Bitcoin

[OFFascist]

If the feds seize your money, well then you are either into some heavy criminal activity or you have owed them a large amount of back taxes for a very long time.

Because law enforcement never makes any mistakes, and malicious prosecution never happens?

When your bank accounts are seized then most people no longer have any way to pay for a good defense attorney, if you have enough bitcoins stashed somewhere safe you could still have the resources to defend yourself.

Also, where does the average bitcoin user keep his wallet/private key? If it is located on a computer they have on or around them, isn't that able to be seized as well if the feds come for your private property as well as your bank account, which is often the case and certainly would be if they knew you to be a bitcoin user engaged in illegal activity?

Best practices would be to have multiple backups in multiple locations.

You could also just go with a brainwallet.

https://en.bitcoin.it/wiki/Brainwallet
Brainwallet: The Ultimate in Mobile Money - Forbes

 

[Southpaw]

Because law enforcement never makes any mistakes, and malicious prosecution never happens?

Never said it doesn't. We just disagree on the commonality of that. Personally, there are other things I need to be prepared for over malicious prosecution. And seeing as no man can prepare for everything, I'm not going to worry about it and I'll take that gamble.

However, thank you guys for clearing up some of the technical aspects of BTC. Again, I don't disagree with the potential you fellas see in it, I really just needed to debate some points in hopes of seeing what you see. Though, I will never be a user of the BTC, that is more of a personal decision and very much based on where I am at in life, I do wish you all the best in your endeavors in contributing to something that can positively affect this world.

 

[jordanmills]

Best practices would be to have multiple backups in multiple locations.

You could also just go with a brainwallet.

https://en.bitcoin.it/wiki/Brainwallet
Brainwallet: The Ultimate in Mobile Money - Forbes

You seem to be familiar with the technical aspects.

 

[jordanmills]

Well we just hit a thousand dollars per btc.

It looks like a lot of people are under the impression that you have to buy in whole units. You can easily buy 0.1 or 0.001 BTC.

 

[Southpaw]

Well we just hit a thousand dollars per btc.

It looks like a lot of people are under the impression that you have to buy in whole units. You can easily buy 0.1 or 0.001 BTC.

I was under that impression.. thanks.

Wasn't it just at $600 when we began this thread?

 

[karlac]

Ouch! If true, this would frost those bumper nuts:

IT pro says he threw out 7,500 bitcoins, now worth $7.5 million | Ars Technica

 

[jordanmills]

I was under that impression.. thanks.

Wasn't it just at $600 when we began this thread?

Good stuff. The original client can work with balances as small as 0.00000001 BTC. There is no technical reason it can't be further divided, as the protocol has no inherent restriction. But with the value for the near future as low as it has been, there has been no need to build clients that can understand smaller balances. Even as high as the value is right now, 0.00000001 BTC is worth 0.00001 dollars, or one thousandth of a cent.

Thereabouts, yes. The sharp increase in value is at least partly sustainable as it's due to more availability (new exchange in china), more publicity (bitcoin being in the news and non-tech people hearing about it), and more approval (favorable discussion in senate hearings last week).

And as I type this, we hit a new all time high of 1080 USD/BTC.

 

[jordanmills]

Ouch! If true, this would frost those bumper nuts:

IT pro says he threw out 7,500 bitcoins, now worth $7.5 million | Ars Technica

Yep. Got to not let it get to you though.