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Author Topic: FreeBitco.in - Win a Lamborghini Huracan LP 580-2!!  (Read 303102 times)
TheQuin
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September 28, 2018, 12:13:00 AM
 #7361

where are you from 1% is really low?

That's the crux of the matter. You also need to factor in the currency risk which drives inflation. It is easy to find a country paying 10% but if you converted USD then you would find that countries currency had devalued by more than 10% in a year. So you can't really make a direct comparison of 4% on BTC against an interest rate on another currency.

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September 28, 2018, 04:26:53 AM
 #7362

^^ This whole point underlines a large part of why is crypto used.    Without our strange global central bank system fixing rates so low when really the natural layout would have most western world rates at about 5%, crypto would be far less popular otherwise and people would just leave cash in the bank.  
As it is its quite certain people will lose money to inflation even after interest rates, its true in USA, EU, UK and certainly I think Japanese YEN has horrible problems with its currency value longer term.  Of course over night they might beat crypto for some stability but otherwise they are doomed to lose value until each government can repay debts properly, unwind QE programs and put interest rates above inflation.    I forget the figure but USA pays billions more in debt interest on their 21 trillion owed every time rates go up, so you know the people who hold dollar are the weakest link, will lose money out their pocket just sitting there over years.
  
Sorry for the long take but thats why crypto is used more, thats why some really dont mind some holding.  Obviously is not good to hold all in crypto but imo thats why the price for BTC has been buoyant this last couple years even with the fall (its a global effect).  In places like Vietnam or a few mentioned in news as failing economies, crypto makes even more sense and that 4% is great I think for them.    

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September 28, 2018, 10:55:26 AM
 #7363

^^ This whole point underlines a large part of why is crypto used.    Without our strange global central bank system fixing rates so low when really the natural layout would have most western world rates at about 5%, crypto would be far less popular otherwise and people would just leave cash in the bank.  
As it is its quite certain people will lose money to inflation even after interest rates, its true in USA, EU, UK and certainly I think Japanese YEN has horrible problems with its currency value longer term.  Of course over night they might beat crypto for some stability but otherwise they are doomed to lose value until each government can repay debts properly, unwind QE programs and put interest rates above inflation.    I forget the figure but USA pays billions more in debt interest on their 21 trillion owed every time rates go up, so you know the people who hold dollar are the weakest link, will lose money out their pocket just sitting there over years.
  

The issue I and probably quite a few others have with investing here though is that it's not multisigged or anything.
Wetsuit has contorl over several hundred btc in user balances and (according to the website) he's sotring it in one trezor.... I wouldn't say that was a particularly safew way to go if you ask me.

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September 28, 2018, 03:26:20 PM
 #7364

Expected loss is enormous in the wagering competition!

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September 29, 2018, 04:07:49 AM
 #7365

Expected loss is enormous in the wagering competition!

Looking at expected value misses the whole point of gambling. Some people win, some people lose, and the expected value is just what the average should statistically work out at.

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September 29, 2018, 07:28:18 AM
 #7366

^^ This whole point underlines a large part of why is crypto used.    Without our strange global central bank system fixing rates so low when really the natural layout would have most western world rates at about 5%, crypto would be far less popular otherwise and people would just leave cash in the bank.  
As it is its quite certain people will lose money to inflation even after interest rates, its true in USA, EU, UK and certainly I think Japanese YEN has horrible problems with its currency value longer term.  Of course over night they might beat crypto for some stability but otherwise they are doomed to lose value until each government can repay debts properly, unwind QE programs and put interest rates above inflation.    I forget the figure but USA pays billions more in debt interest on their 21 trillion owed every time rates go up, so you know the people who hold dollar are the weakest link, will lose money out their pocket just sitting there over years.
  

The issue I and probably quite a few others have with investing here though is that it's not multisigged or anything.
Wetsuit has contorl over several hundred btc in user balances and (according to the website) he's sotring it in one trezor.... I wouldn't say that was a particularly safew way to go if you ask me.

