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Old February 27th, 2014, 09:42 PM   #401
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Quote:
Originally Posted by srlbotanical View Post
Is it a good idea to have more than one wallet?

Say Blockchain and Coinbase?
Yes, plenty of reasons to have multiple. Look at it in normal terms like a savings account and a checking. Savings, you keep the majority in and use infrequently, possibly in cold storage like a paper wallet or an offline computer. Then a second wallet for holding a smaller amount for everyday transactions etc. Because you use it more frequently you keep less in it due to not taking on extra risk, the same as you wouldn't normally carry around 500+ dollars in cash around in your pocket all the time.

Even if you don't plan on spending any, diversifying can help limit risk especially if you are keeping them in online wallets like coinbase because even if something happens to one you don't lose everything. Most important thing is enable two factor authentication and limit risk by not enabling API keys on coinbase (Using their phone apps) if you are using it as a "savings" type wallet and holding a serious amount in it.
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Old February 27th, 2014, 10:05 PM   #402
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US Senator lobbies feds to ban bitcoin
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Old February 28th, 2014, 06:14 AM   #403
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Originally Posted by srlbotanical View Post
Can you keep BTC and LTC in the same wallet?

Say blockchain for instance?
No.

You can store BTC in blockchain (I store some there) but it is on a 3rd party server. While blockchain is thought to be secure, I still would rather keep my stuff local in an encrypted wallet. Only put as much in blockchain as you are willing to lose. While it is unlikely they are hacked, or data is stolen, it can always happen.

Litecoin QT software: (will take hours to sync the first time you run it)
https://litecoin.org/

Bitcoin QT software: (will take hours to sync the first time you run it)
https://bitcoin.org/en/choose-your-wallet
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Old February 28th, 2014, 06:15 AM   #404
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Originally Posted by DetR6oit View Post

Bitcoin is independence, power, and convenience with importance on the same level as the internet itself. Its not imaginary, its backed up by something more tangible than a small group of people deciding how many more paper bills to print that day. Its backed by what is now the largest network of processing power in the world and trades that processing power for a tiny fraction of each transaction as a reward. It has huge benefits. It lets you exchange an exact amount money with anybody in the world on the spot. That's powerful in itself. Its similar to cash except with cash you are limited by the exact denomination of bills you have in your pocket, and you haveno way easy/instant way to send cash over geographical distances, so it even offers some improvement on that. While I don't see it as a replacement for cash or the dollar in general, there is so much functionality of it, there will be a place made for it. Its already gaining this strong foot hold. Its not just speculation. Go look at the bitcoin message boards and you will quickly see its passion and belief in this system and the power it brings individuals over their own money. If it was only speculation, it would have real crashes and wouldn't recover as fast as it does. It recovers so fast from the price drops because while the speculators and day traders may jump in and out the people that fundamentally believe in it as a system and are investing in it long term, hold it up.
^ well said
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Old February 28th, 2014, 07:44 AM   #405
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Originally Posted by clarkstoncracker View Post
No.

You can store BTC in blockchain (I store some there) but it is on a 3rd party server. While blockchain is thought to be secure, I still would rather keep my stuff local in an encrypted wallet. Only put as much in blockchain as you are willing to lose. While it is unlikely they are hacked, or data is stolen, it can always happen.

Litecoin QT software: (will take hours to sync the first time you run it)
https://litecoin.org/

Bitcoin QT software: (will take hours to sync the first time you run it)
https://bitcoin.org/en/choose-your-wallet


Thanks - I'm not planning on jumping into the deep end, but I think it's time to dip my toe in the water....
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Old February 28th, 2014, 08:34 AM   #406
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Thanks - I'm not planning on jumping into the deep end, but I think it's time to dip my toe in the water....

Good luck! You might lose your ass, or you might make some loot.

For me, it's more fun than going to a casino.
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Old February 28th, 2014, 08:37 AM   #407
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Good luck! You might lose your ass, or you might make some loot.

