Rludd
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December 06, 2017, 02:58:08 PM |
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That is a bad move. Get your BTC out immediately into an encrypted bitcoin-qt wallet - figure out how to use paper wallets (good) or Armory (better) later.
Get them out!
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Bamel
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December 06, 2017, 02:58:18 PM |
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Two pieces of advice:
Use Armory and an offline wallet
Buy an old laptop that has a detachable Wifi card. Install Armory on it and pull out the Wifi card. Now run Armory and generate your offline wallet and encrypt it with a strong passphrase (so your funds are protected in case the laptop is stolen). Make a paper backup of the wallet, and put it in a separate location (safe deposit box, girl/boyfriend's apartment) to protect against the laptop dying or getting stolen. Export a watch-only wallet via a USB stick to an online computer on which Armory is installed as well. Now you can view the balance of your offline wallet using the online computer without being able to transfer money unless you sign the transaction on the offline computer.
Get your money off the exchange as fast as you can. Especially if it's Mt. Gox.
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Amial
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December 06, 2017, 02:58:30 PM |
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You have a choice of either betting $50,000 that MtGox won't get shutdown or robbed, or betting $50,000 that you can study enough about encrypted wallets to keep your bitcoins safe from hackers and hardware failures.
Neither option is risk free, and the stakes are high. Make sure you know what excatly you're buying in to!
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Kesecer
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December 06, 2017, 02:58:43 PM |
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I'd transfer that out as fast as you can. I'm anxious that I have 1.6 btc in btc-e, let alone 50k worth.
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Usine
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December 06, 2017, 02:58:54 PM |
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Please tell me you have 2 factor authentication enabled. People have had their money stolen and 50k loss would be pretty devastating.
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Renr
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December 06, 2017, 02:59:06 PM |
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GET YOUR MONEY OUT OF AN EXCHANGE ARE YOU CRAZY HOLY SHIT YOU SHOULD HAVE FIGURED OUT PAPER WALLETS BEFORE PUTTING ALL YOUR MONEY IN
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laravuemaster
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Merit: 100
When Football meets Crypto
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December 06, 2017, 03:01:20 PM |
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There is always risk in everything and for you to place all your money in bitcoins is not adviceable to do because you can still earn bitcoins on working in bounty campaigns and promote their ico's.
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Stianyd
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December 06, 2017, 03:02:22 PM |
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Well I don't think even most bitcoin enthusiasts (like me) would say that was really smart. But then again what is a smart investment nowadays?
Stocks - Artificially inflated and disconnected from fundamentals. Major correction likely.
Bonds - Wouldn't touch with a 10 foot pole.
Real Estate - I like real estate but it takes management and maintenance and taxes and we are probably in another bubble here as well.
Precious Metals - Has history on its side but is target of confiscation and has issues with liquidity and storage.
US Dollar - LMAO
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Giric
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December 06, 2017, 03:02:45 PM |
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Well I don't think even most bitcoin enthusiasts (like me) would say that was really smart. But then again what is a smart investment nowadays?
Stocks - Artificially inflated and disconnected from fundamentals. Major correction likely.
Bonds - Wouldn't touch with a 10 foot pole.
Real Estate - I like real estate but it takes management and maintenance and taxes and we are probably in another bubble here as well.
Precious Metals - Has history on its side but is target of confiscation and has issues with liquidity and storage.
US Dollar - LMAO
It is about risk appetite, not being smart. If you want to gamble, then Bitcoin is a good instrument for that. And it is better gamble than casinos, because at casinos your EV is negative. With Bitcoin you don't know the EV, but you can try estimating it  |
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Rludd
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December 06, 2017, 03:04:56 PM |
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Well I don't think even most bitcoin enthusiasts (like me) would say that was really smart. But then again what is a smart investment nowadays?
Stocks - Artificially inflated and disconnected from fundamentals. Major correction likely.
Bonds - Wouldn't touch with a 10 foot pole.
Real Estate - I like real estate but it takes management and maintenance and taxes and we are probably in another bubble here as well.
Precious Metals - Has history on its side but is target of confiscation and has issues with liquidity and storage.
US Dollar - LMAO
It is about risk appetite, not being smart. If you want to gamble, then Bitcoin is a good instrument for that. And it is better gamble than casinos, because at casinos your EV is negative. With Bitcoin you don't know the EV, but you can try estimating it The only free lunch is diversification (first rule of investing). This guy is needlessly risking his life savings. |
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Bamel
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December 06, 2017, 03:05:17 PM |
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Well I don't think even most bitcoin enthusiasts (like me) would say that was really smart. But then again what is a smart investment nowadays?
