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Author Topic: Safety revision after the Hacks going around these days  (Read 1751 times)
turvarya
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March 05, 2014, 02:58:10 PM
 #21

How about a second OS for Paper Wallets or a VMWare-Image?

Having a second PC just for that, seems a bit much.

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Armis
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March 05, 2014, 03:13:59 PM
Last edit: March 05, 2014, 03:40:49 PM by Armis
 #22

to people who think that they do take security seriously, please it is time to do some revision, I am reading around and I see a shocking amount of hacks and fraud going on for the last couple of days.

so you may consider:

1- check if you have all security features that your exchange offers already activated.
2- make sure that you use one of the best antivirus programs on the computer you use to browse around and make sure it is up to date.
3- don't leave funds on exchanges, if you daily trade and you have leave any funds there, then make sure to use e-mail confirmations and that your e-mail also has 2FA.
4- make sure that you use only one phone/device which is not rooted, and do not install garbage bitcoin apps or any other app games/garbage.
5- use paper wallets for your long term investment and save them in a safe place.
6- keep the for-daily use coins on an offline computer, use Armory, sign offline transaction and broadcast them on an online pc.
7- use different passwords on all sites, make them complicated and long (capital letters small letters, numbers and special characters)
8- don't keep any track of your passwords, keys or anything else on your computer, do it the old fashion way, write on a paper and save it somewhere safe.
9- encrypt about anything, I would recommend you to encrypt your entire dist as well, if you use linux this option is offered when installing the system, if you use windows then try PGP whole disk encryption, I use it and I recommend it.
10- use avg anti virus on your phone/device, activate the relocation option, there is also an option to wipe-out the device by sending a SMS to your phone if lost or stolen.
11- never trust anyone with your BTC, if you cant control the address then you don't own the BTC, any non reputable, non regulated online service can go offline, and you will lose all your funds (the new term is Goxed)
12- dont click on links without being sure where they direct, you can simply put the mouse cursor on it without clicking and check the address bar if it is a legit link, deactivate automatic redirection in your browser so you cant be tricked.
13- don't open e-mails from unknown sources, especially don't open spam e-mail, if you have to do so, then make sure to not open any executable attachment or any .pif extension, judge any site asking you to install "java plugin" or a "flash player" if YouTube works for you than you don't need any flash player or additional extensions, you are being a victim of a phishing attempt.
14- don't install any opensource software if you don't know what the code does, if can review the code your self then don't install without verifying the signature, especially don't install wallets of the daily created scam coins, some might be created just to steal your coins.


these are just some of the safety practices I can think about now, any user is welcome to add anything I might have forgotten to this list.



One of these should be made for exchanges as well so that they know how to secure the btc in their care.
https://bitcointalk.org/index.php?topic=492776.0;topicseen


#11- never trust anyone with your BTC, if you cant control the address then you don't own the BTC, any non reputable, non regulated online service can go offline, and you will lose all your funds (the new term is Goxed)

The part in red is a growing and pervasive fallacy.

When you place your coins in the care of another, particularly for any specific purpose set forth by either of you and acknowledged by the other, you don't lose ownership to the coins.  You don't need an account, or terms of service, to make a donation.  

When you place your money in the care of an exchange, they have a responsibility for the care of those funds, the responsibility is actually higher than what they have for their own funds, nevertheless you don't lose ownership, just like you don't lose parental rights when you take your kids to school.  

  



.
S4VV4S
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March 05, 2014, 03:30:45 PM
 #23

and use firefox without any plugins.

You mean, use Tor Wink
mdude77
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March 05, 2014, 03:52:01 PM
 #24

#11- never trust anyone with your BTC, if you cant control the address then you don't own the BTC, any non reputable, non regulated online service can go offline, and you will lose all your funds (the new term is Goxed)

The part in red is a growing and pervasive fallacy.

When you place your coins in the care of another, particularly for any specific purpose set forth by either of you and acknowledged by the other, you don't lose ownership to the coins.  You don't need an account, or terms of service, to make a donation.  

When you place your money in the care of an exchange, they have a responsibility for the care of those funds, the responsibility is actually higher than what they have for their own funds, nevertheless you don't lose ownership, just like you don't lose parental rights when you take your kids to school.  

