Topic: Question is , what to do with the minned Bitcoins ? (Read 228 times)

From my understanding, OP stopped using freebitco, because freebitco lost trust in him, not because he lost trust in freebitco.
It seems that, OP has been banned from using freebitco because they believed that he was abusing their referral system with multiple accounts.

Let me guess - you wanted to use freebitco.in as a kind of bank because they offer 4.18% annual profit? And for some reason(s) you realised they are not a bank but casino, which made you think you cannot trust them?

Since you're asking for advice followed by a lot of complicated deliberation, this one:

In general, if you want your bitcoins to accumulate then you should either use a centralized service or move it to someone else's control to manage (like lending). Because only they (feel) able to offer a return of a few percent of your investment.
On the other hand, we can never guarantee that this kind of offer will live up to expectations.

You already said that there is no guarantee to make profits. That is true even when you trade and hodl on your own, there are still risk because of the instability of the price and this event can also cause you to become emotional and do unwanted things that makes you lose.

BTC is a pow based and not pos but btc is decentralized, it means that no need for a centralized party to take over your btc but you can just keep them yourself and you can still be able to earn. Mined bitcoins are fresh kind of bitcoins and I think we can sell them via p2p at a much higher rates than just selling them directly in an exchange because they do not care anyway if the btc is freshly mined or not.

So, you tried to abuse Freebitco.in and now complain about them after they exposed and blocked you? What did you want to prove with your "series of tests"? How good are they at detecting abusers? Well, if nothing else, I would say the test was successful.

Bitcoin is POW crypto, NOT POS, You cannot get money from your bitcoins and therefore a central party must take this money, invest it and give you promises of getting it in return.
There is no guarantee that you will make profits, and then you may lose those currencies or part of them.
The value of Bitcoin is increasing, so the better, trade or hold, the more secure it is and you will make a good future return.

You have to trust someone to lend your money and the same goes for casino bankroll investment as well so there is no returns with 100% security to your capital, there are some options for altcoins but fir Bitcoin you can't make more Bitcoins by simply holding bitcoin in your wallet itself.

The best thing is to HODL, you can make use of a hardware wallet/cold storage like Trezor wallet, or offline wallet like Trust wallet and exodus to hold your mined bitcoins. You would hold your private keys, that way it is completely safe and when the value of the Bitcoin goes up you can sell it and cash in your profit.

Investment is also good, as you would get to make extra profit apart from the one you would make as the market continues to increase in value. But the problem here is finding a good coin that you can invest in, because most of the sites you might come across might not give you that anonymity, and access to your private keys like you have said.

You are mining bitcoin & you are using freebitco referral program as well. That sounds awkward, doesn’t that?
I guess you are here to criticize freebitco instead of asking a real question. If you are not satisfied with freebitco, you are free to share that in their ann thread instead of barking here.

That’s true, but anyone who is looking for investment and making compound interest would still have to make use of custodial wallets. Even as of recent I have been seeing tweets from Coinbase CEO (Brian Armstrong) and Kraken CEO (Jesse Powell) that advises people to ditch centralized exchanges and wallets, because regulators can decide at any moment to freeze accounts belonging to people. So that makes them a pretty bad choice.

The best option that the op has here which would give him full control over his coin is by HODL. There are so many decentralized and non-custodial wallets that he can use to hold his Bitcoin, the value will still go up, we know that for sure.

It' seems I have offended the '' Holy cow '' of online casinos.A simple google search offers evidence of my claims and I will provide the casino with security measures they can implement in order to fix the said issues. The post isn't a complaint. I can care less about the casino. Any casino is a business fed by greed, enough said. I have never claimed that they aren't legit, but I do claim that receiving your password my e-mail as an option is just bad security practice. Furthermore, I am mining on my own from 2016 so it's not a small amount to start with. From what I was able to find Incognito wallet might be on a good road to something similar I was talking about. There are trade-off as they pay-out interest in their own coin and they do offer trustless custody. Note. If you are able to contribute to my question, which is how to make the most out of BITCOIN (financially) than post away. If you are just posting to defend a business. Don't expect further responses from me.

The only thing you should do is keep holding those "mined" coins and use those to sell and get an ROI for your mining equipment. I hope you are mining on your own and not the freebitco.in mining being the main point here.

Once you break even, you should be able to hold and sell at every bullish run therefore making profit.

There is no need to invest in freebitco.in unless you want to add that to your portfolio with the risk that you are lending them your bitcoin. They are legit and you can feel safe with them, but there is a risk. Using tor will not save you from all that paranoia of being tracked and all. I have been a winner of their 200$ faucet roll and I can vouch for them for being a legitimate operation.

