Stolen Bitcoin

[spazzdla]

blockchain.info most certiantly DOES NOT need to know your private key...

[LiteCoinGuy]

Hi all,

I am the owner of 19BWxdCtmTcWupG6tQjXZD7F4hDd6ftEri

I logged in and had a look about 3 hours ago and lo and behold, exactly one Bitcoin has disappeared.



Does anyone know what is going on or can unravel this for me?

only hold pocketchange in such a wallet.

for bigger amounts, use cold storage or a hardware wallet:

https://bitcointalk.org/index.php?topic=899253.0

[I E]

Hi all,

I am the owner of 19BWxdCtmTcWupG6tQjXZD7F4hDd6ftEri

I logged in and had a look about 3 hours ago and lo and behold, exactly one Bitcoin has disappeared.



Does anyone know what is going on or can unravel this for me?

only hold pocketchange in such a wallet.

for bigger amounts, use cold storage or a hardware wallet:

https://bitcointalk.org/index.php?topic=899253.0

True i only hold maximum 10 BTC on thoose kinds of wallets.

[SebastianJu]

blockchain.info most certiantly DOES NOT need to know your private key...

They use normal 1... bitcoin addresses right? Then how can it be possible that its impossible for them to know the private keys? The wallets are on their servers, which means one way or another they, or at least an employee has to be able to get the keys.

Maybe i did not think it through how it could be done otherwise.

[PenguinFire]

blockchain.info most certiantly DOES NOT need to know your private key...

They use normal 1... bitcoin addresses right? Then how can it be possible that its impossible for them to know the private keys? The wallets are on their servers, which means one way or another they, or at least an employee has to be able to get the keys.

Maybe i did not think it through how it could be done otherwise.

I believe they do.  And they definitely have your private key if they are withdrawing and depositing on your behalf.

[AgentofCoin]

blockchain.info most certiantly DOES NOT need to know your private key...

They use normal 1... bitcoin addresses right? Then how can it be possible that its impossible for them to know the private keys? The wallets are on their servers, which means one way or another they, or at least an employee has to be able to get the keys.

Maybe i did not think it through how it could be done otherwise.

Your browser on your computer encrypts/decrypts your blockchain.info wallet.
Blockchain.info only holds and stores your encrypted wallet and sends it to you.
In theory, they do not know your private keys.

Here is their explanation: https://blockchain.info/wallet/how-it-works

[AgentofCoin]

blockchain.info most certiantly DOES NOT need to know your private key...

They use normal 1... bitcoin addresses right? Then how can it be possible that its impossible for them to know the private keys? The wallets are on their servers, which means one way or another they, or at least an employee has to be able to get the keys.

Maybe i did not think it through how it could be done otherwise.

I believe they do.  And they definitely have your private key if they are withdrawing and depositing on your behalf.

Blockchain.info can not withdraw your BTC on your behalf. That makes no sense.

[SebastianJu]

blockchain.info most certiantly DOES NOT need to know your private key...

They use normal 1... bitcoin addresses right? Then how can it be possible that its impossible for them to know the private keys? The wallets are on their servers, which means one way or another they, or at least an employee has to be able to get the keys.

Maybe i did not think it through how it could be done otherwise.

Your browser on your computer encrypts/decrypts your blockchain.info wallet.
Blockchain.info only holds and stores your encrypted wallet and sends it to you.
In theory, they do not know your private keys.

Here is their explanation: https://blockchain.info/wallet/how-it-works

Thats interesting and i hear that the first time.

So the only thing that could compromise that would be when blockchain info somehow could achieve the passwords. Maybe by fetching them from the start or getting them with a compromised script, delivered by a corrupt employee, to the customer.

I couldnt check the image on my current internet so maybe they used an encryption that someone negates that chance. Though it have a hard time imagining how.

[DannyHamilton]

Thats interesting and i hear that the first time.

Really?  This has been well established since blockchain.info wallet was first announced.  How did you manage to participate in this forum long enough to become "Legendary" status without understanding that blockchain.info receives encrypted private keys and does not receive the decryption key?

So the only thing that could compromise that would be when blockchain info somehow could achieve the passwords. Maybe by fetching them from the start or getting them with a compromised script, delivered by a corrupt employee, to the customer.

Correct, if the user receives a compromised web page (or if the user's browser or computer is compromised), then their password and their private keys can be captured and transmitted to the criminal.

[spazzdla]

Thats interesting and i hear that the first time.

Really?  This has been well established since blockchain.info wallet was first announced.   How did you manage to participate in this forum long enough to become "Legendary" status without understanding that blockchain.info receives encrypted private keys and does not receive the decryption key?

