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Poll
Question: Have you ever lost some bitcoins?
Yes, somebody hacked my computer and copied my wallet - 1 (1.9%)
Yes, I forgot my OS password or the password for my encrypted backup - 0 (0%)
Yes, because of a bug in the program, my wallet was corrupted and I had no backup. - 0 (0%)
Yes, a virus destroyed my wallet - 0 (0%)
No, not yet - 51 (94.4%)
Yes, mybitcoin.com stole some of my bitcoins Sad - 2 (3.7%)
Total Voters: 53

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Author Topic: Is bitcoin safe?  (Read 5003 times)
grondilu
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February 04, 2011, 03:04:15 PM
 #1

I voted "No"

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Garrett Burgwardt
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February 04, 2011, 03:09:01 PM
 #2

I lost some when I reformatted and didn't have a backup. But back then they weren't worth much so I didn't care, now I'm kicking myself for doing so  Cry
gusti
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February 04, 2011, 03:11:11 PM
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As much as safe as printed banknotes.

If you don't own the private keys, you don't own the coins.
ribuck
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February 04, 2011, 03:12:11 PM
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As much as safe as printed banknotes.
If you lose banknotes, you don't lose all of them at once.
grondilu
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February 04, 2011, 03:18:14 PM
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I lost some when I reformatted and didn't have a backup. But back then they weren't worth much so I didn't care, now I'm kicking myself for doing so  Cry

Well, you didn't really "lost" them.  You destroyed them on purpose, because you didn't value them much.

It may be not to late to recover it, though.  Check out "recover lost data" on Google.

In some other thread a guy formated his disk just as you did, and yet he managed to recover his wallet.
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February 04, 2011, 03:21:54 PM
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It was a long time ago, back when bitcoins were worth maybe .003 cents each  Grin

I probably don't even have the hard drive I was using before.
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February 04, 2011, 03:25:42 PM
 #7

I voted "No"
Don't write this.  Some people might be silly enough to think you're serious, and we'll have to explain them again.  Wink

Seriously, I admire you honesty but "safe" is always a relative term. I think currently it's safe enough to be useful, especially if the user is careful and knows how to do wallet file safekeeping.

To me better handling of the wallet file (e.g. automated encryption and online backups) is an area of improvement.

EDIT: sorry, got confused. the title of the thread is "is bitcoin safe" but the poll is "have you lost bitcoins", gotcha.
ribuck
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February 04, 2011, 03:30:48 PM
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The "No, never" option should really say "Not yet".
LZ
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February 04, 2011, 03:43:32 PM
 #9

Not yet! Cheesy

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grondilu
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February 04, 2011, 03:52:02 PM
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The "No, never" option should really say "Not yet".

corrected.
kiba
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February 04, 2011, 03:56:59 PM
 #11

But normal users don't know how to encrypt and backup their wallet.dat!

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February 04, 2011, 04:20:15 PM
 #12

As much as safe as printed banknotes.
If you lose banknotes, you don't lose all of them at once.

If you lose your wallet, you lose all money that is inside it.
Same for Bitcoin, it's always clever to have multiple wallets.

If you don't own the private keys, you don't own the coins.
barbarousrelic
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February 04, 2011, 04:48:31 PM
 #13

Good plan or bad plan: Back up your wallet.dat on a USB thumb drive, hide this somewhere no one will look.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
ribuck
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February 04, 2011, 05:17:05 PM
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Same for Bitcoin, it's always clever to have multiple wallets.
Yes. And it's easy to have multiple wallets for paper money, and it's cumbersome and error-prone to have multiple wallets for bitcoin.
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February 04, 2011, 05:38:29 PM
 #15

As much as safe as printed banknotes.
If you lose banknotes, you don't lose all of them at once.

If you lose your wallet, you lose all money that is inside it.
Same for Bitcoin, it's always clever to have multiple wallets.

I photocopy my FRN and keep them in multiple places. How could you be safe if they had to be in just one place?
kiba
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February 04, 2011, 05:39:59 PM
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I photocopy my FRN and keep them in multiple places. How could you be safe if they had to be in just one place?

Photocopy? O_o

Hal
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February 04, 2011, 06:59:32 PM
 #17

You could tear your banknotes into 5 pieces and hide them separately. As long as you can recover at least 3 pieces you should be able to exchange them for fresh bills.

Hal Finney
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February 05, 2011, 09:31:51 AM
 #18

Good plan or bad plan: Back up your wallet.dat on a USB thumb drive, hide this somewhere no one will look.

Not practical, as you have to backup the wallet after every transaction.

You could split the BTC across several wallets (probably a good idea), and have a "savings wallet" that you only occasionally transfer money to. Might be practical enough to hide that one on a USB drive.

Personally I find USB drives much too easy to lose.

1K4noMkNgrPztyqtHCYd2CevsZ72FeYUKF
davout
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February 05, 2011, 09:51:08 AM
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Not practical, as you have to backup the wallet after every transaction.
No

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February 05, 2011, 10:03:23 AM
 #20

Good plan or bad plan: Back up your wallet.dat on a USB thumb drive, hide this somewhere no one will look.

Not practical, as you have to backup the wallet after every transaction.

You could split the BTC across several wallets (probably a good idea), and have a "savings wallet" that you only occasionally transfer money to. Might be practical enough to hide that one on a USB drive.

Personally I find USB drives much too easy to lose.

Keypool, every 100 will do.
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