"Bitcoin Will Go To A Million Dollars"
- Thread starter dnb21
- Start date
You damn skippy!
I don't see anyone here claiming that. I used 'we' as in the bitcoin community.
Ah fuck, this is what I get for drinking and posting...
Usually it's more entertaining when ppl post while buzzing; for me I apparently just get my pages mixed up.
When you mentioned the business model above I got this argument confused with one I'm having over on bitcointalk... Oops.
There is a similar-sounding business endeavor where some assholes want to "whitelist" coins for the feds, to help them regulate bitcoin. They'd try to trace all the coins they could from silk road and other black markets, and of course that would mean the whitelisted coins would be more legit, i.e. more valuable, destroying bitcoin's fungibility.
There are already people over there up in arms, trying to form a movement trying to get all bitcoiners to blacklist every vendor that comes near this endeavor; but I reminded them that they'd be painting a target on their own backs and this problem would be self-defeating... Simply because the people it would hurt most would be the people with access to said black market weapons.
I wasn't talking about me or even anarchists in general; just those who use the black markets.
Sorry to disappoint; I'm a firm believer in the NAP.
There are ways to eventually overcome that way too. It'll just take more time.
Sadly, I've put away the booze and will be going to bed soon.
Tomorrow I plan on facepalming pretty hard when I read this.
:smokin:
Is there a bitcoin thread on WF where we can ask legitimate questions without endless arguing/trolling? I actually have a real question for bitcoin users but it seems like this thread has turned into another troll thread.
Just ignore the trolls. <-Useful advice for the entire STS section about any topic you are looking in for answers.
I do not approve of anyone aggressing against anyone for bitcoin, just like I do approve of them aggressing against anyone for dollars.
Again, I said it was a dumb move because they'd be mainly stealing wealth from people with access to illegal weapons, and some of those aren't anarchists.
@lukep or other bitcoin users: I have 2 technical questions for you -
1) Seems like most US banks cap your online transfers. I have an account at Bank of America and another at a local credit union, both of them said if I tried to buy more than $10k worth of btc on Coinbase at a time, the transfers would immediately be flagged and rejected. You need to be there in person to transfer more than that, or initiate the transfer yourself (which is not how Coinbase works). So if you wanted to make a large purchase without splitting it up into multiple smaller purchases over the course of a few days (leaving yourself open to exchange rate risk), how would you do it?
2) I'd like to move the majority of my btc into storage to keep it as an investment that won't be spent anytime soon. I tested a paper wallet and it worked fine, but I saw a post on Reddit about paper wallets being dangerous and if you try to spend anything less than the full amount of money in the paper wallet then your money gets lost (something about the way "change" works). So now I'm nervous about using a paper wallet, because when I want to eventually recover the funds, I could just enter 1 wrong number and oh look there's a couple hundred thousand dollars lost. Can you recommend the best solution? Up to now have just been storing in coinbase/blockchain.info but as I invest more it seems like another option would be better.
1) Seems like most US banks cap your online transfers. I have an account at Bank of America and another at a local credit union, both of them said if I tried to buy more than $10k worth of btc on Coinbase at a time, the transfers would immediately be flagged and rejected. You need to be there in person to transfer more than that, or initiate the transfer yourself (which is not how Coinbase works). So if you wanted to make a large purchase without splitting it up into multiple smaller purchases over the course of a few days (leaving yourself open to exchange rate risk), how would you do it?
2) I'd like to move the majority of my btc into storage to keep it as an investment that won't be spent anytime soon. I tested a paper wallet and it worked fine, but I saw a post on Reddit about paper wallets being dangerous and if you try to spend anything less than the full amount of money in the paper wallet then your money gets lost (something about the way "change" works). So now I'm nervous about using a paper wallet, because when I want to eventually recover the funds, I could just enter 1 wrong number and oh look there's a couple hundred thousand dollars lost. Can you recommend the best solution? Up to now have just been storing in coinbase/blockchain.info but as I invest more it seems like another option would be better.
I saw similar stuff on Reddit and there seems to be good info here:
PSA: Using paper wallets, understanding change addresses. : Bitcoin
I think what you would need to do is send the entire balance of your paper wallet to a new online wallet that you control. That paper wallet is now dead and empty. Then you can go ahead with selling / spending your bitcoins through your client, like Multibit, and it takes care of the change for you automatically. Then when you are done, you create a new paper wallet to send the remainder back to safety.
I'm not 100% on this though.