So hold bitcoin after mining and sell them in profit - seems to be the best approach.

I'm not sure if this is an actual question about investing bitcoin or just a complaint about Freebitco.in closing your accounts because you had more than one which breaks their rules.
It is not possible to answer your main question without knowing things like how much bitcoin are we talking about? For example there is a difference between having $10 or $10 million worth of bitcoin.
Also the risks you are willing to take, the experience you have, etc. You could start a business if you have a decent amount of bitcoin, even expand your mining operation and buy more ASICs, if it is a small amount the options are limited to regular things everyone does like trading, etc. but then it comes down to your experience and risk taking.

In that case, we would be delighted to hear your idea, since it's something that doesn't yet exist on this market as far as I am aware.

With regard to FreeBitco.in, they are among the oldest casinos on this forum, and, as you can see from their official thread, are highly regarded by this community. It is not cool to make absurd claims without even offering a shred of evidence.

It doesn't bother me, it bothers logic.
How do you lend somebody money while keeping them in your own pocket?
The guy goes to a store buys something on your IOU promise and in the meantime, your somehow lose your keys or you spend all your coins in a casino, or something else. How much is then your promise to pay worth?

The idea behind bitcoin is indeed to be your own bank, but there is nothing about issuing loans while not giving out those loans, remember that for the client of this bank the same principle must exist and be true when he gets the loan, his coins his keys, which is impossible!
Again, sticking to bitcoin and no other shitcoin or sidechain and respecting those three requirements is impossible, you could somehow avoid this with collateral in another coin which is against the whole idea of using only bitcoin, or with you creating a legal agreement with the said person and guaranteeing the viability of those funds with something else, but that would definitely reduce the number of clients and void anonymity.


Freebitcoin has an active topic here with plenty of support, I'm pretty sure they would be eager to hear about what security flaws you've found.

'' They failed your trust test because they blocked an obviously fake referral account?


You tested if you can cheat them and since you can't in reverso world it means they are cheaters too? Common!


Not saying that you should store your coins on any online website but I can assure you every single one of them would block your account if you try this scheme to make some extra income.''




Well, if you must know, I made a series of tests and the said casino was able to fail them all. From their security, support, provability logic, etc. My statement is that they can't be trusted. When my paper is done (on the topic of de-anonymization of Bitcoin) you are more than welcome to go over my data. There was no cheating involved as we where using different laptops on public wifi - TOR -FREEBITCO.IN. The issue was only present when they where contacted and messaged with security and privacy concerns. I deliberately said that the referral was my wife. And still I don't see the issue on their side, they just lack politeness. They are a funny bunch but as I said I don't want to make this thread about trustiness business.






''What you want sounds like sending an anonymous letter to a broker telling him you have 100k under your bed and you want to invest that but keeping the money in your pocket. "You can't have your cake and eat it!".''




Does that bother you, in any way? Asking a question isn't a crime. I feel that such a service should be useful to the Bitcoin community which still respects their privacy and anonymity.


MY idea is to try and develop a system which lives up to the principle idea of being your own bank (Not your keys, not your coins.). While you earn an interest.

They failed your trust test because they blocked an obviously fake referral account?
You tested if you can cheat them and since you can't in reverso world it means they are cheaters too? Common!
Not saying that you should store your coins on any online website but I can assure you every single one of them would block your account if you try this scheme to make some extra income.


What you want sounds like sending an anonymous letter to a broker telling him you have 100k under your bed and you want to invest that but keeping the money in your pocket. "You can't have your cake and eat it!".

You shouldn't trust any custodial service with your bitcoin. Any custodial services is able to freeze your fund at any time for any reason. There's also the possibility that they get hacked or they are closed at any time. When you use a custodial service, you don't actually own any bitcoin.
You should always use non-custodial wallets, so you can have full control over your fund.

Not your keys, not your coins.

No.
You can't have full control over your fund and get interest at the same time.

Hi there community, I have been asking myself for a while now what to do with my mined Bitcoins? Should I just HODL, invest, get an account with a daily compound interest, lend, etc. From what I was able to find Freebitco.in isn't a place anybody should hold a satoshi because they just can't be trusted with them and even when you trust them you don't have the anonymity you think you have. I just emailed their support regarding TOR and two emails latter my account was blocked as well as my wifes (referral) which we used to see if they can be trusted what they say and they failed to do so. But enough about that topic, is there any sound way to earn with your Bitcoins while I stay true to the principle ideal of? My keys, my Bitcoins with at least having some anonymity.