I would support if it can be done in a decentralized way like the private keys would be stored offline and not touched I also wonder if they would take into account future/past forks since It's inevitable to expect more BTC forks.
Saving bitcoin now for the future of our family is ideal but there is a great risk in holding. If the saved money will be used maybe after 20 years or more, the savings will surely encounter so many forks and challenges. We know how unstable cryptos are and we are not sure if what is the status 20 years after. There are many predictions that bitcoin will be the future money, still it is not guaranteed. It may be ideal to save bitcoin now but as long as it is unstable and the wallets are still open for attacks, people will still be doubtful of holding the coin that long.
Topic: Bitcoin savings fund for children or grandchildren? (Read 3455 times)
I would support if it can be done in a decentralized way like the private keys would be stored offline and not touched I also wonder if they would take into account future/past forks since It's inevitable to expect more BTC forks.
Saving bitcoin now for the future of our family is ideal but there is a great risk in holding. If the saved money will be used maybe after 20 years or more, the savings will surely encounter so many forks and challenges. We know how unstable cryptos are and we are not sure if what is the status 20 years after. There are many predictions that bitcoin will be the future money, still it is not guaranteed. It may be ideal to save bitcoin now but as long as it is unstable and the wallets are still open for attacks, people will still be doubtful of holding the coin that long. 
I would support if it can be done in a decentralized way like the private keys would be stored offline and not touched I also wonder if they would take into account future/past forks since It's inevitable to expect more BTC forks.
i already use paper wallets. just dont use inkjet as they fade after a few years. use laser printers and then seal the design using a fixative, which is a kind of varnish.
my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)
just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.
and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.
my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)
just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.
and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.
proudhon gave me a great idea which i adapted; print the paper wallet using Armory, cut it into a smaller piece, folded it once, wrap it in a piece of construction paper so it can't be seen and then laminate both sides. i'm sure it protects somewhat from oxidative damage to the print and it can be stuffed in a safe deposit box if desired.
Guess I didn't read the thread well enough since you posted the same suggestion. I never thought about covering it with construction paper or some other medium. The only thing I would worry about with that is you can't really inspect the paper so if it is degrading over time you would never know it until you opened it up.
which is why i used colored construction paper to see if it fades.
Makes sense.
Get indignant if you like, but most financial advisers would agree with me.
Yes, I am sure they do. Therefore, you are right. CDs are safe. Bitcoin is risky. Everyone is happy. 
Get indignant if you like, but most financial advisers would agree with me.
I agree.
As I said earlier, the higher potential yield of an investment, the higher the risk generally is. The individual investor need to decide how much risk they are willing to take on and weigh it versus the potential payoff.
I'm not saying that bitcoin or stocks (or any other investment vehicle for that matter) have no place in a portfolio, I am simply stating that investors that can't handle risk should look elsewhere.
I really don't see how that is an unreasonable position.
I never told him to invest in Bitcoin. I just stated that investing in "safe" CDs is a certain loss. If what you mean by safe is that you are certain of the outcome (a loss) then yes, CDs are safe. As I said earlier, the higher potential yield of an investment, the higher the risk generally is. The individual investor need to decide how much risk they are willing to take on and weigh it versus the potential payoff.
I'm not saying that bitcoin or stocks (or any other investment vehicle for that matter) have no place in a portfolio, I am simply stating that investors that can't handle risk should look elsewhere.
I really don't see how that is an unreasonable position.
I agree.
As I said earlier, the higher potential yield of an investment, the higher the risk generally is. The individual investor need to decide how much risk they are willing to take on and weigh it versus the potential payoff.
I'm not saying that bitcoin or stocks (or any other investment vehicle for that matter) have no place in a portfolio, I am simply stating that investors that can't handle risk should look elsewhere.
I really don't see how that is an unreasonable position.
As I said earlier, the higher potential yield of an investment, the higher the risk generally is. The individual investor need to decide how much risk they are willing to take on and weigh it versus the potential payoff.
I'm not saying that bitcoin or stocks (or any other investment vehicle for that matter) have no place in a portfolio, I am simply stating that investors that can't handle risk should look elsewhere.
I really don't see how that is an unreasonable position.
Personally, I'd just go with a high yield CD (preferably through a federally insured credit union); it's one of the safest investments you can make.
high yield CD's issued by small banks or credit unions have been used in the past as a surrogate measure of risk that that institution may fail. higher the yields, the higher the risk.
