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Author Topic: Should I invest $70,000 in Bitcoin? How should I do it?  (Read 5044 times)
dsattler
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November 02, 2013, 04:42:41 PM
 #101

I am about to receive $70,000 in a couple days. My parents want me to put it into an investment account, but I am thinking about investing in BITCOIN. Do you think that I should do this? What would be the best way to invest in BITCOIN? How long should I keep it invested? What is my probability of loosing money? Thanks a lot for your opinion.

In my opinion, it depends on how long you wanna be invested in. If you are talking about long term (2~5 yrs) and have a strong heart against short-term dramas, investing some of your EXTRA money in Bitcoin right now is not a bad idea. Right now the best way to invest in Bitcoin is to buy actual Bitcoins and hold. But remember to backup the wallet file every time after sending out Bitcoins, otherwise you can lose the entire balance.

The tragic lesson: https://bitcointalk.org/index.php?topic=782.0
and "Insti" has the explanation:

"It sounds like they are lost for good.

Sad

Lesson to other people: Remember you need to back your wallet up after every transaction!
(The wallet metaphor is actually a bad one, because it makes problems like this more common than they should be.)

Edit: (more explaination)

When you do a transaction you always spend ALL of the coins in that address, part of the money goes to whoever you're paying, and there rest is returned to you an a new 'change' address. (This helps your anonymity as someone watching cannot tell which amount you spent and which amount you kept.)

Before transaction:
Address1: 9000
Address2: 0

After transaction:
Address1: 0
Address2: 1
Address3: 8999

It sounds like you have wallet.dat that contains the private keys for Address1 and Address2, but not Address3.
(Although the numbers in your story don't add up.)
What were the Bitcoin addresses? (If we know these we can do some more in-depth block chain research)
"


Only partially true. The current client stores the next 100 addresses in the backup. This includes change addresses and newly generated addresses. You only need to backup your wallet once every 100 transactions.

I did not know that, thanks for bringing this up!

Learning more and more every day...  Smiley

Bitcointalk member since 2013! Smiley
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November 02, 2013, 05:04:40 PM
 #102

I am about to receive $70,000 in a couple days. My parents want me to put it into an investment account, but I am thinking about investing in BITCOIN. Do you think that I should do this? What would be the best way to invest in BITCOIN? How long should I keep it invested? What is my probability of loosing money? Thanks a lot for your opinion.

In my opinion, it depends on how long you wanna be invested in. If you are talking about long term (2~5 yrs) and have a strong heart against short-term dramas, investing some of your EXTRA money in Bitcoin right now is not a bad idea. Right now the best way to invest in Bitcoin is to buy actual Bitcoins and hold. But remember to backup the wallet file every time after sending out Bitcoins, otherwise you can lose the entire balance.

The tragic lesson: https://bitcointalk.org/index.php?topic=782.0
and "Insti" has the explanation:

"It sounds like they are lost for good.

Sad

Lesson to other people: Remember you need to back your wallet up after every transaction!
(The wallet metaphor is actually a bad one, because it makes problems like this more common than they should be.)

Edit: (more explaination)

When you do a transaction you always spend ALL of the coins in that address, part of the money goes to whoever you're paying, and there rest is returned to you an a new 'change' address. (This helps your anonymity as someone watching cannot tell which amount you spent and which amount you kept.)

Before transaction:
Address1: 9000
Address2: 0

After transaction:
Address1: 0
Address2: 1
Address3: 8999

It sounds like you have wallet.dat that contains the private keys for Address1 and Address2, but not Address3.
(Although the numbers in your story don't add up.)
What were the Bitcoin addresses? (If we know these we can do some more in-depth block chain research)
"


Only partially true. The current client stores the next 100 addresses in the backup. This includes change addresses and newly generated addresses. You only need to backup your wallet once every 100 transactions.

I did not know that, thanks for bringing this up!

Learning more and more every day...  Smiley

I know this starts to be offtopic, but this is real? Is fixed now? Do we really need to make a backup on 2013 on every transaction?

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