Bitcoin will hit $50 this month. - page 4.

psybits

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Quote from: piramida on March 05, 2013, 10:50:48 AM

Yeah, the question is tricky, but still, at least two people should hold each part of the key, and they should not ever fly the same airplane

Or better yet, bank vault account holder with a clear will about inheritance. I generally don't think a single human is reliable enough for any task, we are rather fragile.

Maybe a p2p articial intelligence based on Bitcoin technology could hold the keys for safe keeping?

piramida

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Borsche

Yeah, the question is tricky, but still, at least two people should hold each part of the key, and they should not ever fly the same airplane

Or better yet, bank vault account holder with a clear will about inheritance. I generally don't think a single human is reliable enough for any task, we are rather fragile.

oakpacific

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Quote from: piramida on March 05, 2013, 10:10:03 AM

Quote from: oakpacific on March 05, 2013, 09:46:34 AM

I think Magicaltux maybe the only one with access to the key.

Now *that* would be disastrous. I don't even talk about an accident leading to a loss of 100mil; let's say people are kidnapped left and right for 1% of that amount.

However many parts you split your key, you could still just randomly kidnap anyone of the keyholders and coerce all the others to cooperate to give you the money you want, this also applied to traditional banking, you simply can not eliminate the risk of kidnapping.

If the kidnapper can not coerce anyone else but MT, then they need to have physical access to the offline computer to finish the transaction(I meant he got the key to access the computer, not that he memorized the private key itself).

Fiyasko

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Okey Dokey Lokey

Too many of these threads, C'mon people, atleast give us reasons as to why you think so in the OP

Morblias

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Quote from: psybits on March 05, 2013, 09:41:17 AM

Quote from: Rygon on March 05, 2013, 09:20:30 AM

Yeah, $50 seems about right, following the trend from January and February.

Yes, but the real question is - when does it end? $100? $500? More?

With all the news lately about Bitcoin, demand is only going to continue to grow. Who knows when it will end, but I don't see it stopping/slowing down anytime soon.

This shot demand up even more:
https://twitter.com/KimDotcom/status/308615839974817793
https://twitter.com/KimDotcom/status/308617409311432706

piramida

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Borsche

Quote from: oakpacific on March 05, 2013, 09:46:34 AM

I think Magicaltux maybe the only one with access to the key.

Now *that* would be disastrous. I don't even talk about an accident leading to a loss of 100mil; let's say people are kidnapped left and right for 1% of that amount.

oakpacific

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Quote from: lebing on March 05, 2013, 08:56:58 AM

Quote from: oakpacific on March 05, 2013, 07:47:42 AM

Quote from: piramida on March 05, 2013, 06:56:11 AM

Most big players are not holding much in hot wallets, so this part is secure. What worries me is cold storage. Afterall, it is a piece of paper. All it takes is one quick smartphone snapshot of the paper and boom, all gone. And when a big company and multiple physical locations are involved, too many people can have a brief opportunity.

So split key systems are a total must. I only heard about split-keys from coinlab so far.

Nothing too difficult, you just tear the paper in half, and put it in two secure storage places, also everyone has access to the storage place should sign a NDA. Doubt they will think it's something worth further ado.

Yeah, because an NDA will stop someone from walking out the door and onto a plane with 50,000 coins. =P

NDA is just an additional safeguard, besides, where are you gonna sell it, other than Gox?
PS: I think Magicaltux maybe the only one with access to the Gox key, and I don't think they use a paper wallet, an offline computer with access control is more likely.

psybits

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Quote from: Rygon on March 05, 2013, 09:20:30 AM

Yeah, $50 seems about right, following the trend from January and February.

Yes, but the real question is - when does it end? $100? $500? More?

samson

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Unless there's a few really big sell offs I think it could hit $50-55 on or before Tuesday 12th of March.

If it gets that high before then I would take it as a warning sign that the growth is out of control.

Odalv

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Quote from: piramida on March 05, 2013, 06:56:11 AM

Most big players are not holding much in hot wallets, so this part is secure. What worries me is cold storage. Afterall, it is a piece of paper. All it takes is one quick smartphone snapshot of the paper and boom, all gone. And when a big company and multiple physical locations are involved, too many people can have a brief opportunity.

