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BFL deliver your mining rig.
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Secure against what? Against random hackers trying to steal your coins, they are pretty solid. Against malware that compromises your PC, they are designed to be highly resistant. Against disassembly and hardware hacking of the device, possibly not so much. Against rubber hose cryptography, not at all. They also can't prevent you from sending your coins to an address given on a spoof email or web page (although fiat bank accounts aren't immune to that either). You also need to think carefully about writing down the device seed and then keeping it secure; if someone can steal the seed they don't need the device.
(Actually the Trezor, and possibly other devices, do have a defense against rubber hose cryptography: you can have an arbitrary number of secret passwords with other wallets behind them, and the attacker has no way of knowing if you have revealed all of them. But then maybe they just keep on beating you to be sure)
To a point. I would worry about plugging that thing in 10 years from now and it doesnt work. I run a VM on my desktop that contains my desktop wallets. The VM is backed up to multiple sources both local and in the cloud. that way if the VM or my desktop crash, I can always just get a new computer, install HyperV, and import the VM from backup. They are more secure than any other option that you have readily available right now. I'm skeptical. I had a Ledger HW wallet which I used to hold coin while traveling. I initialized on my phone using mycelium, wrote down the seed excluding 5 words, and carried the seed in a notebook I always had with me (the seed was written in the middle of other normal writing). 2 months go, the entire wallet was swept. I lost most of my savings. I have no idea how this happened. I'm moving towards multisig solutions. Could the 5 remaining words have been found by brute-forcing? Brute-forcing 12 words isn't feasible, but 5 is way easier, considering this is exponential. (assuming phone compromission) But that would be a targeted attack (which could be possible, you're the one that could know if this should be in your treat model) |
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Not paying attention to where you send the btc.
not backing up your shit
backing up your shit and storing the backup improperly (or in the open or near flames)
not secure enough pin
not keeping your btc secret
No. The most glaring defect of hardware wallets is the presence of the physical device itself, which identifies you as an owner of bitcoins. It's like painting a bullseye on your back. How can you answer “What bitcoins, sir?” to the customs officer, when he's looking right at your Trezor or Ledger device? Or to your nosy neighbor? Or to the random house guest? Use an online/offline software wallet with freely-available, open source code. Never put your keys on a network-connected machine. Sign all your transactions offline. Memorize your seed mnemonic. That way, wherever you go, your bitcoins go with you. Invisibly, without leaving any physical trace. Once you've arrived at your new location, buy a Raspberry Pi and an SD card and download and install the wallet software on it for use as a signing machine. Sign transactions using your mnemonic, so your seed is never stored on any physical medium. Run a full node with a watch-only wallet for broadcasting transactions and tracking your balances. Difficult? Yes, but true security is always difficult. All the “easy” solutions involve relinquishing control to some trusted third party, and reliance on third parties is exactly what Bitcoin was created to free us from. I am not a big fan of having to keep the master seed of hardware wallets stored. Even if you keep it somewhere safe, someone can still get to it and have access to your funds. So this is my setup: *1) Live-usb ubuntu, network disconnected. *2) Generate addresses using bitcoin paper wallet downloaded offline site, printing PDFs. *3) Save these PDF on an encripted container using veracrypt, with a very strong password. This encripted file you can store safely online on google drive or something. *4) Split your BTC across some addresses, thinking of how you'll use them. Keep the public addresses handy. *5) When you want to use it, just boot ubuntu again, open the PDF, and use a mobile phone wallet like Mycelium to import the private key using QR Code. *6) Spend the amount needed and send the remaining amount to a new paper wallet and don't use the old one anymore. Edit: never type the veracrypt password anywhere but the ubuntu live cd and dont store it online. You might find it easier just to memorize your master seed and store it only in your head. The risk of forgetting it is no greater than the risk of forgetting a password. And there's no physical backup to get lost, stolen or hacked. I use the MMGen wallet and do all my address generation and signing offline using a memorized seed. https://github.com/mmgen/mmgenNope! https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/So what happens when you forget your "very strong password"? |
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Not paying attention to where you send the btc.
