Bitcoin – the craziest asymmetric bet in the human history

Bitcoin is the craziest asymmetric bet in the history of human civilization.

You can only lose what you put in. But if Bitcoin becomes money, you will surpass the people who's forbears cornered the oil market in the 19th century by orders of magnitude.

This isn't the chance of a lifetime. This is a chance that has happened once or twice in the history of the world.

Comments

Post a Comment

Popular posts from this blog

Do not use (only) flash memory (SSD drives, hardware wallets, USB flash drives) for your precious private keys!

Image
Flash memory is not a reliable medium for archives. Especially when there is no regular power. I have personal experience with usb flash drive not powered for weeks - one file became corrupted . (Read more here: Archiving private keys - TLDR version. ) You should always back up on paper and other mediums. Flash memory is prone to failure if it is not powered for weeks or more and if there are ionizing radiation When you write your precious private keys you should use technologies like Parchive and ZFS . And make several copies of your files. It's OK if you use your USB flash drive for another backup, but don't rely on it! Always back up on DVDs (even small files!), paper and online (after encryption with CPU and RAM intensive key derivative function like scrypt). Here is example of using the scrypt utility: $ sudo apt-get install scrypt $ scrypt enc -M 1073741824 -t 200 secret.txt encrypted.scrypt Do not use default values of "-M" and "-t", they...
Read more

Archiving private keys - TLDR version

0. Make multiple encrypted copies. On DVDs (they are better than CDs and Blu-Ray discs; DVD+R are better than DVD-R), paper, cloud services like DropBox, OneDrive, Google Drive, e-mail it to yourself and to your friends, use P2P storage services like MaidSafe, Storj and Sia , etc. 1. Use proper font when printing PGP encrypted keys on paper. 2. Flash memory (SSD, USB flash drives, hardware wallets) is less reliable when not powered regularly (i.e. every week). 3. Use error correction methods like Parchive and ZFS. 4. Print on paper or store on digital media only encrypted data. 5. Your encryption software should use CPU/RAM-intensive KDF (i.e. scrypt with secure options - do not use defaults! ). First, encrypt with scrypt and then encrypt it again with PGP (using different password!) in ASCII armor mode before print it (other methods like QR codes may not be reliable as multiple copies of the PGP ASCII armor). Do not use the same password for the PGP because it's easy to brute...
Read more
[ad removed]