So split key systems are a total must. I only heard about split-keys from coinlab so far.

It is easy to print encrypted.

Rygon

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Yeah, $50 seems about right, following the trend from January and February.

lebing

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Enabling the maximal migration

Quote from: oakpacific on March 05, 2013, 07:47:42 AM

Quote from: piramida on March 05, 2013, 06:56:11 AM

Most big players are not holding much in hot wallets, so this part is secure. What worries me is cold storage. Afterall, it is a piece of paper. All it takes is one quick smartphone snapshot of the paper and boom, all gone. And when a big company and multiple physical locations are involved, too many people can have a brief opportunity.

So split key systems are a total must. I only heard about split-keys from coinlab so far.

Nothing too difficult, you just tear the paper in half, and put it in two secure storage places, also everyone has access to the storage place should sign a NDA. Doubt they will think it's something worth further ado.

Yeah, because an NDA will stop someone from walking out the door and onto a plane with 50,000 coins. =P

Herodes

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Anything can happen. Grin

Some bad news with some of the big bitcoin companies, and the price could come plummeting down for instance.

Grouver (BtcBalance)

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Quote from: 🏰 TradeFortress 🏰 on March 05, 2013, 05:05:12 AM

If you told anyone a few months ago that Bitcoin will be $40, they'd be surprised. Bitcoin will easily hit $50 this month at the very least.

Thats what "they" said in 2011.

Piper67

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Quote from: oakpacific on March 05, 2013, 07:47:42 AM

Quote from: piramida on March 05, 2013, 06:56:11 AM

Most big players are not holding much in hot wallets, so this part is secure. What worries me is cold storage. Afterall, it is a piece of paper. All it takes is one quick smartphone snapshot of the paper and boom, all gone. And when a big company and multiple physical locations are involved, too many people can have a brief opportunity.

So split key systems are a total must. I only heard about split-keys from coinlab so far.

Nothing too difficult, you just tear the paper in half, and put it in two secure storage places, also everyone has access to the storage place should sign a NDA. Doubt they will think it's something worth further ado.

Armory is also coming up with a split key solution, apparently.

oakpacific

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Quote from: piramida on March 05, 2013, 06:56:11 AM

Most big players are not holding much in hot wallets, so this part is secure. What worries me is cold storage. Afterall, it is a piece of paper. All it takes is one quick smartphone snapshot of the paper and boom, all gone. And when a big company and multiple physical locations are involved, too many people can have a brief opportunity.

So split key systems are a total must. I only heard about split-keys from coinlab so far.

Nothing too difficult, you just tear the paper in half, and put it in two secure storage places, also everyone has access to the storage place should sign a NDA. Doubt they will think it's something worth further ado.

josiahgarber

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Quote from: 🏰 TradeFortress 🏰 on March 05, 2013, 05:05:12 AM

If you told anyone a few months ago that Bitcoin will be $40, they'd be surprised. Bitcoin will easily hit $50 this month at the very least.

I think it is hard to predict what will happen. Bitcoin seems to me to be a boom or bust type investment. Take the market cap of Apple and divide it by 21 million. Kind of puts things in perspective.

BIGMERVE

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Quote from: Endgame on March 05, 2013, 06:25:03 AM

Quote from: psybits on March 05, 2013, 05:48:15 AM

Seconded

I don't really see how it can go down - Bitcoin seems to have evolved and many of the problems such as hackers taking off with very large chunks of BTC from exchanges and crashing prices seem to be a thing of the past ...

I agree with the $50 prediction. As for the hacking of exchanges, unfortunately as the price of bitcoin increases, so does the incentive to hack exchanges. So I think we are actually more likely to see exchange hacks/thefts/inside jobs in the coming weeks.

You can also assume as the price goes up so does the incentive to protect your bitcoins.

grondilu

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Quote from: molecular on March 05, 2013, 06:23:05 AM

I don't think it's time yet, though. maybe when we reached $225 or $450.

piramida

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Borsche

Most big players are not holding much in hot wallets, so this part is secure. What worries me is cold storage. Afterall, it is a piece of paper. All it takes is one quick smartphone snapshot of the paper and boom, all gone. And when a big company and multiple physical locations are involved, too many people can have a brief opportunity.

So split key systems are a total must. I only heard about split-keys from coinlab so far.

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