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Author Topic: Trust No One  (Read 160542 times)
abrak
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April 05, 2013, 01:53:27 AM
 #1821

why don't people just use online wallet instead?
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superside
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April 05, 2013, 02:03:33 AM
 #1822

Because online wallets are subject to being hacked when their keys are attached. You can watch your wallet online without having the key attached. Like my wallet here
https://blockchain.info/address/8bf24a18a58ab500d30c73bf21dbf4703d31ad2c
rouf553
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April 05, 2013, 03:05:57 AM
 #1823

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:



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

Hi
You have to trust the legit sites. Yes, you may be ignore fake sites but real site is always good.
Skinner73
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April 05, 2013, 03:10:18 AM
 #1824

I made sure my windows was fully upgraded, then complete scan with Malawarebytes and downloaded the html from bitaddress.org. i then rebooted the pc without any network and made a few paperwallets, which i printed to paper and pdf... the pdf i 7zéd with password protection and uploaded to google drive... the papers will be at my family... I have added the public keys to my Blockchain account with sms authentication, where i also keep a few coins for fiddeling around...

I have this from reading a lot on these fora, and would like to know if i am missing something crucial?

I need to be sure before i introduce my friends to the wonders of BTC Smiley
Curium
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April 05, 2013, 03:31:12 AM
 #1825

If you think online wallets are a good idea, best to read about the recent instawallet failure.
minternj
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April 05, 2013, 04:42:09 AM
 #1826

Why do people use online wallets?

Warning about Nitrogensports.eu
https://bitcointalk.org/index.php?topic=709114.0
mco65
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April 05, 2013, 12:35:51 PM
 #1827

Why do people use online wallets?

One reason would be for easy access.  Say your out and dont' have access to your local PC / wallet but you need to send some BC.. jump online from any pc and access your wallet..
btcminer021
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April 05, 2013, 01:04:21 PM
 #1828

Sad, but true. Especially given the nature of BTC as decentralized and anonymous. At least with my credit card I can call and inquire about unfamiliar transactions...

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Ballarco
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April 05, 2013, 01:08:53 PM
 #1829

There could be that companies that are registred and have physical offices could hold your coins as the banks do today. This also comes with the risk that your bc also get registred and u have to start pay tax for it :-)

If its gonna be as big as it is begginning to be there have to come easy, safe systems for holding BC.

Im still waiting for my first bitcoin and hopefully I will get on someday. My Mhash/s is  around 540 in evereage and I have no clue how long it will take until I see my first coin in my unprotected wallet.


someday this account will have 2 or even 3 coins.
 13gTVKeTmZz3Xkni9FDmxygx7rbp8brpfy
drewz
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April 05, 2013, 01:30:12 PM
 #1830

I think a valid user service should be developed, the market is getting bigger and new users come every day.
Colaxais
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April 05, 2013, 01:47:23 PM
 #1831

It'd be nice. Not sure if it's true or not, but I read on CNN that someone wants to create ATMs to take out real money using a bitcoin balance. Be interesting if they can make it work safely though!
MikeMark
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April 05, 2013, 01:49:38 PM
 #1832

Trust is an interesting thing. You must trust people to some extent. It's a learned experience. You extend a little trust, which begets trust.

Extending small trust to learn is how we grow a strong society. But as has been said, in this "new jungle" be cautious.

The Path of the Just is as the Shining Light...
Mylon
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Mining FTW


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April 05, 2013, 02:02:41 PM
 #1833

There is one thing you can trust in this world Smiley Bitcoins Cheesy

"All Your Base Are Belong To Us" by CATS
KerryH
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April 05, 2013, 04:32:06 PM
 #1834

Good post OP, we become too comfortable when things don't go bad and we are blindsided when they do.
alexh
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April 05, 2013, 06:06:42 PM
 #1835

I will store my bitcoins offline on my external harddrive and encrypted with true crypt.
BladeRunner
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Cheif Oompa Loompa.


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April 05, 2013, 06:30:21 PM
 #1836

Word of the day. Trust No One. Even the trolls.
howzar
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April 05, 2013, 08:12:58 PM
 #1837

There is no "real" Trust on online world and as long as you don't actually know the individual and can cause him some social damage at least They is a possibility of scamming.
Aianis
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April 05, 2013, 09:57:17 PM
 #1838

I love the comic Cheesy

The parents have invested well (if the boys wouldnt spend the BTCs)
rmorgan
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April 05, 2013, 11:13:12 PM
 #1839

I will store my bitcoins offline on my external harddrive and encrypted with true crypt.

This is what I do.  TNO all the way! 
bitManXD
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April 06, 2013, 01:03:12 AM
 #1840

Very Informational, pal!
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