"Bitcoin Will Go To A Million Dollars"

[lukep]

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?

Well, since you said US banks, I'd just do it on localbitcoins.com, trading cash for coins in person. Fuck banks.

Wire transfers from smaller banks of course are your other option, and they'd want you to have an account there with the money on hand to do that I believe.

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.

Like Slayerment said, there's no danger from a clean paper wallet. Everything comes back to the private key, so if you just generated the wallet and therefore have the only copy of the private key, simply store that thing offline and you've got some of the best security on the planet already.

I like to keep a copy in paper and a copy on a USB drive, hidden in separate places. (I don't trust my brain enough for the brain wallet yet.) The main thing is just to make sure that all of your keys with any considerable wealth behind them are kept completely off of any computers attached to the internet. (Cold)

 

[o hai guyz]

Like Slayerment said, there's no danger from a clean paper wallet. Everything comes back to the private key, so if you just generated the wallet and therefore have the only copy of the private key, simply store that thing offline and you've got some of the best security on the planet already.

I like to keep a copy in paper and a copy on a USB drive, hidden in separate places. (I don't trust my brain enough for the brain wallet yet.) The main thing is just to make sure that all of your keys with any considerable wealth behind them are kept completely off of any computers attached to the internet. (Cold)

Can you explain the process of transferring money from the paper wallet into a spendable account? Let's say you have 100btc in the paper wallet, the price of btc skyrockets, and you want to take out 20btc to make a few purchases.

When I tested it with blockchain.info it asked if I wanted to "sweep" or do a standard import. Didn't know what the difference was so I googled sweep and there was a reddit thread on the first page of results about some guy who tried to sweep his account and lost all his money. As I understand it, "sweep" means you're making 1 huge transfer of all your paper wallet funds into your spending wallet, whereas "import" means you're keeping your funds on the paper wallet's address so you can spend smaller amounts. But either way, you would still want to generate a fresh paper wallet afterwards for the bulk of your money. So which one is better and how exactly do you handle this?

 

[slayerment]

Can you explain the process of transferring money from the paper wallet into a spendable account? Let's say you have 100btc in the paper wallet, the price of btc skyrockets, and you want to take out 20btc to make a few purchases.

When I tested it with blockchain.info it asked if I wanted to "sweep" or do a standard import. Didn't know what the difference was so I googled sweep and there was a reddit thread on the first page of results about some guy who tried to sweep his account and lost all his money. As I understand it, "sweep" means you're making 1 huge transfer of all your paper wallet funds into your spending wallet, whereas "import" means you're keeping your funds on the paper wallet's address so you can spend smaller amounts. But either way, you would still want to generate a fresh paper wallet afterwards for the bulk of your money. So which one is better and how exactly do you handle this?

Generate your private key from a service like bitaddress.org offline (save the html page to your harddrive and generate not-connected to net).

Transfer 100 BTC to the address corresponding to that private key.

Download Multibit program.

Save private key only to blank text file like key.txt

Close and or remove all open wallets in this program.

Create new wallet and import key.txt into wallet.

Let Multibit sync up your key with the network.

After like 10 min it will show 100 BTC in account.

Transfer 20 BTC wherever you want through the program.

You will be left with 80 BTC on your address and 20 BTC wherever you send it to.

You can check on blockchain.info/address/X to make sure that everything looks correct.

You can now close/remove this wallet from Multibit and load the key into it again at a later time if you want.

Obviously test this a few times with like .001 BTC to understand the process.

 

[samgeneric]

Bitcoin is not...

Guerilla, you are going to deny the merits of this world-changing technology for no reason other than you're stubborn. All us BTC-ers are crazy m-fers because we disagree with you. We've been disagreeing with you ever since you started bashing the currency back at around $7. It's funny to me that people still listen to you regarding this issue.

 

[o hai guyz]

Generate your private key from a service like bitaddress.org offline (save the html page to your harddrive and generate not-connected to net).

Transfer 100 BTC to the address corresponding to that private key.

Download Multibit program.

Save private key only to blank text file like key.txt

Close and or remove all open wallets in this program.

Create new wallet and import key.txt into wallet.

Let Multibit sync up your key with the network.

After like 10 min it will show 100 BTC in account.

Transfer 20 BTC wherever you want through the program.

