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Author Topic: Trust No One  (Read 160516 times)
NF414
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March 30, 2013, 07:06:34 AM
 #1701

Funny thing is, Bitcoins supposed to be anonymous but it so isnt anymore. MtGox wants your full name, you advise everybody to know their full name when in trade, so its pretty much just another currency isnt it.
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sassm430
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March 30, 2013, 07:16:43 AM
 #1702

thats true +10 from me Smiley
Ardivaba
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March 30, 2013, 01:48:54 PM
 #1703

Hopefully Ripple fixes the mtgox anonymonity problem.
slava_smith
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March 30, 2013, 01:54:57 PM
 #1704

If you don't like MtGox and live in a large city you should try localbitcoins.com. Plenty of people there willing to do cash-only transactions.
canada
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March 30, 2013, 02:00:44 PM
 #1705

If you don't like MtGox and live in a large city you should try localbitcoins.com. Plenty of people there willing to do cash-only transactions.

What's your experience been with this? I'm meeting someone tomorrow .. any tips?
MegatonWarrior
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March 30, 2013, 03:35:29 PM
 #1706

Sell an Amazon gift card at a discount.  And use escrow.
computerwiz88
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March 30, 2013, 04:12:07 PM
 #1707

The BTC community is great, but can be sketchy as hell.  Great post, would read again.
postcd
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March 30, 2013, 04:45:20 PM
 #1708

precious advice, i started to follow this rulle when scammed several time.

ifeltsweet
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March 30, 2013, 05:12:11 PM
 #1709

im hoping to try ripple soon, i guess these tips will apply too
thenight
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March 30, 2013, 05:48:07 PM
 #1710

yeah  Cheesy
Chi11ed
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March 30, 2013, 05:54:11 PM
 #1711

Very interesting.
Pentel
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March 30, 2013, 07:23:11 PM
 #1712

Who trusts people online anyway? 

cross/\'kros/ n: a thing they nail people to. Vircurex - Exchnage
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BM-NC5DsQck3UyTHFv3fKCMBprw7BNVHUwH
GarlandGuitar
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March 30, 2013, 09:16:41 PM
 #1713

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

Excellent advice!
plaksaBTC
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March 30, 2013, 10:48:25 PM
 #1714

Very helpful points by the OP. I am still new to Bitcoin so I am learning how to be secure with my wallet
chocomav
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March 30, 2013, 10:53:53 PM
 #1715

Some really good advice - and much appreciated!
Anyone have any thoughts on Mpex and the trustworthiness of the person who runs it?
spacegoat
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March 30, 2013, 10:54:21 PM
 #1716

butterfly labs.  i'm gathering dirt.  who's got the dirt.  or who can ressurect their trustworthiness with anything?  I'm trying to establish a valid source for the allegation that the CEO is a mail fraud felon.  for 25 million.  butterfly labs might be a 100 million dollar scam.  who can prove me wrong?

yeah baby yeah
aslam43
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March 30, 2013, 10:56:28 PM
 #1717

I only trust my wallet to my cat.
aslam546
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March 30, 2013, 11:12:24 PM
 #1718

nice info thanks
aslam8
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March 31, 2013, 12:16:56 AM
 #1719

I cannot agress you more lol  Tongue
aslam6
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March 31, 2013, 12:23:26 AM
 #1720

heatware could be a very useful tool when dealing with people online, i don't think its popular on bitcointalk but it could proove useful, or a similar alternative
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