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Author Topic: Managed Wallet Websites = worst idea ever  (Read 1156 times)
niemivh
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June 09, 2011, 05:10:43 AM
 #1

Anyone storing their money on a website managed by someone else?

Seems like the heist of the century would be opening one of these websites and then waiting to get ahold of a few 1000s of wallets and then just disconnect the site and take all of them.  Seems better than a bank robbery, more like stealing a whole bank!

Is their some sort of protection from this happening?

I'll keep my politics out of your economics if you keep your economics out of my politics.

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Timo Y
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bitcoin - the aerogel of money


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June 09, 2011, 06:51:25 AM
 #2

I think they are a great tool for small expenses while you are on the move.

Don't keep 1000 BTC on them, obviously.

Yes, they could run off with my money, but the chance of losing my physical wallet to a mugger is bigger I think.

Best to choose a web wallet run by someone who has a reputation to lose, preferably someone who is also running other businesses that accept bitcoin.

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Sean
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June 09, 2011, 07:02:12 AM
 #3

Or use one that's an actually licensed Financial Service Provider (or equivalent) registered with their government offices.
That way they are accountable and people *could* go after them.

We've got a TIP for you: GBTCC (https://www.gbtcc.com/). Trade, Investigate and Protect the BitCoin currency!
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June 09, 2011, 07:15:28 AM
 #4

gmail and winrar with passwords are simple and more sufficient than anything else
westkybitcoins
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Firstbits: Compromised. Thanks, Android!


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June 09, 2011, 08:43:43 AM
 #5

The convenience of being able to walk around with a few bitcoins and send/receive on the go is worth the risk.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
rebuilder
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June 09, 2011, 09:16:13 AM
 #6

Personally, I run a small Linux box at home and just remote into that if I need to spend BTC when I'm not home.

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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