For me, it's more fun than going to a casino.
At the moment, well,

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Old February 28th, 2014, 08:44 AM   #408
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Originally Posted by clarkstoncracker View Post
Good luck! You might lose your ass, or you might make some loot.

For me, it's more fun than going to a casino.
Because you can just print casino cash.
Baller
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Old February 28th, 2014, 09:01 AM   #409
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I hear a lot of people repeating what other people have told them as a form of self-reassurance...

LOL at trumpeting the value of bitcoin because of an ability to "pay the exact amount". OMG, you mean just like a debit card? Or PayPal? Or a Square account? Revolutionary! The future is here!
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Old February 28th, 2014, 12:52 PM   #410
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I hear a lot of people repeating what other people have told them as a form of self-reassurance...

LOL at trumpeting the value of bitcoin because of an ability to "pay the exact amount". OMG, you mean just like a debit card? Or PayPal? Or a Square account? Revolutionary! The future is here!

No nothing like any of those. You are simply uneducated on this and it shows. I can respect somebody who has the opinion that it wont work out for many of the reasons you pointed out but the fact that fundamentally you don't know how this works and the differences embarrasses any respectability your opinion had. Debit card, paypal and square are not ideal or intended for one time payments person to person or for small amounts. How many individuals do you know that can accept payments with any of these? I have yet to see any individual on craigslist say they accept credit card for their used refrigerator. I don't know a single individual person only businesses. None of those will allow you without setting up some type of merchant account. These everyday personal transactions are simply not what credit/debit payments are for and paypal is so cumbersome and time consuming its laughable you would compare it. Paypal is more of an escrow than a real payment system. Along with that, you are comparing a direct and instant two party system with others that involve bringing in 1-2 other middle men that increase the lead time of the payment days to weeks along with taking out significant percentages of the amount for themselves. Bitcoin has way more in common with cash than anything you pointed out. With any of the options you pointed out its like comparing sending a letter with the post office vs sending an email instantaneously and free. People don't need and account, fill out forms, disclose personal information, or "sign up" for anything to use bitcoin. Its as easy as a basic and simple app on a phone that takes 45 seconds to be installed and doesn't ask for an account, or personal info. Just go mess with it and use it once at least so you have some basis to understand and know what you are talking about, then come back and criticize all you want.

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Old February 28th, 2014, 01:00 PM   #411
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various columns from Fortune Mag: http://money.cnn.com/search/index.ht...=bitcoin&symb=
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Old February 28th, 2014, 11:10 PM   #412
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And Mt Gox files for bankruptcy, taking with it $500 million in imaginary money.

And yet some people (look up) are trumpeting it's lack of regulation and government involvement as a good thing

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Old February 28th, 2014, 11:30 PM   #413
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And yes, I know exactly how it works. I know how they are mined, I know the theory behind it, and I know how the transactions work. It's not THAT different from any of the methods that I mentioned above other than the fact that the units of measure have nothing of physical value backing them. The thought that they have been obtained by an expenditure of processing power/time/work and that that has worth as a backing agent is absurd.

But, I'll tell you what... as you are so sure of this... I'll buy a bitcoin. In 2 years, I'll sell it to you for the same price that I pay right now. If they are "worth" $2000, you just scored one for $555. If they are worth $1.37, you still owe me $555.

Deal?
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Old March 1st, 2014, 06:35 AM   #414
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And Mt Gox files for bankruptcy, taking with it $500 million in imaginary money.

And yet some people (look up) are trumpeting it's lack of regulation and government involvement as a good thing

What you're failing to acknowledge is, nothing they've done is any more ridiculous than what other "real" banking institutions have done over the past 50 years with the current fake currency you have in your wallet today.
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Old March 1st, 2014, 07:51 AM   #415
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Seems to me that what you have is a group of people who have taken a chance with bitcoin. And boy do they love to sit around and pat each other on the back and nod and wink to each other about how much smarter they are than everybody else and how rich they are going to be. So what better way to promote their new investment than to tell everybody else how great it is?

