Bitcoin or gold? - page 231. | Bitcointalksearch.org

1Referee

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Quote from: deisik on February 22, 2017, 06:50:41 AM

And if you have only one such device and it breaks, could you buy a new device and use it to restore the keys? If this is not possible, then we are basically back to square one, i.e. having the wallet irreparably broken effectively means that you lose your coins

I think you didn't really understood what I meant when I said that it's adviced to have 2 Trezor devices. In case of one device getting corrupted (breaks), then you will have to other (clean) Trezor device, which you can use to restore the keys from the corrupted device so you won't lose anything. That's the purpose of the recovery seed. If you just have one device, you must buy yourself a new one in case your device corrupts. If you just have the recovery seed, but no device, then there is no way you can recover your keys, and thus you have nothing. Having a second device as backup is recommended for that reason.

deisik

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Quote from: 1Referee on February 22, 2017, 06:19:06 AM

Quote from: deisik on February 21, 2017, 03:15:43 PM

And how is that different from using a web wallet?

Or does it mean that they won't be able to restore the key without the seed? If so, I still don't see much sense in all this hassle with hardware wallets. Could you restore the key yourself without Trezor sticking around? If you can, how is this hardware wallet essentially different from a paper wallet and why all this fuss then? If you can't, what will happen if this company is gone for good? If device breaks and Trezor is no longer available, your coins will be lost?

The recovery seed (which happens to be a long string of all kinds of words with a space in between each word) is some sort of a master key that includes all your private keys. In order to put your recovery seed to action to gain back access to your coins, you must do that in combination with a Trezor device. Without a Trezor device it's not possible to make use of the recovery seed. That's why it's adviced to have 2 Trezor devices, where 1 functions purely as a backup wallet

Honestly, that's ridiculous

Why have a master key if you could just set two Trezor devices to use the same private key and totally exclude the possibility of you losing the master key (and thus rendering you backup wallet totally useless)? By any means, that would be a more robust setup, at least, as long as any such setup can be considered robust at all (which they obviously can't). And if you have only one such device and it breaks, could you buy a new device and use it to restore the keys? If this is not possible, then we are basically back to square one, i.e. having the wallet irreparably broken effectively means that you lose your coins

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Quote from: tkbx on March 09, 2014, 02:21:54 PM

If you had to convert all your wealth to either Bitcoin or gold and keep it there for 10 years, which would you choose? Keep in mind the fact that Bitcoin has only been around for 5 years, and could be fundamentally different in any number of ways in 10 years.

I choose for the Bitcoin over gold because I believe that the Bitcoin will increase in value.
And maybe over 10 years the Bitcoin will be worth million. Wink

Rammortal

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Quote from: Ewinsane on February 21, 2017, 04:09:04 PM

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Quote from: st0nefish on February 04, 2017, 07:55:49 PM

I never put all my assets in a single investment vehicle. This is a very risky situation for investment. Instead, I used different investment tools to minimize potential losses.

It makes more sense to buy gold with 50% of the money and take the bitcoin with the remaining 50%.

You should also consider diversifying your money into other asset classes as well because investments means not only just bitcoins and gold. But you can also invest in shares, bonds, some money in fixed deposits if your country is offering decent % of interest and real estate businesses. The more you diversify then the investor can reduce their losses in the longer run.

I agree.
OP just asked as gold and bitcoin. That's why I answered that. It makes sense to use different investment tools that we think will make money. This will minimize the damage.

But we need to know about the vehicles we will invest in. Investing in areas that we do not know is not very logical.

OP just inquiring about investing in bitcoin and gold, which is best? but I think you also have to look for other potential investments, and not a problem to use gold and bitcoin to invest

yes no dount that there are so many other opportunities of investment a trading but i think OP just comparing the two and want to know that in these two which one is more profitable. to me i think both are valuable investment but i think bitcoin have the edge that its value increase very rapidly therefore there are more chance that bitcoin will give you more profit as compare to gold.

It's just a guess and only gold in reality can be much more stable than the bitcoin.

yes gold is more stable but i think bitcoin is more good for investment and making money as gold is only good for holding your money safe but if you are interested in investment then you have the only choice and that is bitcoin.

yeah you are right that bitcoin is good to make profit through invest your money in bitcoin but i do not compare bitcoin with gold because bitcoin is a crypto currency and we can use bitcoin for everything and gold is just a precious metal and gold can be just use for jewellary.

Bother are the different investement ways. I dont want to compare with each other. Its an investing part thats it. It is also important to note that Gold has evidence of reliability. The only similarities between digital currencies and gold is that they largely function outside the banking system Tongue

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Pattart

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Quote from: Unikol on February 20, 2017, 12:46:38 PM

Quote from: SummerTimeKo on February 20, 2017, 12:20:06 PM

Quote from: mike77777 on February 20, 2017, 10:50:23 AM

Gold! Bitcoin is safe when the world is safe. World is heading towards WW3. We can experience power outages. No power - no bitcoin acces.

During any war have always been buyers of gold and Antiques. Another thing is that the price is very low and there is always the risk of becoming a victim of robbers, but when there is no food you have to risk. Bitcoin in time of war is not needed.

During a war, the gold is more valuable than the antiques.

even in war, gold will become very valuable because the value or rate the currency of one country may fall and many people will save their money by buying gold. bitcoin also potentially

1Referee

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Quote from: deisik on February 21, 2017, 03:15:43 PM

And how is that different from using a web wallet?

Or does it mean that they won't be able to restore the key without the seed? If so, I still don't see much sense in all this hassle with hardware wallets. Could you restore the key yourself without Trezor sticking around? If you can, how is this hardware wallet essentially different from a paper wallet and why all this fuss then? If you can't, what will happen if this company is gone for good? If device breaks and Trezor is no longer available, your coins will be lost?

The recovery seed (which happens to be a long string of all kinds of words with a space in between each word) is some sort of a master key that includes all your private keys. In order to put your recovery seed to action to gain back access to your coins, you must do that in combination with a Trezor device. Without a Trezor device it's not possible to make use of the recovery seed. That's why it's adviced to have 2 Trezor devices, where 1 functions purely as a backup wallet.

Ewinsane

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