• Please take a moment to review some of the most important new forum features here and here

Bitcoin is still so dang confusing to me...

Recommended Pharmacies on Pharmacy Reviewer

CalmSeeker

Honorable member
Joined
Jul 2, 2021
Posts
393
Just a heads up to those new to using crypto to buy drugs. Don't ever send crypto back to your Coinbase account from whatever hot wallet you're using. Your name is obviously attached to the your Coinbase account. If by some chance you were being investigated, and had you done this, you'd be providing evidence. There would be a clear connection between the hot wallet that was used to by illegal shit, and your personal details.

This doesn't make it totally safe to do what we do with crypto. BTC is easily trackable unless you mix (launder) it. But you don't want to make it any easier for someone monitoring you by sending money back to your coinbase account.

Also, don't ever use the same receive address more than once, and never send BTC to a vendor who is using the same receive address. Demand a new one that has never been used. I don't want to get into details here, you can google it if you like, but using the same receive address more than once significantly reduces security for sender and receiver. Your wallet could potentially be hacked and cleaned out.
 

Name taken

Distinguished member
Joined
Feb 8, 2021
Posts
654
Just a heads up to those new to using crypto to buy drugs. Don't ever send crypto back to your Coinbase account from whatever hot wallet you're using. Your name is obviously attached to the your Coinbase account. If by some chance you were being investigated, and had you done this, you'd be providing evidence. There would be a clear connection between the hot wallet that was used to by illegal shit, and your personal details.

This doesn't make it totally safe to do what we do with crypto. BTC is easily trackable unless you mix (launder) it. But you don't want to make it any easier for someone monitoring you by sending money back to your coinbase account.

Also, don't ever use the same receive address more than once, and never send BTC to a vendor who is using the same receive address. Demand a new one that has never been used. I don't want to get into details here, you can google it if you like, but using the same receive address more than once significantly reduces security for sender and receiver. Your wallet could potentially be hacked and cleaned out.
I’m still debating whether to report on my taxes. I know that’s a separate thread. But it’s almost tax time and I don’t want to lie to the IRS but it’s not their business what I spent it on.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
CalmSeeker, that is sensible. If you sent coin from your personal wallet to buy drugs, the receiver sees your wallet addy. If you then send some more coin out of the same wallet to coinbase, if they knew about the drug payment then they could connect it to you. I think thats what you are saying.

I assume no one will send coin directly from any exchange to the dealer. That would be dumb because if investigators happen to see the coin come in or access the record, they would know who you are. Therefore we wash our coin before sending, its only polite. A good way to do that is put it in a pot with other people's coin and take it back out piece by piece. But then again, if you send to the dealer then to exchange, you run a very small risk of being exposed.

The solution of course is not to send anything back to an exchange. Least of all right now when its in a valley. Just leave it in there and later you will probably want to buy something else and by then, the coin may have doubled in price and you can buy twice as much. :D

@jaders, I don't know a lot about it though I have used electrum. Mine always sent the exact amount and you could specify the miner fee plus they would suggest an amount. Then both the send and the fee are taken out. There may be a setting where you can specify that the fee come out of sending or reserve. Ya know the first few years I used bitcoin I never paid a miners fee and thought it was a scam or something. It always went right through. That was a ways back
 

jaders

Exalted member
Joined
Feb 1, 2012
Posts
3,925
Bitcoin...how many hoops are we going to have to jump through to get things taken care of?? I am an old dog and constantly having to learn new tricks...DOH!!

That’s life in the Age Of Technology…😏. Can’t keep driving an old buggy when the cars are zooming all around us. 😜
 

spex

Senior member
Joined
Oct 22, 2012
Posts
63
@jadersI could use a semester of cryptocurrency 101. I’m trying to understand how it works but wow there are all these strategies plus some lingo to go with it. I feel like such a yokel with my credit card.
 

CalmSeeker

Honorable member
Joined
Jul 2, 2021
Posts
393
@Santa's little helper
When I first got started with BTC, I had read that cold storage was the safest, and I think that’s true. It stores your coin in the blockchain, where it’s supposedly untouchable, instead of some wallet. The downside is that it’s more hoops to jump through. You have to buy hardware (some usb device), and install app software. I fiddled with it for a while, got it totally setup, and then just started using wasabi again cause it was easier to deal with. Plus I usually don’t hang on to BTC for very long, so a hot wallet doesn’t worry me. If I were investing large amounts, however, I would definitely use cold storage.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
@Gullible, I understand there is a cold wallet hardware option. Seems more secure, any downside?
Yes, there are a variety of hardware wallets you can buy. The only downside is if the hardware is lost or destroyed, you can't access your coin. A hardware wallet means crooks can't access it via the net if they are able to hack into your computer but the hardware requires physical access

Another option is a paper wallet. This offers the benefit that its offline, also its easy to make a copy and put it in safe deposit or some other secure location. The drawback is the key for releasing it is visible once they find the paper so it must be hidden well. There is software for making paper wallets but some of it is scam ware that sends the key to the thief.

