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Author Topic: Trust No One  (Read 160007 times)
dan99
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April 07, 2013, 05:53:12 AM
 #1881

I am the only one who thinks that the usability of the whole BC System is in need of improvement (security) and not so good if we talk about mass suitability? o.O Don´t understand me wrong.. I like the idea behind BC. But it is much simpler to save and use (security) money on paypal.

well that and because of the distributed nature, whats going to happen when people start buying bubblegum and gasoline with it. Its almost impossible to move bitcoins around now. It certainly is not a very quick transaction. that will be its downfall.

Yea, security needs improvement as well as making it more useable like the US Dollar.
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rachelcox99
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April 07, 2013, 11:09:47 AM
 #1882

very good info. I agree.
gmak
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April 07, 2013, 11:37:14 AM
 #1883

what is the best way to purchase bitcoins?

if i send $ to mt gox can it remain in mt gox as $, or does it automaticaly get converted to bitcoins?
24change.com
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April 07, 2013, 04:49:35 PM
 #1884

Tip for those who wants to use skype in communicating with btc-e com staff.
When adding their skype name which is btc-e.support  dont make a mistake and dont add those who pretends to have this unique skype name (user can name its skype any name, but only original skype nick matters)

FuriousTeam
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April 07, 2013, 05:05:35 PM
 #1885

thx for all informations
hadrian
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April 07, 2013, 05:15:17 PM
 #1886

Great advice, just need to make sure its always followed!
CrazyMiata
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April 07, 2013, 05:18:17 PM
 #1887

Just in case anyone reads this, having a password generator is nifty its able to generate really long secure passwords but then you are relying on a password vault or program to save the password for you. It's much better to have a really long password that you CAN easily remember. Add a capital here and there, replace an A with a 4 etc and this will give you an even more secure password and one that is easy to remember! Make sure its long 20+ char.
Saerdna
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April 07, 2013, 07:01:37 PM
 #1888


Could I trust the exchange rates on www.bitcoins24.net ?
dc7d
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April 07, 2013, 07:23:38 PM
 #1889

Do you trust Casascius? The coins he made are worth about 9 Million $. Lots of lolly.
baad
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April 07, 2013, 07:47:55 PM
 #1890

Do you trust Casascius? The coins he made are worth about 9 Million $. Lots of lolly.

That is nice.
rvmelkonian
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April 08, 2013, 12:21:18 AM
 #1891

Frankly if we are going to get this market off the ground we have to trust SOMEBODY.  I like your guidelines.  If you know where and who the person is, you have a leg up in litigating your funds back (since bitcoins do have an estimate-able value, theft is a criminal action.)  Another thing you should require is a merchant agreement.  When you are making a purchase online you want there to be a page (or better yet, receive and e-mail) that says exactly what product or service you are receiving and the cost in bitcoins.  You also want this to include the deposit address for the wallet, so you can prove that you paid to that address the specified amount from your transaction history. (print off the webpage.)

Another important factor is if they accept cash transactions.  In the United States and many Western Countries cash is legal tender, required by law to be accepted for transactions.  If they do not have a method for you to buy their product using a cash method, such as paypal, credit card, Western Union, etc, and operate solely on bitcoin then they are operating illegally.  Even if they are legitimately offering products and services you are taking a gamble that they won't be closed down through legal channels before filling your order, and probably shouldn't be trusted anyways for their complete lack of business sense.

Edit http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx Apparently private businesses in the US are not required to accept cash, but it would definitely be a step towards their credibility in my opinion.  Since fraud with legal tender is a federal offense and raises the stakes quite a bit for criminals.

One of the best things about the Bitcoin is that it gives all the responsibility over to the individual, for better or worse, the most secure way to store your bitcoins is NOT using online wallets
mark342
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April 08, 2013, 01:22:53 AM
 #1892

Great write-up.  Thanks!
Manein
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April 08, 2013, 03:09:57 AM
 #1893

I wont
Zerial
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April 08, 2013, 10:56:36 AM
Last edit: April 08, 2013, 12:26:19 PM by Zerial
 #1894

I have used my Dremel multitool™ to make two small metal plates Cool I've hidden inside worthless things in my house. They contain the info on my "thick" wallet which is offline. No fire will kill that data!

At the same time, I have a small mnemonic rule (like the old always deduce 1 from the numbers), that I put my account number through.

I feel 100% safe with my bitcoins! Grin
tobobit
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April 08, 2013, 10:57:01 AM
 #1895

sometimes I don't trust myself
VishwaJay
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April 08, 2013, 11:15:05 AM
 #1896

One of the best things about the Bitcoin is that it gives all the responsibility over to the individual, for better or worse, the most secure way to store your bitcoins is NOT using online wallets

I like the individual responsibility, but ultimately the security boils down to the software used. While I agree in principle that "online wallets" should not be inherently trusted, there is trust built over time for anything that doesn't get violated on a regular basis. We want to feel secure, and we want to believe in unicornfairies, but in reality the only security we have is when we ourselves simply stop worrying so much about who to trust and worry more about why we should or shouldn't trust them.

Lots of people trust me who have no reason to, simply for the fact that I'm clergy. But ask the children who have been molested how much they trust a clergy person, and you'll see a lot of reasons why not to do it. But ultimately, the chances of this happening are low (most people become clergy for the sake of helping others, rather than for any kind of power trip, generally speaking), and so trust is issued, whether or not it's wise to do so.

I think some of the advice given here is good as general guidelines. But the unconfirmed amount can show in your wallet very quickly, and it doesn't honestly take that long to confirm. If we treat BTC as an investment currency instead of a day-to-day transaction currency (something that businesses can use with other businesses and with investors, etc., instead of something we should spend at the store to buy groceries), then the power of it makes a lot more sense in that context.

You build trust by making transactions. You don't start with it.
OversightNL
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April 08, 2013, 11:23:13 AM
 #1897

Trust in yourself Smiley
Keimoasd
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April 08, 2013, 11:55:04 AM
 #1898

I have never trusted no one.
tomnavratil
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April 08, 2013, 12:16:30 PM
 #1899

what is the best way to purchase bitcoins?

if i send $ to mt gox can it remain in mt gox as $, or does it automaticaly get converted to bitcoins?

Hi, that's what I'm doing. The $ at MtGox won't be transferred automatically but you will have them in your wallet and then you choose how you get bitcoins and how much through them  Smiley.
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April 08, 2013, 12:22:56 PM
 #1900

Good advise. THX!
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