Posts

Keep your cryptocurrency keys securely!

Image
Don't forget to make backup of your keys even if you use hardware wallet. Hardware wallets use flash memory (like SSD disks, USB flash drives) and this type of memory is prone to failure, especially when it's not powered for weeks or more. Hardware wallets are great for making secure transactions, however it's irresponsible to keep your private keys only on them (without backup). I have a habit to write multiple copies of my important files when I use floppy disks, USB flash drives and optical disks (CD, DVD). I not only use multiple mediums, but also write the file several times on every medium. DVDs are more reliable than CDs, I prefer DVD+R (instead of DVD-R). Here is my short guide: Archiving private keys - TLDR version

Bitcoin Vault for a paper wallet?

Image
"Fun Place to store your Bitcoin Paper Wallet" - at least they are honest - they do not claim that the place is safe, they said it's fun. Who needs "fun" place for such purposes? Link to product page on Amazon. Archiving private keys - TLDR version

Bitching about Lightning Network won't help you stop it

Image
All of you who keep bitching about Lightning Network, you need to realize that Lightning Network is a layer 2 technology, which by definition layer 1 doesn't know about and isn't affected by. Just like TCP doesn't know about the contents of the encapsulated SSH and HTTPS that it's transporting. Furthermore, the development of Lightning Network is permissionless, and anything that's permissionless and useful will inevitably come into existence due to market forces. There is literally nothing at this point that can stop it. Moaning about it, spreading lies and fud etc won't stop it. You are wasting your energy. Give it a rest already. Go do something useful with your life.

Forking of Bitcoin is good

Image
Forking is good. Because THIS IS D-E-M-O-C-R-A-C-Y ! You can vote with your wallet what to use as money. Also, there are hundreds of altcoins... This is good. Let's users decide which coin to use. Some cryptocurrencies have interesting features (not available by default on Bitcoin), like Monero (privacy). Some have very little transaction fees - they are good for permissionless micropayments (no need to rely on 2-nd layer like AdvCash, Payeer with free/cheap internal transactions).

It's happening! People are putting Bitcoins in ther IRA account!

Image

Dealing with the anxiety related to the volatility of your porfolio

Follow the Nassim Taleb's advice - don't listen to noise. (The price changes you see every day are just noise (just like the "news" on the TV). Don't look at prices every day. Or even every month. Look at them once per year. And your life will be better.) I highly recommend Taleb's books. It change the way you perceive things (not only finance-related). (I also have hard time following this advice, but I accept this noise more calmly after I read the Taleb's books. Also,"The Antidote" by Oliver Burkeman might help with your anxiety.)

MaidSafe vs Storj vs Sia

[ad removed]