survive, I think you'd be able to spend the coins once on each branch of the fork?
If my understanding is correct (I'm still learning too...)
what is the difference from a hard fork and a soft fork? is what we are going though now .7 to .8 considered a soft?
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theymos
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March 12, 2013, 05:18:54 AM |
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Not forever. ECDSA will probably become too weak in 10-30 years.
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1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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theymos
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March 12, 2013, 07:04:14 AM |
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That's true. If the public key hasn't been revealed, ECDSA can't be attacked. And Bitcoin's hash algorithms will likely last much longer than ECDSA.
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1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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tinyapps (OP)
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March 12, 2013, 07:45:33 AM |
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Thanks again, theymos! Speaking of long-term concerns with Bitcoin, have you read this critique? On the fact that Bitcoin has a Kill Switch; and how to disconnect it. http://www.loper-os.org/?p=1009The basic thrust is that a very few individuals own the vast majority of Bitcoins, that they actively conceal this fact through obfuscation, and that they will "kill" Bitcoin at some point by flooding the market. (This last claim strikes me as rather remote - what possible gain could they hope to achieve?)
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tinyapps (OP)
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March 28, 2013, 06:28:58 PM |
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Looking for a definitive answer to the safety of long-term storage, I emailed Gavin:
Barring any unusual attacks/bugs, should a paper wallet essentially last indefinitely, enduring hard/soft forks, etc? Or is it conceivable that the coins could become unusable in the normal course of Bitcoins growth?
His reply:
No.
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