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Author Topic: Trust No One  (Read 143125 times)
maltize
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June 16, 2016, 04:10:00 PM
 #2261

I accepeted the fact that everyone here is anonymous  and Im aware that they might scammed us but theres nothing we can do than to trust them

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Vaccomundus
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June 16, 2016, 04:53:24 PM
 #2262

i'm not trusting anyone here, not even escrow
hermanhs09
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June 27, 2016, 03:10:26 PM
 #2263

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

My biggest enemy is me, i've lost 6.2 Btc due to trusting in my capability of remembering my own wallet password, and writing down the passphrase etc.. when that time came, I waved my coins farewell. off they went as orphan coins. Luckily Im not James Howell though, he lost 7,500 Btc by throwing away his HDD and realized afterwards what error he made  Grin

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outatime1
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June 28, 2016, 01:16:30 AM
 #2264

I agree that you can't fully trust any exchange. Don't put all of your coins on one exchange because you never know when they will shut down (like Cryptsy and MtGox) and take your money with them.
SteinsMadScientist
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August 14, 2016, 08:19:07 AM
 #2265

There a lot of great points on this post.  I was looking for a suitable and secure password for my wallet and now I have one.  Thanks.
jamids
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August 14, 2016, 08:36:44 AM
 #2266

We should always be vigilant whenever we make transaction to someone. Even our most trusted relative or friend may turn us down when the time comes that they have to choose between your trust and the amount they can make when they lie to you and broke your trust. You always need some kind of security when you are dealing with someone especially nowadays that money is crucial.
fkvidar
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August 14, 2016, 12:39:22 PM
 #2267

I agree that you can't fully trust any exchange. Don't put all of your coins on one exchange because you never know when they will shut down (like Cryptsy and MtGox) and take your money with them.

Its really tough to trust anyone in bitcoin world, so its always better to play safe and keep your coins in your hands instead of investing it anywhere and loosing everything at the end of the day.
Natlind
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August 14, 2016, 05:37:22 PM
 #2268

I agree that you can't fully trust any exchange. Don't put all of your coins on one exchange because you never know when they will shut down (like Cryptsy and MtGox) and take your money with them.

Its really tough to trust anyone in bitcoin world, so its always better to play safe and keep your coins in your hands instead of investing it anywhere and loosing everything at the end of the day.
I had issue with my wallet. I opened my blockchain wallet last week. Really the bitcoin was hacked. I could not do anything. I checked with my friends and said nothing can be done. Really very bad to loose in such a way.
Corenin
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August 14, 2016, 07:43:45 PM
 #2269

I agree that you can't fully trust any exchange. Don't put all of your coins on one exchange because you never know when they will shut down (like Cryptsy and MtGox) and take your money with them.

Its really tough to trust anyone in bitcoin world, so its always better to play safe and keep your coins in your hands instead of investing it anywhere and loosing everything at the end of the day.
I had issue with my wallet. I opened my blockchain wallet last week. Really the bitcoin was hacked. I could not do anything. I checked with my friends and said nothing can be done. Really very bad to loose in such a way.

Really you lost it from blockchain wallet? Its really strange as I am using it since last 2 years but never faced such problem can you tell what exactly happened?
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August 14, 2016, 08:54:44 PM
 #2270

We can't trust anyone easily, there is a lot of scammers online, we have to take care before making deals or using exchangers. However the existense of the escrow service here could help a little bit

nejibens
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August 14, 2016, 09:03:28 PM
 #2271

I can't trust anyone online because there is many scammers , i think if we have to make trades using the escrow service would be as the best solution.

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SteinsMadScientist
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August 16, 2016, 04:03:04 AM
 #2272

I see the light.  And in regards to that comic, now I know why most exchanges look and sound the way they do.  Wow, I know where my money will not be tonight  Undecided
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August 18, 2016, 08:50:12 PM
 #2273

Trust no one, that's a rule that is valid for everything in life, not just bitcoin.
Trust (like respect) has to be earned, and in this wild west market I think the saying is CAVEAT EMPTOR, buyers beware…. there is no government to help you, should something go wrong….

SUGARFLYiHgA7wxeNHaEYJmpwXaQtohnCo
junder
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August 19, 2016, 01:20:24 AM
 #2274

I'm not easy to trust anyone,
I recommed if do you want to transaction online
please always use an escrow.

