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Author Topic: Trust No One  (Read 143197 times)
dibbs
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October 04, 2011, 05:27:25 PM
 #161

Man, if I could get out of noob jail, I'd have a solution to enhance the "trust no one"-ness of Bitcoin.
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StormElf
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October 05, 2011, 09:05:13 AM
 #162

There's scammers everywhere. Just watch your back and don't be stupid!
Nyaaan
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October 05, 2011, 09:34:08 AM
 #163

Seems like a very useful tutorial, I will be following your advice!
kingkong12345678
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October 06, 2011, 08:05:43 AM
 #164

Iam so confused is this the silk road or is this a forum associated with it?
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October 06, 2011, 12:56:24 PM
 #165

There's scammers everywhere. Just watch your back and don't be stupid!

Hear, hear.
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October 07, 2011, 05:52:33 PM
 #166

The nice thing about a true free market currency is that the free market will teach people lessons about self-protections.  IMO, one of the biggest problems with the fiat system is that some intermediary theoretically can make everything right if you've been ripped off (theoretically).  It generates a false sense of confidence in a system that simply cannot right all wrongs.

There was a time when it was considered laughable that anyone would have a bank account (and if you know much about fractional reserve banking and how bank runs occur, you know why it was and is such a risk).

There was a time when it was considered laughable that anyone would use "rag money" instead of hard coin.

There was a time when it was considered laughable that any 3rd party could protect your and your assets better than yourself.

The really laughable part is that's how most of human history has gone - only in the last 50 years or so has much of this changed.

Who's the sucker?  We live in a time of exceptions and we believe them to be the rules.

Safeguard your own money.  Take responsibility for your own protection.  Otherwise, the market will teach you those lessons.

rTech
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October 07, 2011, 08:01:28 PM
 #167

The nice thing about a true free market currency is that the free market will teach people lessons about self-protections.  IMO, one of the biggest problems with the fiat system is that some intermediary theoretically can make everything right if you've been ripped off (theoretically).  It generates a false sense of confidence in a system that simply cannot right all wrongs.

There was a time when it was considered laughable that anyone would have a bank account (and if you know much about fractional reserve banking and how bank runs occur, you know why it was and is such a risk).

There was a time when it was considered laughable that anyone would use "rag money" instead of hard coin.

There was a time when it was considered laughable that any 3rd party could protect your and your assets better than yourself.

The really laughable part is that's how most of human history has gone - only in the last 50 years or so has much of this changed.

Who's the sucker?  We live in a time of exceptions and we believe them to be the rules.

Safeguard your own money.  Take responsibility for your own protection.  Otherwise, the market will teach you those lessons.


+1
Nexor
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October 10, 2011, 10:39:53 PM
 #168

I've had this philosophy since I started mining and haven't lost anything. (Yet :p)  Though it did convince me to use Lastpass software for all my passwords, they're all different and all very secure.  If you don't use it you should.
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October 11, 2011, 02:49:13 AM
 #169

The nice thing about a true free market currency is that the free market will teach people lessons about self-protections.  IMO, one of the biggest problems with the fiat system is that some intermediary theoretically can make everything right if you've been ripped off (theoretically).  It generates a false sense of confidence in a system that simply cannot right all wrongs.

There was a time when it was considered laughable that anyone would have a bank account (and if you know much about fractional reserve banking and how bank runs occur, you know why it was and is such a risk).

There was a time when it was considered laughable that anyone would use "rag money" instead of hard coin.

There was a time when it was considered laughable that any 3rd party could protect your and your assets better than yourself.

The really laughable part is that's how most of human history has gone - only in the last 50 years or so has much of this changed.

Who's the sucker?  We live in a time of exceptions and we believe them to be the rules.

Safeguard your own money.  Take responsibility for your own protection.  Otherwise, the market will teach you those lessons.


+1
+2
martychubbs
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October 11, 2011, 03:18:01 AM
 #170

Great info,  Grin
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October 12, 2011, 09:53:35 PM
 #171

Agree!
Interjekcion
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October 13, 2011, 03:17:30 AM
 #172

Blegh, what a horrible world we live in. I know a buddy who got ripped by his business partner. Poor guy lost 100K.

I cant even imagine how to deal with that kind of thing. Hell, when I got scammed for 15$ I was blowin steam outta my ears  Grin

don't take your eyes off the charts
Party Hard
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October 15, 2011, 01:19:00 AM
 #173

Blegh, what a horrible world we live in. I know a buddy who got ripped by his business partner. Poor guy lost 100K.