I seriously doubt that Wetsuit would divulge the full extent of his cold storage solution, but a hardware wallet like Trezor is definitely one of the best solutions out there, because he wants easy access to the coins. Each of these hardware devices are backed with a Seed to recover the wallet, in the event that something goes wrong. <So I presume that he has backup devices>

What other cold storage would you suggest for a operation like this? <Multiple hardware wallets?>

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September 29, 2018, 07:42:20 AM
 #7367

this site is still alive ? holy moly

SCAM ALERT: The Rock Trading Exchange (www.therocktrading.com): Deceives bitcoiners to create unverified accounts, blocks the withdrawals covertly in order to let the user keep depositing money and uses every pretext to keep it blocked "forever".
https://bitcointalk.org/index.php?topic=4975753.0
https://www.coinmedicate.com/the-rock-trading-selective-scam/
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September 29, 2018, 03:59:44 PM
 #7368


I seriously doubt that Wetsuit would divulge the full extent of his cold storage solution, but a hardware wallet like Trezor is definitely one of the best solutions out there, because he wants easy access to the coins. Each of these hardware devices are backed with a Seed to recover the wallet, in the event that something goes wrong. <So I presume that he has backup devices>

What other cold storage would you suggest for a operation like this? <Multiple hardware wallets?>

Neither.  Multi-sig wallets are the only option.  There is no need for cold storage at all in that scenario.  But security isnt what wetsuit cares about anyway.  All he cares about is that you continue to dump BTC to his addresses.  Thats it.  Nothing more.

this site is still alive ? holy moly

No not really,  but the owners would like you to think that way.  It's only a few idiots dumping BTC into it atm.  Thus thats why there are such ludicrous contests going on atm to attract new income.

Watch me rape Freebitco.in 24x7 with my gambling bot (you can to) here: https://dlive.tv/btctrading I also do some trading there as well.
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September 30, 2018, 01:11:05 AM
 #7369

^^ This whole point underlines a large part of why is crypto used.    Without our strange global central bank system fixing rates so low when really the natural layout would have most western world rates at about 5%, crypto would be far less popular otherwise and people would just leave cash in the bank.  
As it is its quite certain people will lose money to inflation even after interest rates, its true in USA, EU, UK and certainly I think Japanese YEN has horrible problems with its currency value longer term.  Of course over night they might beat crypto for some stability but otherwise they are doomed to lose value until each government can repay debts properly, unwind QE programs and put interest rates above inflation.    I forget the figure but USA pays billions more in debt interest on their 21 trillion owed every time rates go up, so you know the people who hold dollar are the weakest link, will lose money out their pocket just sitting there over years.
  

The issue I and probably quite a few others have with investing here though is that it's not multisigged or anything.
Wetsuit has contorl over several hundred btc in user balances and (according to the website) he's sotring it in one trezor.... I wouldn't say that was a particularly safew way to go if you ask me.

I seriously doubt that Wetsuit would divulge the full extent of his cold storage solution, but a hardware wallet like Trezor is definitely one of the best solutions out there, because he wants easy access to the coins. Each of these hardware devices are backed with a Seed to recover the wallet, in the event that something goes wrong. <So I presume that he has backup devices>

What other cold storage would you suggest for a operation like this? <Multiple hardware wallets?>

The Trezor has been replaced with a Ledger and as stated on the site that is in addition to encrypted paper wallets. A multisig solution is not any more secure if there is only one owner of the business.

Many people do trust us with large deposits, currently over 1400 BTC. You can do some simple blockchain analysis from our deposit address https://btc.com/1Fu3iBR2EMQWeYGi3XvrPmcPUkne8ZWj9h to see how active it is.

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September 30, 2018, 07:03:55 AM
 #7370

^^ This whole point underlines a large part of why is crypto used.    Without our strange global central bank system fixing rates so low when really the natural layout would have most western world rates at about 5%, crypto would be far less popular otherwise and people would just leave cash in the bank.  
As it is its quite certain people will lose money to inflation even after interest rates, its true in USA, EU, UK and certainly I think Japanese YEN has horrible problems with its currency value longer term.  Of course over night they might beat crypto for some stability but otherwise they are doomed to lose value until each government can repay debts properly, unwind QE programs and put interest rates above inflation.    I forget the figure but USA pays billions more in debt interest on their 21 trillion owed every time rates go up, so you know the people who hold dollar are the weakest link, will lose money out their pocket just sitting there over years.
  

The issue I and probably quite a few others have with investing here though is that it's not multisigged or anything.
Wetsuit has contorl over several hundred btc in user balances and (according to the website) he's sotring it in one trezor.... I wouldn't say that was a particularly safew way to go if you ask me.

