cbeast
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Activity: 1736
Merit: 1006
Let's talk governance, lipstick, and pigs.
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August 02, 2014, 12:21:09 AM |
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It's better to encrypt your single wallet to prevent anyone from using it if he gets his hands on it, and than backup it in several places, including the cloud. My preferred backup is to email it to myself. Google will keep it safe forever, and it's easy to periodically email it again if you exceed the limit of unused keys, which will force the wallet to generate the new keys.
This post gave me cancer. Please just start using Armory. It's better in every way than what you're doing. Armory sucks for me. Upgrading it erased my Bitcoin Core installation. The bootstrap still doesn't work after several tries. Now I have a week long download ahead of me. I will wait until there is a lite version. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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cdog
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August 02, 2014, 12:25:43 AM |
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It's better to encrypt your single wallet to prevent anyone from using it if he gets his hands on it, and than backup it in several places, including the cloud. My preferred backup is to email it to myself. Google will keep it safe forever, and it's easy to periodically email it again if you exceed the limit of unused keys, which will force the wallet to generate the new keys.
This post gave me cancer. Please just start using Armory. It's better in every way than what you're doing. Well, leaving your wallet in the cloud isnt much different that leaving it out in the street, and certainly removes any anonymity, but I think I might actually prefer that to an unencrypted cold wallet (which can be lost or stolen). If the wallet is unencrypted, its the same as physical cash or gold, but without the instant fungibility. Armory is certainly one of the better solutions around. Common sense is another. |
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cdog
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August 02, 2014, 12:33:36 AM |
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For those in here who have expressed their faith in the US Dollar and banking institutions, and feel comfortable with their life savings being a number on a computer screen, please watch this: https://www.youtube.com/watch?v=iFDe5kUUyT0The presentation is aimed at a general audience (i.e. people who dont know about fractional reserve lending) and seems to go for shock and awe value, but everything presented is factual and clearly explained. |
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gelar24
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August 02, 2014, 01:00:44 AM |
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Reading a story from a few years ago where someone invested all their life savings into Bitcoin and started to live off Bitcoin. that guy was a lucky guy as now the price as more than tripled to when he invested in it. Anyone else brave enough to do this?
yes I know if my first bitcoin and I definitely got a lot of capital brave enough  I may now also quite brave, because bitcoin is worldwide, although there are many pros and cons bitcoin future hopefully be the largest investment that many fields in the interest of people |
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picolo
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August 02, 2014, 12:32:32 PM |
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For those in here who have expressed their faith in the US Dollar and banking institutions, and feel comfortable with their life savings being a number on a computer screen, please watch this: https://www.youtube.com/watch?v=iFDe5kUUyT0The presentation is aimed at a general audience (i.e. people who dont know about fractional reserve lending) and seems to go for shock and awe value, but everything presented is factual and clearly explained. We are likely to see markets fall nominally or most probably run away inflation |
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itod
Legendary
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Activity: 1974
Merit: 1076
^ Will code for Bitcoins
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August 02, 2014, 01:50:17 PM |
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It's better to encrypt your single wallet to prevent anyone from using it if he gets his hands on it, and than backup it in several places, including the cloud. My preferred backup is to email it to myself. Google will keep it safe forever, and it's easy to periodically email it again if you exceed the limit of unused keys, which will force the wallet to generate the new keys.
This post gave me cancer. Please just start using Armory. It's better in every way than what you're doing. I don't have any intention using inferior solutions. Reference implementation (Bitcoin-QT) kicks ass, why would anyone use interpreted language based wallet, if he has C/C++ based one? You can use anything you like, but calling Bitcoin-QT "cancer" is giving yourself too many liberties. |
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itod
Legendary
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Activity: 1974
Merit: 1076
^ Will code for Bitcoins
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August 02, 2014, 01:54:29 PM |
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Well, leaving your wallet in the cloud isnt much different that leaving it out in the street, and certainly removes any anonymity, but I think I might actually prefer that to an unencrypted cold wallet (which can be lost or stolen).
If the wallet is unencrypted, its the same as physical cash or gold, but without the instant fungibility. Armory is certainly one of the better solutions around. Common sense is another.
How leaving your wallet in the cloud removes anonymity? Nobody can reach for it there except me, and even if a hacker manages to bypass my 2FA Google authentication, he can not do absolutely anything with my wallet since it is encrypted. I may as well leave it in the street and it would be perfectly safe, but I'm not placing it in the public cloud just for anonymity reasons. Using Armory would bring me 0 benefits security wise. |
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cryptworld
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August 02, 2014, 02:00:47 PM |
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never take the risk you can't afford to lose
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Meuh6879
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Activity: 1512
Merit: 1011
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August 02, 2014, 02:32:40 PM |
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If the wallet is unencrypted
seriously ... who is the hell fucking idiot that it don't encrypt wallet ? he deserve to lost his BTC ... for this. |
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martinnew
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August 02, 2014, 04:11:35 PM |
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never take the risk you can't afford to lose
Right. And... do not put all eggs in a single basket.  |
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protokol
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Activity: 1188
Merit: 1016
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August 02, 2014, 05:53:53 PM |
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Investing your life savings into Bitcoin is borderline retarded and indicative of a low financial intelligence.
That statement is so true it hurts. So what do you think is a safe/good amount of your savings to invest in Bitcoin? 20, 30 over 50 percent?
