Topic: Bitcoin as a savings account - page 7. (Read 5922 times)

So you're aware the value of bitcoins is probably more volatile than the stock markets? And that unlike the stock market it's not guaranteed to have an overall upward trend? You'd probably have an easier time putting your money elsewhere ...

Seems like a safe deposit box would be a better bet. You could also consider insurance on the appliances you need, and apparently metal shingles.

Let me start with how much I love the phrase "pseudo-illegal bs." This thread does seem to be turning into a sympathy massage. Didn't want that. Was basically looking for reassurance that if I decided to invest in Bitcoins before I fully understood the tech, paper wallet was the safest way to go. As for the rest of your opinions about me and my situation, you're free to have them and express them. But I think I will continue to pollute your forum (at least the newbie area where it seems to be on topic) with mine. Can't find my kite at the moment and I'm bored. (grin)

I started as a rational-anarchist and swerved into a jacksonian (google John Ringo if your interested). The reality of our situation has turned me into someone trying to survive the destruction of my financial class by a government seemingly determined to use ever more blatant tactics to continue the rapid transfer of wealth from everyone else to the wealthiest few, at both the federal and state level. Birds gotta fly, people gotta eat. And let me finish by at least using the word "Bitcoin"at least once, so I don't feel this response is completely off topic. Even for a noob.

Thanks for the sentiment, but it's just life. Until the singularity at least. (grin)

That's the Linux USB2 stick wallet? Did that and it ran really really slow on my system. I remember thinking "god somebody please hack my system and take any coins on here so I never have to access this again". (grin) I'm oldschool tech. I've always relied on the fact that if worse comes to worse, I can format c: and start over. But wrapping my brain around value in the form of a bunch of ascii, and how to keep that secure is messing with me. I'll keep reading and I'm sure I'll get it eventually.

There's no farm to bet. I've looked at Coinbase and it does appear to be one of the safer US based exchanges, if that can be said of a US based exchange. The two-factor authentication is an app? Our budget doesn't include smartphones. Besides, I'm old, and I hate those teeny-tiny screens and keyboards you youngsters all use on them phone thingys. (grin)

it was 4am and ive been up all night....best yer gonna get

Troll Wars, Episode 3

STFU? Really? Did you read my post? No?

Read it again kid.

I feel for "joe soap" (is he a relative of "joe sixpack" or "joe the plumber" because he sounds like one of those tea party anti-tax shills) but I think I made a good point and for you to dismiss my post with a blanket "stfu" is as childish as it gets.

sorry but stfu exo your talking crap...

while its tru this could be exploited by someone with wealth, sadly its joe soap just scraping by that gets caught out by this crap...

While the info about your wife (if true) is sad, you are not doing the right thing here. The reason the gov does not give out free money to people with large bank accounts is because those people can pay for expenses themselves. You should pay what you can, as unfair as it may seem to you, and then if what you have left is not enough you can then apply for gov handouts.

If you want to be greedy and take/keep every penny you earn then get a saftey deposit box and keep your cash in it.

This is simple people. Bitcoin is not needed to hide wealth. This has been happening since before there were computers. You don't need a big mattress to hide your money. Bitcoin is not the answer to your "problem". Your problem is that you won't pay what society has said you should pay for your wifes care from your own pocket first. You want to take my/our money first.

Im not trying to start a debate about the law that says you being broke because of medical expenses is fair.

I personally think this is often totaly unfair. I am a "socialist" who thinks that medical care is a basic right. I am willing to pay my share for your wifes care. But we "socialists" are becoming a small minority in a greed driven world. I am willing to bet you are like 80%+ of other humans today and you would be calling foul on your situation if you were not in it. You complain about high taxes, but the fact is if you want your free money, someone else is paying 2x what they should be to fund your lifestyle. We buy your bitcoins. People like you who hide money from being taxed fairly are the reason why taxes are so damned high.

Stop polluting our forum with this pseudo-illegal bs. You don't need bitcoins to illegally hide wealth.

also worth a read :-
https://bitcointalksearch.org/topic/howto-create-a-100-secure-wallet-17240

I'm sorry to hear about your situation. As many have already stated, while a physical paper (laminated) wallet is a good way to keep your bitcoins secure, "betting the farm" on a savings of strictly bitcoin is probably not the smartest move right now. If you have a coinbase account, two-factor authentication is another good way to get that "warm fuzzy". All you need is an app called "Authy" - research it at www.coinbase.com if you've never heard of this before.

I wish you the best my friend.

Abacinate mention Armory as well. Sounds like what I'm looking for. I'll check it out.

armory will give you paper wallets to print, and has a good walk through to make a cold storage wallet...


i wish you luck

Interesting thread.

yep this was exactly what I was thinking.

Sorry to hear about your wife.

Thanks for the link! I understand the risk, but as long as it's not considered income or asset, and I can store in a secure manner, I don't see it as any riskier than any other investment we're not allowed to make.

The most ironic thing I've had to do is ask them to stop sending us money because it caused us to exceed the allowed income limit. As for holding money for us, that becomes it's own issue. Everybody is supposed to report income, savings, gifts, etc. I'd rather take the risks myself.

This could actually meet the needs of quite a few people we know in the Early Onset and Care Giver communities. If we can get past the moral irony of the whole situation.