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Author Topic: Trust No One  (Read 143249 times)
davidorentol
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April 10, 2013, 02:06:49 AM
 #1941

Agree with the main points.  In general this applies to any sort of transaction not even just with bit coins
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wetjet43
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April 10, 2013, 02:54:40 AM
 #1942

A good password that I used that is 30 + digits long is  (  stupid old nintendo password that I remembered as a kid + locker combo in high school + last four of ssn + stupid old nintendo password that I rembered as a kid backwards )

I'll never forget that password, and it's got numbers, letters, uppercase, and special characters. Not crackable.


12wPqr8G2wRpVd2j2mLABRYTykDqjhAt3f
Idalon
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April 10, 2013, 03:28:14 AM
 #1943

Good guidelines there Smiley
AchDuidn
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April 10, 2013, 03:51:30 AM
 #1944

Good info
bugilt
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April 10, 2013, 04:18:52 AM
 #1945

Yes sir!

hyh
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1XGKpTag3kNJeeFtsnTYs6TfvWvgG2DtR


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April 10, 2013, 04:31:14 AM
 #1946

...

BTC: 1XGKpTag3kNJeeFtsnTYs6TfvWvgG2DtR

XRP: rno91tGDJeRcnM7EMXj8KG9UTyxRGMMz8s
DnK
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April 10, 2013, 04:57:33 AM
 #1947

Easy for u to say... Newbies like me HAVE to trust someone when they start selling/buying in places like this... Unfortunately people like me will also get scammed a lot in their early days. I speak from experience dealing on sythe for over 2 years... for the first 2 months i lost over $300 in getting scammed.
legendster
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April 10, 2013, 05:44:46 AM
 #1948

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



So remind me again how can I trust you ?? and take your word for not trusting others ?

Beseecher of souls art I. Be ye afraid neigh of my trifling nature. For it is I the death and the devourer of worlds.
overclock
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April 10, 2013, 05:50:46 AM
 #1949

Sage advice that applies to many aspects of life Smiley It's amazing at what humans will do to each other at time Sad
mrspencer
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April 10, 2013, 05:52:18 AM
 #1950

Well I'm setting a password on my computer after reading this. Don't want some stranger transferring my 0.000000001 BTC away.  Grin

Rules we all need to know:

Secure your wallet; Bitcoin price is volatile; Bitcoin payments are irreversible; Bitcoin is not anonymous; Instant transactions are less secure; Bitcoin is still experimental; Don't forget government taxes
stombergas
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April 10, 2013, 06:04:07 AM
 #1951

Great article, thank you
Synefiere
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April 10, 2013, 09:03:05 AM
 #1952

People have to understand, that BTC or LTC or whatever are MONEY! You don't go up to a complete stranger, give him 100$ and ask him to keep it safe while you go away for 1 hour or so Cheesy
Craynon
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April 10, 2013, 09:12:39 AM
 #1953

Thanks for the advice. From my own experience, there reaches a point where you have to trust someone to stay liquid and trade. But redundant wallets sound like a good idea, cheers for that.

mattz0r
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April 10, 2013, 09:33:53 AM
 #1954

Interesting Smiley
kapolani
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April 10, 2013, 10:17:10 AM
 #1955

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.

Another good post to read.

I should have sought this site out first.

Gaining my privs one post at a time!
ande85
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April 10, 2013, 10:53:07 AM
 #1956


+1 as well. Seriously, it's the internet, take everything bad about people, and watch it get worse. Basically it's the GIFT principal all over again.
jbah01
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April 10, 2013, 10:58:36 AM
 #1957

Good tips! But will the trust-factor not be the main problem with the growth of bitcoin? Scams are everywhere with no one to act as a corrector..
gmak
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April 10, 2013, 12:18:15 PM
 #1958

what is the best way to purchase bitcoins?

if i send $ to mt gox can it remain in mt gox as $, or does it automaticaly get converted to bitcoins?

Hi, that's what I'm doing. The $ at MtGox won't be transferred automatically but you will have them in your wallet and then you choose how you get bitcoins and how much through them  Smiley.

Thanks for the info.  Can you cash out the $ in your wallet irrelevantly of market condition?  Let me rephrase that; does mt gox act as a dollars bank account?  or is there always some sort of catch related to bitcoins?
needachance
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April 10, 2013, 12:30:12 PM
 #1959

Thanks for the info
Diskman
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April 10, 2013, 12:32:58 PM
 #1960

Thanks for this info. Speially interresting now the exhange rate is exploding
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