Bitcoins/Litecoins/Virtual Currencies

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Kirun

Kirun

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Cad said:
It's not a matter of losing the password to the wallet itself. It's a matter of losing the wallet. If you have a hardware wallet (just a fancy USB drive that stores your private keys not on your computer) ... if you lose that wallet, if you didn't back up the 12-word passphrase or whatever, your shit is GONE. You can restore the wallet with the passphrase. Of course, keeping the passphrase secure and secret is important, so people also tend to lose it. You wouldn't want to put it on your icloud account.

If you have a software wallet like Exodus for example, and your computer takes a dump... better hope you have the passphrase backed up.

You can see that these types of things can be prone to error. it's not like there's a financial institution out there that can validate who you are and then restore your account. If you have a private wallet (i.e. not on an exchange or service.... you have the private keys) then you must take steps to ensure you can recover it. People are idiots. q.e.d. bitcoin gets "lost".
Click to expand...

Make sure you keep your hardware wallet and passwords, so you can one day convert it to digital numbers on your Wells Fargo app to pay for X.

The entire concept of virtual currency is fucking retarded.
 
Rangoth

Rangoth

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1,922
Thanks for the good reads everyone. Especially on alt coins. One more question though on alt coins....

melts take Filecoin for instance. When I read about that protocol it makes total sense. Talked about distributed storage etc. sounds good and I get it. Ok now the part I DONT get, while the protocol/use case/distributed storage makes sense I don’t quite understand how the coin fits in and has value. It seems you could take away the coin and still use the entire rest of it.
I’m sure there is something I’m missing so would appreciate help or more reading on this type of thing. I saw this with a few altcoins as I read up on them.
 
Break

Break

Golden Baronet of the Realm
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Rangoth said:
Thanks for the good reads everyone. Especially on alt coins. One more question though on alt coins....

melts take Filecoin for instance. When I read about that protocol it makes total sense. Talked about distributed storage etc. sounds good and I get it. Ok now the part I DONT get, while the protocol/use case/distributed storage makes sense I don’t quite understand how the coin fits in and has value. It seems you could take away the coin and still use the entire rest of it.
I’m sure there is something I’m missing so would appreciate help or more reading on this type of thing. I saw this with a few altcoins as I read up on them.
Click to expand...

It looks like the transactions are essentially the time dimension of the "proof of space-time" concept that filecoin uses. In order to perform any operation with the network it takes the spending/transfer of filecoin, including presumably to miners to incentivize mining and capacity. Need to store a file? spend $x. Need to read the file later? spend $y. Crazy concept, I can't think of any valid use cases though for industrial purposes other than something that needs to resist censorship.
 
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Brad

Brad

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Araysar said:
We'll see. My brother is big into it and all he does is read BTC twitter and spam me with memes and various proclamations from "BTC experts" on TWitter.

I think theyre right about some stuff like stage of adoption, institutional support, etc. but the numbers they throw around valuations are pure fantasy. "100K by summer! 250K by Summer 2021!" -- it might happen and ill eat a plate of crow if it does, but these exponential jumps arent grounded in any reality. This is just carnival barkers, acting like penny stock cheerleaders, hyping it up to boost the value of their own coins.

Last 24 hours, once again it reaches 40,100 and then retreats down to 37,400. Why is that? Why cant it seemingly stay at 40K consistently?

View attachment 329223

Like I said, psychological price floor/ceiling is established now. You'll need another major announcement for institutional support or adoption to move the needle any further. It would need to be some world changing announcements to add another 30K to its price.
Click to expand...

Yes I do agree that the massive 250K by summer is probably not grounded in any reality.

One reason why I'm talking about March is because I bought the last of my Bitcoins on that month last year when it was around $4k and I would prefer to pay capital gain tax instead of income tax.

The other reason is I feel $70k per BTC is possible within a reasonable time frame and with the amount of BTC I have, is just about right for what I would like to do with my life.

If it does drop a lot, no biggie, I have learned not to stress out over it and just relax (maybe even buy another BTC?), there will be "another" time and I will be right as rain to cash it all out.
 
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Kharzette

Kharzette

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I found my ancient wallet.dat and qt client, but the chain is like 350 gigs now? Jeez. I don't think I have anything in there but I wanted to look.
 
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Araysar

Loser Araysar

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Just finished moving every penny out of my Coinbase acct last night and back to my trading acct. Sigh.


I would have definitely bought this dip. This shit will be back to high 30s in less than 2 weeks.
 
Ravishing

Ravishing

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This is all too reminiscent of 2017. It is following the same path almost exactly. If it keeps it up the big dip is yet to come.
 
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Tuco

Tuco

I got Tuco'd!
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SELL SELL SELL PRESIDENT HARRIS IS GOING TO SHUT DOWN THE BITCOIN SERVERS
 
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Caliane

Caliane

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yeah. dunno. 2017. it was a solid 20 days-month between peak, second peak, and then collapse. dec 13-jan 9
we aren't 20 days away from current jan 7th peak. so yeah, we are still in the middle of what ever it decides.

I'd think it won't be as bad. But would agree a big dip is incoming.
There's too many people involved now. people hedging from inflation, etc. So, I'm still positive/confidant.
 
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TJT

TJT

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Cad said:
It's not a matter of losing the password to the wallet itself. It's a matter of losing the wallet. If you have a hardware wallet (just a fancy USB drive that stores your private keys not on your computer) ... if you lose that wallet, if you didn't back up the 12-word passphrase or whatever, your shit is GONE. You can restore the wallet with the passphrase. Of course, keeping the passphrase secure and secret is important, so people also tend to lose it. You wouldn't want to put it on your icloud account.

If you have a software wallet like Exodus for example, and your computer takes a dump... better hope you have the passphrase backed up.

You can see that these types of things can be prone to error. it's not like there's a financial institution out there that can validate who you are and then restore your account. If you have a private wallet (i.e. not on an exchange or service.... you have the private keys) then you must take steps to ensure you can recover it. People are idiots. q.e.d. bitcoin gets "lost".
Click to expand...
This would be a good use case to have a safety deposit box at the bank like our parents did. Or if you already have one.
 
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