Trezor and other Secure Wallets will have a large effect on the Bitcoin Price

HarmonLi

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Honest 80s business!

Quote from: L0uis on February 08, 2015, 07:25:33 AM

Quote from: Buffer Overflow on February 08, 2015, 03:02:51 AM

I wonder how long it will be until fake TREZORS start entering the market.

Already happens

Edit: http://www.reddit.com/r/Bitcoin/comments/2tyier/bwallet_review_by_trezor_developer/

Holy cow! Is there a way of verifying you are using a real and safe trezor? How could a reliable audit look like? I mean the owner would have to make sure their device is legit themselves, you just can't trust people with this kind of stuff. We don't seem to get away from the centralization!

CoinCidental

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Si vis pacem, para bellum

Quote from: mmortal03 on February 08, 2015, 01:50:32 PM

Coinbase insures the bitcoins that they hold, and they even have their Multisig Vault option to allow you to buy bitcoins and have them immediately stored there in this multisig vault, where you control the majority of the keys. Is this not "good enough" for large investors?

Mind you, Coinbase has room for improvement on this feature: http://www.reddit.com/r/Bitcoin/comments/2kr1qk/coinbase_multisig_vault_not_as_secure_as_you_think/

But don't forget, there are also already things like Armory, with multisig, that just work.

Armory and multi-sig security works but try explaining it to your granny ....... Cheesy

the whole thing needs to be simplified before most people would adopt it IMO
although we dont need mass adoption for it to succeed

the scarcity of the coins alone will give them value even if whole world is not using it
enough people will be to make it very valuable .......

cheekychap

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Quote from: da2ce7 on February 07, 2015, 11:14:38 PM

I believe one of the main reasons for the slow decline of the bitcoin prices is that people who wish to invest a large amount of money do not feel comfortable about securely storing a large amount of value.

With BIP32 and TREZOR investors are starting to feel more confident that they can indeed manage holding their own Bitcoins.

Once a significant proportion of investors move to such secure Bitcoin storage technologies I believe that the incentive to sell will become much diminished.

I suspect that the in unofficial markets (such as Local Bitcoins and OTC) will be the first places to dry up in excess liquidity. (as in the average price on these markets will be higher than say on Bitstamp).

When this happens, I believe significantly because of secure wallets, we will be officially at the start of the next major bull market. (it is important to remember that the bitcoin prices is dictated by people who do not spend bitcoins rather those who do).

Wink

Well to add to this also to add the scams that take place in the bitcoin world. I know a lot of people who have left only because of that .

da2ce7

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Live and Let Live

Quote from: Miz4r on February 08, 2015, 09:49:07 AM

Quote from: da2ce7 on February 07, 2015, 11:14:38 PM

When this happens, I believe significantly because of secure wallets, we will be officially at the start of the next major bull market. (it is important to remember that the bitcoin prices is dictated by people who do not spend bitcoins rather those who do).

Security is definitely a large roadblock for those considering to buy bitcoins, but I don't agree that the bitcoin price is dictated by people who don't spend or sell any bitcoins. It's a part of a much more complex equation, because if nobody would spend or sell any coins the market would be extremely illiquid which also deters potential buyers (no sellers, no buyers). So it's not that easy.

The price of Bitcoin is dictated by it's scarcity. If half the number of bitcoins are traded at twice the price the liquidity stays the same.

Chef Ramsay

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Quote from: tinky winky on February 08, 2015, 12:15:53 PM

Quote from: BillyBobZorton on February 08, 2015, 11:13:15 AM

There was a guy talking about how he got stopped by the police and got his trezor confiscated because they thought it was a voice recorder.

Voice recorder aren't illegal. Why would they confiscate something for looking like a voice recorder?

We don't even know if the story is actually true or someone just trolling reddit. However, it's not uncommon for police to want to have complete command over a situation and they typically don't like to be audio or video recorded. That said, they aren't known for having very much smarts. If the story is true the cop would have to be a moron to mistake a usb-like device for an audio recorded.

mmortal03

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Coinbase insures the bitcoins that they hold, and they even have their Multisig Vault option to allow you to buy bitcoins and have them immediately stored there in this multisig vault, where you control the majority of the keys. Is this not "good enough" for large investors?

Mind you, Coinbase has room for improvement on this feature: http://www.reddit.com/r/Bitcoin/comments/2kr1qk/coinbase_multisig_vault_not_as_secure_as_you_think/

But don't forget, there are also already things like Armory, with multisig, that just work.

tinky winky

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Quote from: BillyBobZorton on February 08, 2015, 11:13:15 AM

There was a guy talking about how he got stopped by the police and got his trezor confiscated because they thought it was a voice recorder.

Voice recorder aren't illegal. Why would they confiscate something for looking like a voice recorder?

BillyBobZorton

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There was a guy talking about how he got stopped by the police and got his trezor confiscated because they thought it was a voice recorder.

Miz4r

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Quote from: da2ce7 on February 07, 2015, 11:14:38 PM

When this happens, I believe significantly because of secure wallets, we will be officially at the start of the next major bull market. (it is important to remember that the bitcoin prices is dictated by people who do not spend bitcoins rather those who do).

Security is definitely a large roadblock for those considering to buy bitcoins, but I don't agree that the bitcoin price is dictated by people who don't spend or sell any bitcoins. It's a part of a much more complex equation, because if nobody would spend or sell any coins the market would be extremely illiquid which also deters potential buyers (no sellers, no buyers). So it's not that easy.

Rico Suave

newbie

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I think the average user may be concerned about keeping their coins safe but I don't think it will have much effect on the price, though adoption will rise along with new wallet technology so if it happens it will be coincidental.

Q7

sr. member

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Merit: 250

I couldn't agree more on your statement. After reading all the horror stories about hacks taking place, common people who wish to invest in the coin will automatically develop that kind of fear. When you are putting large amount of money for investment, one of the priority is have it safe. Hardware wallets are going to change all that.

L0uis

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Quote from: Buffer Overflow on February 08, 2015, 03:02:51 AM

I wonder how long it will be until fake TREZORS start entering the market.

Already happens

Edit: http://www.reddit.com/r/Bitcoin/comments/2tyier/bwallet_review_by_trezor_developer/

Habeler876

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Interesting. Hadn't thought of this, but also can't say I'm confident that it will play out as you suggest. Time will tell I guess.

hyphymikey

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Agreed!!!!

Buffer Overflow

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I wonder how long it will be until fake TREZORS start entering the market.

da2ce7

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Activity: 1222

Merit: 1016

Live and Let Live

I believe one of the main reasons for the slow decline of the bitcoin prices is that people who wish to invest a large amount of money do not feel comfortable about securely storing a large amount of value.

With BIP32 and TREZOR investors are starting to feel more confident that they can indeed manage holding their own Bitcoins.

Once a significant proportion of investors move to such secure Bitcoin storage technologies I believe that the incentive to sell will become much diminished.

I suspect that the in unofficial markets (such as Local Bitcoins and OTC) will be the first places to dry up in excess liquidity. (as in the average price on these markets will be higher than say on Bitstamp).

When this happens, I believe significantly because of secure wallets, we will be officially at the start of the next major bull market. (it is important to remember that the bitcoin prices is dictated by people who do not spend bitcoins rather those who do).

Wink

Topic: Trezor and other Secure Wallets will have a large effect on the Bitcoin Price (Read 1088 times)