You will be left with 80 BTC on your address and 20 BTC wherever you send it to.

You can check on blockchain.info/address/X to make sure that everything looks correct.

You can now close/remove this wallet from Multibit and load the key into it again at a later time if you want.

Obviously test this a few times with like .001 BTC to understand the process.

Thanks, that's a better explanation than most of the stuff online. I decided to skip Multibit and just print the private keys. I also used this goofy code I made up as a kid to created coded versions of the keys before printing them. Process was very simple in hindsight.

The only part that made me nervous was encoding the keys and making sure I hadn't screwed something up. Not sure if it's really the best idea, but figured it would be easier to distribute a couple copies to friends just incase my house burns down or something, but while also preventing them from being tempted to steal the keys (since I'm the only one who knows the code).

 

[guerilla]

We've been disagreeing with you ever since you started bashing the currency back at around $7.

Ah yes, continuing to conflate the speculative value with the fact that Bitcoin is going to be money.

If that is the case, when the next crash comes, does that prove Bitcoin is shit?

As far as a world changing technology, what exactly has Bitcoin changed in the world?

It's funny to me that people still listen to you regarding this issue.

I don't quite get why you guys are celebrating BTC. Once it's taxed, it's neutered. Once it becomes a regulated financial asset, all the transparency will be gone and the speculators will move on.

Guys like you and Luke will be accountable to the state for trying to promote BTC speculation (pumpers) without a license.

Let's see how this plays out.

 

[lukep]

If that is the case, when the next crash comes, does that prove Bitcoin is shit?

If it goes to $0.00, sure.

As far as a world changing technology, what exactly has Bitcoin changed in the world?

You know the answer to this, but you just won't let yourself believe it. You're too jaded to let yourself think down that path, and don't even see the obvious with the evidence of bittorrent right under your freaking nose!

I don't quite get why you guys are celebrating BTC. Once it's taxed, it's neutered.

*Wipes tears*

K. We'll see.

Once it becomes a regulated financial asset, all the transparency will be gone and the speculators will move on.

Regulated by which countries and how much?

As for the speculators moving on eventually, I certainly hope so. Bitcoin could use less price fluctuation before it is money... But of course it has to be priced near its' worth for that to happen.

I'm hoping for 2017 on that front.

Guys like you and Luke will be accountable to the state for trying to promote BTC speculation (pumpers) without a license.

Lulz; your scare tactics are powerless here. You do know that there's like over a 160,000 people registered over at bitcointalk, right? Tons of other forums and thousands of blogs out there too.

 

[Unarmed Gunman]

Guerilla, you are going to deny the merits of this world-changing technology for no reason other than you're stubborn. All us BTC-ers are crazy m-fers because we disagree with you. We've been disagreeing with you ever since you started bashing the currency back at around $7. It's funny to me that people still listen to you regarding this issue.

Curious, do you use it as money or are you sitting on them and treating them like an investment? Same question to you Luke.

I'll assume you guys aren't stupid enough to use it as money (since it's just going to keep going up in price right?), so if you don't use it as money then how is it money?

 

[jacky8]

Wow, that's some next level shit. Never seen anything like that.

Also, you guys are so persistent too. Luke, I hope you have a ton of btc atleast for all the time you are killing for the sake of btc

 

[kumansk]

Curious, do you use it as money or are you sitting on them and treating them like an investment? Same question to you Luke.

I'll assume you guys aren't stupid enough to use it as money (since it's just going to keep going up in price right?), so if you don't use it as money then how is it money?

When all remaining coins are mined and perceived value stabilized, that's when it'll be time to either buy shit or cash in.

 

[CCarter]

Wow, wtf, I'm stealing this...​

 

[Unarmed Gunman]

When all remaining coins are mined and perceived value stabilized, that's when it'll be time to either buy shit or cash in.

Which means it's not money, correct?

 

[jiftech]

I feel like I have wasted thousands of posts made on this forum if this is where we are today.

