Alternative Block Chains : be safe!

[truncus]

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.

a very realistic detection. I agree with your thoughts. Investing is a crazy investment.

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[Ging]

indeed there is an overgrowing fear especially on Bitcoin like for example the double spent move but for me the biggest fear is from the so called cryptocurrency regulations.

[Yhotolu]

Good advice so as not to get caught by scammers who will use your pc's resources.

[steveouttrim]

indeed there is an overgrowing fear especially on Bitcoin like for example the double spent move but for me the biggest fear is from the so called cryptocurrency regulations.

It is hard to keep up with the speed of regulation change, and also with the number of ICOs

[AlexDuma]

indeed there is an overgrowing fear especially on Bitcoin like for example the double spent move but for me the biggest fear is from the so called cryptocurrency regulations.

It is hard to keep up with the speed of regulation change, and also with the number of ICOs

agree with you now a lot of bad ICO

[StevenRA]

indeed there is an overgrowing fear especially on Bitcoin like for example the double spent move but for me the biggest fear is from the so called cryptocurrency regulations.

It is hard to keep up with the speed of regulation change, and also with the number of ICOs

Definitely both issues, though personally I'd focus more on distilling the bad (and the really bad) from the good, since a. regulations aren't necessarily predictable or within our control, and b. there's so much out there, and so much of it is horrendous.

[cryptobiker]

Thanks Gavin, really helpful information and I would like to add people must have a knowledge what a blockchain actually is and it would help them alot to cope with many issues.
https://blockgeeks.com/guides/what-is-blockchain-technology/

Helpful source. There are many people around me having any idea about blockchain technology but they use most of they money for investment. Having information is a must before investing. This is another explanatory page, a visual demo of the technology for those who may be interested: https://anders.com/blockchain/

Thanks for a wonderfully composed explanatory video... super informative

[GayOfThrones]

Thank you for your advice..
Actually right now I am considering investing on RISE so I am researching and looking more into it...thanks

I've heard about RISE but didn't understand if it's really worth. What do you know?

[edir_ruvall]

Helpful, thanks. But if I don't use virtual machine it really risky? If it is, how to use it?

[DrToken]

Helpful, thanks. But if I don't use virtual machine it really risky? If it is, how to use it?

I'm a newbie, but as far as I know you need to downoload specific soft (like VirtualBox. It's free, by the way). And then you get your own new HDD)
Maybe this article will be helpful: https://www.howtogeek.com/196060/beginner-geek-how-to-create-and-use-virtual-machines/

[OZZYMANDIAS]

so what happens if you only use one computer system?

[boulecoin]

indeed there is an overgrowing fear especially on Bitcoin like for example the double spent move but for me the biggest fear is from the so called cryptocurrency regulations.

It is hard to keep up with the speed of regulation change, and also with the number of ICOs

agree with you now a lot of bad ICO

it depends on  the project not ICO

[dzkrb]

Question to the author. We all here have read your message. Did I understand correctly that we are talking about the fact that bitcoin is helpless against hacker attacks? Or he does not stand up to criticism, if we say that his endless chain is preparing his death? Bitcoin also reminds me of the old computer game of Snake. This is when you have a small snake moving around the screen, consisting of characters and passing through the characters it grows its tail, until she herself does not sting it for him? But, this does not prevent people from earning on bitcoins. Then why fool yourself?

[helin9108]

Blockchain is hosted by billions of computers around the world so that it is not controlled by any single person. Each process in the blockchain network owns a full copy of every transaction or movement of the data on the blockchain, it mean that the details and history of the transaction are traced.Despite 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. I thinkt there are three benefits that blockchain technology can provide are: (1)The increase in security and trust. (2) Reduced costs. (3)Accelerated transactions.

[Dakshkapoor]

According to me we should first have a detail study of other alternative blokchains and then select the write one.I am a Newbie, we may use different virtual machines.We should first know whether it is a scam or it is a right thing before spending money and time on it.

[btcpt]

That is really interesting and thorough way of making sure your investments are safe, you should always use one computer with good security just for it

[edir_ruvall]

Helpful, thanks. But if I don't use virtual machine it really risky? If it is, how to use it?

I'm a newbie, but as far as I know you need to downoload specific soft (like VirtualBox. It's free, by the way). And then you get your own new HDD)
Maybe this article will be helpful: https://www.howtogeek.com/196060/beginner-geek-how-to-create-and-use-virtual-machines/

Thnx, I will read it definitely. Thought it'll be more complex

[Arje17]

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.

[dzkrb]

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?

[zhukovt34]

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