I cant even imagine how to deal with that kind of thing. Hell, when I got scammed for 15$ I was blowin steam outta my ears  Grin

Dude, you're a robot! That's friggin sweet. Just go bash his non-robot face in and get your dollas back.

Ladies ladies, one at a time.
baconbit
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October 15, 2011, 10:14:52 PM
 #174

Note taken, I will trust no one except my encryption software!
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October 16, 2011, 12:13:05 AM
 #175

Note taken, I will trust no one except my encryption software!
Same here. And my offline cold storage wallet.

Immanual Stop, immanualstop@gmx­­­­.­­­com | "I forget that I am unintelligent, because I forget that I know nothing."
Kumala
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October 16, 2011, 05:02:18 PM
 #176

Another useless Newbee forum thread. Everyone is posting without any value add.
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October 17, 2011, 02:44:17 AM
 #177

no shit sherlock

http://PooL-X.eu/ join the crew, bring your slaves
http://wallet.it.cx/ Instant LTC Wallet service
dproG
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October 17, 2011, 04:58:02 AM
 #178

Nice info for us new people. Will follow the tips.
L00n3y
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October 18, 2011, 04:48:22 PM
 #179

What's the point of bitcoin if you have to be so paranoid?

Exactly my thoughts.
Then again, he's right. Don't trust anyone online
rowdyrasta
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October 18, 2011, 11:56:00 PM
 #180

Seriously. Don't trust the exchanges, don't trust online wallet services, don't trust your anti-virus software, and don't trust anybody online.

If you absolutely must trust someone with your bitcoins, for the love, choose carefully!

  • Do you know their full name?
  • Do you know where they are located?
  • Have they demonstrated trustworthiness in the past?
  • Are they asking you to trust them? (red flag)
  • Do they have insurance?

Insurance? Impossible, you say. Not so!

When I needed people to trust me to hold bitcoins for a contest, I deposited 50 bitcoins as a bond with a well-respected forum member, so that even if I did something stupid and lost people's money, they would still be reimbursed. You can read about it here: http://bitcointalk.org/index.php?topic=10008.0

Consider carefully who you will trust. With bitcoins, elaborate scams may be profitable. For instance, someone may develop trust for their user name over many months with small transactions on this forum, then take advantage of that trust to make off with a lot of money. Such a scam would only be worth doing on this forum. No other forum in the world would be worth the effort.

If you want someone to hold your bitcoins for you, there are NO online services that have the transparency and security to make me comfortable using them for storing bitcoins for more than a short time in small amounts. The only way to do it is like I did - choose someone whom you believe to be trustworthy, and approach them. If they approach you, or in any way say or insinuate that they are a trustworthy person to hold your coins, STAY AWAY.

If you are thinking that I might not be trustworthy, since I am writing this post about the issue, you are approaching the appropriate level of paranoia.

If you want to store your bitcoins with maximum security, there are lots of resources about how to do it, such as this: https://en.bitcoin.it/wiki/Securing_your_wallet

Here's my summary:

1. Put all your coins in a new wallet that has never connected to the network
2. Encrypt that wallet with the maximum security you can find, using the most secure password you can keep track of
3. Delete the plaintext wallet, and distribute the encrypted wallet to every piece of physical media you own, store it online, and send it to several people you trust

Don't think you can generate and remember a secure enough password? Create a super-long password, and store clues to help you remember it. For instance, your password clue file might say:

My standard password + My throwaway password (backwards, all caps) + &#$%@ + First two sentences of first paragraph of page 19 of my favorite book (include all capitalization and punctuation) + My wife's mother's middle name + My son's favorite superhero + My favorite number times 8734 + food my wife hates (backwards, all caps) + 9-digit number stored with my paper will + 10-character password stored in my safety deposit box + . . . .

You can go on in this way to create as long a password as you want. Store this password clue file with your encrypted wallet, and optionally encrypt both with a simple standard password to keep out snoopers.

In this way, not only can you recover your coins from your "savings account" at a later date, if you get hit by a chicken truck tomorrow and die, your loved ones can probably piece together your password and recover the coins too (better make sure you trust them, and that between them they have or can get the answers to those clues).

I recommend that you practice your wallet encryption and recovery a few times with a small number of coins, until you are very comfortable with the process before you try it with the bulk of your savings.

And remember, this is how most bitcoins services get started:

https://lh3.googleusercontent.com/-lgm4poF3JWE/TgsHwby-BlI/AAAAAAAADwQ/twan94HT6p4/020.jpg

Comic from: http://bitcointalk.org/index.php?topic=13903.0







thank you reading this post has opened my eyes wider,they wern't closed completly but thanks again.
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