Trust No One

[blackup]

Thanks for the common sensical advice!

[molecular]

"trust noone" is bullshit. grow some balls, trust some people and take risks. otherwise we're getting nowhere: everyone just sitting on his rotten pile. money must flow, otherwise it's not money.

An economy is people working together, having ideas, producing stuff, investing their money. How is that supposed to work if noone trusts anyone?

[lordcirth]

"trust noone" is bullshit. grow some balls, trust some people and take risks. otherwise we're getting nowhere: everyone just sitting on his rotten pile. money must flow, otherwise it's not money.

An economy is people working together, having ideas, producing stuff, investing their money. How is that supposed to work if noone trusts anyone?

Good point. However, that is optional trust. The whole point of cryptocurrencies, and thus Bitcoin, is that you aren't FORCED to trust anyone. Also, an economy only requires people to trust that others will act in their own self-interest. Being trustworthy is good for business, if the system is good. The optimal system is where all people's best interests are mutual, therefore, no conflict/crime.

[Fred26]

I am a naturally trusting person, and I suppose looking at this bitcoin thing, I set up some pc's, they make me money, WTF? 
Where I live money is fairly easy to come by, just takes a bit of work.
This doesn't even require work 
At the end of the day, any system, anyone, anywhere can get ripped off.
I think people invest too heavily in "securing wealth" instead of, I dunno, spreading it so other people don't need to steal it =/
I'm no expert, but I'd say that this entire economy might be somewhat influenced by politics. i.e. if America, the EU, or any other county has a problem with the BTC economy, and decide to make it illegal, price drops.
If too many countries crack down, I can't see BTC being the best investment =(
Hope I'm wrong, 'cos I wanna stack the skrilla with you boys yo', but, like with any currency I guess, there is always the presence of imminent failure.
Having said that, I would like to thank dacoinminster for his excellent thread and information, which is very informative, and I have taken much of it on board.
I guess what I'm trying to say is, at the end of the day, it's just money =/

On a side note, just had an idea, dunno if someone cleverer than me already came up with it, or if it's possible (can't think of why it shouldn't be), but, would it be possible to attach two, or even more passwords to a bitcoin wallet, so for joint accounts all parties must enter their own passwords?

[guruvan]

No trouble to have a joint account sitting on an encrypted disk that needs 2 keyfiles to open.

I read in a book once: "I don't trust anybody I don't know, and I treat everybody like I don't know them"

I'd approach every new thing with a lack of trust, and let that trust be earned.

(Kind of like the forum does with newbies. )

[bcjunkie]

lol, love it, and very true to an extent.

[DOH!]

Oh yay, I'm so paranoid now! Actually, my first password ever to my first e-mail account was Tru5tN01, so I have probably been paranoid for awhile.

[PharmaKarma]

Be Careful would be the best advice instead of trust no one.

Exactly.  Immediately after accepting that, still remain vigilant. 

[Aberrix]

good thread.

[DamascusVG]

No trouble to have a joint account sitting on an encrypted disk that needs 2 keyfiles to open.

I read in a book once: "I don't trust anybody I don't know, and I treat everybody like I don't know them"

I'd approach every new thing with a lack of trust, and let that trust be earned.

(Kind of like the forum does with newbies. )

I've secured my wallet as suggest by the wiki, I believe, but I feel I need to take that extra step and use something like TrueCrypt to further secure it. But then there is the issue of mounting and unmounting the encrypted image when appropriate.

[Kush]

What's the point of bitcoin if you have to be so paranoid?

[juve4v]

The amount of BTC proportional to the amount of paranoia or viceversa

[ChristmasJack]

I somehow agree with this, but then the whole idea of the anonymous trade stops working. There must be other methods that don't include giving personal informarion.

[Dabs]

The way bitcoin works, you get your bitcoins from mining or buy from an exchange or from someone. Then send the same bitcoins into an offline or paper wallet, or a bitcoin address that you created using one of the many generators or even the client itself.

You don't need to trust anyone. The network takes care of that for you. You just need to secure the coins you control.

[R-]

Loved the comic strip.

[airnesst]

yes bitcoins are really difficult to track

[clumsi]

Just another victim to be counted sitting here scammed out of 22 BTC, watch out!

[Dirk]

I should have read this before an exchange scammed me of 30 BTC!  I guess if that's all i lose it was a cheap lesson.

[Soysauce]

Agree with the main points.  In general this applies to any sort of transaction not even just with bit coins, although it is a bit more unique to bitcoins itself and this forum.

[Simply Kefir]

Trust no one. got it. Now I just have to come up with one more post.