Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
As much as I wanted to say "I told you so" after repeatedly posting about the stupidity of keeping coins or even fiat on hackable internet exchanges and the even more mind-numbingly foolish practice of margin trading in something as easily manipulable as Bitcoin, I figured the fools who lost coins had suffered enough.
Some of these idiots made snide comments about my paying a premium to buy my coins from "vending machines", as if buying fiat from their precious bank ATMs was any different.
I tried to explain that the reasonably small extra fee over the cost of fiat transfers and exchange commissions was a small price to pay for the convenience, speed, anonymity, and most importantly security of buying from local BTC ATMs. I learned a 50BTC lesson from MtGox. No more internet exposure for any of my bitcoins ever again. My private keys are private.
The coins I bought yesterday from a fully anonymous ATM went into a paper wallet I generated on a computer and printer that had never been connected to the internet and were incapable of being connected or hacked (no wifi, bluetooth nor NIC cable).
Call me paranoid if you want but at my age I prefer to call it being prudent. Seems in this case I was right.
Damn now you've made me sound like I'm smugly saying "I told you so" even though I didn't want to.
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As for all of us bearing the cost of other people's stupidity, I figure it's just temporary and as my morning post pointed out, we're already back to where we might have been considering the previous couple of days' price decline.
I didn't see it as a loss in the fiat price of my coins, I saw it as a buying opportunity. What's that old saw about making lemonade out of life's lemons?
Some of these idiots made snide comments about my paying a premium to buy my coins from "vending machines", as if buying fiat from their precious bank ATMs was any different.
I tried to explain that the reasonably small extra fee over the cost of fiat transfers and exchange commissions was a small price to pay for the convenience, speed, anonymity, and most importantly security of buying from local BTC ATMs. I learned a 50BTC lesson from MtGox. No more internet exposure for any of my bitcoins ever again. My private keys are private.
The coins I bought yesterday from a fully anonymous ATM went into a paper wallet I generated on a computer and printer that had never been connected to the internet and were incapable of being connected or hacked (no wifi, bluetooth nor NIC cable).
Call me paranoid if you want but at my age I prefer to call it being prudent. Seems in this case I was right.
Damn now you've made me sound like I'm smugly saying "I told you so" even though I didn't want to.
_______
As for all of us bearing the cost of other people's stupidity, I figure it's just temporary and as my morning post pointed out, we're already back to where we might have been considering the previous couple of days' price decline.
I didn't see it as a loss in the fiat price of my coins, I saw it as a buying opportunity. What's that old saw about making lemonade out of life's lemons?
Well... you said "told you so" in about as nice a way possible, so don't sweat it.
I would say prudent is the proper word when taking the necessary measures to secure one's coins. I use similar methods. The key being that the keys never touch a networked machine. Oh, and plenty of copies. No need for physical loss of your storage media to result in an actual loss when you can make copies of your money!
Sure, I agree it's temporary. Some of us don't have any dry powder to turn it into a buying opportunity. Oh well.