My Opinion: Edition 2

Welcome to another edition of “My Opinion”. I will be discussing a few things that have happened and my opinions and recommendations for some other things.

This Edition:

1. Closure

2. Bitcoins Growth

3. My Predictions

4. Security Closure

Well, where to start on this. We all thought that this site was really secure. I mean, they touted the fact that they were based on security and reliability.

If you don't know the whole story, here is the TL;DR., ran by Trade-fortress, was hacked in a very embarrassing way. No they did not DDoS, no they did not SQL inject…But, they gained access by an old hosting email account and as a result, over 4 Million dollars in Bitcoins were stolen. To those that lost any amount due to this, I am sorry. But, it really goes to show that the supposed “Bulletproof Secure” wallets and sites sometimes are not as solid. This also should be a very big eye opener to anyone using online wallets. Be it on an exchange or, you really need to avoid any wallet that is web based. I will give you some links at the end to some popular and secure wallets.

I am sure the owner of inputs and other sites is fearing for his life as I’d imagine there are some very angry users. While there has not been any more substantial news about this heist, one this is for sure. Whoever stole it, is now living very happily.

I find it rather annoying that the majority of people in this scene, including me and probably you, have to work our butts off, either mining or services for bitcoin, just to get a few coins, but people like this can scam and con some company in probably 15 minutes and is now a millionaire. Makes me sick really. It is not only the hackers that are plaguing this scene, but the scammers are just as bad. You couldn't even begin to fathom how much money has been conned and stolen in this bitcoin world.

Things like this and these goes to show that all of us really need to protect ourselves in our endeavors. We need to make sure that our wallets are not on someone else s server. We need to make sure that our anti-viruses and system security is up to date. We need to make sure that we use our head. If someone is selling something to you, and they want to sell without escrow, you should automatically put a flag up and be careful.

Bitcoins Growth

Wow. That is all I can say about this. It was only last year that Bitcoin was only 5$ a coin. It really does blow my mind at how high it has gone and how much it has grown. The community that was once so small, has grown to new heights. With the Chinese massive adoption, Bitcoin ATM s and more and more services like “Gyft” coming out, Bitcoin has gone from a commodity to a currency that is worth more than any FIAT currency in the whole world. I think this is a huge success for all of us. The media is going mad, big investors (Winklevosses) are getting involved and the price continues to rise.

In my opinion, Bitcoin will surpass 2000$ by mid 2014. It has so much potential, and it truly is amazing. If you got into this world anywhere from mid July to now (December), you are still an early adopter, and have so much to see on the road ahead.

If you think about it, what will happen next? What will Bitcoin do to expand even more? Will countries take it up as a recognized currency? Will we be paying for our groceries with Bitcoin? Will the value of Bitcoin go even higher than 2000$? Maybe 10,000$?

The possibilities are endless. And I for one look forward to experiencing it, and being able to tell my children that I was there when Bitcoin become the next best thing since tube socks.

My Predictions

Well, what lies ahead for us? I believe that Bitcoin will continue to climb until the end of minting it occurs. If you think about it, the value is literally set by the demand. People with deep pockets and an obsession of this currency will continue to help the price rise, along with the average consumer. We are in a new age, the age of digitization. From virtual currencies to unmanned drones that fly over the skies, we have hit a new era.

I believe that once more and more people find out about Bitcoin, and get involved, they will soon discover Alternate currencies, such as I did. Once they see Bitcoin as too hard to acquire, they will start on these alternate currencies. These alternate currencies that have a good team behind it and is marketed well, will boom rather extremely. We are already seeing it, and it will only go up from here. With most alternate currencies already up over 300%, the rise will continue.

So my advice to you is, hold a few Bitcoin, and invest in a couple of coins that you really and truly believe in. Personally, I am all for Bitcoin, Litecoin, Anoncoin, Digitalcoin, Nxt , Primecoin and Devcoin. As I see these coins with the most potential. If you can invest in a chunk of one of these, hang on to it. The price may drop a bit and startle you, but it will go back up. This is how I learned to trade. At first I would buy into a currency while it was relatively high, and watch it go down a bit, panic, and sell at a loss. But, over time I have found that if you just hang on to the currency, over time you will bebefit immensely. This is called being a “bag holder” and it is worth it in the end. Trust me.


As mentioned above, your security is of utmost importance. There are a lot of evil minded individuals out there that will try to steal you for your whole net worth. From key loggers, Trojans and backdoor s to brute-forcing, Man-in-the-middle and XSS, you really need to take the necessary precautions to ensure you are secured from evil entities.

Some things you can do to ensure your safety are:

- Up-to-date anti virus software with active shielding. I recommend AVG Free

- An email client that can scan attachments, links and files for Phising sites and viruses. I recommend Thunderbird

- Schedule scans with your anti virus daily, a good time is while you are sleeping

- When visiting Bitcoin related websites or any website that require sensitive information, make sure you are HTTPS protected. HTTPS looks like this: Https ensures that your connection is secured.

- Never leave your Bitcoins on an online wallet. They are prone to be stolen if you do.

- Use a locally hosted offline wallet if possible. If not possible, always encrypt your wallet.

- Be careful what you download. If you are downloading something suspicious for whatever reason, scan it thoroughly with an online scanner like <a href=””>VirusTotal</a>

- Stay vigilant.

We have concluded Edition 2 of My Opinion. Remember to stay alert, invest early and have fun!

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