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[–]NodeThis is my flair. There are many like it, but this one is mine. 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

"not down by $10,000 anymore!"

[–]Vagina7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

i remember back when bitcoin was about $200, i knew a guy that was holding two bitcoins and he insisted that it was going upwards of $40k and he insisted that he was going to hold onto it until then..

i laughed at him.

well, call me crazy if you like, but i actually think that bitcoin could go upwards of $1,000,000.00 per coin, and i dont even own any bitcoin.. yes, i am always a day late and a dollar short.

i am a programmer, and a few years ago i studied a bit about bitcoin internals and i downloaded the bitcoin core and played around with it.

if i remember correctly, a bitcoin private key is simply 256 zeroes and ones... i wonder sometimes why people dont move some of their bitcoins to a random bitcoin address(which would insulate you from a wallet company meltdown or internal or external theft and it would completely insulate you from your coins being seized by the various authorities)...

this bitcoin private key(256 zeroes and ones) then can be converted mathematically to a bitcoin address which is given to someone when receiving bitcoin from another party.

usually these private keys are managed by an online wallet service, such as coinbase, if i understand correctly...

but, couldnt you just generate a random private key and convert it to an address and then move some coin to that random address for a private stash of coin?

i would be responsible for holding the private key in secret, and i would be responsible for using the bitcoin core to move said coins when i am ready to do so.

my point is that if some coin were held in an address for which i randomly generated the private key for it, if someone hacks coinbase they would not be able to get my private key, and authorities would not even be aware of my possession of said coins and therefore would not be able to seize it for any reason.

yes, i am aware that i have the writing skills of a ten year old, as i dropped school at a young age.

[–]NodeThis is my flair. There are many like it, but this one is mine. 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I think your theory is correct. But being your own bank does carry risk, as those stories about the $250 million on a hard drive in the dump illustrate.

Ran across it at $32, and told people to buy. Had just started ramping up to $1k or so. It likely is going "to the moon" in some nearby future, but I've never bought any and never will.

Still, as interesting to watch as all the rest of this societies degeneracy.