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Author Topic: Trust No One  (Read 143034 times)
Crypt_Current
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August 12, 2011, 03:59:19 AM
 #61

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Quote from: Crypt_Current on August 10, 2011, 12:30:44 am
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My real money sits in a brown piece of leather in my pocket, or more often than not just lying on a table somewhere. Anyone could take it and run off with it and I'd have no hope of getting it back.

Not quite -- Police take reports of lost cash seriously.  Police do not take reports of lost BTC seriously.


They can take it as seriously as they want, I still have no hope of ever getting it back. The police aren't magical wizards who can return stolen property to its owner...

I understand.  There's not a lot of recourse for finding lost cash as compared with lost credit cards.  The difference between lost cash and lost BTC is, you can file a police report about lost cash whether or not they actually pursue the case.  They will understand it and allow you to file a report.  Lose your BTC, go try to file a police report, and you will likely be laughed at.

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Crypt_Current
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August 12, 2011, 04:01:05 AM
 #62

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There's not a lot of recourse for finding lost cash as compared with lost credit cards.  The difference between lost cash and lost BTC is, you can file a police report about lost cash whether or not they actually pursue the case.  They will understand it and allow you to file a report.  Lose your BTC, go try to file a police report, and you will likely be laughed at.

Forgot to mention my main point, ha -- If police and governing agencies eventually DID take BTC seriously, recourse for recovering lost BTC would definitely exist.

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Crypt_Current
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August 12, 2011, 04:04:18 AM
 #63

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The police aren't magical wizards

Also -- dontcha love the anonymity of the Internet?  :-)  Rest easy my friend... The police are generally the LAST group of people I EVER want to visit, for ANY reason. ;-)

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Smalleyster
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August 12, 2011, 04:45:36 AM
 #64

The best solution is to simply hold on to your Bitcoins yourself. The only problem with that is that you can't access the wallet easily from multiple devices/locations.

With linuxcoin I can access my wallet all over the place.

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
Crypt_Current
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August 12, 2011, 05:46:20 AM
 #65

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With linuxcoin I can access my wallet all over the place.

I can't wait to get linuxcoin up on my first mining rig!  I literally JUST put all my hardware together, and it runs (finally!)  Using my TV as a monitor... no HDD because I couldn't afford it.  But I have this 1GB flash drive laying around... hahaha here goes nothin' Grin

BTW, what's an acceptable temperature range for a CPU / motherboard?  I'm just looking at the BIOS here, on this ASUS board with an Athlon II, it started at 95F and steadily rose to 100F... I got scared so i shut it down :-/  100F seems a bit high to me.  Man and this is before any OS or anything.  Two 5830s generate a lot of heat, apparently.  I'm going to have to get a box fan.

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August 12, 2011, 05:48:56 AM
 #66

Wow, hope it works (and boots) on that 1gb drive! I was under the impression that you needed min 2gb. Looking forward to a success story soon!

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
Crypt_Current
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August 12, 2011, 06:41:53 AM
 #67

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Wow, hope it works (and boots) on that 1gb drive!

Me too!  This ASUS board is pretty rad -- it can boot from "removable media", so I'll work on that tomorrow after school work.

Quote
I was under the impression that you needed min 2gb.

Perhaps, could very well be.  I have a LOT of reading and work to do on this.  (Bitcoin is actually taking time away from my school work [pell grant being my only source of any income right now, mind you]).  My main resource right now is free time, and an internet connection that someone else pays for.  And a freezing cold basement.  Otherwise, I am dirt poor.  I literally spent my last dime on this hardware.  None of my friends understand Bitcoin.

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Looking forward to a success story soon!

ME TOO!  Thanks.  :-)

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
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elvizzzzzzz
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August 12, 2011, 08:36:01 AM
 #68

With all this paranoia I got to thinking that Bitcoins are similar to, say, gold coins. Their value is independent of a promise to pay, though the ability to pay taxes as legal tender differs.

Then, thinking of a coin that I own, a 1896 silver crown (five shillings) wrapped in gold foil to resemble a gold £5 piece, I remembered that counterfeiting and debasement has existed since money was first invented.

At least for now, a bitcoin is a bitcoin ... as long as the encryption holds.
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August 12, 2011, 10:03:52 AM
 #69

With all this paranoia I got to thinking that Bitcoins are similar to, say, gold coins. Their value is independent of a promise to pay, though the ability to pay taxes as legal tender differs.

Then, thinking of a coin that I own, a 1896 silver crown (five shillings) wrapped in gold foil to resemble a gold £5 piece, I remembered that counterfeiting and debasement has existed since money was first invented.

