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Author Topic: Trust No One  (Read 142968 times)
kuaka
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October 24, 2012, 05:46:52 PM
 #781

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  It is there for direct deposit payments, which get withdrawn as rapidly as possible.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...
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kuaka
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October 24, 2012, 05:49:11 PM
 #782

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
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October 24, 2012, 05:56:29 PM
 #783

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:
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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
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October 27, 2012, 09:23:03 AM
 #784

Great stuff.
bitcoinsupreme
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October 27, 2012, 01:38:44 PM
 #785

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. Wink
Adrianexi
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October 28, 2012, 12:23:08 PM
 #786

Some good points, it's common sense to first check the person before entrusting them with you're money
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October 29, 2012, 11:06:54 AM
 #787

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.

There may still be hope for the 1st decentralized cryptocurrency which is Bitcoin. How to approach different subjects is key to progress.
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October 29, 2012, 11:42:09 AM
 #788

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.

There may still be hope for the 1st decentralized cryptocurrency which is Bitcoin. How to approach different subjects is key to progress.
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October 29, 2012, 01:58:57 PM
 #789

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.

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JordanL
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October 30, 2012, 07:02:13 AM
 #790

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.
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October 30, 2012, 07:16:18 AM
 #791

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...

Look into creating a secure cold wallet.
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October 30, 2012, 04:36:35 PM
 #792

I agree that utmost caution has to be exercised.  However, to me, if one is paranoid to the point where it affects their physical health, then they're level of paranoia is too high.  But that's just me.
usdtocny
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October 30, 2012, 09:25:22 PM
 #793

got it! you are the best!
thv20
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November 01, 2012, 09:08:55 PM
 #794

Good info here.

Not sure if it was mentioned already, but I used LocalBitcoins for my first BTC purchase. We exchanged some smalltalk over Twitter, making a few verifiable local references along the way. I got a full name and address too.
casascius
Mike Caldwell
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November 01, 2012, 09:22:50 PM
 #795

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...

Look into creating a secure cold wallet.

Do you have a 1BTC Series 2 Casascius Coin?

I am experimenting with a way to make a secure cold wallet.

The way it would work is I e-mail you the public key for your coin (which I have for most of the series 2 coins).  You plug it into a utility that I wrote, and it generates another private key and a "2-factor bitcoin address".  The utility just performs an elliptic curve point multiply.

Getting funds out of that 2-factor address requires the private key under the coin plus the private key you generated.  The utility can also compute this - combining the two private keys is just scalar multiplication.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
mintcoin
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November 02, 2012, 07:20:26 AM
 #796

Protip: dont use trustno1 as your password (matrix fans will get this).

Essentially apply the same, if not stronger security that you would on your physical cash notes.

As for OP and bonds, security bonds by their very nature carry a large amount of risk. Bonds can (and do) become worthless overnight...
Mjbmonetarymetals
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November 02, 2012, 12:16:54 PM
 #797

Hi

Im Mick bruce from Huddersfield , small uk bullion dealer ive been interested in bitcoin for over a year, producing a 1gram silver bitcoin art round last year that sold quite well mainly via the forum here, I've recently added the option of buying selling bitcoin mainly as I was struggling to exchange my bitcoins due to intersango the uk exchange not functioning correctly.
I'm certainly no bitcoin expert unlike many others here on the forum who's discussions on the mechanics of bitcoin I've read in amazement and bafflement I have to say, as it much of it goes way over my head at times Huh. I hope I'm proof though that advanced technical knowledge on bitcoin isn't a requirement to be able to buy or sell or trade with it.

Anyone looking to buy bitcoins in the UK who wants to avoid having to set up accounts with exchanges etc. might want to give my site a go (via the bitcoin tab at http://mjbmonetarymetals.co.uk/ , all you will need is a suitable bitcoin wallet, a bitcoin deposit address at hand and a bank account allowing you to make a transfer.


Of course the thread header "trust no one" is the best advice. A good idea might be to do your due diligence in at least googling " mjb monetary metals ". If you are interested in buying bitcoin.


Phox
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November 02, 2012, 10:18:10 PM
 #798

Goes for online and offline in life.
 Smiley
The Hummingborg
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November 03, 2012, 03:03:02 AM
 #799

Your password is not for expressing your personality.
btcven
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November 06, 2012, 01:42:33 AM
 #800

I'm looking to create a "Recommendations" page at http://bitcoinvenezuela.com for newbies. The main idea is to help people from Venezuela to be able to use Bitcoins to acquire services and goods from other countries without having to pay high prices for Dollars or Euros.

 
I'll add some if your tips!

Admin: rdymac (PGP) | contacto@bitcoinvenezuela.com | @cafebitcoin | Electrum, lightweight bitcoin client
If I've been helpful tip me a coffee! Cheesy1rdymachKZpA9pTYHYHMYZjfjnoBW6B3k Bitrated user: rdymac.
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