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As a rule of thumb, if you're not completely technologically illiterate or a trader then you are better off withdrawing your money and storing it offline. Excha

by relyio 9y ago

As a rule of thumb, if you're not completely technologically illiterate or a trader then you are better off withdrawing your money and storing it offline. Exchanges lose their customers' funds all the time.

yebyen 9y ago
If BCC takes hold, with its 8x block-size increase, I'd say the bar would be going up from "not completely technologically illiterate" to "a bit of a storage engineer"
- saalweachter 9y ago
  I am not sure that follows? Can you elaborate?
  - yebyen 9y ago
    Well you're going to need to add more than 1TB each year, from the back-of-the-napkin calculations I saw. In 20 years maybe it won't be so uncommon to have 20TB lying around, but I know I don't have a lot of things on my computer that take up more than 1TB and only ever grow. I certainly won't have two of them...
    - saalweachter 9y ago
      I thought the OP was talking about wallets; are you saying you need to download the entire blockchain to store your wallet offline?
      - yebyen 9y ago
        If you want to transact the coins out of the wallet, then yes you need to download the blockchain. I know there are some clients that don't need the whole block chain, but I'm not sure if I trust them over core bitcoin? Do you have a favorite one that supports importing keys from a wallet.dat?
        yebyen 9y ago
        Why downvoted? I'm not being disingenuous, I had coins in a cold offline wallet, and it was a serious endeavor to get them out to where I could spend or cash them. I had to spend days downloading a block chain and the only thing that kept me from freaking out was that I knew this would work, having done it plenty of times when the chain was shorter. I couldn't find any way to retrieve coins from a wallet.dat without downloading the block chain first. I had thousands of dollars tied up for days while I waited. I can't imagine what it would be like when the block chain was 8x its current size, or if I had more than one cold wallet and I needed to empty all of them in any kind of a hurry (like, in time to capitalize on a bubble before it pops!)

by relyio 9y ago

yebyen 9y ago

If BCC takes hold, with its 8x block-size increase, I'd say the bar would be going up from "not completely technologically illiterate" to "a bit of a storage engineer"

saalweachter 9y ago
I am not sure that follows? Can you elaborate?
- yebyen 9y ago
  Well you're going to need to add more than 1TB each year, from the back-of-the-napkin calculations I saw. In 20 years maybe it won't be so uncommon to have 20TB lying around, but I know I don't have a lot of things on my computer that take up more than 1TB and only ever grow. I certainly won't have two of them...
  - saalweachter 9y ago
    I thought the OP was talking about wallets; are you saying you need to download the entire blockchain to store your wallet offline?
    - yebyen 9y ago
      If you want to transact the coins out of the wallet, then yes you need to download the blockchain. I know there are some clients that don't need the whole block chain, but I'm not sure if I trust them over core bitcoin? Do you have a favorite one that supports importing keys from a wallet.dat?
      - yebyen 9y ago
        Why downvoted? I'm not being disingenuous, I had coins in a cold offline wallet, and it was a serious endeavor to get them out to where I could spend or cash them. I had to spend days downloading a block chain and the only thing that kept me from freaking out was that I knew this would work, having done it plenty of times when the chain was shorter. I couldn't find any way to retrieve coins from a wallet.dat without downloading the block chain first. I had thousands of dollars tied up for days while I waited. I can't imagine what it would be like when the block chain was 8x its current size, or if I had more than one cold wallet and I needed to empty all of them in any kind of a hurry (like, in time to capitalize on a bubble before it pops!)