Trust No One

[TheHeroMember]

• 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?

Can you kick their ass if something goes wrong!? should be added for the lulz

Or a wicked online punch straight to the chin.

[lilfiend]

heatware could be a very useful tool when dealing with people online, i don't think its popular on bitcointalk but it could proove useful, or a similar alternative

[ZooKeeper74]

Getting harder to trust people it seems. I havent had any technical issues, but scammers are everywhere. Some subhuman species that thrive on ripoffs I suppose.. But if the options are live life in a bubble, or progress through it, you gotta start throwing trust somewhere..

[couponmamma]

Trust trust trust trust.. AaAaaahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh     TRUST

WTH

[KoKos]

I used mybitcoin for 2 days and my brother asked me what would happen if the website went down? i replied i would get owned... i withdrew and month later mybitcoin got owned

[TheHeroMember]

I used mybitcoin for 2 days and my brother asked me what would happen if the website went down? i replied i would get owned... i withdrew and month later mybitcoin got owned

Nice share of story. Congratulations. 

[Duderson]

Theres always a certain amount of trust whenever your performing any currency based transactions, irl or online. Its how you assess the risk that matters. Always do your research, double check, then triple check.

[vual]

I have to agree...

Also a side not, DONT BUY from OTC-FOYER....

Scammers sit in the foyer and get you before you get into the real chan, i lost 200$ by sending a scammer that as a "gift" via paypal. i thought i was safe but not in foyer!!

-v

[SoundMoney4aFreeSociety]

This is good information for newbs to consider and should be first and foremost...I want to start mining I realize i won't make much if anything but I want to contribute because the goal is good I also am interested in investing in bitcoin but am hestitant because my computer literacy is limited i understand hardware and building pc's not much more than that any idiot with google can build a pc or miner as I can demonstrate lmao but to keep everything secure is where I am a little iffy so I am going to take my sweet time figuring the secuirty measures out before I take a plunge and start doing anything with bitcoin...thanks for the info

[bluetyphoon]

This problem is as old as the internet, but it seems like you guys are working hard to keep this site more secure and peaceful than most.  I definitely appreciate the advice in this thread for newbies though.

[TheHeroMember]

Its for the benefit of everybody.

[Freeway]

How d I get a hold of you.  I have very important, sensitive info on one of the miners tht is currently scamming bitcoin members.  Not only is he taking bitcoin members money, he is also scamming his roommates and his girlfriend.  It took me a month to figure it out, but I now know, he has not fulfilled any contracts since August of 2011, except for 1 partail.  A $35 bitcoin payment.  Amount still due over $100.  He took all of the rent money from his roommates and spent it at the bar. He used my debit card fraudenly to pay for the internet service.  And he told you guys he has a setup at home to generate coins.  He does not.  He sold/gave away the equipment so he has money for the bar.  He took my daughters rent, and utiilty money for I dont know what.He is screwed.  He does not have  working computer nor a place to even work.  I need help.  He owes my daughter over $2,000 in rent, $200 IN utilitiesand he owes 2 personal friends over $300 in bit coin shares.  Can anyone say "Shades Minaco"?.

I have photo copies of the drivers license, a copy of the lease agreemeent, and him and his girlfriend if anyone is interested

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:



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

[Freeway]

Ok.  Here goes, Drew has a 4.5 raiting and he is one of the biggest scammers on your site.

I think though you might be interested in what I have to say.  He does not...repeat..does not have any mining equipment.  He sold it all to pay for rent.  Shades Minoco.  I thought he was a straight up guy.  He is not.  He owes me $200.00 cash.  That was how he was logging on to even talk to you.  My account and my money.  they sold all of the equipment to pay rent.  But he did not pay the rent, he went to the bar.  We are out over $2,000 in rent, over $300 in bitcoin investemnts, and we are being evcited from our home cuz he said he waqs paying the rent and billsand yet he was just pocketing the money.

I have all kinds of info on the fool.  What would like to see prove my case? I have his CA ID, i have naked picks, and his naddress and his parents address.

Shades Minoco..It was whats for dinner, until he pocketed our food and rent money

[qasim99]

I guess there always has to be a certain degree of trust involved in many everyday activities

[angeldelasuerte]

trust trust trust, there's a lack of trust in the world

[Zoiner]

I'm good at that most of the time, but when I slip up !!!!

[Tapeworm3]

I don't trust anyone anyway.

[softwareseller]

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:



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

a bunch of rules........

[deroyale]

I don't trust anyone anyway.

Words to live by...

Amen brother!

[deroyale]

The nice thing about a true free market currency is that the free market will teach people lessons about self-protections.  IMO, one of the biggest problems with the fiat system is that some intermediary theoretically can make everything right if you've been ripped off (theoretically).  It generates a false sense of confidence in a system that simply cannot right all wrongs.

There was a time when it was considered laughable that anyone would have a bank account (and if you know much about fractional reserve banking and how bank runs occur, you know why it was and is such a risk).

There was a time when it was considered laughable that anyone would use "rag money" instead of hard coin.

There was a time when it was considered laughable that any 3rd party could protect your and your assets better than yourself.

The really laughable part is that's how most of human history has gone - only in the last 50 years or so has much of this changed.

Who's the sucker?  We live in a time of exceptions and we believe them to be the rules.

Safeguard your own money.  Take responsibility for your own protection.  Otherwise, the market will teach you those lessons.

Well put...