not backing up your shit
backing up your shit and storing the backup improperly (or in the open or near flames)
not secure enough pin
not keeping your btc secret
постоянная ссылкаembedсохранитьначальный
Not keeping your seed secret (hint split 2 copies of the seed into 3rds and store 2 different 3rds in each of 3 locations) And don't tell anyone, not your wife, not your boyfriend, not your siblings.... No one! So what happens when you die and your total networth is lost on the blockchain? We all get a little richer You could have a dead man switch where private keys are only released upon death Sounds like you have the making of the next overvalued ICO |
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bitcoin gambling, using your bitcoin to buy shitcoins on exchanges, what's the difference
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Bovada is nr1 gambling site. It has much more bitcoin users than all the other bitcoin sites together. They convert traffic into real players by far the best. This is why low or zero edge does not matter. http://www.alexa.com/siteinfo/megadice.com http://www.alexa.com/siteinfo/bovada.lv -> traffic of bovada is by orders of magnitude higher So they are by far not a legacy yet. It is bovada that is teaching ppl to gamble through bitcoins. All the btc community should be thankful to them. True, but Bovada is still a legacy gaming site. It deals primarily with fiat and incurs massive overhead costs of effectively laundering money for USA withdrawals. They also have virtually no serious competition in the USA market except for 5dimes. However, what we did see, was the massive investment made by Bovada to push its users to Bitcoin. Bovada ran excellent Bitcoin-specific deposit/reload bonuses for most of last year. I can only imagine the amount of money they lose to credit card chargebacks... Bitcoin must be a godsend. |
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I can make a simple argument for that and goes this way:
If you took your money, bought bitcoin just because you saw in the TV that is rising its value and you hope to earn some profits without making any studies or previous reports about the market, the current status of the coin or you are in conditions to hold any investments, then yes, it’s gambling because you’re putting your money randomly without knowledge.
Assuming you made your homework. Got info about bitcoin, grab some major papers and saw the volatility, asked some friends about it, made some conclusions and inferences and then (only then) purchased bitcoins because your analysis told you that is going in certain direction that is convenient to you.
See, the major difference between one thing and another is the information. A well investment is always the one you have the proper information.
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yea, i know. just sayin' to get the conversation started. That's why i mentioned the "whole idea of"
Well, it defeats the purpose, I wouldn't do it, we already live in a surveillance state, a worldwide one. but wouldn't the fact that you could use bitcoin or whatever at your local stores and shops just like regular currency be a pretty good argument otherwise? |
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Bitcoin is being used widely in porn sites, gambling and drug dealing sectors. Is that why the btc made for ? I have seen a lot of members in this forum discussing about buying drugs, gambling and enjoying porn with bitcoin. Is not it a misuse of a currency ? Block chain tech is a awesome tech and btc is getting popular. I hate these misuses of precious btc. It hurts me. This will lead into unhealthy society along with unhealthy future generation.
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
Were you born an asshole or did you have to work at it? |
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Well I don't think even most bitcoin enthusiasts (like me) would say that was really smart. But then again what is a smart investment nowadays?
Stocks - Artificially inflated and disconnected from fundamentals. Major correction likely.
Bonds - Wouldn't touch with a 10 foot pole.
Real Estate - I like real estate but it takes management and maintenance and taxes and we are probably in another bubble here as well.
Precious Metals - Has history on its side but is target of confiscation and has issues with liquidity and storage.
US Dollar - LMAO
It is about risk appetite, not being smart. If you want to gamble, then Bitcoin is a good instrument for that. And it is better gamble than casinos, because at casinos your EV is negative. With Bitcoin you don't know the EV, but you can try estimating it  The only free lunch is diversification (first rule of investing). This guy is needlessly risking his life savings. Is this a joke? Diversification is literally the only way to reduce risk for the same reward. This is the foundation of all portfolio theory and is mathematically proven. |
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Two pieces of advice:
Use Armory and an offline wallet
Buy an old laptop that has a detachable Wifi card. Install Armory on it and pull out the Wifi card. Now run Armory and generate your offline wallet and encrypt it with a strong passphrase (so your funds are protected in case the laptop is stolen). Make a paper backup of the wallet, and put it in a separate location (safe deposit box, girl/boyfriend's apartment) to protect against the laptop dying or getting stolen. Export a watch-only wallet via a USB stick to an online computer on which Armory is installed as well. Now you can view the balance of your offline wallet using the online computer without being able to transfer money unless you sign the transaction on the offline computer.
Get your money off the exchange as fast as you can. Especially if it's Mt. Gox.
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Get it out NOW. There have been lots of cases where people waited too long and all the BTC were gone (exchange hacked, went down, was fraudulent...)
Why? What's the risk in generating a paper wallet private key set and transferring it to that all in one go? If you generated the private keys on a computer with a virus you could loose them immediately, but even if you use an offline linux-live usb drive, the tool to generate the private keys could not use enough entropy. The private keys could still stay on the computer even if you delete them (undelete, swap etc...). The paper could be physically destroyed (fire?). It could be stolen by a friend or relative taking a picture with a mobile phone. And if you die, will your family know how to unlock the bitcoins ? I lost about 14 BTC when Bitfloor got hacked  |
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is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!
