Alternative Block Chains : be safe!

[paddyfield]

If I have a BTC wallet on a computer, then I will not take this computer to do anything else, including games.

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[BlackCoffee25]

anything is possible if you take down notes on what to do. aside from putting step by steps on how to organize everything, manage time wisely and always have a back up on everything

[fraggyb]

Hello everybody. I want novels, if you decide to invest in crypto currency, then it's worth taking care of the security of your electronic wallet. The most important thing is not to use third-party software.

[JustASalad]

This is excellent advise but most people have clamored to Crypto's with very little technical know-how, which is rather unfortunate, but most people would not even know where to begin with trying to security test the chain themselves.

[josephmarks]

I haven't seen anybody post about what would be my biggest worry if I were trying out alternative block chains. I realize this may be perceived as "Gavin is FUD'ding anything that isn't bitcoin!"  (FUD == Fear, Uncertainty and Doubt)  But I think some of you might be forgetting some basic computer security fundamentals in the excitement to be early adopters.

When I first heard about bitcoin, my questions were:

1) Can it possibly work (do the ideas for how it works make sense)?
2) Is it a scam?
3) If it is not a scam, could it open my computer up to viruses/trojans if I run it?

I answered those questions by:

1) Reading and understanding Satoshi's whitepaper.  Then thinking about it for a day or two and reading it again.
2) Finding out everything I could about the project.  I read every forum thread here (there were probably under a hundred threads back then) and read Satoshi's initial postings on the crypto mailing list.
3) Downloaded and skimmed the source code to see if it looked vulnerable to buffer overflow or other remotely exploitable attacks.

If I were going to experiment with an alternative block-chain, I'd go through the same process again. But I'm an old conservative fuddy-duddy.

If you want to take a risk on a brand-new alternative block-chain, I'd strongly suggest that you:

1) Run the software in a virtual machine or on a machine that doesn't contain anything valuable.
2) Don't invest more money or time than you can afford to lose.
3) Use a different passphrase at every exchange site.

[Be light]

Good reasons to use secure systems in crypto > this use all known layers of security, I mean that well-secured blockchain for example with POW+POS+tor > more secure than just POW or just POS,  and the nodes definitely more vulnerable if they are do not using tor layer. So I choose young developing, the fast blockchain, with additional security layers like DeepOnion.

[DeviShal]

I recommend to check you Paytomat company. It's like a visa or MasterCard 2.0! I hope that soon it will be working all over the world. Their platform already supports 11 cryptocurrencies, have many trustworthy partners like SONM, NEM, Hacken. And they are starting token sale in August. You just have to check it!

[max6575]

different priors with selection as developer comes with decision to work with customs of arrange with the manage on preparing blockchain network of solution with the server on hosting of service to goes as offers with the deliverance as clients to gains of chance with advantage as extending decision to apply of personal selection on models as appealing use with the returns of mechanism as gathering notice of reference with details of data and information to put on focus with the modest tasks of strategics evaluation.

[TravelCashInc]

I haven't seen anybody post about what would be my biggest worry if I were trying out alternative block chains. I realize this may be perceived as "Gavin is FUD'ding anything that isn't bitcoin!"  (FUD == Fear, Uncertainty and Doubt)  But I think some of you might be forgetting some basic computer security fundamentals in the excitement to be early adopters.

When I first heard about bitcoin, my questions were:

1) Can it possibly work (do the ideas for how it works make sense)?
2) Is it a scam?
3) If it is not a scam, could it open my computer up to viruses/trojans if I run it?

I answered those questions by:

1) Reading and understanding Satoshi's whitepaper.  Then thinking about it for a day or two and reading it again.
2) Finding out everything I could about the project.  I read every forum thread here (there were probably under a hundred threads back then) and read Satoshi's initial postings on the crypto mailing list.
3) Downloaded and skimmed the source code to see if it looked vulnerable to buffer overflow or other remotely exploitable attacks.

If I were going to experiment with an alternative block-chain, I'd go through the same process again. But I'm an old conservative fuddy-duddy.

If you want to take a risk on a brand-new alternative block-chain, I'd strongly suggest that you:

1) Run the software in a virtual machine or on a machine that doesn't contain anything valuable.
2) Don't invest more money or time than you can afford to lose.
3) Use a different passphrase at every exchange site.

I couldn't agree more. I was watching Jon Najarian interview Charlie Shrem the other day and Charlie Shrem who is entrepreneur and bitcoin advocate. He was saying don't open an email you don't know. I see and hear about people getting scammed or had fraud from opening emails that as basically there to hurt you. He made some very valid points on how so people just are not protecting themselves from being hacked or scammed.