If you want extra security then put the secret key into pgp code. Then make sure you don't lose the password to your pgp software and don't lose the device the software is on. No one will be able to decode the key except you
 

CalmSeeker

Honorable member
Joined
Jul 2, 2021
Posts
393
The only downside is if the hardware is lost or destroyed, you can't access your coin.
I think most modern hardware wallets, should you lose your first hardware device, provide a long key that will let you restore your access to your funds once you buy another device of the same manufacturer. You just need to write the key down or place it on a safely stored USB storage stick - ideally both - once you initially set up the first one. Then, when you get your replacement device, you enter the key and you should have access to your assets. At least the last one I messed with provided this feature.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
The only downside is if the hardware is lost or destroyed, you can't access your coin.
I think most modern hardware wallets, should you lose your first hardware device, provide a long key that will let you restore your access to your funds once you buy another device of the same manufacturer. You just need to write the key down or place it on a safely stored USB storage stick - ideally both - once you initially set up the first one. Then, when you get your replacement device, you enter the key and you should have access to your assets. At least the last one I messed with provided this feature.
Yes, for sure write down your pass phrase. All wallets, hardware or software have this feature. I'm pretty sure I mentioned it earlier but it bears repeating. Anyone who has your pass phrase can take your coin so guard it well

I just bought another bitcoin, at this price its a bargain. Give it a few months and I will be looking at a nice profit should I sell
 

forestry

Member
Joined
Nov 12, 2011
Posts
5
Usually, the limit is going to be related to your standing as a customer or just a standard limit they apply to all customers. If you are worried about your account getting "hacked" (most instances of individuals being compromised is a consequence of user error as opposed to a direct attack) follow basic internet hygiene and look into using a cold storage application for your crypto.
 

forestry

Member
Joined
Nov 12, 2011
Posts
5
The only downside is if the hardware is lost or destroyed, you can't access your coin.
I think most modern hardware wallets, should you lose your first hardware device, provide a long key that will let you restore your access to your funds once you buy another device of the same manufacturer. You just need to write the key down or place it on a safely stored USB storage stick - ideally both - once you initially set up the first one. Then, when you get your replacement device, you enter the key and you should have access to your assets. At least the last one I messed with provided this feature.
Yes, for sure write down your pass phrase. All wallets, hardware or software have this feature. I'm pretty sure I mentioned it earlier but it bears repeating. Anyone who has your pass phrase can take your coin so guard it well

I just bought another bitcoin, at this price its a bargain. Give it a few months and I will be looking at a nice profit should I sell
You should indeed but just be comfortable with the reality that it is an asset with no real value and the notion of it being a hedge against inflation has largely been rendered inaccurate. And be willing and able to cope with massive volatility and uncertainty. You probably know these things given your prior investment(s), but I just like to remind people because so many folks seem to believe crypto is a guaranteed profit. The reality is nobody really knows. And with institutional money flowing in, retail investors will be playing at a competitive disadvantage.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
The only downside is if the hardware is lost or destroyed, you can't access your coin.
I think most modern hardware wallets, should you lose your first hardware device, provide a long key that will let you restore your access to your funds once you buy another device of the same manufacturer. You just need to write the key down or place it on a safely stored USB storage stick - ideally both - once you initially set up the first one. Then, when you get your replacement device, you enter the key and you should have access to your assets. At least the last one I messed with provided this feature.
Yes, for sure write down your pass phrase. All wallets, hardware or software have this feature. I'm pretty sure I mentioned it earlier but it bears repeating. Anyone who has your pass phrase can take your coin so guard it well

I just bought another bitcoin, at this price its a bargain. Give it a few months and I will be looking at a nice profit should I sell
You should indeed but just be comfortable with the reality that it is an asset with no real value and the notion of it being a hedge against inflation has largely been rendered inaccurate. And be willing and able to cope with massive volatility and uncertainty. You probably know these things given your prior investment(s), but I just like to remind people because so many folks seem to believe crypto is a guaranteed profit. The reality is nobody really knows. And with institutional money flowing in, retail investors will be playing at a competitive disadvantage.
Absolutely do not put all or too much of your money into speculative things like bitcoin or gold. I tell people to only put money into btc that you will not need for at least a year. Not everyone has an appetite for a lot of risk. I have way way too much in coin right now, but that is mostly what came out of investments over the last 5 or 6 years. In other words there is not that much original money in it and in fact I sold enough Its probably all paid for and pure profit

But a house is something you can live in. Its not like gold, silver, bitcoins or diamonds that have little to no actual use but are worth a lot because other people want them. A house saves you money on rent, it gives you a tax deduction, it is also an appreciating asset and should be worth much more than you paid in as little as 10 years. I think real estate has gone up 15% a year at least in the last couple years around here. More than that it gives you a feeling of security, you will not be evicted because the landlord was in a bad mood.

Forestry, you mention that btc has no real value. That is true, in the sense that it has no utility besides a medium of exchange. Basically the same is true of most precious metals though there is a tiny bit of industrial use and diamonds make drill bits. But come on, a drill bit stone is worth $10,000 because people want it, not because of what it can do besides look good on them.

