Quote:
Originally Posted by OnMyBike
If so, post here. (mods, I hope this is welcome)
Bitcoiners, I'm enjoying learning in a Q&A format, thank-you for your posts.
One thing that surprises me is learning how hard it is to get started with bitcoins. I'm reading about applications, approval process, rejections - what is this about and what is the long term solution? This is obviously a very real barrier to BTC adoption.
Second thing that's a bit intimidating is the security concerns. Setting up a "never connected to the Internet" computer is casually mentioned several times. Again this is a huge barrier. It isolating from the internet actually a necessity? Are bitcoins more at risk than other investments that can be accessed online?
Cheers
Bitcoins are more at risk than all other investments as they essecnailly are online cash. In another few years, probably much sooner, you will not have to worry about it. Solutions will be made that reduce risk significantly.
Bitcoins are more at risk than anything as they are simply digital cash.
Quote:
Originally Posted by WompWomp
If you set your computer up as a bitcoin miner, what are the chances you would ever win a block and how valuable would the block be?
Don't waste your time.
Quote:
Originally Posted by cpar1
What would specifically be some of the best ways to keep your coins secure? For someone just holding on long term, how would you go about isolating them from the internet?
Armory offline wallet. Links were already provided in the other thread.
Quote:
Originally Posted by WickedChippa
I hold all of my net worth in bitcoins. I am just wondering when the next major price increase will be and what the catalyst for that increase will be.
Quote:
Originally Posted by DPR_1985
Best advice anyone can give regarding BTC market.
If you dont already know, then you are 2/3 years behind so dont bother.
Unless you have a really detailed understanding of BTC the chances are you will lose your coins at some point. I have dealt in BTC for 3 years and lost all my coins recently with a reputable market.
There is still a ton of upside to bitcoin. This can be easily inferred by looking at the market cap of what aims to be the first global, decentralized currency.
What was the reputable market? Why did you not keep them offline? Why did you not at least keep them divided?
Quote:
Originally Posted by Yoshi1
I did some research into bitcoins, and it's a total scam. Just like the FED printing money to buy security's every month you use special computer setups to "mine" for bitcoins. I thought, hell, I've got 6 top line macpros sitting idle for 14 hrs a day, I should plow through and score me some bitcoins in no time! And they were being valued at $900-$1000 a piece. So, I signed up for a bitcoin farming account, digital wallet, etc and started to profile my setup to see how long it would take. With all machines running full bore, it would take me 4 months to earn 1 bitcoin while burning almost that same amount In electricity.
Waste of time and resources. And the whole shebang could crash at ANY time.
Some people would have you believe that bitcoin is the way of the future. But I do know that bitcoin was the currency of choice for silk road. That was a site the feds just shut down a few months ago where you could go buy black market items, ie drugs hitmen human trafficking etc!!
SAY NO TO BLACK MARKET!!!!!
Yes, mining is a waste if you're using normal computers. Your post is correct about that if nothing else.