[timoshani]

I also agree with some people who made posts in this thread about more opportunities for owners of several computers. This fact makes for them life in the crypto world more comfortable This also makes all transactions for different types of altcoins and main cryptocurrencies more safer and faster.

[thachthuat]

Also, don't believe everything that prominent members of the Bitcoin community have to say about alternative chains. In particular, I know some people think that the number of confirmations doesn't matter and all that matters is the total expected time of the confirmations, so that 1 10-minute-average confirmation is more secure than 3 3-minute-average confirmations. If you read Satoshi's paper it's clear this isn't true; the number of confirmations is actually more important because transaction security increases exponentially with more confirmations. (His paper has approximate figures; you'll notice that accepting 1 and 2-confirmation transactions is fairly risky.)

[harjiy]

Nice words.
If anyone want to try alternative block Chain, extra care is needed because of the FUD factors mentioned , the Fear, Uncertainty and Doubt. Also it is better to stick to the known and trusted blockchain because of their consistency and how far they have gone.

[amrenamren]

I haven't seen anybody post about what would be my biggest worry if I were trying out alternative block chains. I realize this may be perceived as "Gavin is FUD'ding anything that isn't bitcoin!"  (FUD == Fear, Uncertainty and Doubt)  But I think some of you might be forgetting some basic computer security fundamentals in the excitement to be early adopters.

When I first heard about bitcoin, my questions were:

1) Can it possibly work (do the ideas for how it works make sense)?
2) Is it a scam?
3) If it is not a scam, could it open my computer up to viruses/trojans if I run it?

I answered those questions by:

1) Reading and understanding Satoshi's whitepaper.  Then thinking about it for a day or two and reading it again.
2) Finding out everything I could about the project.  I read every forum thread here (there were probably under a hundred threads back then) and read Satoshi's initial postings on the crypto mailing list.
3) Downloaded and skimmed the source code to see if it looked vulnerable to buffer overflow or other remotely exploitable attacks.

If I were going to experiment with an alternative block-chain, I'd go through the same process again. But I'm an old conservative fuddy-duddy.

If you want to take a risk on a brand-new alternative block-chain, I'd strongly suggest that you:

1) Run the software in a virtual machine or on a machine that doesn't contain anything valuable.
2) Don't invest more money or time than you can afford to lose.
3) Use a different passphrase at every exchange site.

Without a doubt, bitcoin is one of the most secure Blockchain. And your recommendations are very useful for us, for which many thanks to you! The topic of security is one of the most relevant at any time and really quite young investors, they are careless, due to which they receive losses. Using at least the smallest algorithms like 2FA and connecting through a secure network can save your savings. Be aware! Gavin can have more to add to the above? Thank you!

[Supec77]

Yes, alternative blockchains are quite risky, so my advice is to be very careful and study each blockchain platform in detail before you start working with it. fortunately, information about many of them is more than enough

[Tamila]

In spite of six year have passed, advice is still actual and if you are going to engage cryptocurrencies you must be attentive and cautious. Especially in storage of your tokens.

[Sandeep24]

I Think, with the help of An alternate cryptocurrency it would be targeted those people who have large amount of cryptocurrency. The most important think is if we are working in digital world then we need extra conscious in this field because hackers are continuously active and making fake programs to hack your important documentation from your system. So be careful and be safe.

[Sakabana]

When it comes to investment, risk is always involved. so an individual can't out rightly say this blockchain is promising or not.

[rugrats]

Yes.... Many are really skeptical about alternative Blockchain. First off, I also couldn't imagine what could surpass bitcoin. But then, after talking with experienced people I realized that any of them can move well in the market. Bitcoin is certainly good, but you need to think bigger and not focus on one thing. After all, even cash is recommended to keep in different currencies. So you are safe.

This is quite true. Metaphorically speaking, never place all your eggs in one basket. While, to some Bitcoin seems to be the future coin, do not rule out its competitors as the markets and perspective over other altcoins can change.

[thachthuat]

Good advice.

Using an alternate cryptocurrency client would be a great way to get many people to install a hidden virus that targets Bitcoin users.

If you have a significant amount of Bitcoins, I wouldn't run other clients on the same computer until the alternates have developed trust over a longer period of time... I'm probably on the paranoid side of things though.

These new cryptocurrencies are interesting, and it will be fascinating to see how it will all play out.

[boing747]

Do not believe everything that prominent members of the Bitcoin community have to say about alternate strings. I know some people think that the number of validations is not important and all that matters is the total expected duration of the assertion, so that an average validation of 10 minutes is safer than 3 confirmation of 3 minutes of median jar . The amount of validation is actually more important because transaction security increases exponentially with more validation.