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Author Topic: Alternative Block Chains : be safe!  (Read 152667 times)
Joint Force
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DAO ↔ DApp


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August 24, 2016, 09:41:19 PM
 #161

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.



NICE TIPS

This's a must read for everyone!

1) Now in 2016, lots of alternative block-chains use usb thumb sticks with a bootable OS with the wallet pre-installed. You can then save private keys on the usb stick keeping them safe from other apps. These are a great way to stay safe and organized. With exchanges supporting all kinds of hard-forks, some of which include hard-forking away your private keys, you have to have easy access to your coins at anytime.

2) Learn to use a block explorer.


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ricky ryaan
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October 16, 2016, 09:16:23 AM
 #162

on what kind of coins is this applicable
david chritopheria
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October 17, 2016, 12:16:57 AM
 #163

bitcoin is d best
FifthGhostbuster
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October 28, 2016, 01:46:30 PM
 #164

Thanks Gavin

Go CureCoin!
mbluxs
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November 06, 2016, 06:16:49 AM
 #165

Good ... (y)   
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November 12, 2016, 05:01:55 AM
 #166

I thought there is new blockchain bec it says " be safe" then saw the date and I realized this post were about those old days of blockchain. I guess, blockcain is fine now and being still a newbie, security measures are strong. Just dont forget to back up and download paper wallet just in case something went wrong. We have to be careful because its about money. Right?

Aim High To Hit The Blue Sky!!
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November 21, 2016, 12:41:42 AM
 #167

whether altcoin recommended for mine
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