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Author Topic: How many people like me planned a wallet of bitcoin will never be sold?  (Read 1626 times)
HorseRider
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October 23, 2011, 06:15:15 AM
 #1

whatever happens. and how many is it?

I have some of my bitcion for spending, and some of my bitcoin for short-term trading, and some of it will be sold if the price climb up so high. However,  some of the bitcoin I have will like to be hold forever, no matter what happens: the price rocket or the price is so low that the difficult is low enough for a double-spend attack . do you have such plan?

Let's sum the number of such saving plan. if you reply, just add the number of yours to the previous one.

my number:

100

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October 23, 2011, 06:35:47 AM
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...and some will be sold if the price climb up so high. but some of the bitcoin I will never sold. do you have such plan?

What the hell did I just read.

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October 23, 2011, 07:02:09 AM
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...and some will be sold if the price climb up so high. but some of the bitcoin I will never sold. do you have such plan?

What the hell did I just read.
I'd like to know what that meant, too.
HorseRider
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October 23, 2011, 09:18:16 AM
 #4

What's the reason that you will never sell or spend those bitcoins?

What about when you die? Will you be passing them on to someone else in your will, so that they can sell or spend them?

Yes, I will pass it to someone else, if there are still lots of people who accept it as currency at that time.

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October 23, 2011, 09:30:18 AM
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Yes, I made sure that if Bitcoin becomes THE currency I'll have a nice wallet. So I created one, made a number of backups which I stored in different places with different security, and delete the instance on the running computer so it can't be stolen. The amount is not fixed - I transfer some money on it from time to time. Now that the rate is so low, I put in more.

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October 23, 2011, 12:23:48 PM
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Yes, I made sure that if Bitcoin becomes THE currency I'll have a nice wallet. So I created one, made a number of backups which I stored in different places with different security, and delete the instance on the running computer so it can't be stolen. The amount is not fixed - I transfer some money on it from time to time. Now that the rate is so low, I put in more.

You transfer money w/o syncing the wallets?

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payb.tc
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October 23, 2011, 12:27:00 PM
 #7

whatever happens. and how many is it?

I have some of my bitcion for spending, and some of my bitcoin for short-term trading, and some of it will be sold if the price climb up so high. However,  some of the bitcoin I have will like to be hold forever, no matter what happens: the price rocket or the price is so low that the difficult is low enough for a double-spend attack . do you have such plan?

Let's sum the number of such saving plan. if you reply, just add the number of yours to the previous one.

my number:

100

what's the point of never selling them? am i to assume that means you would also never trade them for goods or services?


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October 23, 2011, 12:41:35 PM
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You transfer money w/o syncing the wallets?

https://en.bitcoin.it/wiki/FAQ#What_happens_when_someone_sends_me_a_bitcoin_but_my_computer_is_powered_off.3F

Transactions are not lost in the block chain just because I don't sync my wallet. The important information of the wallet is the key. Syncing can be done any time, tomorrow or in 30 years.

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October 23, 2011, 12:58:20 PM
 #9

"Never", I don't believe you. If someone offers you a kilo of gold per coin, you *will* spend at least a fraction unless you're fairly insane or very rich already.

But yeah, there's a limit to how many coins I would sell anywhere near current prices. If Bitcoin enters a full-success-scenario, unlikely as it sounds, it would turn out a very bad deal to sell everything on the way. That's why I advise people to hold a few coins. I think expectation value of Bitcoin Value is much higher then 3 USD, but since the unlikely cases (full success) drive it up, one should not go all-in for risk reasons.

I think that's what HorseRider means, the fraction one doesn't sell until he sees a full success scenario.
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October 23, 2011, 01:01:21 PM
 #10

How many people like me planned a wallet of bitcoin will never be sold?

I made a savings wallet with a large sum to keep myself from spending it all. The point is not to "never" spend it, but to keep some money for emergencies (kids' education, paying back loans, health issues, divorce, etc.). Much preferred by me than keeping it in a bank. So currently 1/3 of my Bitcoin possession is in this static savings (lately divided into smaller wallets), another 1/3 is in investment (mostly GLBSE) and 1/3 is for immediate spending. I don't plan to sell them for other currencies but it is a type of spending anyway (I imagine if I travel to a far away country, I'd look in to options of exchanging Bitcoin to the local currency).

This is the setup that makes sense to me. But planning to never ever spend is meaningless, though you would certainly break the moneybox in case of a real emergency, so what you're doing is in effect the same as what I do. :^)
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October 23, 2011, 09:56:49 PM
 #11

I've got a wallet tucked away with some zeros in it.  It's not that I will never trade or spend these coins it's just that I'm betting on the future...

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Besides, It'll drive me crazy trying to figure where it came from.
Als Pawnshop
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October 29, 2011, 12:53:50 AM
 #12

whatever happens. and how many is it?

I have some of my bitcion for spending, and some of my bitcoin for short-term trading, and some of it will be sold if the price climb up so high. However,  some of the bitcoin I have will like to be hold forever, no matter what happens: the price rocket or the price is so low that the difficult is low enough for a double-spend attack . do you have such plan?

Let's sum the number of such saving plan. if you reply, just add the number of yours to the previous one.

my number:

100

If you really want to hold them forever then just delete the wallet.dat file right away then you know you won't ever be tempted.  Grin
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October 29, 2011, 01:09:46 AM
 #13

Most of my bitcoins are now off-line spread across several keys so I dont have to import all my bitcoins to spend just a few. I keep some on my PC and some on my phone for spending and demonstration. I'm long on Bitcoin and very patient. For my next of kin, I use a service that will inform them of the procedure to recover the off-line bitcoins in the event I stop responding to "pings".

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October 29, 2011, 01:48:24 AM
 #14

To never sell them whatever happens, it doesn't make any sense. If you want to do that, then just say : I want to give a bigger heritage to my childs by givin btc to them...

I think what everybody do is saving few btc to sell them in 1 years or so, when to price will be higher in the case of BTC currency will be famous and strong Wink

Celui qui n'a pas appris à échouer, a échoué à apprendre.
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October 29, 2011, 02:35:16 AM
 #15

20
adamstgBit
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October 29, 2011, 02:41:17 AM
 #16

whatever happens. and how many is it?
my number:

100

what's the point of never selling them? am i to assume that means you would also never trade them for goods or services?


the point is.... you believe, bitcoin dose have its ups and downs but the value could one day be very high, there for it is a good idea to to hold some... until retirement!



i hold 50BTC, but i'm hoping i hold 1,000 bitcoin b4 i retire

..... by which time 1BTC=125.99us
Investment!

bitleaker
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October 29, 2011, 02:49:03 AM
 #17



i hold 50BTC, but i'm hoping i hold 1,000 bitcoin b4 i retire

..... by which time 1BTC=125.99us
Investment!


By the time you retire, $125.99USD wouldn't even cover cost of the paper they are printed on. So you see a decline in bitcoin value too?  Grin
adamstgBit
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October 29, 2011, 03:26:26 AM
 #18

Not spending your bitcoins is the worst thing you can do to the bitcoin economy.  Buy things, pay for services, play games, hoarding your coins is not only boring but does nothing to increase the value of your coins.

yes!
spend alot of bitcoins
and
hold alot of bitcoin

this is the best kind of person for the bitcoin economy

payb.tc
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October 29, 2011, 04:02:57 AM
 #19

whatever happens. and how many is it?
my number:

100

what's the point of never selling them? am i to assume that means you would also never trade them for goods or services?


the point is.... you believe, bitcoin dose have its ups and downs but the value could one day be very high, there for it is a good idea to to hold some... until retirement!

selling at retirement != never selling them
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