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Wallets just got a lot more user friendly while increasing security and alleviating some data loss concerns. CarbonWallet just came online that takes an entirely different approach to online wallets.
This deals with the issue of backups, as even if the service is offline you can re-create your wallet through Client applications such as Electrum, or any other wallet services that I am sure will crop up utilizing this scheme. It also deals with the issue of database access, but not malicious server admins or users infected with malware.
I would still only recommend using an "online" or mobile wallet (I am sure Carbon will come out with a mobile app soon) as a hot wallet, think of this as a checking account, with your savings in cold storage disconnected from the network (frackin Cylons!). I honestly don't use wallets too much though, as pretty much 100% of my funds are in the exchanges at the moment, this may change in the future.
I think the whole concept of bitcoin is intriguing. But just like anything illiquid. Why would I risk trading it? It jumps around more like a penny stock. Liquidity is very important for a trading instrument unless you enjoy going bust. That said I will enjoy watching your journal because you will either make a boatload or go bust. Either makes for an interesting show.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."