At least for now, a bitcoin is a bitcoin ... as long as the encryption holds.

An probable academic attack on the encryption will probably be published months if not years before an actual attack can be made. This would allow the hash algorithm to be changed to another well in advance so barring some breakthrough in decryption technology not matched by advancements in encryption tech, it shouldn't a major concern in the next few years.


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Crypt_Current
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August 12, 2011, 04:45:26 PM
 #70

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Quote from: elvizzzzzzz on Today at 08:36:01 am
With all this paranoia I got to thinking that Bitcoins are similar to, say, gold coins. Their value is independent of a promise to pay, though the ability to pay taxes as legal tender differs.

Then, thinking of a coin that I own, a 1896 silver crown (five shillings) wrapped in gold foil to resemble a gold £5 piece, I remembered that counterfeiting and debasement has existed since money was first invented.

At least for now, a bitcoin is a bitcoin ... as long as the encryption holds.

An probable academic attack on the encryption will probably be published months if not years before an actual attack can be made. This would allow the hash algorithm to be changed to another well in advance so barring some breakthrough in decryption technology not matched by advancements in encryption tech, it shouldn't a major concern in the next few years.

To my (admittedly limited) understanding of the actual cryptography hard-coded into the Bitcoin system/network, it would be at least as difficult to spoof/inject fake transactions/whatever you want to call it, as it would be to make a fake Visa or MasterCard with a working card number.  It would require quantum computing technology to break.

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August 12, 2011, 07:12:30 PM
 #71

I like this notion of trust no-one, but then how do you spend your coins? Makes it kind of hard... sooner or later you have to make a leap of faith.
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August 12, 2011, 09:18:08 PM
 #72

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I like this notion of trust no-one, but then how do you spend your coins? Makes it kind of hard... sooner or later you have to make a leap of faith.

Exactly.  Otherwise, it's much ado about Farmville Bucks.   Grin

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August 13, 2011, 02:57:06 PM
 #73

Are there sites where you can rate by +/- repping and commenting user's trustworthiness based on bitcoin addresses?
Crypt_Current
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August 13, 2011, 07:06:30 PM
 #74

Are there sites where you can rate by +/- repping and commenting user's trustworthiness based on bitcoin addresses?

Not to my knowledge, but I cannot immediately fathom how that would work, given anyone's ability to generate a new receiving address at any time.

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August 14, 2011, 06:37:45 AM
 #75

Are there sites where you can rate by +/- repping and commenting user's trustworthiness based on bitcoin addresses?

The problem with such systems is that it's too easy to game it by one person creating multiple accounts.

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August 14, 2011, 10:30:09 AM
 #76

I know a lot of the miners are from the tech "deal" sites like Anandtech, ARS, HardOCP, etc.  I found out about BTC through Anandtech (man if I was back in my 20's I would have been mining last year but with a family....).  Most of the hardware traders on those forums rely on heatware to see a person's rep.  Heatware can be compromised if the hacker has the same password you use there as your mining site passwords but as a rule Heatware rep is pretty reliable.  Until a decent site is up with BTC addresses I'll use Heatware as my guide for any purchasing I do.

Looking through their top 10 trader list - I've traded with 9 of the 10 and haven't had a problem with any of them.  Makes me feel warm and fuzzy knowing I'm still in the Top 100 traders by rep and I haven't traded in 2 year I think.

Oh here's the link to Heatware if you plan on trading a lot: http://www.heatware.com/index.php

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August 15, 2011, 12:03:14 AM
 #77

I like this notion of trust no-one, but then how do you spend your coins? Makes it kind of hard... sooner or later you have to make a leap of faith.

Yeah, this is all a little OTT for me. Admittedly the non-reversable and semi-imaginary status of Bitcoin makes it a hugely attractive target for scammers and theives, but just don't expose yourself to too much risk and you should be fine.
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August 15, 2011, 11:27:23 AM
 #78

The main problem of all bitcoin software seems to be awful lack of security. Plaintext password storage in all the miners, how is that secure?
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August 15, 2011, 04:08:19 PM
 #79

The main problem of all bitcoin software seems to be awful lack of security. Plaintext password storage in all the miners, how is that secure?

For miners, it isn't and doesn't need to be. Anybody is welcome to use MY mining workers ID and password and contribute THEIR hashrate to MY account Cheesy

The only time it's going to be a problem is if a noob doesn't RTFM and reuse the same id and password they use for other more sensitive stuff.

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August 17, 2011, 01:21:03 AM
 #80

The main problem of all bitcoin software seems to be awful lack of security. Plaintext password storage in all the miners, how is that secure?

Nah, the main problem is that people will run anything if they think they can make a quick buck.
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