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Author Topic: Trust No One  (Read 143097 times)
Tapeworm3
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February 11, 2012, 05:34:56 PM
 #321

I don't trust anyone anyway.
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softwareseller
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February 12, 2012, 07:04:05 AM
 #322

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


a bunch of rules........

deroyale
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February 13, 2012, 09:41:45 PM
 #323

I don't trust anyone anyway.

Words to live by...

Amen brother!

Criticism requires specifics capable of stimulating understanding. That's why I decided to be rude and honest.


Bitcoin is a superior medium of exchange [...] The current system is shit, designed to make slaves of people, and its [sic] the responsibility of smart people everywhere to assert an evolution.
deroyale
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February 13, 2012, 09:44:47 PM
 #324

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.



Well put...

Criticism requires specifics capable of stimulating understanding. That's why I decided to be rude and honest.


Bitcoin is a superior medium of exchange [...] The current system is shit, designed to make slaves of people, and its [sic] the responsibility of smart people everywhere to assert an evolution.
JizzBeard
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February 16, 2012, 01:49:16 AM
 #325

Thanks for the helpful tips Cheesy
TheHeroMember
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February 16, 2012, 06:59:13 AM
 #326

I don't trust anyone anyway.

Words to live by...

Amen brother!

+1

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Quizzesport
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February 16, 2012, 12:33:03 PM
 #327

ok got it Grin
TheHeroMember
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February 17, 2012, 11:33:33 AM
 #328

ok got it Grin
Very Good .  Smiley

Hey Guys! WWW.FREEBITCOINS.ORG introduces "Epic December Contest" where you can Win Sweet Casascius Coins !!!
Liam W
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February 17, 2012, 11:58:15 AM
 #329

This is a thing that people should 'Just Know', but they don't. Would you give a password out to someone you don't really know? Of course not! This is just basic sense. People should already know this......

Liam
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February 17, 2012, 02:04:39 PM
 #330

Thanks for the helpful tips Cheesy

+1
tahoda
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February 17, 2012, 08:30:35 PM
 #331

Thanks for the helpful tips Cheesy

+1

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joshv06
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February 19, 2012, 03:50:15 AM
 #332

I will not trust anyone but myself :p

dareq
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February 19, 2012, 10:55:12 AM
 #333

It is rather obvious that nobody should trust nobody online,but if you're paying with reversible money for noreversible money,then why not?Smiley

th3.r00t
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February 19, 2012, 05:43:26 PM
 #334

It is rather obvious that nobody should trust nobody online,but if you're paying with reversible money for noreversible money,then why not?Smiley
I'm with you brother! Smiley

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waterboyserver
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February 20, 2012, 01:48:52 AM
 #335

Well there could be people/services out there that may be honest with their practice on bitcoin trading, but how do you know who/what is trustworthy? Are there any good trading services that offers a form of insurance to its customers?
mxxx
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February 20, 2012, 02:15:10 AM
 #336

You can trust banks though, right?
waterboyserver
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February 20, 2012, 02:34:35 AM
 #337

The issue of trusting a bank differs from trusting bitcoin in many ways. The most obvious being government oversight in monitoring the "flow of money," needless to say there are established laws on how to regulate the flow of money in a financial system. Bitcoin lacks this sense of a "regulatory mechanism" and replaces it with us users. Whether this is good or bad I cannot tell, yet many people argue both ways.
TheHeroMember
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February 20, 2012, 04:05:33 AM
 #338

The issue of trusting a bank differs from trusting bitcoin in many ways. The most obvious being government oversight in monitoring the "flow of money," needless to say there are established laws on how to regulate the flow of money in a financial system. Bitcoin lacks this sense of a "regulatory mechanism" and replaces it with us users. Whether this is good or bad I cannot tell, yet many people argue both ways.

Agree +1

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johnwags
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February 20, 2012, 08:44:01 AM
 #339

Nice Post, it would helpful for me for online online transactions.
thanks for sharing

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Vernon715
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February 20, 2012, 01:32:20 PM
 #340

How secure is Mt. gox? Are they the most secure of the online currency converters?

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