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Author Topic: Alternative Block Chains : be safe!  (Read 260447 times)
dzkrb
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October 02, 2017, 09:57:22 PM
 #261

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.



As a newbie this very interesting..I also mine another altcoin other than Bitcoin and that's Rise.. Thanks for this informatio.
Question to the author. You have a very large rank. You have been engaged in crypto currency for a long time or should be engaged. If you have so many doubts in the crypt, why are you here? If you like philosophy, I'll understand. On this crypto currency, people earn good money, which they translate into fiat and at the same time they live well. And they do not care if they're candy wrappers, as they can be earned on them. Now ask yourself a question. Why do you need all this your philosophy, if it interferes with earning?

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October 03, 2017, 05:49:30 PM
 #262

so much precious staff here
only to use it as much as you can,
only up

ldah94
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October 04, 2017, 12:46:12 AM
 #263

what you say are universals rules before the arrival of something new that generates doubt and distrust and thanks for naming them, sometimes for the fact of investing in a new currency thinking that its price is going to overflow we are dazzled and forget these rules. always before new investment we must think well and be cautious and the rest is only luck
HertzCoin
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October 05, 2017, 08:36:28 AM
 #264

what is the safest way to keep your altcoins safe?
I suppose storing all funds in different wallets is just not enough
what tricks , guys, do you have?

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October 05, 2017, 08:44:14 AM
 #265

I hope that further on it will be more transparent to understand if Alternative Block Chains  are scam or not
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October 05, 2017, 11:16:14 PM
 #266

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.)

Fast is vulnerable, i will always think why that the bitcoin transactions can't be as fast as VISA and why does it too long like more than 5 minutes. Then i realize that security is more important than speed. We can be fast but it can't decentralized or we need another third party entity to cater that services but the danger of security is a risk. This is like the case of Equifax's data breach where they handle third party service for VISA transactions.If Lightning Network proposal is implemented, the integrity of data security is quite doubtful.

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October 06, 2017, 07:05:33 AM
 #267

hey.... one just have to b very careful ....gone scam on my first transaction... luck me d cash was little  Cry
HertzCoin
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October 06, 2017, 07:57:19 AM
 #268

rather useful post
but now so many projects appear at market every day
really in a rush to get profit I don't ask even a half of questions to myself

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luffare
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October 07, 2017, 08:30:54 AM
 #269

Fast is vulnerable, i will always think why that the bitcoin transactions can't be as fast as VISA and why does it too long like more than 5 minutes. Then i realize that security is more important than speed. We can be fast but it can't decentralized or we need another third party entity to cater that services but the danger of security is a risk. This is like the case of Equifax's data breach where they handle third party service for VISA transactions.If Lightning Network proposal is implemented, the integrity of data security is quite doubtful.

Conclusion: the more longer the more secure!
Thx a lot for your warning!

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October 07, 2017, 04:11:12 PM
 #270

I'm usually a lurker in crypto groups and have exercised restraint when it comes to giveaways and airdrops of new altcoins. I work for a cybersecurity company and read a lot of scam and hacking stories. Safety and security in technical (IT) terms is not my strong suit. In general, when you do decide to install software for a new altcoin, I agree with the others who suggested using a separate machine. Especially for newbies like me, because we don't know how to look "under the hood" to check that malware or keylogger is not packaged with any new downloads and installs.

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satish37
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October 08, 2017, 01:04:18 AM
 #271

Alternative Block Chains, it is nothing more the the fear of uncertainty and doubt or let say fear of owns doubt
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October 08, 2017, 10:39:01 AM
 #272

There's way too many blockchains whom have overpromised and undelivered, we will see a lot more soon failing.
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October 09, 2017, 12:17:37 AM
 #273

Every other technology has come and gone in waves, before breaking through to the mainstream. There will be boom and bust cycles on various blockchains. However it does seem that BitCoin has withstood everything thrown against it at this point.

Also, we still don't know where it came from. Whoever the organization is behind BitCoin, they are likely very powerful. Powerful enough to eliminate rival blockchains? Quite possibly. Look at the Silk Road, he had hundreds of thousands of BTC and was organizing hits.

Alternate blockchains built on deep state platforms like Microsoft and IBM might be a less risky bet.

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October 09, 2017, 09:35:28 AM
 #274

I don't know about any group being able to eliminate rival block chains unless they are somehow able to find an exploit. I'm not a block chain pro or coder but I wonder if that's possible as well. Hmmmm
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October 10, 2017, 02:07:26 PM
 #275

I though that cyber safety is a common issue these days.
If you keep your bank card details secret, why should you reveal your crypto assets data.
Be smart and do not trust any one online, especially those who offer easy and fast fortune.
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October 10, 2017, 04:02:31 PM
 #276

Is IOTA an alternative blockchain?

IF THEY DON'T UNDERSTAND, CONFUSE THEM!
HertzCoin
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October 11, 2017, 07:21:02 AM
 #277

storing your cryptocurrency in outer memory of your computer can be useful
using several memory cards can help also
now it is so hard to protect your BTC

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October 12, 2017, 05:44:47 AM
 #278

I agree with the original OP; however, this shouldn't discourage people from investing if your sole purpose is to make money.  If you aren't looking to hold any coins long-term, you can trade off of the momentum and volatility alone and make money.
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October 13, 2017, 05:14:07 PM
 #279

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. 

That's true. I wouldn't want to risk my coins on any unproven "alternative" blockchain.

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October 16, 2017, 02:13:46 PM
 #280

In my own idea Blockchain is hosted over all of computers around the world so that it is not controlled by only one person. Each process in the blockchain network have a full copy of every transactions on the blockchain, it means that every details and history of the transactions are traced. Besides historically being used to handle financial transactions, the security and reliability of blockchain technology means that it can be applied to other areas and industries. But there are many scammers be careful in every online transactions they are hidding and ready to attack.

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