What about those green back dollars, or euros etc? What value do they have? All you can do with them beside fire tinder is a medium of exchange. Now someone is going to tell me its backed up by the full faith and credit of the usa (or other) government. Meaning little, in fact the dollar is worth what you can get for it, what people will give. The government which supposedly backs the currency will not give you gold or anything else for it but they sure like taking it from us.

OK now we know that all money is speculative and has nothing really behind it whether it be bitcoin or the dollar, euro, yuan, etc. So which "fake" speculative currency will you have? The fiat paper money which goes down in value every year like clockwork or a currency that is worth more nearly every year?

We like paper money because its value changes slowly, over the period of a year you see prices going up. BTC could drop 20% in a day, or more or shoot up. It makes us nervous that our paycheck might not cover the weeks bills. But if you put $100 into it 2 years ago, you now have close to $500. If you invested $100 in it 10 years ago you would be extremely wealthy.

So its kind of a gamble but look at the track record of that horse! Don't be dumb like me and put too much in, you could hit some speed bumps. But don't miss out on the action altogether

Welcome to pharmacyreviewer forestry
 

forestry

Member
Joined
Nov 12, 2011
Posts
5
The only downside is if the hardware is lost or destroyed, you can't access your coin.
I think most modern hardware wallets, should you lose your first hardware device, provide a long key that will let you restore your access to your funds once you buy another device of the same manufacturer. You just need to write the key down or place it on a safely stored USB storage stick - ideally both - once you initially set up the first one. Then, when you get your replacement device, you enter the key and you should have access to your assets. At least the last one I messed with provided this feature.
Yes, for sure write down your pass phrase. All wallets, hardware or software have this feature. I'm pretty sure I mentioned it earlier but it bears repeating. Anyone who has your pass phrase can take your coin so guard it well

I just bought another bitcoin, at this price its a bargain. Give it a few months and I will be looking at a nice profit should I sell
You should indeed but just be comfortable with the reality that it is an asset with no real value and the notion of it being a hedge against inflation has largely been rendered inaccurate. And be willing and able to cope with massive volatility and uncertainty. You probably know these things given your prior investment(s), but I just like to remind people because so many folks seem to believe crypto is a guaranteed profit. The reality is nobody really knows. And with institutional money flowing in, retail investors will be playing at a competitive disadvantage.

Forestry, you mention that btc has no real value. That is true, in the sense that it has no utility besides a medium of exchange. Basically the same is true of most precious metals though there is a tiny bit of industrial use and diamonds make drill bits. But come on, a drill bit stone is worth $10,000 because people want it, not because of what it can do besides look good on them.

What about those green back dollars, or euros etc? What value do they have? All you can do with them beside fire tinder is a medium of exchange. Now someone is going to tell me its backed up by the full faith and credit of the usa (or other) government. Meaning little, in fact the dollar is worth what you can get for it, what people will give. The government which supposedly backs the currency will not give you gold or anything else for it but they sure like taking it from us.

OK now we know that all money is speculative and has nothing really behind it whether it be bitcoin or the dollar, euro, yuan, etc. So which "fake" speculative currency will you have? The fiat paper money which goes down in value every year like clockwork or a currency that is worth more nearly every year?

We like paper money because its value changes slowly, over the period of a year you see prices going up. BTC could drop 20% in a day, or more or shoot up. It makes us nervous that our paycheck might not cover the weeks bills. But if you put $100 into it 2 years ago, you now have close to $500. If you invested $100 in it 10 years ago you would be extremely wealthy.

So its kind of a gamble but look at the track record of that horse! Don't be dumb like me and put too much in, you could hit some speed bumps. But don't miss out on the action altogether

Welcome to pharmacyreviewer forestry
Thanks for the welcome. How funny is it I've been a member here since 2011 and just made my first few posts recently? At least that should mean...something. Like, damn, this dude bored or something? Just kidding.

And yeah, I totally agree that all money is intrinsically speculative. However, and I am not some fiat fanboy (is that a thing?), USD does have the standing as the global trade currency. Surely that isn't without some sort of value? And while BTC has continued to increase in price I think that is an incredibly dangerous logic to use in justification of its comparative value. The same things have been said about the housing market, the stock market, etc..Past performance is not a guarantee of future results, after all. That being said, I think we're in agreement that people just need to use caution, do their own research, understand that it is inherently a gamble, but that there are potentially significant opportunities. We just don't know. And that's what it comes down to. At least with USD for example there is a greater consequence to its rapid collapse. If btc collapses, what actually changes tomorrow? I hope it continues to evolve, but speculative is rampant and I worry what altcoins and metaverse saturation will result in.

I know this was very disjointed. Long night. Early morning. Don't have the energy to invest in coherency, but I wanted to make sure I acknowledged your response because I think at its core our positions have more in common than not.
 
Top
AdBlock Detected

Ad blocking browser plugins interfere with some features of this forum. For the best site experience please disable your ad blocker.

I've Disabled AdBlock    No Thanks