Right, because telling a risk-adverse investor to invest his children's money into bitcoin (which has the relative safety of a roulette table) is sound investment advice.
Why don't you just tell him to cash in his savings, go to Vegas, and put it all on black?
Why don't you just tell him to cash in his savings, go to Vegas, and put it all on black?
So I take it you actually believe the 1.7% inflation number.
And you would have also to believe that it will stay that way for the length of your safe CD.
Interesting beliefs you have there.
And you would have also to believe that it will stay that way for the length of your safe CD.
Interesting beliefs you have there.
read the rest of my post.
Yes, I am dead serious. I think its sad that you all are telling this guy to blow his children's and grandchildren's money on BTC, particularly since he is adverse to risk (as shown by an unwillingness to invest in stocks.)
BTC is easily as risky (if not more) than a flavor-of-the-month penny stock, and is certainly not a sound investment. Speculative tool, maybe...but definitely not a "safe" investment.
So you tell him to invest in something that is CERTAIN to lose value - no chance of even retaining its value? BTC is easily as risky (if not more) than a flavor-of-the-month penny stock, and is certainly not a sound investment. Speculative tool, maybe...but definitely not a "safe" investment.
Yes, I am dead serious. I think its sad that you all are telling this guy to blow his children's and grandchildren's money on BTC, particularly since he is adverse to risk (as shown by an unwillingness to invest in stocks.)
BTC is easily as risky (if not more) than a flavor-of-the-month penny stock, and is certainly not a sound investment. Speculative tool, maybe...but definitely not a "safe" investment.
Inflation rate was 1.7% in jan. You can find CD's that yield up to 2% last I checked, and a few years ago you could get them at 5%. But yes, "safe " investments will yield less than a risky investment. That's the price you pay for relative safety.
BTC is easily as risky (if not more) than a flavor-of-the-month penny stock, and is certainly not a sound investment. Speculative tool, maybe...but definitely not a "safe" investment.
Inflation rate was 1.7% in jan. You can find CD's that yield up to 2% last I checked, and a few years ago you could get them at 5%. But yes, "safe " investments will yield less than a risky investment. That's the price you pay for relative safety.
Personally, I'd just go with a high yield CD (preferably through a federally insured credit union); it's one of the safest investments you can make.
7-year fixed-rate CD from USAA is currently returning 1.46% APR. Or you can get an adjustable rate CD with .48% APR.
U.S. Inflation rate in 2012 was 2.1%.
You will get a better return investing in hookers and blow.
Personally, I'd just go with a high yield CD (preferably through a federally insured credit union); it's one of the safest investments you can make.
Are you serious? If so that is very, very sad. 
Personally, I'd just go with a high yield CD (preferably through a federally insured credit union); it's one of the safest investments you can make.
Most of the time a CD won't keep up with inflation rates. This is a guaranteed way to lose purchasing power over time as inflation reduces your wealth faster than the CD yield can replace it.
Personally, I'd just go with a high yield CD (preferably through a federally insured credit union); it's one of the safest investments you can make.
i already use paper wallets. just dont use inkjet as they fade after a few years. use laser printers and then seal the design using a fixative, which is a kind of varnish.
my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)
just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.
and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.
my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)
just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.
and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.
proudhon gave me a great idea which i adapted; print the paper wallet using Armory, cut it into a smaller piece, folded it once, wrap it in a piece of construction paper so it can't be seen and then laminate both sides. i'm sure it protects somewhat from oxidative damage to the print and it can be stuffed in a safe deposit box if desired.
Guess I didn't read the thread well enough since you posted the same suggestion. I never thought about covering it with construction paper or some other medium. The only thing I would worry about with that is you can't really inspect the paper so if it is degrading over time you would never know it until you opened it up.
which is why i used colored construction paper to see if it fades.
i already use paper wallets. just dont use inkjet as they fade after a few years. use laser printers and then seal the design using a fixative, which is a kind of varnish.
my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)
just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.
and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.
my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)
just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.
and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.
proudhon gave me a great idea which i adapted; print the paper wallet using Armory, cut it into a smaller piece, folded it once, wrap it in a piece of construction paper so it can't be seen and then laminate both sides. i'm sure it protects somewhat from oxidative damage to the print and it can be stuffed in a safe deposit box if desired.
Guess I didn't read the thread well enough since you posted the same suggestion. I never thought about covering it with construction paper or some other medium. The only thing I would worry about with that is you can't really inspect the paper so if it is degrading over time you would never know it until you opened it up.
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