Stocks - Artificially inflated and disconnected from fundamentals. Major correction likely.
Bonds - Wouldn't touch with a 10 foot pole.
Real Estate - I like real estate but it takes management and maintenance and taxes and we are probably in another bubble here as well.
Precious Metals - Has history on its side but is target of confiscation and has issues with liquidity and storage.
US Dollar - LMAO
It is about risk appetite, not being smart. If you want to gamble, then Bitcoin is a good instrument for that. And it is better gamble than casinos, because at casinos your EV is negative. With Bitcoin you don't know the EV, but you can try estimating it The only free lunch is diversification (first rule of investing). This guy is needlessly risking his life savings. Is this a joke? Diversification is literally the only way to reduce risk for the same reward. This is the foundation of all portfolio theory and is mathematically proven. |
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Amial
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December 06, 2017, 03:05:45 PM |
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Well I don't think even most bitcoin enthusiasts (like me) would say that was really smart. But then again what is a smart investment nowadays?
Stocks - Artificially inflated and disconnected from fundamentals. Major correction likely.
Bonds - Wouldn't touch with a 10 foot pole.
Real Estate - I like real estate but it takes management and maintenance and taxes and we are probably in another bubble here as well.
Precious Metals - Has history on its side but is target of confiscation and has issues with liquidity and storage.
US Dollar - LMAO
It is about risk appetite, not being smart. If you want to gamble, then Bitcoin is a good instrument for that. And it is better gamble than casinos, because at casinos your EV is negative. With Bitcoin you don't know the EV, but you can try estimating it The only free lunch is diversification (first rule of investing). This guy is needlessly risking his life savings. Is this a joke? Diversification is literally the only way to reduce risk for the same reward. This is the foundation of all portfolio theory and is mathematically proven. The big dogs like Buffet, Trump, Kiyosaki, Sprott, etc... they all say the same thing: diversification is for people who don't know what the fuck they're doing. The people who DO know what they're doing pick their winners and go for it. Might you lose everything? Sure, if you don't know what the fuck you're doing, absolutely. http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/August/Diversification-in-Investing-is-for-Idiots.aspxhttp://www.youtube.com/watch?v=wbjPiYE-F4Yhttp://www.kungfufinance.com/diversified-or-diworseified/So, no. It's not a joke. |
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Kesecer
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December 06, 2017, 03:06:20 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
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Usine
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December 06, 2017, 03:06:42 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
bitcoin hoarding/investing is very profitable when bitcoin succeeds and very lossy if bitcoin fails. There is nothing in between. |
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Renr
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December 06, 2017, 03:07:03 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
bitcoin hoarding/investing is very profitable when bitcoin succeeds and very lossy if bitcoin fails. There is nothing in between. i assumed that it's obvious that daytrading and trading share the same properties and that "There is nothing in between" applied to the preceding sentence not the first sentence.... |
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Aneelal
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December 06, 2017, 03:07:45 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
bitcoin hoarding/investing is very profitable when bitcoin succeeds and very lossy if bitcoin fails. There is nothing in between. i assumed that it's obvious that daytrading and trading share the same properties and that "There is nothing in between" applied to the preceding sentence not the first sentence.... No, they do not have the same "properties", as one is done for short term profit, and one is done with the expectation of a long term profit. Day trading is like poker in that its highly profitable when others suck at it. Hoarding is just hoarding, there is no "strategy" to hoarding. You just hoard until you can't wait any longer to cash out. |
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Rludd
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December 06, 2017, 03:10:08 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
bitcoin hoarding/investing is very profitable when bitcoin succeeds and very lossy if bitcoin fails. There is nothing in between. i assumed that it's obvious that daytrading and trading share the same properties and that "There is nothing in between" applied to the preceding sentence not the first sentence.... No, they do not have the same "properties", as one is done for short term profit, and one is done with the expectation of a long term profit. Day trading is like poker in that its highly profitable when others suck at it. Hoarding is just hoarding, there is no "strategy" to hoarding. You just hoard until you can't wait any longer to cash out. mmh, do you know how to read? |
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Bamel
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December 06, 2017, 03:11:06 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
Were you born an asshole or did you have to work at it? |
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Amial
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December 06, 2017, 03:11:18 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
Reading comprehension is important. "There is nothing in between" referenced hording / investing. It was a separate thought entirely from the trading aspect. |
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Kesecer
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December 06, 2017, 03:12:05 PM |
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
No, he identified two different forms of investing, and made a statement about one of those forms. You attributed that statement to the other form of investing, how can you not see that? Your statement is true for day-trading. It is not true for long-term investing. |
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