Why don't you guys just go to bitaddress.org and create a BIP38 paper wallet? Just create a password that you won't forget and make atleast two copies, one in your safety deposit box, and one at your house?

As far as I'm aware, the password doesn't need to be too complex either. Someone created a 2btc challenge and posted a private key for a BIP38 wallet in the reddit forums, and the password consisted of 5 characters. It's been a couple of months and no one has emptied the wallet.

Be sure to create the paper wallets while offline and you'll be fine.


Sent from my SAMSUNG-SM-N900A using 2+2 Forums

^ yes this is the ideal. clearly i failed when i created the dumbest password which was a random assortment of words of things I saw in my apartment.

ie. Churchill biography fishtank Wrigley vegas Katniss vitamins

like it was really dumb. and not only was it dumb, i also didn't write it down exactly as it was in case anyone found the piece of paper I wrote it on.

next time i'm just going to make it something easy to remember such as: i like turtles

I don't know about you guys but I always like to find some counter argument/bear case stuff for bitcoin. This episode of let's talk bitcoin had some good points in it along those lines.

http://letstalkbitcoin.com/blog/post...growth-economy

I don't agree with everything he said and i think one of the hosts got a little too carried away in the semantics of what he was saying (ie value judgements) instead of the spirit of his points but the guy doesn't seem like a hater and seems to understand the technology just disagrees with many commonly held beliefs.

Curious of any other opinions.

Thanks

I had an opportunity to speak with Tim. He's the only person that has ever been able to make me worry about Bitcoin's future.

newdude,

nobody cares.

Good info, thanks for posting the link. If you are looking for another post where someone talks about why bitcoin might not succeed here's one from one of the core devs, Mike Hearn: https://www.youtube.com/watch?v=2MtUKr05Y3I

He points out the current stagnation in bitcoin and says it could end up becoming like linux desktop as something that had lots of hype and funding and ultimately failed.

Regarding the points in the letstalkbitcoin podcast, the main criticisms seem to fall into two main issues.

1) No real bitcoin economy, all speculation, no spending.
2) PoW flaws.

As for the first point, that's undoubtedly true right now. All the investment in bitcoin is based on its potential. It is expected that once the infrastructure has been built around it, that its benefits will mean that people will gradually start using it, and the more people using it, the more useful it'll become and a snowball effect will occur. Possibly, some killer app/use-case is needed that will induce people those who have no interest in the potential of bitcoin to start using it.

2) The second part I agree with totally and is what has made me change my thinking that bitcoin will undoubtedly be the crypto of the future (if there is one). Proof of Stake solves all the issues he points out. Seems that he (among others) thinks there are still fundamental flaws in the idea of PoS, but it works fine with plenty of alts, and the PoS guys are continuing to improve their algorithms. I've started to hedge my bitcoin investment with the more promising PoS altcoin implementations.

Hi guys,

I am thinking of buying my first bitcoin this week,

When do you guys think is the right time and price to buy it?

I am fairly new to finance.

No one knows man. If you want one, just buy one.

The best time to buy Bitcoin, just like plant a tree, was 5 years ago. The second best time is now.

What the two above me said. Nobody can predict where the price is going, so if you wanna get in just do it now

that sounds a lot more bullish than you tend to be Tom

I've been HODLing for some time (other than lolgambling on Yatzee). There will be ups and downs, but I'm in it for the long haul.

people at work know i have bitcoins, and sometimes ask me how many i have, i feel like thats an inappropriate question nowadays

IMO.. That's not a good analogy. Bitcoin is a social thing as much as a technical thing. It's the internet more than it's a piece of hardware. Not that it couldn't fail, but it's no comparison to that.

I don't know if he means cryptocurrency will fail or something will beat Bitcoin. If it's the latter, again the analogy isn't great because Bitcoin has the network effect. Which means, if nothing else, there's time to "catch up" if something else is better. (And there's like no management variance, since it happens in a decentralized way. You can't have a drunk CEO who ruins everything or a few people who don't react quickly enough.)

People talk about the altcoins being technically superior to Bitcoin these days, maybe I'm just ignorant, but I don't notice any difference in the actual experience of using them. Just cause one set of specs might be interesting in a nerdy way, even granting that it's "better", it doesn't mean there's been any discovery besides something really slight/negligible which poses no threat to the network effect. So I don't know in what sense Bitcoin has stagnated.

^ lots of things had the network effect and got surpassed and never came back.

napster, myspace, icq, msn chat...i'm sure many others. those just off the top of my head.

on the other hand, something like facebook held strong vs google+ or circles or whatever it was called. but that's possibly because the google thing was no better and offered zero reason to switch.

disagree, the circles feature was reason enough to switch, just never gained enough traction

poor marketing i guess. i still have no idea what the benefit of circles was.

I'm not saying that it COULDN'T happen, just that it's an important factor that the Linux analogy misses.

Napster, MySpace etc. all have centralized management, which means way more variance in terms of rising and falling. Plus there's way more room for improvement.. Facebook vs. Myspace is basically fluff, it's gonna come down to color schemes, marketing, etc.. There's a ton of room to create something more desirable.. If I send you whatevercoin, it's the same experience as sending you bitcoins. It's not like a different letter at the front of the hash matters. As long as Bitcoin remains secure and all that, it may just be that there isn't much room to improve on it.

pick who sees what

altho admittedly i dont use fb enough to know if the setting let you do that or not

What bitcoin does have going for it is the huge first mover/network effect and it's also readily adaptable.

If a new coin comes along that's significantly better, it wouldn't be that hard for bitcoin to embrace those features.

Scalability, timing of transactions, and unknown stuff are some problems I see. Also this 51% business, but I'm not all too worried about that one.

Except Linux Desktop is winning. You just might not realize it or it isn't taking the form you expected.

http://en.wikipedia.org/wiki/Android_(operating_system)

Imo this short little article is the best article about bitcoin ever written in a newspaper:
http://www.telegraph.co.uk/technolog...l-anarchy.html

Well worth a read.

So depressing to read the comments on that article, so much shameless stupidity, hatred and ignorance.

I'm not agreeing with him or anything, but the fact that Linux is successful doesn't mean that Linux desktop succeeded (and those who put money/marketing/development into the Linux desktop idea did well).

And just because something that is based on bitcoin ends up becoming widespread doesn't mean that bitcoin itself is worth money, or that those companies now operating in the bitcoin sphere will do well. It could be that credit card companies/banks start using blockchain ideas to make their own products more efficient.

I don't think that or anything, just trying to explain what I think Mike Hearn was trying to say with that analogy.

Linux is and was on the up and up even before android IMO.

I'm not convinced in 20 years that people will have other reasons to buy windows machines than for gaming purposes.