Alternative Block Chains : be safe!

[CodeCrypto]

Nice pieces of advice. Auditing source code is best possible way to make sure whether a new block chain is embraceable or not, but honestly only a handful of people actually does that especially if the code is messy. From a developers perspective trying out a new block chain with minimal risk is doable(efficiency is also accounted), but for most of the investors with less technical knowledge minimizing the risk is like solving a complex math problem instead of being a total noob in math. And eventually learning to recognize useless coins is fruitful.

[PurpleHatCreator]

   There is a good tool where you can not worry about the choice of crypto currency. At any time, in any currency, you can use the funds. The most convenient bitcoin tumbler ever I met

[Crypto4proud]

Gosh, the original post has been 7 years old. And still very relevant! There are so many wallets abailable now and in a desire to try things, some users disable their AV. Newbies forget to use virtual machine dry runs. I am guilty of that but have learned my lesson.

[cyberpunkworld]

This is true, time has passed since this was posted and its relevancy is astonishing. I would add that since a lot of block chains have actually emerged in the internet, this has not changed the nature of people, despite the ease of earning money through cryptocurrencies, they still want an easy and illegal way to earn. That's why we need to be more mindful on the blockchains that we want to use when we are dealing with our coins.

[Mehel.kb]

in fact there is a terrible fear, especially at Bitcoin, for example, doubling the turn, but for me the biggest fear is from the so-called crypto-currency rules.

[PowerofYggdrash]

Thanks Gav for your general warning. Well it is risky to invest into Bitcoin especially nowadays, however to invest into any altcoin it is even riskier. Ultimate gambling. However my feeling is that we have reached finally our final bottom. I know the shorter masters now call for a bet to 2798$. They think that Bitcoin will come down.
I also think that altcoins have been already rekkt big time. To come down to 83.47$ from 1430 $ is huge. I am talking about Ether. So there is a huge upside potential in Ether and Bitcoin might correct furthermore, however Ether is safe.

[Notorious2000]

Hey everyone! Have you heard of Credits, what are your thoughts about this projects and this piece of news in particular???

I've copied the message from their ANN, if it's breaking some rules in this topic, please, pardon me and delete my post.


Quote:
"Great news, guys! We've been waiting for this for so long and now it's here! IBM Cloud is officially partnered with Credits!

They aim to bring blockchain to the mainstream with high-speed, low-cost transactions with the help of IBM Cloud and also developed a use case along with IBM for IoT that will be validated on Credits blockchain!
They shared main points of the use case aimed to create new IoT models, which integrate blockchain technology with the IBM Watson IoT™ Platform and IBM Cloud infrastructure.

The aim of this use case is to offer a tamper-proof of the IoT indications in the public view along with the speed needed to process a great number of indications into a public blockchain at a very low cost, thanks to overall great performance that Credits platform offers."

More info:
https://www.ibm.com/case-studies/credits-ibm-cloud-blockchain-performance
https://credits.com/en/Home/New_Ins/4198

[tuapoma]

🚨#WhaleAlert 🐳🚨 OMG! 😱 #Litecoin has recently come under scrutiny for having 35.4 million #LTC, or about 60% of the total coin supply, moved by one entity! Wealth distribution plays a significant role in decentralization.
 
~60% of Litecoin's supply was recently moved by what was believed to be a single entity. ~44% of Litecoin's coin supply is in 100 wallets. Compared to ~14% of Dash's coin supply in the top 100 wallets. Coin wealth distribution helps make a decentralize network!

https://twitter.com/justinszilard/status/1073295803823861761
 

[PowerofYggdrash]

Litecoin and Dash and everything else is crashing the same way at the moment.

[CryptoCCAU]

Top alternative coins are Ripple XRP, Ethereum (ETH), Bitcoin Cash (BCH, Stellar (XLM), and EOS (EOS). All 5 are a great way to get many people to setup many targets with Bitcoin users.

[ccol]

my blockchain better all :DDD

[BitBaks]

Top alternative coins are Ripple XRP, Ethereum (ETH), Bitcoin Cash (BCH, Stellar (XLM), and EOS (EOS). All 5 are a great way to get many people to setup many targets with Bitcoin users.

I would still add in the above list another coin Litecoin (LTC)

[xtrusion]

Top alternative coins are Ripple XRP, Ethereum (ETH), Bitcoin Cash (BCH, Stellar (XLM), and EOS (EOS). All 5 are a great way to get many people to setup many targets with Bitcoin users.

I would still add in the above list another coin Litecoin (LTC)

Wow, thoese coins are just some of the biggest alternative according to market cap.. ltc does more or less the same that btc; eth and Eos also do the same; ripple is a bank coin and xlm is married with ibm. of course these are alternative block chains, but there are much more you can list..

[Therean]

Thats right, im using more then one pc so i can mine easy. Not like other with one pc. Also what is important to use legit windows, not to use pirate windows. And with that you can make serious money as i do.

[FIREBOAT]

I strongly agree. That's partly why I haven't messed with the alt chains. I even mentioned this on the announcement thread for coin but it got drowned out with all the excitement about it.

[pagito]

This topic will never lose importance. Security first. As we are striving for adoption, unsecured and not reliable projects are pulling industry back. Always do your own research, if you aren't technical ask someone you trust and learn on a possible level!

On the other hand, there are so many interesting projects coming out. Fearing facing a scam shouldn't become ignoring everything.

[timoshani]

But the time of an alternative blockchain becomes ripe. The speed of transactions is big in a network of bitcoin. How to be with such speed at the realization of a new startup which demands instant payment confirmation?

[Fumzy]

From the time of this post until now, cryptocurrency even with how poor the market is, has made a remarkable and significant change globally. I just can't believe I didn't know about it back when this post was made. Now there is so much branches to dive in and so much to do. It probably no longer has an end.

[shaunonsite]

I want to add OHAS.IO to the scam list.

The owner and her boyfriend got away with millions of dollars in USD. She did a lot of other illegal stuff and is on the most wanted list in South Korea. Her English name is Kimberly Lin but her Chinese name is Lin Ming Chen. She's from Taiwan. December 30th, the office was shut down and everyone lost their jobs. Many of the investors are asking questions and are reasonably pissed.

[c2Gin]

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.

Thanks for sharing your procedures to check things out and some of your observation the past years. I hope this will be a lesson and tips for aspiring cryptobuddies out there who are willing to learn and apply what they study to the cryptocurrency. It's just right to don't take the risk too much when you know that there's a bigger chance to be scammed. But sometimes you need to take it depends on the person. Just like what they said "High risk and take High reward".