Author Topic: Is Anyone Still Holding Bitcoin?  (Read 12641 times)

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Offline xeroc

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Would love to take 80-90% of my holdings offline for next two or three years.
not recommended due to:
- missed yield (1 year max)
- inactivity fee of 5% every year after 365 days

Offline oldman

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1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
So we need a dedicated device to handle your private key which can be backuped with a seed .. pretty much a bitcoinTreZor for BitShares :-)
We are still some months away from that (really nice) solution :-(

But it should be able to develop this more quickly when compared to bitcoin .. bigger parts of the source code are already available

Something similar to bitaddress for creating paper wallets (any bitAsset... imagine having a mix of BTSX/bitUSD/bitGLD in the safe) would be a great short-term solution.

I have many of the same concerns as CLains and in fact have had password trouble already. Very, very stressful.

As BTSX appreciates in value these concerns will become more and more pressing.

Dev team definitely is going to need a few clones.

Best solution: buy a dedicated laptop running Linux and only use it to run the BitShares X app. If this can be done with a live boot even better.

I've dedicated a machine for this purpose. But the one client/one account/one machine is the scary part.

So if you want to spread risk you need two or machines with multiple clients/passwords. Done this as well; clunky but it works.

Really needed is a simple, trusted and reliable way to get bitAssets into cold storage.

Would love to take 80-90% of my holdings offline for next two or three years.

Offline arhag

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1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
So we need a dedicated device to handle your private key which can be backuped with a seed .. pretty much a bitcoinTreZor for BitShares :-)
We are still some months away from that (really nice) solution :-(

But it should be able to develop this more quickly when compared to bitcoin .. bigger parts of the source code are already available

Multisig security with offline backups should really help with a lot of these issues.

Offline amencon

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Hmm I'm surprised so many here "divested" so completely from Bitcoin.  Probably a good move or at least has been short term.  If I had moved everything to AGS I'd be sitting on a ton of money worth of BTSX that's for sure, worth much more than my current BTC holdings.

I split off some of my BTC for investment in PTS and AGS though and any new money I put into crypto since beginning of the year has gone straight into other than BTC investments.

I'll probably continue to hold a small handful of BTC coins in cold storage.

Offline xeroc

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I am gonna give it a try and first figure out the structure of the private key .. updating brainwallet.org for the use with btsx should not be tooo difficult ..

//edit: I gave it a try .. but I seem incapable of coding this :-(
« Last Edit: September 12, 2014, 04:43:03 pm by xeroc »

Offline Method-X

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1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
So we need a dedicated device to handle your private key which can be backuped with a seed .. pretty much a bitcoinTreZor for BitShares :-)
We are still some months away from that (really nice) solution :-(

But it should be able to develop this more quickly when compared to bitcoin .. bigger parts of the source code are already available

Something similar to bitaddress for creating paper wallets (any bitAsset... imagine having a mix of BTSX/bitUSD/bitGLD in the safe) would be a great short-term solution.

I have many of the same concerns as CLains and in fact have had password trouble already. Very, very stressful.

As BTSX appreciates in value these concerns will become more and more pressing.

Dev team definitely is going to need a few clones.

Best solution: buy a dedicated laptop running Linux and only use it to run the BitShares X app. If this can be done with a live boot even better.

Offline oldman

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1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
So we need a dedicated device to handle your private key which can be backuped with a seed .. pretty much a bitcoinTreZor for BitShares :-)
We are still some months away from that (really nice) solution :-(

But it should be able to develop this more quickly when compared to bitcoin .. bigger parts of the source code are already available

Something similar to bitaddress for creating paper wallets (any bitAsset... imagine having a mix of BTSX/bitUSD/bitGLD in the safe) would be a great short-term solution.

I have many of the same concerns as CLains and in fact have had password trouble already. Very, very stressful.

As BTSX appreciates in value these concerns will become more and more pressing.

Dev team definitely is going to need a few clones.


Offline xeroc

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1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
So we need a dedicated device to handle your private key which can be backuped with a seed .. pretty much a bitcoinTreZor for BitShares :-)
We are still some months away from that (really nice) solution :-(

But it should be able to develop this more quickly when compared to bitcoin .. bigger parts of the source code are already available

Offline nomoreheroes7

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Yes, this. BTSX is still a high-risk investment.

