This forum is full of future millionaires

[pinksheep]

I'm thinking of taking a huge fucking loan but i'm kinda afraid that my money will get stuck in limbo somewhere/scammed.

I too am worried that my BTC will be stolen. I keep worrying that my private keys will be bruteforced.

[Ibian]

I'm thinking of taking a huge fucking loan but i'm kinda afraid that my money will get stuck in limbo somewhere/scammed.

I too am worried that my BTC will be stolen. I keep worrying that my private keys will be bruteforced.

Make an offline electrum wallet. Only way to steal them like that is with physical access to the hardware. And at that point they still need to get past your hopefully strong password (14+ characters, upper and lower case letters, numbers, as random as you can safely remember).

Brute forcing a wallet based solely on the public address would literally require more energy than is contained in the sun. Nonissue.

[optimator]

I'm thinking of taking a huge fucking loan but i'm kinda afraid that my money will get stuck in limbo somewhere/scammed.

Then purchase the coins in smaller amount. You don't have to go "all in" on one purchase.

[bitcoinsrus]

I'm thinking of taking a huge fucking loan but i'm kinda afraid that my money will get stuck in limbo somewhere/scammed.

Then purchase the coins in smaller amount. You don't have to go "all in" on one purchase.

[jonald_fyookball]

I'm thinking of taking a huge fucking loan but i'm kinda afraid that my money will get stuck in limbo somewhere/scammed.

I too am worried that my BTC will be stolen. I keep worrying that my private keys will be bruteforced.

You're still stuck on this?

Why? 

It's completely illogical. I explained the math to you in detail and why it's for all intents and purposes impossible.

[HurricanOday]

I don't understand it either, I have 9 coins with coinbase and if it gets hacked robbed natural disaster I lose all my coins like there was never anything there?

[saddambitcoin]

I don't understand it either, I have 9 coins with coinbase and if it gets hacked robbed natural disaster I lose all my coins like there was never anything there?

Please do yourself a favor and keep your BTC on a paper wallet or some form of cold storage. You will never have to worry about Coinbase being hacked, or your account itself being compromised, or losing your 2FA. Use BIP38 encryption and make sure to remember the password. Store backups of your private keys in multiple redundant locations as a hedge against natural disasters. Always test with a small amount of BTC first until you are confident in sending to paper wallets and importing private keys to your wallet to spend.

1. boot Tails
2. https://bitaddress.org
3. go offline
4. print

[jonald_fyookball]

I don't understand it either, I have 9 coins with coinbase and if it gets hacked robbed natural disaster I lose all my coins like there was never anything there?

Please do yourself a favor and keep your BTC on a paper wallet or some form of cold storage. You will never have to worry about Coinbase being hacked, or your account itself being compromised, or losing your 2FA. Use BIP38 encryption and make sure to remember the password. Store backups of your private keys in multiple redundant locations as a hedge against natural disasters. Always test with a small amount of BTC first until you are confident in sending to paper wallets and importing private keys to your wallet to spend.

1. boot Tails
2. https://bitaddress.org
3. go offline
4. print

Yep.  Keeping all your coins on coinbase is waiting to get goxxed.
Must educate oneself on cold storage.  Pain in the butt maybe
But the reward is peace of mind and security. Well worth the effort.

[williamevanl]

coinbase uses cold storage. (They aren't going to get hacked)

Speaking of such things, go to coinbase and talk to them. They have a support person there 24/7 to answer all these question. The charge quite a bit in fees but they handle all of the 'cold storage' for you .

[Raystonn]

I suggest the use of BitGo.  You get 3 keys, and need 2 of them to spend the money.  They keep one in a secure server.  You keep one offline as a backup.  You keep the last and access it by password on your web browser (client-side).  BitGo only ever sees the first one, and thus cannot spend your money.  You always have access to 2 keys so if BitGo disappears, you still keep your money.  What BitGo offers is the ease of a hot wallet with the security of cold storage.

[Bobsurplus]

I agree with what a lot of people here seem to be saying, I believe we'll see a 100K + btc value way sooner then 10-20 years. Try more like 1-5. Things are about to skyrocket in the bitcoin and altcoin world. Major new money is getting ready to get into this market and once that happens you can expect to see some serious movement in the up direction. The same we saw from $50-$1200. I hope you have your DCM BTC and LTC safely secured.

