Bitcoin "insecure" investment - media.

[chessnut]

Im always trying to educate my friends about Bitcoin. I'll offer them 5000 satoshis if they open a wallet.

here is an interesting trend I have recently encountered. Several of my friends have come back and declined the offer, the reason, they have read on

the news that Bitcoin is vulnerable to hacking. The Media is pushing that Bitcoin is not a 'secure' investment. sure, risky maybe, but insecure?

Whats going on? whats the buzz?

I think this is plain bearish sentiment 

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[Ibian]

Oh good. Negative media often means bullish price.

[gentlemand]

Problem is that the weak link certainly isn't Bitcoin. It's those pesky individual humans who ruin it for everyone with their crappy security. Throw some paper wallets at them until they know what's what.

[kireinaha]

Bitcoin, the currency of the Internet that should never be stored on the Internet or on any computer that has ever connected to thr Internet. So yes, the media is right, it's not particulary secure. You're forgetting that bitcoin articles aren't written for us -- bitcoin enthusiasts -- it's for mass consumption. For average folks, buying and securing bitcoins is still quite a complex and dangerous process fraught with peril.

[Ibian]

Bitcoin, the currency of the Internet that should never be stored on the Internet or on any computer that has ever connected to thr Internet. So yes, the media is right, it's not particulary secure. You're forgetting that bitcoin articles aren't written for us -- bitcoin enthusiasts -- it's for mass consumption. For average folks, buying and securing bitcoins is still quite a complex and dangerous process fraught with peril.

Yeah, no. If you can't keep bitcoin on a computer permanently connected to the net then it's worthless. I'm doing exactly that, and so far no problems of any kind. It's just more FUD.

[chessnut]

Bitcoin, the currency of the Internet that should never be stored on the Internet or on any computer that has ever connected to thr Internet. So yes, the media is right, it's not particulary secure. You're forgetting that bitcoin articles aren't written for us -- bitcoin enthusiasts -- it's for mass consumption. For average folks, buying and securing bitcoins is still quite a complex and dangerous process fraught with peril.

yeah but this is no good reason to not invest in bitcoins (if you can see the potential). the insecurity lies within the ignorant. the media must tell the whole story, rather than blaming bitcoin.

[ampere9765]

it's not "bearish" -- it has nothing to do with market sentiment. it has everything to do with the fact that bitcoin does not fit within the typical user's paradigm of "security". a layman knows little of lost coins, malware, nor the fact that bitcoins more than many other types of information are targeted specifically for hack-and-theft. without knowing much about bitcoin, one would not think that a hosted wallet provider like coinbase is unsafe -- but it is incredibly unsafe. cold storage is an entirely foreign idea to most.

so no, nothing to do with bears. it has more to do with the fact that the infrastructure of hardware/software providers is very much lacking for the typical end user in the mass adoption scenario. they are "insecure" because laymen know nothing about security -- but developers have done little to improve this.

[chessnut]

so no, nothing to do with bears. it has more to do with the fact that the infrastructure of hardware/software providers is very much lacking for the typical end user in the mass adoption scenario. they are "insecure" because laymen know nothing about security -- but developers have done little to improve this.
[/quote]

any way to convince an investor to part with his/her bitcoins is bearish. a headline - "bitcoin insecure investment" is a bearish headline for sure.
with just a little understanding one can secure ones bitcoins to oblivion.

[ampere9765]

any way to convince an investor to part with his/her bitcoins is bearish. a headline - "bitcoin insecure investment" is a bearish headline for sure.
with just a little understanding one can secure ones bitcoins to oblivion.

then it would not be sentiment. it would be an attempt to manipulate sentiment. as i pointed out, it's the truth, so i don't think so. if you think the typical prospective user will understand, let alone go to the lengths to properly secure bitcoins, under the status quo, is a long shot. just an observation....

tech people always think other people think like them. they don't. at all. like, fucking, at all.....

[chessnut]

any way to convince an investor to part with his/her bitcoins is bearish. a headline - "bitcoin insecure investment" is a bearish headline for sure.
with just a little understanding one can secure ones bitcoins to oblivion.

then it would not be sentiment. it would be an attempt to manipulate sentiment. as i pointed out, it's the truth, so i don't think so. if you think the typical prospective user will understand, let alone go to the lengths to properly secure bitcoins, under the status quo, is a long shot. just an observation....

tech people always think other people think like them. they don't. at all. like, fucking, at all.....

Ok I get you.
Not a bad sign that the big boys dont want mainstream to invest in BTC though?
so far, it's causing sentiment.

