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Author Topic: To Secure Big BTC amounts (>50k) one should run 1. own Node, 2. ...?  (Read 1076 times)
ATguy
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February 25, 2016, 03:29:10 PM
 #21

One thing is do one time succesfull 51% attack to doublespend your coins only one or few confirmations back which will not make huge impact on Bitcoin price. But if it was continuous attempt to mine all blocks for yourselves with 51%+ and refusing adding on top of other blocks or double spending often at will any number of confirmations back, then this would crash Bitcoin price a lot - so the attacker will have worthless coins, but I can see why someone could attack Bitcoin for ideological reasons this way especially when he could take control over the mining equipment basically for free like China government.

So yes, if you have few coins stored, consider running one ASIC rig even at financial loss at very small nonChina pool or P2Pool.

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spazzdla
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February 25, 2016, 03:37:24 PM
 #22

Create a wallet on an OFFLINE COMPUTER.

Destroy hard drive it was created on...

The best bet would be to make a faridi cage, create in there and destroy everything before leaving(use a Rasp-pi it's cheap) except the ENCRYPTED private key and your public key.   Make copies. Write down the pass, never type it onto a computer.  

Yes, that was supposed to be basic. I'm more interested of fixing attacks from miner side (51% attack) or similar things.

................. .............................

I have a feeling you are not here to help BTC out one bit....

In fact  I believe you are attempting to do the complete opposite.
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February 25, 2016, 03:44:59 PM
 #23

One thing is do one time succesfull 51% attack to doublespend your coins only one or few confirmations back which will not make huge impact on Bitcoin price. But if it was continuous attempt to mine all blocks for yourselves with 51%+ and refusing adding on top of other blocks or double spending often at will any number of confirmations back, then this would crash Bitcoin price a lot - so the attacker will have worthless coins, but I can see why someone could attack Bitcoin for ideological reasons this way especially when he could take control over the mining equipment basically for free like China government.

So yes, if you have few coins stored, consider running one ASIC rig even at financial loss at very small nonChina pool or P2Pool.

The most critical event is if the attacks are combined with a big (short-) selling action.

So If anybody here knows proper risk evaluation & modeling processing (not only market-risk !) you'd see what I'm about here.

Any risk that you see front up you need to calc & minimize properly -> that combined one is the biggest I see, but looks like one can fix it. I do NOT know how much money you Need in order to do.

PS: Everybody here needs to do own risk management.

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February 25, 2016, 04:12:12 PM
 #24

A bitcoin wallet created on an OFFLINE computer with multiple backups, one backup in the cloud and another one in secure hardware (maybe KeepKey) will add to the security of the coins, especially big amounts.

Great - you are hired for that open risk job!

First Task: Read full thread. Roll Eyes

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talkbitcoin
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February 25, 2016, 04:35:11 PM
 #25

GHASH.IO reached more than 51% of total hashrate one day and nothing bad happened.

even if anything bad was supposed to happen you could just wait for more confirmation to be sure there is no double spend.

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February 27, 2016, 05:30:18 PM
 #26

or buy some hardware wallets and split your bitcoin there and to desktop core wallet with very good password. Then you will nothing to afraid about your bitcoin. You can see the trezor hardware wallet or better in my opinion and much cheaper the ledgerhardware wallet

http://www.bitcoin-gr.org
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