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1  Other / Beginners & Help / New crypto users, a few tips to avoid losing your hard earned coins on: November 20, 2020, 10:45:52 AM
Hey ladies and gents. I’ve been off the boards for a long time but I’ve still been mining. My friend just made a couple of errors with some crypto she had despite me verbally explaining things to her before, so I thought I would write some general guidelines for all those new to using cryptocurrency. This is general advice and applies more or less to every single cryptocurrency out there including Bitcoin, Ethereum, Litecoin and so forth.

•   Whenever possible, try to be the only person who has access to your private keys (ie own your private keys). Having a public address is like knowing the shipping address for Amazon, you know there’s a lot of money there but you don’t have the keys to enter the building. The private keys are the access to your coins, if you give out that information anywhere on the internet your coins are as good as gone.
•   As private keys are the things that control access to your money, only you should control your coins. Don’t leave them on an exchange unless actively trading. It’s very unlikely that even a lawsuit will be able to recoup the value of lost/stolen coins.
•   Going back to the idea that your private keys are the keys to unlocking your coins, make sure they are backup up somewhere. Many people think their coins are actually located inside the wallet.dat file that many conventional wallets use – but the wallet.dat file just keeps the private keys. Sometimes you can encrypt the file with a password, but it is still better to keep a backup copy as you would with childhood pictures or any other important document. There are numerous threads on the forums showing a variety of ways to keep backups – everything from printing out a single copy which you keep in a safe to super paranoid distribution of encrypted files spread around the world.
•   Since most hackers know that private keys are the key (pardon the pun) to getting access to your coins, they will often employ keyloggers and other malware to learn what passwords you enter. Some malware even log clipboard content and take screenshots intermittently so even using onscreen keyboards and password managers might not be safe. The most prudent course of action is just avoid clicking any link you’re not sure is 100% safe. If you can afford it, it’s wise to dedicate a separate machine for handling your wallet synchronizations that doesn’t do anything unsafe like downloading questionable torrents and surfing new websites. Alternatively, you can use a hardware wallet which essentially uses encryption hardware to shield your private keys from the PC allowing you to use your wallet on a system without worry about compromise. Notable hardware wallet companies are Trezor and Ledger and prices are generally reasonable considering the protection they provide.
•   Hardware wallets are also a good option if you like to access your wallets somewhat frequently but worried about residential theft (like if you keep your hardware wallet in a drawer right next to your PC). A hardware wallet, if fallen into the wrong hands, prevents thieves from accessing your coins as would a safe. It does not keep a backup of your private keys, however, so again make sure you can access those even if your hardware wallet is stolen (a user in the forums posted about his wallet being hidden under his bed without a backup - not a good idea when most thieves will take anything small and electronic)
•   If you do choose to buy a hardware wallet only buy from reputable sources – preferably the vendor itself. Amazon used to be a safe place to buy from but they have been mixing their inventory recently and many people are receiving Nano and Trezor wallets that have been used or at least the box was open. Understand how seeds and wallets work before dumping all your coins into one.
•   If you have any intention of sharing your coins with others in the event of injury or demise, make sure those involved know how to access the public and private keys. Making a convoluted 97 letter password is not a good idea if you’re the only one who will ever know the password.
•   Blockchain transactions are for all intents and purposes irreversible. If you send money to the wrong address or put the wrong amount you’re at the mercy of the receiver to send the balance back to you. If you send to an unknown address you might as well kiss the coins goodbye.
•   If you are making a purchase of an item or traded good on the forums, please check out the user’s Trust rating. If the value of the item is significant you should consider using an established escrow service. Spending just 0.5% of the cost of the transaction can save you from a world of headache. Remember that blockchain transactions are not reversible so sending to any party you are not familiar with before receiving an item is blindly trusting that person.
•   As Lucius notes, below, always check the destination address when you are sending coins. Some malware attacks actually alter the address when they read a crypto address has entered the clipboard, so instead of copying the address you want to send to, the malware replaces the destination address and you paste the wrong address into the sending field. Usually checking the first and last 3 or 4 digits is sufficient, but checking 12 or more digits makes it nearly impossible for somebody to have made a near clone address (simple entropic math).


If you have any further suggestions or tips please recommend them and I’ll append them to my list. Hopefully this helps a few people avoid a few mistakes.
2  Economy / Digital goods / [WTB] Bitmain Antminer S3 coupon on: August 09, 2014, 01:09:13 AM
I'm looking to buy a couple of S3s and I would like to buy a S3 coupon.  PM me with an offer.
3  Bitcoin / Hardware / BFL rewarding Jalapeno orders at the expense of LS/S/MR orders on: June 05, 2013, 06:44:29 AM
Correct me if I am wrong, but isn't BFL massively rewarding purchasers of Bitforce 5 (previously Jalapenos) at the expense of people who have Little Single/Single/Minirigs ordered.

-Consider that some early Bitforce 5 recipients who may have orders placed after LS/S/MR orders have been mining for up to a month now
-Consider that BFL is now allowing optional upgrading from 5GH to 7GH for the Bitforce 5 - 2GH/s for $100 or so which is much less than the same power from ASICMiner.  LS/S/MR have not been given the option to buy any additional power.
-Bitforce 5/7 early recipients may possibly see a return of their initial BTC payment if they ordered in the first week. LS/S/MR owners with equally early orders will have decreasing chance for that return as each day passes.

I'm surprised that more LS/S/MR owners aren't protesting this one sided bonus for people who happened to order the "right" item.

July Bitforce 5 orders are now shipping (unknown if shipping with 7GH upgrade option as yet) and still not a single LS/S/MR owner from 6/23/12 has received a working unit.
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