[MatTheCat]

the news that Bitcoin is vulnerable to hacking. The Media is pushing that Bitcoin is not a 'secure' investment. sure, risky maybe, but insecure?

Whats going on? whats the buzz?

I think this is plain bearish sentiment 

Already, the Bitcoin folder tucked away in a hidden system folder on Windows is about 32GB in size. When the files corrupt, it becomes a real pain in the arsehole trying to get the blockchain back up to date in order to use my cold store wallet again. Just wait until the blockchain grows to 32TB in size (and given time it will). Then hardly anyone will have a secure offline wallet stored on a USB stick like most of us have access to currently. Instead we will all be using third party wallet providers, whose systems will be liable to hack attacks.

[Ibian]

System folders is the first place hackers look.

[crocko]

Bitcoin, the currency of the Internet that should never be stored on the Internet or on any computer that has ever connected to thr Internet. So yes, the media is right, it's not particulary secure. You're forgetting that bitcoin articles aren't written for us -- bitcoin enthusiasts -- it's for mass consumption. For average folks, buying and securing bitcoins is still quite a complex and dangerous process fraught with peril.

Media isn't right.
You will need an online wallet / PC connected to Internet. You can't be isolated !
Why ?
Because:
- you mine to a pool and the payment is set on "auto" mode ..
- there is a person  who want to make a donation / give you back a debt and your computer is offline..
- you sleep / do an activity that exclude the use of the PC [connected to Internet]
- your bitcoin-qt need to be updated in order to be used; you can't sent / receive any BTC if the client is out of sync  

[chessnut]

the news that Bitcoin is vulnerable to hacking. The Media is pushing that Bitcoin is not a 'secure' investment. sure, risky maybe, but insecure?

Whats going on? whats the buzz?

I think this is plain bearish sentiment 

Already, the Bitcoin folder tucked away in a hidden system folder on Windows is about 32GB in size. When the files corrupt, it becomes a real pain in the arsehole trying to get the blockchain back up to date in order to use my cold store wallet again. Just wait until the blockchain grows to 32TB in size (and given time it will). Then hardly anyone will have a secure offline wallet stored on a USB stick like most of us have access to currently. Instead we will all be using third party wallet providers, whose systems will be liable to hack attacks.

I lost you when you mentioned 'Windows'   Windows is just plain insecure.
I thought that the block chain will be 'pruned' when it becomes a problem? Satoshi was aware of this issue.

[MatTheCat]

I lost you when you mentioned 'Windows'   Windows is just plain insecure.
I thought that the block chain will be 'pruned' when it becomes a problem? Satoshi was aware of this issue.

If you are talking Linux, then you are really getting right to the nerd fringe of society.

I would suggest that the blockchain is in need of some 'pruning right about now'.

[ampere9765]

I lost you when you mentioned 'Windows'   Windows is just plain insecure.

BINGO. this is what i'm talking about. good luck getting the average prole to understand why this is.

[chessnut]

I lost you when you mentioned 'Windows'   Windows is just plain insecure.

BINGO. this is what i'm talking about. good luck getting the average prole to understand why this is.

so then I guess by default we will be ahead of the crowd for a long time yet. I can see bitcoin passing $5000 before 'easy' software is introduced to keep your coins safe.

[ampere9765]

I lost you when you mentioned 'Windows'   Windows is just plain insecure.

BINGO. this is what i'm talking about. good luck getting the average prole to understand why this is.

so then I guess by default we will be ahead of the crowd for a long time yet. I can see bitcoin passing $5000 before 'easy' software is introduced to keep your coins safe.

yes i would agree with that. maybe not $5k but considerably up from here, and maybe even more. despite that, i do truly think we are very far from bitcoin being accessible to Joe Blow (and his grandma)

[MatTheCat]

yes i would agree with that. maybe not $5k but considerably up from here, and maybe even more. despite that, i do truly think we are very far from bitcoin being accessible to Joe Blow (and his grandma)

Man ampere, you seem like such a fucking hero compared to Joe Blow.....and his grandma.

[aminorex]

Media isn't right.
You will need an online wallet / PC connected to Internet. You can't be isolated !
Why ?
Because:
- you mine to a pool and the payment is set on "auto" mode ..
- there is a person  who want to make a donation / give you back a debt and your computer is offline..
- you sleep / do an activity that exclude the use of the PC [connected to Internet]
- your bitcoin-qt need to be updated in order to be used; you can't sent / receive any BTC if the client is out of sync  

You do not need to be running wallet software in order to receive payments.  Please completely revise your understanding of how bitcoin works.