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Flying Dutchman

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About Flying Dutchman

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  1. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    https://nextcoin.org/index.php/topic,104.0.html More info about NXT for anyone that may be interested. FD
  2. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    http://bitcoinity.org/markets/bitstamp/USD are now displaying the BTC price in mBTC where 1000 mBTC = 1 BTC. Seems to be having a positive psychological effect on buyers.
  3. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    Beginning to think my buy limit order @ $250 may be a bit optimistic...or should that be pessimistic. The price seems to have settled above $800 and I just can't see a dip below maybe $450 - $500 imho.
  4. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    Couldn't agree more. I'd love to know what % of any given countries population have even heard of BTC, let alone the % of people who have actually purchased BTC. Impossible to know, but I'd guess BTC isn't even on the radar of 95% of the global population. People actually invested, a fraction of 1%.
  5. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    Thanks NJT, I was beginning to feel dirty and that I lacked a moral compass because I am speculating and hoarding BTC's. BTC is going 1 of 3 ways IMO, it's either going to break completely, be superseded or globally embraced. I got some skin in the game for a long term punt but if it all goes belly-up so be it.
  6. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    Not quite. A web-based wallet is generated online, so yes, the PAC and corresponding PPC could be compromised. However, with a paper wallet the PAC and PPC are generated offline, so the PPC is never exposed to the internet. FD
  7. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    The point of a paper wallet, is that you are relocating your BTC away from the Bitstamp exchange for security reasons and as a paper wallet is created offline it is the securest method for long-term storage of your coins. Bitstamp is only really a tool to convert your cash into BTC and as a large exchange could be vulnerable to hacking, it is wise to transfer your BTC somewhere safer. Enter BTC wallets, either web-based or paper based. You can create as many paper wallets as you like and there is no reason to transfer any BTC to them, although if you don't, it rather negates the point of making them. Let me try and explain. When you make an offline paper wallet, all that happens is a javascript (wallet generator zip file (which you download)) generates a random public address code (PAC) and a corresponding private pass code (PPC) which you then print onto paper. That's all that happens. By themselves the PAC and PPC are nothing more than a string of numbers and letters, it is not until you associate a bitcoin with your PAC that the paper wallet becomes activated and the PPC becomes the only way of transferring the contents of the wallet (BTC's) away from it. A web-based wallet does exactly the same thing except that the PAC and PPC are generated online and are therefore less secure. Transferring your BTC to your paper wallet is not a transaction per-se, rather a change of custodianship from Bitstamp to yourself. As long as the PPC you have printed onto paper remains uncompromised your BTC are safe. Try this link http://www.reddit.com/r/Bitcoin/comments/15t8xx/explain_offline_paper_wallets_like_im_five/ Hope this helps, kind of difficult to explain.
  8. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    I have recently purchased 3 x BTC using the Bitstamp exchange, created 3 x offline physical paper wallets and funded each with a BTC. I have put together this simple tutorial detailing the process from start to finish for anyone new to BTC. 1) Choose an exchange. Probably the most popular are https://www.mtgox.com/, https://www.bitstamp.net/ and https://btc-e.com/ however there are others. I used Bitstamp and I am more than happy with this exchange, however, it is for you to decide on the merits of each. 2) Open an account with your chosen exchange and verify your identity. At bitstamp this involved scanning and uploading such documents as passport and/or driving license, council tax bill / utility bill etc. 3) Bitstamp will email you after approx 48 hours with approval of the verification process and your account can then be funded. If you're declined, the email will explain why. 4) Funding your Bitstamp account. I sent funds using SEPA from Lloyds to Bitstamps account in Slovenia. This sounds daunting, but is a fairly straightforward undertaking which involves setting up a new international recipient (Bitstamp will supply all the necessary IBAN and BIC numbers etc). The transfer took 3 days. I transferred £747 which was exactly 900 Euros, Bitstamp automatically convert the Euros into USD (free of charge) and credit your account with that amount. 5) Buying BTC. Two options here, you can either buy at the current market price http://bitcoinity.org/markets/bitstamp/USD or you can place a "limit order" which basically means you decide on a price you are happy to purchase at and if your price target is hit, your order will be executed. I used a limit order and my 3 BTC were purchased automatically at my predetermined price. 6) Paper wallets. A paper wallet is basically a printout of your public address code and private code that you keep somewhere safe until you want to sell/trade your coins. I used https://bitcoinpaperwallet.com/. Make sure you generate your wallet offline by downloading the generate wallet zip file here >> https://github.com/cantonbecker/bitcoinpaperwallet and then use the javascript code to run the wallet generator on your computer rather than the website. What is the public address code? Think of it as the email address for your bitcoins. It is in the public domain (like email) and can only be accessed/read by using the private code or password if you like. 7) Funding your new paper wallet. In layman's terms, this means creating the connection between your recently acquired BTC and the newly generated public address printed on your paper wallet. Once the BTC are stored at the public address they become the property of anyone who has the key (private code), hence the reason for keeping the private code/key totally secure. Anyway, to send your BTC to your public address, go to your Bitstamp account, click on withdrawal and select Bitcoin. Type your public address in the address field and select how many BTC to transfer and hit withdraw. Bitstamp will email a comfirmation link which you click to complete the transfer. If you wish you can visit here, https://blockchain.info/ and type your public address in the search field and check the correct number of BTC are associated with that address. Useful site for keeping track of your profit/loss http://www.my-btc.info/ This post is for information only and I am not endorsing BTC or any virtual currency.
  9. Flying Dutchman

    The Bubbly Bitcoin Thread -- Merged Threads

    I was expecting to see a pullback in price when BTC Mt Gox hit $500 due to automated sells at that price. Hasn't happened though. I have been waiting for a buying op for some time, but the price just keeps marching higher...very frustrating. Looks overdue a correction to me, but money just flooding in, just seen a buy for 210 BTC @ $500.
  10. Flying Dutchman

    Gold strategy in the current economy

    Back along I was quite happy not to have to "dick" about on forums, but as a saver I have been forced to seek a other ways to protect my wealth against inflation. The contributors here link to interesting bullish and bearish articles that help in lifting the veil on the secretive and opaque shenanigans in the pm's market. "Analysis" do me a favour, I'm not stock-picking FFS. FD
  11. Flying Dutchman

    Gold strategy in the current economy

    Hi Injin, whilst I appreciate you're concerns that some of the pro-gold posters may have a biased perspective that makes them less than impartial, I prefer to undertake my due diligence research without having to wade through comments that add very little to the thread. Perhaps, you could link to articles that substantiate some of what you believe to be the truth, this would them balance my learning. Kind Regards, FD
  12. Flying Dutchman

    Gold strategy in the current economy

    Newbie here. Lots of interesting information to digest, so thanks to almost all contributors. One question though, this 'Injin' character doesn't appear to offer anything valid except to antagonise other posters. So I was wondering how I put him on ignore. Thanks FD
  13. You make an interesting point. Surely, a collection of gold sovereigns, for example, would not be classed as savings or an asset anymore than say a stamp collection. JL
  14. Flying Dutchman

    Edf Just Informed Me Of A New Year Price Increase

    I have been looking into the economics of installing a couple of woodburners. It appears that it's good practice to have the chimneys lined with a flexible flue (building regs), but I remember when we had a woodburner in Cornwall, we just stuck a short length of stack pipe from the burner into the lower part of the chimney. The woodburners themselves are about £300 each and logs for the Winter about £75 or could go multifuel and burn coal as well. There is some Council owned woodland near us as well, I may go and help myself to some dead wood and fallen trees.
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