I seriously doubt that Wetsuit would divulge the full extent of his cold storage solution, but a hardware wallet like Trezor is definitely one of the best solutions out there, because he wants easy access to the coins. Each of these hardware devices are backed with a Seed to recover the wallet, in the event that something goes wrong. <So I presume that he has backup devices>

What other cold storage would you suggest for a operation like this? <Multiple hardware wallets?>

The Trezor has been replaced with a Ledger and as stated on the site that is in addition to encrypted paper wallets. A multisig solution is not any more secure if there is only one owner of the business.

Many people do trust us with large deposits, currently over 1400 BTC. You can do some simple blockchain analysis from our deposit address https://btc.com/1Fu3iBR2EMQWeYGi3XvrPmcPUkne8ZWj9h to see how active it is.


Multisig is also impractical if you are more than one business owner, because both parties are constantly needed to do tx's and we know this is not the ideal scenario. People get sick or they go on leave or they are busy with many other projects and this restricts the daily operation.

Also, what happens if one of the partners suddenly dies?

Nah, I still think the hardware wallet is more flexible and more practical in this kind of scenario and the backup paper wallets is the best way to secure the deposits.  Wink

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September 30, 2018, 08:34:04 AM
 #7371

The Trezor has been replaced with a Ledger and as stated on the site that is in addition to encrypted paper wallets. A multisig solution is not any more secure if there is only one owner of the business.

Many people do trust us with large deposits, currently over 1400 BTC. You can do some simple blockchain analysis from our deposit address https://btc.com/1Fu3iBR2EMQWeYGi3XvrPmcPUkne8ZWj9h to see how active it is.


Multisig is also impractical if you are more than one business owner, because both parties are constantly needed to do tx's and we know this is not the ideal scenario. People get sick or they go on leave or they are busy with many other projects and this restricts the daily operation.

Also, what happens if one of the partners suddenly dies?

Nah, I still think the hardware wallet is more flexible and more practical in this kind of scenario and the backup paper wallets is the best way to secure the deposits.  Wink

You're supporting me without knowing it now. A 2 of 3 multisig is a perfect solution and that is, indeed, for if someone dies... If wetsuit's dead what are you going to do if you have money on there?
So with a 2 of 3 multisig you only need to cosigners so you dhouldn't keep having to interrrupt one of them...
And @thequin, that address dowsn't seem to have too many large depositors, the most I saw was about 0.21BTC. There's a difference between being trusted to store someone's balance and being trusted to store someone's change....

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September 30, 2018, 08:50:16 AM
 #7372

And @thequin, that address dowsn't seem to have too many large depositors, the most I saw was about 0.21BTC. There's a difference between being trusted to store someone's balance and being trusted to store someone's change....

This tx https://btc.com/b3a315142733b3c4aa52a84a2f63b1bc9474d161161850d5e4004d43be5db3b8 from only 5 days ago is someone depositing 137.57465000 BTC and it automatically getting put into cold storage.

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September 30, 2018, 09:28:00 AM
 #7373

And @thequin, that address dowsn't seem to have too many large depositors, the most I saw was about 0.21BTC. There's a difference between being trusted to store someone's balance and being trusted to store someone's change....

This tx https://btc.com/b3a315142733b3c4aa52a84a2f63b1bc9474d161161850d5e4004d43be5db3b8 from only 5 days ago is someone depositing 137.57465000 BTC and it automatically getting put into cold storage.


I mean it'll get good interest, however that is probably someone with a lot more money than sense... Unless it's a start of a larger portfolio they have of investments of course if they were mining quite early on...

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September 30, 2018, 09:45:45 AM
 #7374

I mean it'll get good interest, however that is probably someone with a lot more money than sense... Unless it's a start of a larger portfolio they have of investments of course if they were mining quite early on...

They contacted me to ask if it was OK to deposit such amounts for the interest and explained their reasons. I'll respect their privacy and just say that they have money because they have sense.

