Trust No One

[1zacster]

thanks for the info

[1714288093]

1714288093

[1714288093]

1714288093

[fireblud]

@izacster : hahah nice one... 


but going bk to the original point... we do have to trust SOMEONE in the whole BTC process...?

i mean which exchanges or processes seem to be the most reliable atm.>??

problem is its all such a (relative to other currencies) new thing.... only time will tell what restrictions will come into play or what steps LEO will implement to make everything less anonymous...?

[lilphilog]

Thanks for the heads up buddy, i will definitely be more cautious now.

[dickroast]

Hey, who is this Pirate guy I keep hearing about? Should I invest with him?

[dasednconfuzed]

Well I guess I should've read this post before I got scammed out of $1200 a few days ago.  I've done a handful of trades before, usually with the same guy but this time I got impatient and traded with this guy named. Jermainé.  I already sent the money vie dwolla for a mtgox code....is there anything I can do?

[MiloSmith]

I will be careful.

[jackdavis1983]

I personally use BTCJam as my middle man as it seems to be well established. i would recommend only dealing with either established people or using established middlemen if your going to do trades or loans.

But dont trust me, use your own head and personal judgement.

[l3sny]

cool stuff

[HaunterBR]

Good Info, Thanks!

[zero3112]

Read the whole thread, very good points for a beginner.

Thank you kustaava

[kuaka]

I don't even trust my bank to hold my FRN's securely.  I rarely keep more than 200 in my account.  It is there for direct deposit payments, which get withdrawn as rapidly as possible.  Cash in safe is as secure as FRN's can be...I'm just now looking at Bitcoin as an alternative, and will be dabbling with "losable" quantities at first, once I understand the technology sufficiently to delve into it.  I wasn't even aware of Bitcoin until two days ago...

[kuaka]

I'm ultraparanoid. It should be my username...

A favourite quote of mine from a legal discussion forum I used to frequent...

If you're not paranoid, you're not paying attention.

[kuaka]

The fact that one cannot trust anyone else with holding their bitcoins (at least, in my mind, to the extent that anyone would entrust another individual to hold his/her cash) is used all the time by the opposition to BTC.

This (like most [if not all] arguments against BTC) posed by the haters is used as supposed ammunition to the detriment of BTC's legitimacy.

This is incorrect logic; it is a fallacy, and this is why:  The very fact that one cannot trust another to hold his/her BTC, proves that BTC has at least the same demand among those who would use it for goods / services as does cash.

If you like my posts, consider donating:
1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3

And these same people trust banks to hold their FRN's (Federal Reserve Notes...).  I get e-mails weekly about bank failures.  Sure, we got the FDIC to keep things going, but that's just another level to mistrust.

[jintau30]

Great stuff.

[bitcoinsupreme]

The OP is correct, you can't trust anyone when trading with bitcoins.
Although I am new to this forum, I know myself a few rules to keep myself safe...
The best option is to use escrow systems whenever possible. A little fee will keep you away from big trouble.

[Adrianexi]

Some good points, it's common sense to first check the person before entrusting them with you're money

[tjohej]

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

So you trusted that forum member. See? We can see when we trust someone and it isn't strange. The "trust no one" just doesn't work...If you are using your computer you have at least a part of trust somewhere, else you would be afraid that your computer will explode every second or something and that's irrational fear. Anyone who follows "trust no one" strictly is probably dead right now.

[tjohej]

I just remember one thing. Usually the bitcoins can be found in the .bitcoin folder. I think that may become a problem as malicious programs may want to steal my wallet. I really don't have a solution to this yet...

If I use another program it may be stored somewhere else. I would like to have an option to select manually where my bitcoin settings folder is so that malware can't use that technique to find my bitcoin settings folder. Any other way?

Otherwise I'll have to trust ALL software on my computer to not try stealing my wallet in my .bitcoin/.multibit folders. I'll be forced to use the encryption feature in Bitcoin then and I am also forced to make up and remember a passphrase. Argh.

[Richy_T]

I just remember one thing. Usually the bitcoins can be found in the .bitcoin folder. I think that may become a problem as malicious programs may want to steal my wallet. I really don't have a solution to this yet...

If I use another program it may be stored somewhere else. I would like to have an option to select manually where my bitcoin settings folder is so that malware can't use that technique to find my bitcoin settings folder. Any other way?

Otherwise I'll have to trust ALL software on my computer to not try stealing my wallet in my .bitcoin/.multibit folders. I'll be forced to use the encryption feature in Bitcoin then and I am also forced to make up and remember a passphrase. Argh.

It is open source so you may modify it how you wish.

However, if the main client was modified to make the wallet location definable or random, it would have to somehow store that location so it could find the wallet again and any mal-ware would easily be able to find and use that information.

The hardware wallet I'm working on might help with what you're wanting to do.

[JordanL]

Well I guess I should've read this post before I got scammed out of $1200 a few days ago.  I've done a handful of trades before, usually with the same guy but this time I got impatient and traded with this guy named. Jermainé.  I already sent the money vie dwolla for a mtgox code....is there anything I can do?

Wow that sucks! Where did you find this lender? Unless you are considering legal action, the best you can do is report him as a scammer here, and in the WoT.