Palodar
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August 19, 2016, 02:14:05 AM
 #2275

I'm not easy to trust anyone,
I recommed if do you want to transaction online
please always use an escrow.

so you already contradict your own statement regarding trusting no one because you still promote escrow services and it means you trusted them.. hahhaha
but i wont disagree about trusting escrow that on the list of DT. but always be careful even though they have some green trust. you must made first their history of post so that
you can verify that they are not been sold to other user.

Zadicar
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August 19, 2016, 04:31:17 AM
 #2276

I'm not easy to trust anyone,
I recommed if do you want to transaction online
please always use an escrow.

so you already contradict your own statement regarding trusting no one because you still promote escrow services and it means you trusted them.. hahhaha
but i wont disagree about trusting escrow that on the list of DT. but always be careful even though they have some green trust. you must made first their history of post so that
you can verify that they are not been sold to other user.

Contradicting statement though. Even escrow musnt be  trusted even how reputable it is, even you are transacting large amounts of bitcoin. You dont know  what things are running  on peoples mind when it comes to money, there are instances that money greediness would control your emotion and   do the  opposite things.

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August 19, 2016, 05:09:34 AM
 #2277

I'm not easy to trust anyone,
I recommed if do you want to transaction online
please always use an escrow.

so you already contradict your own statement regarding trusting no one because you still promote escrow services and it means you trusted them.. hahhaha
but i wont disagree about trusting escrow that on the list of DT. but always be careful even though they have some green trust. you must made first their history of post so that
you can verify that they are not been sold to other user.

Contradicting statement though. Even escrow musnt be  trusted even how reputable it is, even you are transacting large amounts of bitcoin. You dont know  what things are running  on peoples mind when it comes to money, there are instances that money greediness would control your emotion and   do the  opposite things.

that's true. but how will you successfully transact in this forum if you didn't trust anyone even reputable members here?
so please explain further your point and be realistic.. i know that greediness is always with us but you can't stop people to trust other member here just for a
greediness reason. we have all different kind of behavior and dont assume that all of as is greedy. of course there is someone here is a trusted person even though
he is not in the DT list. So the point is we must be careful on who we are going to trust and not to trust no one.

ObscureBean
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August 19, 2016, 09:04:07 AM
 #2278

It's funny how the title says "trust no one" when everything about bitcoin right now relies on trust. Everyone within society must rely on something and there are only 2 choices, the law or trust. Bitcoin is currently lawless so all we have is trust. For instance there are no laws to stop large mining farms from gaining control of 51% of the network or more instead we have an unspoken trust in place.
BitHodler
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August 19, 2016, 09:44:42 AM
 #2279

It's funny how the title says "trust no one" when everything about bitcoin right now relies on trust. Everyone within society must rely on something and there are only 2 choices, the law or trust. Bitcoin is currently lawless so all we have is trust. For instance there are no laws to stop large mining farms from gaining control of 51% of the network or more instead we have an unspoken trust in place.
It might be that right now a certain entity already owns that much of the network.

They can easily hide it by spreading everything into several mining farms to not let people have the impression that they own such a high percentage of the network.

That aside, having trust into something isn't the best term to express yourself in general. Believe is a better term.

warwar
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August 19, 2016, 09:50:34 AM
 #2280

I'm not easy to trust anyone,
I recommed if do you want to transaction online
please always use an escrow.

so you already contradict your own statement regarding trusting no one because you still promote escrow services and it means you trusted them.. hahhaha
but i wont disagree about trusting escrow that on the list of DT. but always be careful even though they have some green trust. you must made first their history of post so that
you can verify that they are not been sold to other user.

Contradicting statement though. Even escrow musnt be  trusted even how reputable it is, even you are transacting large amounts of bitcoin. You dont know  what things are running  on peoples mind when it comes to money, there are instances that money greediness would control your emotion and   do the  opposite things.

that's true. but how will you successfully transact in this forum if you didn't trust anyone even reputable members here?
so please explain further your point and be realistic.. i know that greediness is always with us but you can't stop people to trust other member here just for a
greediness reason. we have all different kind of behavior and dont assume that all of as is greedy. of course there is someone here is a trusted person even though
he is not in the DT list. So the point is we must be careful on who we are going to trust and not to trust no one.

Trust can kill you  Grin . We can trust people here but not total 100% that we should give our trust. Yeah your  right if you cant trust him/her then how would you do a transaction with him/her? So trust her/him if you want that thing but just be careful. We dont know if he./she would scam you or not.

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