I spent all my saving on bitcoin, now i am broke - page 28.

Rizky Aditya

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Quote from: ABCbits on May 09, 2016, 05:46:42 AM

Quote from: Quantus on May 09, 2016, 05:05:06 AM

Not going to read 4 pages worth or replies but I'm sure someone told you by now what a horrible idea this is.

USB storage devices (memory sticks) and SSDs lose data over time without power. If they are not powered up every 8 months you run the risk of corrupted data.
If your going to store your data for a long time go for a HDD or paper wallet.

Data on a usb stick will not last more then a few years without power.

Also, keep things inside a hole isn't best idea. Who knows if water could get inside box when it's raining or box could be damaged over time Roll Eyes

Paper wallet is good idea, but don't forget to laminate or cover it properly and use strong box.

Well that's what I thought as well when I read the first bit. But then he says he use a box inside a box and they are both waterproof so there is no chance of water getting in.

ABCbits

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Quote from: Quantus on May 09, 2016, 05:05:06 AM

Not going to read 4 pages worth or replies but I'm sure someone told you by now what a horrible idea this is.

USB storage devices (memory sticks) and SSDs lose data over time without power. If they are not powered up every 8 months you run the risk of corrupted data.
If your going to store your data for a long time go for a HDD or paper wallet.

Data on a usb stick will not last more then a few years without power.

Also, keep things inside a hole isn't best idea. Who knows if water could get inside box when it's raining or box could be damaged over time Roll Eyes

Paper wallet is good idea, but don't forget to laminate or cover it properly and use strong box.

Rizky Aditya

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Quote from: --Encrypted-- on May 08, 2016, 03:36:48 PM

better hope that none of the users here live near your house and recognize the fountain. you basically just announced where you hid your private keys to everyone.

Lol yeah that it is true. But I don't believe that story one bit. He could have bought the water proof case thing and then took a picture of it. Then he could have taken a photo of his fountain and posted both of them. Simple.

Avox

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LOL - I like this story :DDD
I think it's one of nicest troll.

But as I know, a trolling is not allowed in forum?

Quantus

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Not going to read 4 pages worth or replies but I'm sure someone told you by now what a horrible idea this is.

USB storage devices (memory sticks) and SSDs lose data over time without power. If they are not powered up every 8 months you run the risk of corrupted data.
If your going to store your data for a long time go for a HDD or paper wallet.

Data on a usb stick will not last more then a few years without power.

SFR10

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Although it's really nice someone investing such amount in BTCitcoin, in order to gain certain profit in the long run but you also gave up almost whatever savings you had and in case of emergency, those would have been handy. Another thing is, you literally gave information to a possible criminal mind on how to locate those so you might want to change it's location now and this time don't share with us. There's a lot of other ways to make it safe just like how some have mentioned and I advise to change your initial plan the soonest.

frankenmint

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Quote from: Baby Rage on May 08, 2016, 04:04:35 PM

Quote from: Jannn on May 08, 2016, 03:47:07 PM

Did you put one bitcoin on each stick? What if they break? What if they all stop working after years? Why use USB and not paper?

paper would probably have been better. in 20 years we may not use usbs, but i am sure they will always be paper wallets. but good luck to you

if you really wanted to you could find a floppy drive and connect it to an external ancient scsi or ide controller on an older host board.

kpitti

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This is good story. I just think we will not get information how it went in 20 Years when you pickup your stuff from there and try to recover it.
May be you need to search for some old IT to read USB sticks.
May be ... it`s not that good idea.

saiha

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I think op you just need to collect again and back to zero, just be eager in collecting btc again and don't think that you are broke,
Just think positive that you can accumulate again bitcoins for the coming halving.

qiwoman2

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LOL I actually love the story. I think you did well in purchasing some bitcoin and exchanging your fiat savings. In the bank the fiat will only go down in value anyway but with Bitcoin you always have the chance that it may appreciate in value over the long term. I would diversify your next savings into gold or other digital currencies as well, so you have a good hedge.

