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Author Topic: Trust No One  (Read 143198 times)
josephliton
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November 29, 2012, 01:31:53 PM
 #861

 Believe Everyone, But Trust No One.

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urwhatuknow
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November 29, 2012, 04:24:21 PM
 #862

trying to gain the right to post into other groups....
katana
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November 29, 2012, 06:29:05 PM
 #863

trying to gain the right to post into other groups....

fight for your right to party !!!!

Katana
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November 29, 2012, 06:55:34 PM
 #864

Trust me,  I'm a nice guy, really.

I'm actually going through about 2 days (and counting) of "hoop jumping" just so I can purchase $10 in bitcoins to GIVE to someone else.

I can only hope they're not dead by the time I complete my "initiation".

But, I keep smiling  Smiley
Peter Jelinek
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November 29, 2012, 07:03:20 PM
 #865

Who do I trust? Me! - Tony  Cool
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December 02, 2012, 12:57:52 PM
 #866

This is a very interesting topic for newbies and also for non-newbies.
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December 03, 2012, 02:17:31 AM
 #867

Insurance! lol.

Super Bitcoiner Club http://superbitcoiner.com
Persian Bitcoin Community - http://btctalk.com - http://fb.com/IranBitcoin
akajester
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December 03, 2012, 03:07:03 PM
 #868

Good read. I'm officially paranoid.  Smiley
BitConcierge
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December 03, 2012, 04:33:15 PM
 #869

BitConcierge.com understands consumer
trust is a serious in the Bitcoin market.

We would like to announce that we will
be relying on YOU to gain that trust.

By serving the Bitcoin community, we hope
that they will serve us by honestly
reviewing our transactions on sites such
this one.

Thanks for your help! We look forward to
hearing from you!
asc3nsi0n
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December 04, 2012, 11:17:31 PM
 #870

Thanks, very good info.
bronepoezd
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December 06, 2012, 08:36:52 AM
 #871

agree!
Mainess
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December 07, 2012, 03:56:17 AM
 #872

One hell of an unprotected currency. bit like banks & robbers but in the end.. we all know who's gonna win.
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December 08, 2012, 01:17:41 AM
 #873

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:

https://lh3.googleusercontent.com/-lgm4poF3JWE/TgsHwby-BlI/AAAAAAAADwQ/twan94HT6p4/020.jpg

Comic from: http://bitcointalk.org/index.php?topic=13903.0

Exactly
apple1234
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December 08, 2012, 04:51:49 PM
 #874

What's the point of bitcoin if you have to be so paranoid?
Buying things anonymously like with cash?
I think the origional point of bitcoin was to have an online version of a cash transaction, as opposed to having to use credit cards.
drillbit
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December 09, 2012, 04:07:16 AM
 #875

sadly, words to live by
xavenged
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December 09, 2012, 05:18:52 AM
 #876

i dont even trust myself
nyusternie
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December 09, 2012, 09:18:25 AM
 #877

isnt bitcoin based on trust though due to its irreversable nature?

yeah, i was thinking the same thing. i've been searching, but haven't found any sort of bitcoin escrow service yet (at least not any that look reasonably legit). and what about insurance for hosts that get hacked and lose all their coins?

1SDoTrAWQnbJ2ZHvLs3a2XxazqNSishn1
GPG A1638B57 | OTC nyusternie
iluvpcs
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December 10, 2012, 02:34:38 AM
 #878

I love this article - I've had a hard time over the years trusting the banks, and others online so much less. I think I will make a very secure wallet on a Raspberry PI and make a copy or two of the SD card and keep them hidden.

--Ted
swarkal
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December 11, 2012, 04:42:09 AM
 #879

isnt bitcoin based on trust though due to its irreversable nature?

yeah, i was thinking the same thing. i've been searching, but haven't found any sort of bitcoin escrow service yet (at least not any that look reasonably legit). and what about insurance for hosts that get hacked and lose all their coins?

https://bitcointalk.org/index.php?topic=108716.0
josephliton
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December 11, 2012, 01:13:23 PM
 #880

A few lessons learnt from life: Trust no one but yourself.

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