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Author Topic: Trust No One  (Read 142939 times)
highlevelminer
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April 16, 2012, 07:24:00 PM
 #401

Agreed I work in the security industry myself and with all the malware available freely its almost insane to trust some one with months of slow earnings.

Be careful fellow forum members!

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simplelove
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April 17, 2012, 11:14:00 PM
 #402

How do you trust no one if you'tr buying bitcoins. It is a virtual currency that actually can no  be seen.  I'd say be extra careful. because you can even see bitcoins
Jack1Rip1BurnIt
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April 17, 2012, 11:51:25 PM
 #403

Someone just stole from me by changing my wallet address on slush's pool. Wish I could meet that person face to face. I wonder if that person would trust me...not to hit him with the baseball bat I would be holding.

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April 18, 2012, 06:21:24 AM
 #404

Guess I rambled on over this topic to much in the newbie introduction thread, should have posted here instead, thanks much Jack1Rip1BurnIt for the heads up, on the thief of your coin over on Slush.

My attitude isn't yet tainted by that happening, nor do I intend on getting emotionally involved in the loss or gain of my bitcoin stash, but do intend on taking all possible precautions with it as my wallet builds up, thanks much to everyone for the good advice offered in these beginners threads.

GR
DoctorFeelgood
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April 18, 2012, 08:04:30 AM
 #405

INTERNET: TRUST NOONE!

nathantrumpet
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April 20, 2012, 04:19:19 AM
 #406

Thank you for creating this thread in the new users section. It is valuable information.

I had a negative experience a few months ago when sending some Bitcoins. This was in January and the USD exchange rate was just above $6 per BTC. I found a classified ad on bitcoinclassifieds for a HD 5970. The guy wanted $125 for his card, so I contacted him hoping to get a deal. I sent 21 BTC to the address he provided after a few emails. Fast forward a couple days, no more email contact. I sent multiple messages over the next week with no responses. Yep I got scammed, and I hope nobody ever has to go through it. Good luck everybody!!
GroundRod
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April 20, 2012, 04:36:40 AM
 #407

@nathantrumpet - Ouch, sorry to hear of your loss,  Sad

...yet thanks for sharing in how it happened, might help me and others avoid a similar pain.
curious
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April 20, 2012, 07:57:14 AM
 #408

Then why do so many people trust pirateat40 with their coins and hashrate?
chrisbevan@live.co.uk
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April 21, 2012, 09:50:02 AM
 #409

thats a bit cynical
Unkn0wn
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April 24, 2012, 07:04:59 AM
 #410

Never trust your mother-in-law also Cheesy
vk2012
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April 24, 2012, 10:19:51 PM
 #411

Good advice, Thanks
ktrade
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April 25, 2012, 12:59:09 AM
 #412

Common sense is all you need to be safe.
DealOrNoDeal
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April 25, 2012, 09:34:21 PM
 #413

Now im paronoid  Tongue. But thanks for the heads up.
dirtydiego
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April 29, 2012, 04:23:56 PM
 #414

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

I agree, but MTGOX who is well very well known is having major problems right now and they are supposed to be trust worthy. Very very upsetting what I'm having to go through with them. It's hurting my business and my family more importantly!
rvbfreak
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April 29, 2012, 04:33:58 PM
 #415

What major problems in MtGox having?
smendrich
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April 30, 2012, 03:02:39 PM
 #416

So what is the best way to store your coins, Exchange them etc etc?
PsychoticBoy
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April 30, 2012, 04:34:09 PM
 #417

I store my wallet.dat encrypted on a USB stick Cheesy
Forlarren
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May 02, 2012, 12:45:10 AM
 #418

This is exactly the kind of info I was looking for. Thank you for the post, I will be reading through as many replies in the next couple of hours as I can.
btccamgirl
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May 03, 2012, 01:22:06 PM
 #419

Thanks for this post. I've been wondering about safety myself. I got contacted by someone that said to create a wallet on their site and thought wait if it's their site cant they easily have access to the wallet themselves? So once I start using it one day my bit coins can be transferred out of it?

I decided to go the download a wallet method so I can keep track myself.

I still don't understand how miners are created so I will be doing some more reading here.
Dr. Bitcoin
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May 04, 2012, 05:02:55 PM
 #420

Good advice.  Cheesy

Bitcoin LAMP developer, PM me about your project
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