[HurricanOday]

coinbase uses cold storage. (They aren't going to get hacked)

Speaking of such things, go to coinbase and talk to them. They have a support person there 24/7 to answer all these question. The charge quite a bit in fees but they handle all of the 'cold storage' for you .

I have spoken with their chat and was going to say the same thing. First thing that came to mind when I read the posts about paper wallet/cold storage is how can bitcoin succeed if a company like Coinbase can not be trusted. Then secondly I am pretty savy tech and spend a lot of time on my pc, but with the little research I have about zero clue how or why I would want to set up a cold storage/paper wallet. For 1 it seems like a hassle and 2 at this point I am a little more concerned with me losing the coins than coinbase. Then finally if someone like me doesn't want to deal with it or fully understand it how can bitcoin be widespread if everyone has go through with the multiple back ups and doing this and that What about the people who no zero or are not tech savy at all?

Shit I can't even find my thumb drive with my bootleg copy of Office 2010 (guess I should have backed it up onto 5 different drives and put them in different places with special maps to remember the locations)

[jonald_fyookball]

coinbase uses cold storage. (They aren't going to get hacked)

Speaking of such things, go to coinbase and talk to them. They have a support person there 24/7 to answer all these question. The charge quite a bit in fees but they handle all of the 'cold storage' for you .

I have spoken with their chat and was going to say the same thing. First thing that came to mind when I read the posts about paper wallet/cold storage is how can bitcoin succeed if a company like Coinbase can not be trusted. Then secondly I am pretty savy tech and spend a lot of time on my pc, but with the little research I have about zero clue how or why I would want to set up a cold storage/paper wallet. For 1 it seems like a hassle and 2 at this point I am a little more concerned with me losing the coins than coinbase. Then finally if someone like me doesn't want to deal with it or fully understand it how can bitcoin be widespread if everyone has go through with the multiple back ups and doing this and that What about the people who no zero or are not tech savy at all?

Shit I can't even find my thumb drive with my bootleg copy of Office 2010 (guess I should have backed it up onto 5 different drives and put them in different places with special maps to remember the locations)

In theory you are right, the industry will need to evolve to the point where there are reliable bitcoin banks.  However, things are still very immature as far as security, best practices, protocols, etc. also coinbase is tiny compared to large banks, not insured necessarily.

And yes, your coins may be safer with them than yourself if you don't know what you're doing.  The die hards will prefer to secure their own coins.  As far as trusted third parties, coinbase seems good...just be clear that you are in fact trusting your money to a third party....maybe meanwhile you can wade into the waters of learning bitcoin self storage.

[HurricanOday]

Another thing (correct me if I'm wrong) is if my coins are all offline I can't just go and sell in a hurry if it shoots up or down. I would have to be home or whatever with my 5 backups and then have to load it all up to coinbase site to be able to sell. Right now I log in with any pc and a quick text to my phone with the coinbase verification I am on coinbase site buying selling making millions.

If there is a easy secure way to keep my coins then fill me in

[williamevanl]

coinbase uses cold storage. (They aren't going to get hacked)

Speaking of such things, go to coinbase and talk to them. They have a support person there 24/7 to answer all these question. The charge quite a bit in fees but they handle all of the 'cold storage' for you .

I have spoken with their chat and was going to say the same thing. First thing that came to mind when I read the posts about paper wallet/cold storage is how can bitcoin succeed if a company like Coinbase can not be trusted. Then secondly I am pretty savy tech and spend a lot of time on my pc, but with the little research I have about zero clue how or why I would want to set up a cold storage/paper wallet. For 1 it seems like a hassle and 2 at this point I am a little more concerned with me losing the coins than coinbase. Then finally if someone like me doesn't want to deal with it or fully understand it how can bitcoin be widespread if everyone has go through with the multiple back ups and doing this and that What about the people who no zero or are not tech savy at all?

Shit I can't even find my thumb drive with my bootleg copy of Office 2010 (guess I should have backed it up onto 5 different drives and put them in different places with special maps to remember the locations)

Agreed! I work in bioinformatics, I work on a $500,000 cluster computer for a living and I stare at a linux terminal 50 hours a week. That said, I STILL don't want to handle cold storage on my own. (was also a programmer for 2 years!) If you want adoption, I wouldn't discourage folks from using such services.