Cool interview here.
Just started listening to this guy Max Keiser, seems like he knows quite a bit about BitCoin
One of his guests in this one Simon Dixon from "Bank to the future," which is based on equity crowd funding.
*equity crowd funding is currently illegal in the U$A.
[ame="http://www.youtube.com/watch?v=A2Cjo7CHh6w"]Keiser Report: Bitcoin - Resistance Starts Here! (E516) - YouTube[/ame]
Just started listening to this guy Max Keiser, seems like he knows quite a bit about BitCoin
One of his guests in this one Simon Dixon from "Bank to the future," which is based on equity crowd funding.
*equity crowd funding is currently illegal in the U$A.
[ame="http://www.youtube.com/watch?v=A2Cjo7CHh6w"]Keiser Report: Bitcoin - Resistance Starts Here! (E516) - YouTube[/ame]
Paper wallets are not dangerous. All you ever need is your Private Key associated with the Address. If you have the Private Key you can always import it into a Bitcoin Client or Online Wallet and gain access to spend your bitcoin. You can spend as much or as little as you want at any time. Paper wallets are no different than any other type of wallet. They all use your Private Key to grant you access to spend the bitcoin associated with the Private Key's Public Address. Test it a few times first to make sure you fully understand what is going on and how it works. Create your Private Key/Public Address. Transfer small amount of BTC to the address. Import the Private Key into a client like Multibit. Transfer from Address to other Address. Rinse/Repeat. As long as you always have the Private Keys and don't lose them you will be okay.
I think what that Reddit thread is talking about is how if you import your keys into a wallet with already existing keys/addresses you can't explicitly choose which address to send from. So you may send 5 BTC and it may send 1 BTC from 5 different addresses. But you can always create a clean wallet and make sure there is only 1 key in there to be sure.
As I understand it, they were able to get 3.6M of the bitcoins...but not the other ~80M that Ross has.
I don't a lot about it, but found this.
Why the FBI Can’t Get Its Hands on Silk Road Kingpin’s $80 Million Hoard | TIME.com
I don't a lot about it, but found this.
Why the FBI Can’t Get Its Hands on Silk Road Kingpin’s $80 Million Hoard | TIME.com
That's actually the link I was referring to. I'm sure if every step is done correctly, it will work as it's intended to. But the way they describe it just implies that it isn't as safe as most people think, and that if you make a tiny error you could lose a huge chunk of your money just like that.
The way I took it was that the "change" system doesn't work in an efficient way (or in the way most people expect it to). So you have 100 btc in your paper wallet address, and you want to cash in 10 btc of it while keeping the remaining 90 btc on paper. They seem to be saying that this isn't possible, because when you send the 10 it actually sends the full 100 balance and then returns 90 as change, but for some reason it can't return the change to the original address in your paper wallet (this is the part I didn't get) so it just gets lost. Meaning if you have 100 btc in your paper wallet address, you either move the entire 100 btc balance to your blockchain.info/armory/whatever wallet, or you move 0.
Buy an iPad, download the Bitcoin Windows Client, and transfer your funds over to it. Then turn your iPad off, lock it in a safe, and don't let it EVER connect to the internet until you need the funds.
Don't leave over $100k sitting in Blockchain / Coinbase though, because you're just asking to get robbed. You have to realize that Bitcoin is a prime target for some of the best hackers in the world, and they'll have no problem relieving you of your $100k.
I bought some back when they were at $168 and I have no clue what the addy was.. I had it stored with the bitcoin wallet.. reformatted, forgot about them.. I think the addy is somewhere written down in my cluttered desk drawer but not certain. Fuck.
I'd still prefer to use the paper wallets over an iPad option, because I like the idea of being able to store them in multiple locations and buying a case of iPads seems a bit ridiculous compared to printing out a few sheets of paper. Did you check out the Reddit link? I read over everything again and I *think* I understand it - all it's saying is when you finally import the paper wallet back into blockchain/client/etc, that money is still at the paper wallet's address, BUT when you send any fraction of the money from that address out, the change is returned to a different address in your wallet and the piece of paper you have is useless. So there is no risk of losing any money assuming you don't do something idiotic like delete your wallet file. They're just pointing out that the address on the paper has been emptied, but that you still have access to the new address where the change was received.
Am I understanding this right?
TBH I don't think I am, because if it were this trivial I wouldn't expect a huge reddit thread about it. If anyone can tell me what I'm missing, I'd appreciate it.