Last week, I put all my life savings into Bitcoin. I'm only 30 so I know while it is a risk, I still have a chance to recover if it crashes, and I have a full time job anyway. I just thought how the people around me are putting money into their houses, into children and expensive weddings, and they will never get a return on that. It just disappears. I also thought how most people will go their whole life and not take a risk and 'go for it'... and when I'm older, I will not be able to things like this. I will be a lot more conservative. Now is the time for me to take a risk. So I put a total of about $50,000 USD and bought in. I don't know how long I'll keep it in, but I'm thinking at least 5 to 10 years, maybe longer. I haven't told anyone and I don't plan to, but I feel good about it. Another thing I think about is that there will only be 21 million bitcoins ever released, and that is NOTHING when I stop and think about it. To me it seems like a great opportunity. Sorry, I would not want this to lead to anyone acting irresponsibly or doing the same, unless they put the time to study the ins and outs and know the real risks. I took a risk because I am in a good place with my job and dont have any other responsibilities with family. Only posted here since I couldnt tell me friends or family, without them killing me. Since it flies in the face of a lot of common wisdom. In the exchange right now got to figure out paper wallets I hope when you say 'life savings' you are not including your emergency fund. An emergency fund of around 6 months of expenses should be kept in as liquid a state as possible, so that it can be used right away to deal with the unexpected. Not having a proper emergency fund can do major damage to you financially if you lose your job or have an accident. Just imagine how much it would suck to be forced to sell some of your coins during a temporary low in the market, only to watch the price go back up. In short, if you don't have an emergency fund, then you have an emergency. How do you store your loot? For this quantity of money there is only one valid choice: buy a secondary laptop, install Ubuntu in it, install Bitcoin-Qt in it, print the private keys (or better yet, write them down manually) and store several copies in a safe, encrypt the wallet with a secure passphrase (try this), make a few more backups, then transfer most of your funds there and don't touch it until you need them. I'd say most of the risk comes from bugs in software (look what happened to Android users), so try sticking to old and proven software whenever you can. That's why you shouldn't use Electrum (or other things like fancy hardware wallets) until it's been working for more years. Also good on you for making a new reddit account. Someone could try to target you with social engineering or computer malware. Thanks for the link to the Entima.net pasphrase generator. It does not seem to work for me ( Win xp, old dell laptop, firefox 23.0.1) I followed this direction on the webpage: Please move your mouse around in the window to generate enough random data to construct a secure passphrase. I did that untill the green bar went across and now it says "waiting" and the generate passphrase button seems to be not clickable. Does it just take a long while? Thanks No, it should be instantaneous. Try another browser (I think it should even work in IE8). |
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is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!
Last week, I put all my life savings into Bitcoin. I'm only 30 so I know while it is a risk, I still have a chance to recover if it crashes, and I have a full time job anyway. I just thought how the people around me are putting money into their houses, into children and expensive weddings, and they will never get a return on that. It just disappears. I also thought how most people will go their whole life and not take a risk and 'go for it'... and when I'm older, I will not be able to things like this. I will be a lot more conservative. Now is the time for me to take a risk. So I put a total of about $50,000 USD and bought in. I don't know how long I'll keep it in, but I'm thinking at least 5 to 10 years, maybe longer. I haven't told anyone and I don't plan to, but I feel good about it. Another thing I think about is that there will only be 21 million bitcoins ever released, and that is NOTHING when I stop and think about it. To me it seems like a great opportunity. Sorry, I would not want this to lead to anyone acting irresponsibly or doing the same, unless they put the time to study the ins and outs and know the real risks. I took a risk because I am in a good place with my job and dont have any other responsibilities with family. Only posted here since I couldnt tell me friends or family, without them killing me. Since it flies in the face of a lot of common wisdom. |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
These wallets are all solid choices that offer both security and usability: Airbitz (iphone or Android) Breadwallet (iPhone) Mycelium (Android) Copay (all devices) Just make sure you follow the appropriate backup procedures for whatever wallet you choose. And the backup process for Airbitz is simply knowing your username and password. For extra security, enable One-Touch 2 Factor and password recovery. Jaxx is great |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
These wallets are all solid choices that offer both security and usability: Airbitz (iphone or Android) Breadwallet (iPhone) Mycelium (Android) Copay (all devices) Just make sure you follow the appropriate backup procedures for whatever wallet you choose. And the backup process for Airbitz is simply knowing your username and password. For extra security, enable One-Touch 2 Factor and password recovery. |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
Whatever you choose, make sure you write down the backup phrase, otherwise your coins will be lost if you lose your phone. |
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The solution is to immediately buy the amount of BTC you spent, the BTC ecosystem is strengthened every time you do it. Everyone wins. Because this is how ppl get to hear about it! The m0re ppl who know about the coin(s), the more m0ney to be poured into it thus making your investment(s) worth m0re. Ask you cab driver if he accepts Bitcoin. If he already has a Bitcoin wallet, great. If he doesn't know what it is or doesn't have a Bitcoin wallet tell him you'll tip him $20...in Bitcoin. Imagine how many people he'll tell about Bitcoin when the $20 bucks you gave him turns to $30 or 35. You can't buy publicity like that, at any price! Nice  Really Great Idea, gd j0b Zac |
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The solution is to immediately buy the amount of BTC you spent, the BTC ecosystem is strengthened every time you do it. Everyone wins. Because this is how ppl get to hear about it! The m0re ppl who know about the coin(s), the more m0ney to be poured into it thus making your investment(s) worth m0re. |
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