Alternative Block Chains : be safe!

[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".

[ibrahim160994]

All the information says if each node contains a method, but bitcoin has a structure that might not be detected, for this reason, why must have different and confidential passwords for each site that we list

[rabbitfairferry]

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.

Hey Gavin, is there a good tutorial somewhere on how to do this "1) Run the software in a virtual machine or on a machine that doesn't contain anything valuable."?

Thanks.

[selim1976]

I liked this saying: don't invest more money or time than you can afford to lose.  Very correct words.

[TradeExpertsTelegram]

POSTED ONE MONTH AGO....

0.01 is Next Resistance ✋

https://t.me/joinchat/AAAAAEspJoBtulVHk0MuzQ

https://www.tradingview.com/chart/LTCBTC/hnWMf6co-LTCBTC-FOR-SHORT-ENTRY/

[ObscureIM]

If it's forked from a secure blockchain such as bitcoin, it should be fine

[DapC]

Hello, community! )) Do anyone know about post-quantum altcoins? I’ve read here https://dapcash.org/quantum-apocalypse that all coins will die soon… How do you think guys? Maybe it is a fake? Do anyone take it seriously?

[Chinocshyp]

As for Brain Box token, it's more than just another altcoin project. It's a true representation of creative minds who would want to share their creativity with the world

[eevabusincka]

Which altcoin should we trust? A lot of altcoins are out there but which one to consider the best or the safest?

[Cryptmuster]

Which altcoin should we trust? A lot of altcoins are out there but which one to consider the best or the safest?

Absolutely you can always advise the top 10 cryptocurrency, as investing in them you can not worry about the fact that this company will be a scam and that your money will go to the thieves.

[vinasky]

Which altcoin should we trust? A lot of altcoins are out there but which one to consider the best or the safest?

The situation is very changing: I thought BEAM is a good variant, but the latest stats are confusing https://cmc.io/coins/beam
But EOS is still promising https://cmc.io/coins/eos

[goldkingcoiner]

Which altcoin should we trust? A lot of altcoins are out there but which one to consider the best or the safest?

That is a dangerous question for the lazy investor. Do your own research, don't trust word of mouth so much.

[paploo]

Which altcoin should we trust? A lot of altcoins are out there but which one to consider the best or the safest?

Absolutely you can always advise the top 10 cryptocurrency, as investing in them you can not worry about the fact that this company will be a scam and that your money will go to the thieves.

I have 70% of my crypto investments in altcoins and 30% in BTC

The top 10 are definitely going to best options. Other than top 10 coins, also checkout NPXS, ENJ, NEXO and IOST.

** Not an investment advice**

[drumamat]

2) Don't invest more money or time than you can afford to lose.

How long ago this post was written and i agree, it is undoubtedly relevant now.Almost always on hearing the phrase - do not spend more money than you can afford to loss.But how often do you hear the phrase - do not spend more time than you can afford to lose?This phrase really needs to be carefully thought over by everyone.Time is something that cannot be bought and hold. Therefore, it should be appreciated.

[jawojaw]

Which altcoin should we trust? A lot of altcoins are out there but which one to consider the best or the safest?

when it comes to privacy monero is the most popular and a trusted one untraceable coin. Heard a new update that this is also now available to one of the secured exchange faast using their API as said on their medium blog.

I still have to figure out some feedback from others as what they've experience with faast.

[Mrsparks]

This is a very useful advice. I think I might have not been following some of the guildlines u listed. Will make amends now..  Security should be priority for everything done over the internet.

[donass1]

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.

Your advice borders majorly on security. Ten years after and Bitcoin seems to be rather immutable. It goes a long way to tell that Satoshi had serious interests in security and obscurity of Bitcoin as a transaction asset

[chan-lee]

I think altcoin is safe or not.
Cryptocurrency is digital currency, so it is like as fiat currency in many side.
Like many fiat currency, there are many altcoin.
At first, if safe or not, is related on main development team or altcoin manager.
If co-founder leave own currency after ICO or get invest, it is scam coin and altcoin will be died.
But if real Team, they will keep promise, Until many user use coin and coin have a great price.
So If you want invest for coin ICO, after you check team member and idea and so on, you must invest.
At first, ICO price is very small, but, after marketing and listing, you will get more profit.
Invest for Good ICO.

Thanks

[danielchris]

It is only way of alternative for safety to secure your bitcoin account,you have must chech your account time to time .if you have more accout then i think we should have extra have pc .one thing more we should have try to some part of our money  invest altcoin & rest of invest in btc.

[danielchris]

Of course it's a good advise. But l think lot of  people are working on a one computer. In the market there are many different types of altccoin. But how can we safest one.we should have been reading news about the altccoin project time to time. I think so.