While I agree with you ... however you losing signing ability, which means it becomes very difficult to prove a transaction that originated from there is yours, especially with exchanges that don't put customer service very high on their to do list. 

I always withdraw from an exchange and send from my wallet if I'm "buying" something.

M

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DeathAndTaxes
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March 05, 2014, 08:08:02 PM
 #25

You can add #0 to your list.

Bitcoin Axiom #0 - If you do not have the private keys for your bitcoins, then you have no bitcoins.

If you deposit your bitcoins with an exchange then although their site may display an amount of bitcoins what you have is an IOU for a certain amount of bitcoins.   An IOU is a form of debt, it only has value as long as it is honored.  A significant portion of debt is never repaid.  Bitcoin has no counterparty risk, a bitcoin IOU does have counterparty risk.
mmitech (OP)
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March 05, 2014, 08:10:22 PM
 #26

You can add #0 to your list.

Bitcoin Axiom #0 - If you do not have the private keys for your bitcoins, then you have no bitcoins.

If you deposit your bitcoins with an exchange then although their site may display an amount of bitcoins what you have is an IOU for a certain amount of bitcoins.   An IOU is a form of debt, it only has value as long as it is honored.  A significant portion of debt is never repaid.  Bitcoin has no counterparty risk, a bitcoin IOU does have counterparty risk.

it is on the list #11
Armis
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March 05, 2014, 08:25:59 PM
 #27

#11- never trust anyone with your BTC, if you cant control the address then you don't own the BTC, any non reputable, non regulated online service can go offline, and you will lose all your funds (the new term is Goxed)

The part in red is a growing and pervasive fallacy.

When you place your coins in the care of another, particularly for any specific purpose set forth by either of you and acknowledged by the other, you don't lose ownership to the coins.  You don't need an account, or terms of service, to make a donation.  

When you place your money in the care of an exchange, they have a responsibility for the care of those funds, the responsibility is actually higher than what they have for their own funds, nevertheless you don't lose ownership, just like you don't lose parental rights when you take your kids to school.  

While I agree with you ... however you losing signing ability, which means it becomes very difficult to prove a transaction that originated from there is yours, especially with exchanges that don't put customer service very high on their to do list. 

I always withdraw from an exchange and send from my wallet if I'm "buying" something.

M


I'm 100% for your efforts to improve community standards and safety.

I just don't want exchange responsibilities to shift to user responsibility, like teachers and schools blaming parents for their kids academic performance.   The exchange is the fiduciary responsibility to care for the money placed in their care.   That's the cased even if there is no terms of service.  They are an exchange not a charity, they are supposed to get paid for their professionals service as detailed in their terms of service and fee schedule.  My money ONLY becomes their money when they have earned it. 

BTC, as we have seen has tremendous price potential however we are where we are at because of the real and present insecurity of the whole marketplace, but mainly the exchanges.  Once the exchanges step-up responsibly the btc rates will find those 4 digit heights yet again.





 

Armis
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March 05, 2014, 08:40:06 PM
 #28

You can add #0 to your list.

Bitcoin Axiom #0 - If you do not have the private keys for your bitcoins, then you have no bitcoins.

If you deposit your bitcoins with an exchange then although their site may display an amount of bitcoins what you have is an IOU for a certain amount of bitcoins.   An IOU is a form of debt, it only has value as long as it is honored.  A significant portion of debt is never repaid.  Bitcoin has no counterparty risk, a bitcoin IOU does have counterparty risk.

That argument is is both illogical and false.   

Saying it multiple times, louder, and with pretty colors only make it wrong on many different levels.


Start with an exchanges terms of service to see what it is that they are contractually offering, align their terms and definitions with your understanding and how those square with actual law.  Then you have the proper premises from which to argue one way or another.

Use of terms like 'debt', 'iou', and 'repaid' all imply some sort of loan agreement, which is far from the case.

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March 05, 2014, 11:36:28 PM
 #29

It is debt.  It isn't a loan but it is a liability.  Optimally the assets and liabilities balance but when the thief (or insider) takes the assets all that is left is the liabilities.  If the company can repay that liability out of its own pocket well they can make you whole but more times then not the loss is far greater than their ability to repay and depositors are left holding worthless IOUs.
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