 

[r3p1v]

Bitcoins and other virtual currencies, like any online-payment system, "may hold long-term promise" and could one day "promote a faster, more secure and more efficient payment system," said Federal Reserve Chairman Ben Bernanke. However, virtual currencies also may pose risks "related to law enforcement and supervisory matters," Bernanke said in a Sept. 6 letter to the Senate Committee on Homeland Security and Governmental Affairs released on Monday. Other federal agencies, including the Justice and Treasury Departments, also wrote letters that online-payments systems offer legitimate financial services. Bitcoin soared to new highs above $600 on hopes of a blessing from financial regulators. The Homeland Security committee is holding a hearing later Monday on last month's government shutdown of the Silk Road website, an online drug market known for its exclusive use of bitcoins. Bernanke said the Fed does not have authority to directly supervise virtual currencies but generally monitors developments in the sector.

1234

 

[zxcvb]

I feel like I have wasted thousands of posts made on this forum if this is where we are today.

11 posts.
Spambot or somebody who forgot to change their account?

 

[kumansk]

Which means it's not money, correct?

I mean, shit you can use them even now to buy whatever. But no-one's dumb enough to do that. I picked up a couple when they were a bit over $100 but still don't have any illusions of additional freedom or believe the shit'll last unregulated for long.

[ame="http://www.youtube.com/watch?v=vfhVbEaMQEg"]Tupac - Last Muthafucka Breathin' - YouTube[/ame]

^^ When push comes to shove the US gubmint wins, don't doubt that.

 

[sennin436]

As far as a world changing technology, what exactly has Bitcoin changed in the world?

Well, just give it some more time. If by "world" you mean the day to day life of most of the citizens here in merika, then no. But we're seeing quite a bit more changes occurring elsewhere - china, africa, eastern europe. More changes seems to be happening in the "periphery" and could then impact the "1st world" (with its well-entrenched finance & banking system) last. Obviously how much of an impact is anyone's guess. Bitcoin per se may or may not be around. Might go up in a puff of smoke. But the technology behind it seems to have started something. Getting lot's of attention at least:

If Bitcoin goes to zero, what will be left? More than you think — Tech News and Analysis
U.S. Agencies to Say Bitcoins Offer Legitimate Benefits - Bloomberg

 

[o hai guyz]

Well, just give it some more time. If by "world" you mean the day to day life of most of the citizens here in merika, then no. But we're seeing quite a bit more changes occurring elsewhere - china, africa, eastern europe. More changes seems to be happening in the "periphery" and could then impact the "1st world" (with its well-entrenched finance & banking system) last. Obviously how much of an impact is anyone's guess. Bitcoin per se may or may not be around. Might go up in a puff of smoke. But the technology behind it seems to have started something. Getting lot's of attention at least:

If Bitcoin goes to zero, what will be left? More than you think — Tech News and Analysis
U.S. Agencies to Say Bitcoins Offer Legitimate Benefits - Bloomberg

Another way I look at bitcoin is this: when the internet was novel, there weren't many useful sites, there were no social networks, modems were incredibly slow and barely anyone used it. You might also have speculated that the gov would shut it down so that they could continue to control the media and prevent the free discussion of illegal activity that the internet provides. However, if you could have invested in the concept of "internet" itself back in the mid 90's, you would be very rich now.

Currently bitcoin doesn't have much practical use, at least here in the US. We are speculating that over time (IMO 2-3 years) it will become more useful as more and more people start to use it. One of the common naysayer arguments is "well how is it useful if nobody is using it" and the answer is it isn't, but we believe that people WILL start to use it. If nobody used the internet, the internet would be useless, but you may have invested in snatching up domains in the early stages of the net because you believed that eventually they would be worth more as more people started to use it.

 

[guerilla]

Well, just give it some more time. If by "world" you mean the day to day life of most of the citizens here in merika, then no. But we're seeing quite a bit more changes occurring elsewhere - china, africa, eastern europe. More changes seems to be happening in the "periphery" and could then impact the "1st world" (with its well-entrenched finance & banking system) last. Obviously how much of an impact is anyone's guess. Bitcoin per se may or may not be around. Might go up in a puff of smoke. But the technology behind it seems to have started something.

You realize you evading my question completely, right?

 

[sennin436]

You realize you evading my question completely, right?

Really? Completely? I figured the 1st link I pointed to would answer the question, at least in part. The encryption technology behind the rise of bitcoins and how it may have contributed to some profound & long-lasting changes to how we do things (financial transactions) on the internet from here on. The second link/article also touches on this.