So the only thing that could compromise that would be when blockchain info somehow could achieve the passwords. Maybe by fetching them from the start or getting them with a compromised script, delivered by a corrupt employee, to the customer.

Correct, if the user receives a compromised web page (or if the user's browser or computer is compromised), then their password and their private keys can be captured and transmitted to the criminal.

This is what I was thinking...  

I grow very tired of arguing facts with people so I just leave lol.

[Cryptoblock]

we need to  protect more, i think known people are done it seems.

[SebastianJu]

Thats interesting and i hear that the first time.

Really?  This has been well established since blockchain.info wallet was first announced.  How did you manage to participate in this forum long enough to become "Legendary" status without understanding that blockchain.info receives encrypted private keys and does not receive the decryption key?

By not using online wallets.

I never understood why someone would put his coins to a website that only serves as a wallet when he could hold his coins safe at his own home too. So i avoided all these offers. In hindsight i believe it was a good thing. I remember a lot of these wallets, claiming they are ultra secure, only to be "hacked" in a short time.

[Karartma1]

blockchain.info most certiantly DOES NOT need to know your private key...

They use normal 1... bitcoin addresses right? Then how can it be possible that its impossible for them to know the private keys? The wallets are on their servers, which means one way or another they, or at least an employee has to be able to get the keys.

Maybe i did not think it through how it could be done otherwise.

I believe they do.  And they definitely have your private key if they are withdrawing and depositing on your behalf.

Blockchain.info can not withdraw your BTC on your behalf. That makes no sense.

You Wot mate?
They're the wallet provider. They can do anything they want with your bitcoins because they keep your private keys. (Even if you export them they still have a copy of the private keys).

[DannyHamilton]

Thats interesting and i hear that the first time.

Really?  This has been well established since blockchain.info wallet was first announced.  How did you manage to participate in this forum long enough to become "Legendary" status without understanding that blockchain.info receives encrypted private keys and does not receive the decryption key?

By not using online wallets.

I never understood why someone would put his coins to a website that only serves as a wallet when he could hold his coins safe at his own home too.

Sure, but previously when you said:

Online wallets are too insecure for me. I mean why taking the risk to give another person all your bitcoins only for letting them lay there?

Someone responded explaining:

blockchain.info never gets access to your private keys.  They are stored on their server encrypted, but the encryption/decryption occurs in your browser, so they cannot steal your coins.

You do understand that your wallet doesn't actually have your bitcoins, right?  Your bitcoins (to the extent that they even exist) are represented in the blockchain that every full node has a copy of.  Your wallet is just storing your private keys for you.  If there is malware running on your computer, it can steal your bitcoins (by gaining access to your private keys) just as easily from your desktop wallet as from a web based wallet like blockchain.info.

[SebastianJu]

Thats interesting and i hear that the first time.

Really?  This has been well established since blockchain.info wallet was first announced.  How did you manage to participate in this forum long enough to become "Legendary" status without understanding that blockchain.info receives encrypted private keys and does not receive the decryption key?

By not using online wallets.

I never understood why someone would put his coins to a website that only serves as a wallet when he could hold his coins safe at his own home too.

Sure, but previously when you said:

Online wallets are too insecure for me. I mean why taking the risk to give another person all your bitcoins only for letting them lay there?

Someone responded explaining:

blockchain.info never gets access to your private keys.  They are stored on their server encrypted, but the encryption/decryption occurs in your browser, so they cannot steal your coins.

You do understand that your wallet doesn't actually have your bitcoins, right?  Your bitcoins (to the extent that they even exist) are represented in the blockchain that every full node has a copy of.  Your wallet is just storing your private keys for you.  If there is malware running on your computer, it can steal your bitcoins (by gaining access to your private keys) just as easily from your desktop wallet as from a web based wallet like blockchain.info.

Yes, i know that bitcoins belong to those who can access them on the global blockchain and accessing can who has the private key. Regarding blockchain.info, i simply did hear the first time that blockchain doesnt actually has the private keys. Thats interesting.

Sure, private computers can be hacked too though you can protect yourself against it. I think the past has shown that generally the risk of losing coins in an online wallet is magnitudes higher than the risk losing them on your computer, when you are cautious. The percent of online wallets that went down would have brought bitcoin down when the same percent of personal wallets on computers would have been "hacked". The online wallets are simply great targets for hackers, while hackers wont bother with personal computers too much when it is hard to get something. Hackers would prefer the quick and dirty way of mass hacking.