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September 30, 2018, 10:58:42 AM
 #7375

This tx https://btc.com/b3a315142733b3c4aa52a84a2f63b1bc9474d161161850d5e4004d43be5db3b8 from only 5 days ago is someone depositing 137.57465000 BTC and it automatically getting put into cold storage.
They contacted me to ask if it was OK to deposit such amounts for the interest and explained their reasons. I'll respect their privacy and just say that they have money because they have sense.
why they contacted you to ask such question if that wasn't their first deposit?
am I correct to say that... because I see 136.93473000 BTC deposited to that address 2 weeks earlier
if they didn't withdraw the first then total for 274 BTC worth ~$1.8M Shocked close to 0.03 BTC daily return

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September 30, 2018, 11:06:52 AM
 #7376

This tx https://btc.com/b3a315142733b3c4aa52a84a2f63b1bc9474d161161850d5e4004d43be5db3b8 from only 5 days ago is someone depositing 137.57465000 BTC and it automatically getting put into cold storage.
They contacted me to ask if it was OK to deposit such amounts for the interest and explained their reasons. I'll respect their privacy and just say that they have money because they have sense.
why they contacted you to ask such question if that wasn't their first deposit?
am I correct to say that... because I see 136.93473000 BTC deposited to that address 2 weeks earlier
if they didn't withdraw the first then total for 274 BTC worth ~$1.8M Shocked close to 0.03 BTC daily return

Yes, it was the same person, they did withdraw but I'd guess to a different address. They were just being considerate and asking if it was OK to deposit large amounts for short periods of time just to earn interest. That is an amount above what is normally in the hot wallet so I told them it would we aim to process larger withdrawals within 24hrs. They were pleased as other sites often take over a week. If we had a multisig wallet it would be harder to provide that level of service.

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September 30, 2018, 04:13:56 PM
 #7377

They contacted me to ask if it was OK to deposit such amounts for the interest and explained their reasons. I'll respect their privacy and just say that they have money because they have sense.

I reckon wetsuit would be more than happy for them to try to turn to the multiply tab though Smiley.

Yes, it was the same person, they did withdraw but I'd guess to a different address. They were just being considerate and asking if it was OK to deposit large amounts for short periods of time just to earn interest. That is an amount above what is normally in the hot wallet so I told them it would we aim to process larger withdrawals within 24hrs. They were pleased as other sites often take over a week. If we had a multisig wallet it would be harder to provide that level of service.

Wetsuit sleeps a really long time then...
If it would take both the cosigners 24 hours to sign a transaction, we wouldn't get anything done. I twould be fater for them to fly to the BVI and pick up the keys themselves...

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September 30, 2018, 06:33:54 PM
 #7378

LOTTERY ROUND 174
This round, the winner with the lowest number of tickets is #2 with 137 tickets.
#1 won 0.32861185 BTC with 176,044 tickets.

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October 01, 2018, 01:38:56 AM
 #7379

Wetsuit sleeps a really long time then...
If it would take both the cosigners 24 hours to sign a transaction, we wouldn't get anything done. I twould be fater for them to fly to the BVI and pick up the keys themselves...

You seem to have missed the within part of that.

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October 01, 2018, 06:28:39 AM
 #7380

The Trezor has been replaced with a Ledger and as stated on the site that is in addition to encrypted paper wallets. A multisig solution is not any more secure if there is only one owner of the business.

Many people do trust us with large deposits, currently over 1400 BTC. You can do some simple blockchain analysis from our deposit address https://btc.com/1Fu3iBR2EMQWeYGi3XvrPmcPUkne8ZWj9h to see how active it is.


Multisig is also impractical if you are more than one business owner, because both parties are constantly needed to do tx's and we know this is not the ideal scenario. People get sick or they go on leave or they are busy with many other projects and this restricts the daily operation.

Also, what happens if one of the partners suddenly dies?

Nah, I still think the hardware wallet is more flexible and more practical in this kind of scenario and the backup paper wallets is the best way to secure the deposits.  Wink

You're supporting me without knowing it now. A 2 of 3 multisig is a perfect solution and that is, indeed, for if someone dies... If wetsuit's dead what are you going to do if you have money on there?
So with a 2 of 3 multisig you only need to cosigners so you dhouldn't keep having to interrrupt one of them...
And @thequin, that address dowsn't seem to have too many large depositors, the most I saw was about 0.21BTC. There's a difference between being trusted to store someone's balance and being trusted to store someone's change....

If I analyse this site correctly, Freebitco.in is a one man operation with some "helpers" with limited access and not enough "trust" in there for these people to have multisig access to the cold storage. So I think Wetsuit did not opt for that option, because of that reason.

This might even have been a pet project that became hugely successful and now needs more attention than what Wetsuit anticipated. He might have other projects that needs his attention or even a full-time job. <So, this is not a small business with a couple of employees and some partners, if you get what I am saying>  Wink


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