It is true that many wealthy investors became that way by betting big and winning big.

But you will find that the wealthiest investors always, always hedge.

There will be at least one more big BTC pump; Wall Street and private capital won't pass up the opportunity. OpenBazaar may also have a substantial impact on market cap.

So perhaps it is wise to hold a percentage of the crypto portfolio in BTC through BTSX's infancy.

If the stars align, BTC will add a zero or two just in time for BTSX to find its legs.

Once BTSX is more stable/resilient/liquid profits from BTC can be secured in BTSX or other bitAssets.

Should BTSX fail for some unforeseen reason at least the investor has some crypto-holdings to fall back on.

My $.02 bitUSD.

I'd much rather just stay all in BTSX. It's practically a given that as BTC price increases other popular alts will follow. And even if the alts stay the same price (in satoshis), you can still cash out into the same number of BTC that are now worth more. Go big or go home; BTSX all the way for me  :D

Offline CLains

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Nobody is going to input a password into a client they downloaded and then put all their savings into that Bank. There needs to be a lot of focus on private security if we want people to use BitShares X as a bank.
we could force the user to print out a backup sheet paper which states the private code of their account key in QR code, HEX format and WIF format ... possibly BIP38 encrypted ..

From my naive viewpoint, no technical background, here are some of my worries:

1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
6. What I am invested in crashes.

By an exchange with 2FA risk of 3, 4, 5 are eliminated. Anti-virus etc. reduces risk of 4 and 5. Using multiple exchanges, and multiple wallets, multiple devices,  with multiple passwords, and multiple backups, 1 and 2 are mitigated. By investing in multiple assets (including bitAssets) risk of 6 is mitigated.
« Last Edit: September 12, 2014, 02:39:47 pm by CLains »

Offline oldman

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I'm torn on this subject. I am holding like 1/4 of my crypto in bitcoin and alts. Lately I've been thinking about cashing out to supplement my btsx, or maybe to invest a little extra in music.

I was also thinking about buying some PTS, and waiting until the next big snapshot announcement and selling off before the snapshot while the price is high.

but it's hard to leave all these alts, because I know from experience that a rising bitcoin tides carries all boats. All the main cryptos are going to bubble up the next big bitcoin snowball, and it's anybodies guess which will be the most profitable. Remember 25 dollar LTC?

It's also hard to leave bitcoin. I know it has a future, there's billions invested in it. There's an ETF in the works. The price is inevitably still going to rise.

so divided.

Stay divided (diversified). It's the smart play.

Yes, this. BTSX is still a high-risk investment.

It is true that many wealthy investors became that way by betting big and winning big.

But you will find that the wealthiest investors always, always hedge.

There will be at least one more big BTC pump; Wall Street and private capital won't pass up the opportunity. OpenBazaar may also have a substantial impact on market cap.

So perhaps it is wise to hold a percentage of the crypto portfolio in BTC through BTSX's infancy.

If the stars align, BTC will add a zero or two just in time for BTSX to find its legs.

Once BTSX is more stable/resilient/liquid profits from BTC can be secured in BTSX or other bitAssets.

Should BTSX fail for some unforeseen reason at least the investor has some crypto-holdings to fall back on.

My $.02 bitUSD.





Offline vlight

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Was late to the game, so there never was much point to hold BTC.

Offline xeroc

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we could force the user to print out a backup sheet paper which states the private code of their account key in QR code, HEX format and WIF format ... possibly BIP38 encrypted ..

Offline CLains

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Nobody is going to input a password into a client they downloaded and then put all their savings into that Bank.

There needs to be a lot of focus on private security if we want people to use BitShares X as a bank.

Offline Chuckone

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I have been diversified to every shitcoin that was coming out and obviously lost...I have then decided that I should just stick with the only coin that has some economic fundamentals... Today I just sold my last NXTs which I bought when it was at 60-70 mil market cap (I am pretty sure NXT will double by tomorrow...)

As you said in a earlier post, you're a bag holder so I guess it will explode as soon as you get out of there haha! No worries though, I was in BTC last fall when it was at 100$ per BTC and got out (why, who knows?!) and it exploded a few weeks later to more than a 1000$. Then I got screwed by MtGox and lost almost my whole investment. So I'm quite familiar with the feeling of holding an empty bag...