Herbert2020

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Quote from: joe101 on May 08, 2016, 03:30:51 PM

...i took out all my saving from my bank.....
....Was this a bad idea? ....

yes it was a bad idea.
why? because you have invested all your money. it doesn't matter what you invest in (bitcoin, altcoin, gold, stocks,....) it is never a good idea to go all in. but on the other hand $3500 is not that much.

USB-S

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Quote from: Holliday on May 09, 2016, 12:56:10 AM

https://en.wikipedia.org/wiki/Data_degradation

But what are the real odds of a usb stick wiping itself. It's like 1 to a 100billion? Especially if you have 2 sticks.

However the idea itself is really neat op. I like your story. But you should make a backup of those sticks just in case. Data doesn't exist if it isn't stored in at least two places.

jak3

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i dont think that much of work was needed Shocked

there are still some chances that those usb sticks can be damage in course of time because desasters dont come by saying. suppose an earthquick hit your bird fountain and your bag was crused on that ground Sad

by the way good luck with your investment

Junko

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OP, I would like to send you a free pamphlet with detailed information about safe bitcoin storage. Can you pm me your address so I know where to mail it to you?

Kairoz

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So much paranoia and fear in this thread.
Just consider using a paper wallet and don't forget you buried 5 BTC.

Don't worry for the money, you eventually will recover it and you will still have the chance those 5 BTC go to the moon.

Kakmakr

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I will wait for the price to increase and if it doubles the rate you bought it at, I would take it out and sell 50% of it to make my initial investment back. I will then buy a deposit box at a bank and store a copy of the coins in a second location.

A flood or some other environmental disaster might dislodge that time capsule of yours and you might need to have a backup plan to restore those coins, when that happens.

Hirose UK

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Quote from: --Encrypted-- on May 08, 2016, 03:36:48 PM

you basically just announced where you hid your private keys to everyone.

that's what I thought. probably there will be bad guy out there who is reading this thread thinking how to get your private key.

OP I suggest you to look for a new save place to hide it and don't tell anyone, but 2 people you trust

Holliday

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https://en.wikipedia.org/wiki/Data_degradation

Searing

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Quote from: joe101 on May 08, 2016, 03:30:51 PM

well i have good news or bad news, this week i took out all my saving from my bank 3500 and bought some bitcoin

i now have a total of 6 bitcoins,

last night i bought 5 usb sticks and 2 waterproof boxes, i put the box inside of the other box then the 5 usb sticks in the middle of the box, afterwards i went into my backyard and dug a hole underneath the bird fountain,

i dug the hole almost 3 feet under. Then i buried it back and placed the bird fountain back.

The bird fountain has been in the same spot for many years so i am not worried about forgetting where i buried it, and grass doesn't grow underneath it.

so there we have it, I buried a total of 5 bitcoins, i plan to keep it there for 20 years. The 5 bitcoins cost me about 2300USD

The 6th bitcoin i keep it on my cellphone and i plan to spend it online,

Now i only have 100 dollars left in my bank, i am basically broke, my whole saving gone!

Was this a bad idea? after i buried it i was starting to feel like it was a bad idea,

i also did not put a hard password on it because i thought i would forget

but i wasn't planning on using my saving for anything, and the bank doesn't give me any interest for it,

i've never invested in anything , possibly because i don't have much money

anyways.. it's just money.. i'll save some more

i figure in the future, it might be way too expensive to own even 1 bitcoin,

i am now a proud owner of 5 bitcoins

this is my bitcoin story,

here are some pictures of the box and bird fountain, its not the exact ones that i own but similar

dig them up..put them on paper wallet....put in a bank safety deposit box (my brother is co-signer my such keys if i get hit by a truck) cost for a very very large box is 60 bucks a year and useful for the house abstract (in case of fire) passport and other stuff as well

no fuss..no mess

bitcoinblog

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Quote from: joe101 on May 08, 2016, 03:54:13 PM

i used usb's because i don't know how to make a paper wallet, it was really confusing and hard when i read it online, i also don't own a printer

Topic: I spent all my saving on bitcoin, now i am broke - page 28. (Read 25417 times)