It's just not something I can handle having ~6,000$ on a piece of paper somewhere.

[Parazyd]

Most here won't resist the temptation to spend. Very few here will actually be millionaires.

Yeah that is what made most of miners to sell on 50$ , u will always think this profit is good enough. U need to sell at some point but when , that is the 1M$ question.

Hodl forever until Bitcoin is a worldwide currency. Then you won't have to sell for USD.

[Soros Shorts]

coinbase uses cold storage. (They aren't going to get hacked)

Speaking of such things, go to coinbase and talk to them. They have a support person there 24/7 to answer all these question. The charge quite a bit in fees but they handle all of the 'cold storage' for you .

I have spoken with their chat and was going to say the same thing. First thing that came to mind when I read the posts about paper wallet/cold storage is how can bitcoin succeed if a company like Coinbase can not be trusted. Then secondly I am pretty savy tech and spend a lot of time on my pc, but with the little research I have about zero clue how or why I would want to set up a cold storage/paper wallet. For 1 it seems like a hassle and 2 at this point I am a little more concerned with me losing the coins than coinbase. Then finally if someone like me doesn't want to deal with it or fully understand it how can bitcoin be widespread if everyone has go through with the multiple back ups and doing this and that What about the people who no zero or are not tech savy at all?

Shit I can't even find my thumb drive with my bootleg copy of Office 2010 (guess I should have backed it up onto 5 different drives and put them in different places with special maps to remember the locations)

Agreed! I work in bioinformatics, I work on a $500,000 cluster computer for a living and I stare at a linux terminal 50 hours a week. That said, I STILL don't want to handle cold storage on my own. (was also a programmer for 2 years!) If you want adoption, I wouldn't discourage folks from using such services.

It's just not something I can handle having ~6,000$ on a piece of paper somewhere.

I think it is fine to rely on third party services to store your coins, as long as you realize that as things currently stand right now it is nowhere as safe as storing your fiat in a bank or brokerage account.

Put it another way, if you have BTC savings worth many times the Linux cluster you use at work would you still store the coins in Coinbase?

[Raystonn]

If there is a easy secure way to keep my coins then fill me in

http://www.bitgo.com is a multi-sig service.  Imagine a safe-deposit box.  There are 3 keys, and you need 2 of them to open the box.  Bitgo keeps only 1, so you are safe from their screw-ups.  But that one, along with a password hash approach to a key you have offers the safety of cold storage with the convenience of accessing your Bitcoins from any internet-connected device.

[piramida]

If there is a easy secure way to keep my coins then fill me in

http://www.bitgo.com is a multi-sig service.  Imagine a safe-deposit box.  There are 3 keys, and you need 2 of them to open the box.  Bitgo keeps only 1, so you are safe from their screw-ups.  But that one, along with a password hash approach to a key you have offers the safety of cold storage with the convenience of accessing your Bitcoins from any internet-connected device.

but that does not solve the problem of the user storing the private keys, which is the weak link. so it makes absolutely no sense, you can just as well store private key yourself and dont send any money to third party, because either way, if your bitgo keys are stolen, your bitcoins are, too. they are assuming you will have one key really secret and the other available, but this can only be suggested for users who know how to keep a key secret, in the first place.

there is only one way to store bitcoins securely for somebody who does not understand anything about computer security, and that is create an offline wallet (paper or otherwise) and send coins to it, without spending. for spending, use something like coinbase with small amounts.

[Raystonn]

If there is a easy secure way to keep my coins then fill me in

http://www.bitgo.com is a multi-sig service.  Imagine a safe-deposit box.  There are 3 keys, and you need 2 of them to open the box.  Bitgo keeps only 1, so you are safe from their screw-ups.  But that one, along with a password hash approach to a key you have offers the safety of cold storage with the convenience of accessing your Bitcoins from any internet-connected device.

but that does not solve the problem of the user storing the private keys, which is the weak link. so it makes absolutely no sense, you can just as well store private key yourself and dont send any money to third party, because either way, if your bitgo keys are stolen, your bitcoins are, too.

You can store the private keys in a safe deposit box.  Yet you still can access your funds with one password plus Bitgo's key.  Safe and usable.