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Thread: BITCOIN

  1. #1

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    BITCOIN

    MAYBE this community of internet folks can talk about the new rage of internet currenty.....



    so i have (and have had) bitcoin for a long time, not just someone buying on the hype. question is now that I have quite a bit since the latest fluctuation, who here knows the in's and outs about offline wallets when to use them etc that can help this community out?

    so for starters now i personally use the coinbase (for android) since circle is no more.... i know this isn't mind-blowing or the best to the real bitcoin OG's but i surely never figured i could/would be doing more then buying the few "things" here and there.

    can someone explain why i would want to OR NEED to use an offline wallet? How to? etc

    share anything else that you may feel necessary!!


    some of my questions i already have a fairly good "idea" as how/why but i figure this is the way of the future and could be helpful for everyone....


  2. #2
    oklagp1200r's Avatar
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    Way over my pay grade!

  3. #3
    Mothman's Avatar
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    Since a savvy programming teenage hacker could theoretically write code for a few dozen or thousand coins, rendering the entire system false, I'm leery to invest. Second, if someone turns $100,000 into code/coins, the system can literally disappear overnight and my (real) money disappears.
    The idea is solid but it must be backed by something solid to build user confidence.

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  5. #4

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    I guess i wasnt asking for myself for an investment strategy more so just to protect what i do have in an offline wallet. In my understanding is how you protect your money from being "stolen"

    On the surface as far as buying/selling/sending bitcoin is not complicated at all. Probably seems foreign just like credit cards and paypal did at first.

  6. #5
    Mothman's Avatar
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    Quote Originally Posted by MWHC View Post
    I guess i wasnt asking for myself for an investment strategy more so just to protect what i do have in an offline wallet. In my understanding is how you protect your money from being "stolen"

    On the surface as far as buying/selling/sending bitcoin is not complicated at all. Probably seems foreign just like credit cards and paypal did at first.
    It is foreign to me, but I look at it like this:
    A bank is backed, ensuring my account will not disappear over night, and if it does, the money will be replaced.
    Bitcoin is different. It is not backed by anyone or anything. It is code. It is no more real than trading 3 grand in cash for fake colorful monopoly money. Once the cash is traded, there's nothing ensuring you can exchange your colorful monopoly money for cash again. It relies solely on good honest people. I don't trust a system that can literally disappear overnight.
    It's a novel idea, and if it's backed by insurance ensuring my 'investment' is sound, I'd hop in too.
    An online wallet no more protects your investment than a steel box monopoly money--unless it's insured in some shape or form.

  7. #6

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    Bitcoin is high right now, and I would actually suggest bailing on it. If you're an investor, than you are perfectly familiar with what is called a "bull trap": that is, a stock on the upswing with a recent history of significant decline. Like a dead cat bounce but prolonged.

    Its idea is valid, and will one day be a reality. But it's not there yet.

    For a more functional approach... You do know that there are bitcoin options traded on the open market now, right? That listing helps legitimize bitcoin and also gives you a reasonable assurance of being ultimately (and actionably) fungible.

    You could divest yourself of the questionable method and then involve yourself in more well proven ones.

  8. #7
    GZA's Avatar
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    Mike, are you a millionaire now? Bitcoin going through the roof!

  9. #8

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    I've surely made some money!!

  10. #9
    My Jet Ski drinks more than yours Glenozzy's Avatar
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    "I've surely made some money!!" not until you cash out

    I would buy something write away a crash is a coming
    go back in when it is low

  11. #10

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    at this point even if it goes down to zero ive bought FAR more stuff then my initial investment. In January when i asked that a coin had just cracked the $1000 mark and i have a "few". Should i cash it all out? Maybe, but Im well ahead and its been fun to watch the rollercoaster!

    Also im not some crypto genius just got lucky. my LTE and ETH coins haven't done anything at all hahaha

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