As I stated before, it's the Emperor's New Clothes.

I'll bow out and let you guy continue your circle jerk uninterrupted. But anybody big enough to put their money where their mouth is... PM me. I'll let 3 people take me up on my bet
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Old March 1st, 2014, 08:06 AM   #416
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And Mt Gox files for bankruptcy, taking with it $500 million in imaginary money.

And yet some people (look up) are trumpeting it's lack of regulation and government involvement as a good thing


Regulation of Bitcoin had nothing to do with Mt. Gox. Its incompetence of an individual company/person. The same thing happens all the time in regular financial companies.

This pretty much is dead on with how I view it
http://www.winklevosscapital.com/posts/78045275170
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Old March 1st, 2014, 08:31 AM   #417
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And yes, I know exactly how it works. I know how they are mined, I know the theory behind it, and I know how the transactions work. It's not THAT different from any of the methods that I mentioned above other than the fact that the units of measure have nothing of physical value backing them. The thought that they have been obtained by an expenditure of processing power/time/work and that that has worth as a backing agent is absurd.

But, I'll tell you what... as you are so sure of this... I'll buy a bitcoin. In 2 years, I'll sell it to you for the same price that I pay right now. If they are "worth" $2000, you just scored one for $555. If they are worth $1.37, you still owe me $555.

Deal?
You may know the infrastructure basics but you clearly don't know the process of the transaction in reality. It is THAT different than all of the paymment methods you talked about. Paypal is the closest and most available and it still requires both people to have bank accounts set up, then both people have to have paypal accounts set up. Then you have to link your bank account to paypal. Then you send money to the receiver. Then the receiver may not even be allowed to pull their money out of paypal right away. The receiver has to log onto paypal at a later time to try and withdraw it to their bank account and wait 2-3 days for that. Its a joke you are comparing that. Bitcoin is close to as simple as somebody handing you cash. There is none of the extra hassle or extra accounts required. No other companies get your personal information either, nor is their risk of a credit card number being stolen. They can see the address you sent it from but there is nothing they can do to charge it again or get any info from it.


Of course you would take that bet. There is zero risk for you lol. I have put my money where my mouth is. I own some myself and still buy more frequently. However I don't have blind faith in bitcoin itself. I also said in my post on the last page that cryptocurrency will be a part of the future. It may not be bitcoin, but something will evolve and improve whatever weaknesses that may be found in bitcoin.
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Old March 1st, 2014, 08:33 AM   #418
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Currency is nothing more than a 'token' used to represent a given amount of labor or goods.

Originally, there was barter. You needed your wall repaired, and the stone mason would repair it in exchange for two goats. He needed goats, and you needed a wall.

Everybody was happy.

However, it was difficult to travel with a herd of goats, so tokens were established. Gold is the most common, it has no intrinsic value (you cannot eat, drink, or wear it) but since it was not easily obtained it made an agreed upon marker for goods and services. Salt was used for a time by the Romans for the same reason, that's where the phrase 'not worth his salt' originated.

As societies grew, the tokens needed to have an agreed upon value, and gold was in limited supply, so other metals were used and a central government declared the value of these tokens. Again, the Romans really defined the system as we know it today.
Since then, currency has been controlled by governments, and everyone went along with that.

Bitcoin is in essence a return to the token based barter system in that it is not controlled or regulated by a central government, it's value is determined by the people using it.

Right now it is volatile due to speculation, not because the goods and services it theoretically represents are changing in value. Time will settle the true value.

This is why I prefer to stay out of it. Far too volatile for my comfort.
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Old March 1st, 2014, 08:38 AM   #419
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As societies grew, the tokens needed to have an agreed upon value, and gold was in limited supply, so other metals were used and a central government declared the value of these tokens. Again, the Romans really defined the system as we know it today.
Since then, currency has been controlled by governments, and everyone went along with that.
lol
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Old March 1st, 2014, 08:42 AM   #420
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Send me all your paper money, since it appears you feel it has no value either....
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