Trust No One

[Niolin]

great advice thanks

[Chefnets]

thx for all informations

[cooldude123]

I heard of a story of someone's BTC being hacked despite all measures being taken, such as Paper Wallet, Truecrypt, and offline access, but they still got hacked.

It does make me paranoid, but I guess that's just some of the risks of using Bitcoin.

[escrow.ms]

I heard of a story of someone's BTC being hacked despite all measures being taken, such as Paper Wallet, Truecrypt, and offline access, but they still got hacked.

It does make me paranoid, but I guess that's just some of the risks of using Bitcoin.

"Humans are the weakest link in IT Security Chain"

[sellsometrue]

I think you hit some important points.

[V.Viktor]

Good information.

[this1dude]

awesome advice, will heed 

[Supercoin]

It's right!

[itod]

The fact that I'm paranoid doesn't mean they are not trying to get me!

[dj213]

thx for all informations, but i think it up to us how to secure our investments and how to put faith in people!
At the end its all about money!

[deadweasel]

thx for all informations, but i think it up to us how to secure our investments and how to put faith in people!
At the end its all about money!

It sure is.  Good luck.

[jimi8383]

great post...learned a lot 

[AnonBitcoinBuyer]

Staying alert != paranoia 

[marykay]

I'm glad you posted this I will always think back to this before doing anything

[tiros]

Thanks for this useful post.

[pablotextoris]

The problem is that trust is a snowball and eventually the amount trusted is going to get bigger and bigger. I'm a cynic so I don't believe that anybody is incorruptible, just a matter of price. Sometimes it's not even the person's intention to defraud anybody, things might happen that he is forced to make a bad decision.

After all, if a crook knows Michael is holding on to say 10K BTC or about US$ 120K (now but hey it might be US$1.2M 2 years later) worth for you, and given his full name and such makes it that the crook knows exactly where Michael leaves, what's to say he won't pay Michael a surprise visit and force Michael to transact that 10K BTC + his own personal stash somewhere else where his partner immediately converts it to cash?

I've been thinking about trying to come up with a system that can be untrusted but seriously at every point, I always find a human being can always fuck it up from outside the technological system. Of course it could be my paranoia coming up with all kinds of "ridiculous scenarios" that won't ever happen in real life. Even then it's only a question of how probable.

So fundamentally the only way to reduce the exposure to close to zero is just a system with low fraud/loss probability P + never trusting it with more than X amount so that P * X is always such a small number that the users won't really feel it even if that system fails.

Amen to that! - Very well worded

[Ftrotta]

Great advices. Thanks

[hatted]

I heard of a story of someone's BTC being hacked despite all measures being taken, such as Paper Wallet, Truecrypt, and offline access, but they still got hacked.

It does make me paranoid, but I guess that's just some of the risks of using Bitcoin.

Every form of money have the risk of stealing. But don't be paranoid. 

[dawie]

One can never be too carefull.  Hopefully BTC would at least instill some better qualities back into the majority of humanity in the long run.

[thestringpuller]

Trust no one: not even yourself...