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Bitcoin

Mick P said:
To be honest Paul many of the comments in reference to pensions from members of this forum absolutely astound me. Saving piles of cash to invest to get you through your retirement is a high risk approach. You could retire today and tomorrow your investments could crash and then you have a miserable existence ahead of you. A skint retiree is a truly sad sight.

The most simple thing is to ensure that you have a pension that does not just get you through your retirement but should be enough to allow you to lead the lifestyle you wish to live and this is the most important thing, give you a healthy surplus at the end of each and every month to stash away. A sensible pensioner should be able to save money each month/year without even trying.
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A defined benefit pension helps though doesn’t it Mick…
Most people no longer enjoy the luxury of one that you do.
 
Gingerbeard said:
The collapse of their system, civil unrest (if not war) and a great depression - All possible. To boot, It’s also an election year and the 2 strongest candidates are Biden and Trump FFS!
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I guess anything is possible - though to me it feels highly unlikely. But what do I know.

But it sort of comes back to my post upthread. If I really believed we'd all be living in a Mad Max film next year would I be buying Bitcoin or shotgun pellets?
 
paulfromcamden said:
My take on that is a little different. We spend a lot of our waking hours working hard to earn a crust. To me it makes sense to understand a bit about how money works so I can make the most of my savings and retirement planning. It's not a love of money, it's removing a source of worry and helping me ensure I'm living within my means now and making provision for when I'm older.

Having enough to get by is indeed the ideal. Sadly for a lot of people my age with inadequate DC pensions and no property ownership that's going to be a tall order when they reach retirement age.
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Fair enough.
I was responding to Mick P. who stated that if you are a 21yr old who doesn't have an understanding of commodities markets "...you shouldn't even be allowed to walk the streets by yourself." To me, that's just a weird, sick world view.
 
I'm a cryptocoin noob so my questions may seem a little naive. I'm wondering what happens to your bitcoins if you lose or forget the password for your crypto cabbage. Are you screwed?

I'd hate for my retirement to be derailed because I couldn't recall my password or got locked out after three unsuccessful tries. Mind you, the map I made for my buried treasure is less than accurate, but I know roughly where to dig.

Joe
 
Joe P said:
I'm a cryptocoin noob so my questions may seem a little naive. I'm wondering what happens to your bitcoins if you lose or forget the password for your crypto cabbage. Are you screwed?
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I have a vague recollection of a news item a few years ago where this did happen. The guy had a hell of a lot of money tied up but lost it because he couldn’t access his account, or something along those lines.
 
Joe P said:
I'm a cryptocoin noob so my questions may seem a little naive. I'm wondering what happens to your bitcoins if you lose or forget the password for your crypto cabbage. Are you screwed?

I'd hate for my retirement to be derailed because I couldn't recall my password or got locked out after three unsuccessful tries. Mind you, the map I made for my buried treasure is less than accurate, but I know roughly where to dig.

Joe
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You have a unique 12 phrase password for each wallet and exchange account you set-up. It is not wise to keep crypto on an exchange though, not secure enough. So you need to move your crypto from the exchange to your wallet.

Yes, if you lose or forget your unique phrase you are screwed and you will lose access to whatever you in your account or wallet. Best to have a copy written down at several different addresses (physical) but not so it’s obvious what it is
 
OK, I'll stick with my sack of buried quatoos and treasure map.

Joe
 
Joe P said:
I'd hate for my retirement to be derailed because I couldn't recall my password or got locked out after three unsuccessful tries. Mind you, the map I made for my buried treasure is less than accurate, but I know roughly where to dig
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Finnegan said:
I have a vague recollection of a news item a few years ago where this did happen. The guy had a hell of a lot of money tied up but lost it because he couldn’t access his account, or something along those lines.
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Man who lost $277 million in bitcoin is using AI to find it, yeah good luck with that, if it can’t draw fingers I doubt it’ll find your hard drive
 
Gingerbeard said:
Best to have a copy written down at several different addresses (physical)
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… and having a safe at your bank is not the worst thing to have either. Costs me 50 quid a year, for family documents, computer backups, other things I cherish. Or even a bitcoin password ? In the form of a QR code preferably.

And who in this day and age walks around without a password manager ?
 
Gingerbeard said:
You have a unique 12 phrase password for each wallet and exchange account you set-up. It is not wise to keep crypto on an exchange though, not secure enough. So you need to move your crypto from the exchange to your wallet.

Yes, if you lose or forget your unique phrase you are screwed and you will lose access to whatever you in your account or wallet. Best to have a copy written down at several different addresses (physical) but not so it’s obvious what it is
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Then a couple of thugs come round and beat it out of you. Five minutes later all gone.
This is like keeping you money under your mattress.
 
Joe P said:
I'm a cryptocoin noob so my questions may seem a little naive. I'm wondering what happens to your bitcoins if you lose or forget the password for your crypto cabbage. Are you screwed?
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This was the plot of a recent episode of Death In Paradise. The murderer stole the crypto wallet from a computer genius running a mining operation but couldn't figure out the passcode to get the crypto clams. It was more exciting than it sounds.
 
Be a good generic epitaph ending that, here lies James Evans, loving husband, father, son and hifi nerd. It was more exciting than it sounds
 
matt j said:
There's a lot of 2012 memes/concerns going on here lol
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He’s smartest enough to have got into Bitcoin very early, but daft enough to put a hard drive in a black bin liner of all things! :rolleyes: Nowt as queer as folk as the old saying goes!
 
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