The key here is it all depends on how much savings you've got. Most people I know have life savings of less than a year's salary, and don't own any assets. For them, it would probably make sense to invest a lot, >50%, because they could make the money back by living very economically for a few years. If you have a million dollars in the bank, then it would be pretty dumb to invest >50% of it IMO, I would say no more than 15%, more like 5% But if you have a million dollars and own 10 houses worth a million each, why not invest 100% of your money? If it fails, sell one of your houses and you'll have your money back. This is such bad advice. You're advising the guy who doesn't have money to invest a lot of it, and the guy who has tons to invest a little. No, I stand by my recommendation - It's all about damage control, what you'd have left if Bitcoin failed, and how much the investment could change your life. The guy that doesn't have much money benefits a lot more by investing a higher percentage. Lets say they put in 100% of their life savings which is $5,000, and it multiplies by 10 in a year or two, they now have $50,000 which is a life-changing amount of money for this person (considering their current lifestyle). If they lose it all, then they could make that $5,000 back in a couple of years, by saving $50/week. A guy with $1m is already sitting pretty, so for them to invest the whole million and lose it would make their life considerably worse - it would be a hell of a lot harder, if not impossible, for them to make the money back. Yes, they could turn their $1m into $10m, but this wouldn't better their life that much. After all, they can already buy a nice house, a nice car, and still have enough money to put into low return investments which would pay them enough interest to buy food and clothes. Geddit? |
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Baitty (OP)
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August 02, 2014, 06:25:44 PM |
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never take the risk you can't afford to lose
Right. And... do not put all eggs in a single basket. I agree that investing 100% of your life savings is a very bad idea but what ever you can invest has a pretty good chance of paying off in the long run. |
Currently held as collateral by monbux
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Elwar
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Viva Ut Vivas
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August 02, 2014, 06:29:55 PM |
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There certainly are a whole lot of people giving the same advice my financial adviser was giving me in 2010.
Fortunately I did not listen to him.
Stick with your old fiat ways of investing. You may be able to retire when you are 75 with enough to die slowly.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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Este Nuno
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amarha
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August 02, 2014, 06:33:41 PM |
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There certainly are a whole lot of people giving the same advice my financial adviser was giving me in 2010.
Fortunately I did not listen to him.
Stick with your old fiat ways of investing. You may be able to retire when you are 75 with enough to die slowly.
I never imagined BTC would go so high so quickly. It's amazing how fast things can catch on these days. Respect to the people who had the balls to put a good chunk of money in back then and actually hold. That takes some conviction. |
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cbeast
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Activity: 1736
Merit: 1006
Let's talk governance, lipstick, and pigs.
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August 02, 2014, 06:39:20 PM |
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This is war. If you don't put 100% into it, then why bother at all? Either you heard the shot that started the war or you didn't. General Jackson heard it and took action. Now Satoshi Nakamoto sounds the call. If all you see in Bitcoin is an investment, then please go back to eTrade.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Possum577
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August 02, 2014, 06:50:22 PM |
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How is it a fact that Bitcoin will appreciate year over year? Bitcoin has depreciated by HALF this year already and it's a simple law of economics that as supply increases (e.g., more Bitcoins are mined) prices decreases. What other facts do you have? we're not advising a wealthy sixty year old man with $10 million to invest... (in which case investing no more than 1 or 2 percent would be wise). but telling 20 year olds to invest only a tiny fraction of their money into something like bitcoin is actually irresponsible, because this could be their one chance to become wealthy... lord knows they're up against enough hurdles with government debts over their lifetimes. Fact: Nation-state fiat scrip = depreciating asset, year over year, always.
Fact: Bitcoin = appreciating asset, year over year, always.
Don't think about it as INVESTING in Bitcoin (appreciating asset).
Think about it as DIVESTING from fiat scrip (depreciating asset).
Suddenly everything will make a whole lot more sense.
Listen up fools, dump 100% of your wealth into Bitcoin and never look back. Do it right now!
Let the motherfucker burn. You don't wanna go down with that obsolete sinking ship.
Bitcoin is your lifeboat! JUMP IN! Hurry, before everyone else does! |
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Possum577
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August 02, 2014, 06:56:21 PM |
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Yep, me. I have 95% of my net worth in bitcoins.
By the way it's typical how you categorize this as brave or stupid, rather than smart/wise/visionary.
Furthermore, this also leads to the question: who is brave/stupid enough to invest their live savings into fiat?
Don't forget the equity in someone's home. Most ppl have cash savings and home equity so their life savings is more than just in fiat. |
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Baitty (OP)
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August 02, 2014, 07:04:36 PM |
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Yep, me. I have 95% of my net worth in bitcoins.
By the way it's typical how you categorize this as brave or stupid, rather than smart/wise/visionary.
Furthermore, this also leads to the question: who is brave/stupid enough to invest their live savings into fiat?
That's awesome. But I did only have brave first of all but many people were saying it would be stupid so I put that up in the title too it could be smart or wise but it could also be a massive fail. No one is stupid enough to invest their life savings into fiat that's why we are here investing in Bitcoin. |
Currently held as collateral by monbux
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beaknuke
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August 02, 2014, 07:39:31 PM |
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i thought about it but we all know it will be curtains if it goes wrong
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Bitcoin Charts
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Activity: 14
Merit: 0
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August 02, 2014, 10:00:23 PM |
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Reading a story from a few years ago where someone invested all their life savings into Bitcoin and started to live off Bitcoin. that guy was a lucky guy as now the price as more than tripled to when he invested in it. Anyone else brave enough to do this?
thats normal many people use a ton of money or gambling all he have to get double of money for it . if they success he life will easy and fun to take a easy life . |
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