FlexCoin used 2 FA and still got hacked!!!!! I'm out of this game

[badboyrazor]

FlexCoin was using 2 Factor authentication and it still got hacked!!!! Doesn't that scare you?

Everyone here seems to think that with 2 FA, you are covered. But your not!!!!

I lost only 3.11 bitcoins so far from cryptsy but I was a fool to think that 2 FA could have protected me if I had it turned on.

The public is turning their heads away from Bitcoin if this keeps happening. See my article here: https://bitcointalk.org/index.php?topic=469752.new#new

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[BittBurger]

FlexCoin was using 2 Factor authentication and it still got hacked!!!! Doesn't that scare you?

No.  If you have been paying much attention, you would know that 2 FA has never been fool proof.  People have still had coins taken.
2 factor authentication only stops people from logging in as you.  It doesn't mean the back end is secure (im not a developer or security guy so I may have worded that wrong).
Once again, this isn't new news.  2 FA is something everyone should have enabled as a basic precaution.
But nobody has ever claimed it was perfect.

The message is don't leave your coins online.  Period.  Until Bitcoins security infrastructure and best practices have been improved enough to provide reliable security.
You are the one who controls your coins.   Stay in control of your private key.  Period.

You haven't discovered anything new.  Sorry.

-B-

[acoindr]

Then get out of this game until security is better. We are in the early stages of this new technology. Anybody involved now is an early adopter, meaning you can expect bumpy technology, inconveniences, and risk.

If you're not learning to secure your own coins properly then you risk losing them to somebody else's procedures.

Better security and more competent companies will rise in Bitcoin, but that takes time. A more normalized regulatory environment will free up entrepreneurs and venture capital for stronger businesses. That seems to be progressing too, but again all this takes time.

[jonald_fyookball]

2 factor authentication only stops people from logging in as you.  It doesn't mean the back end is secure (im not a developer or security guy so I may have worded that wrong).

Without getting into semantics about 'back end' definitions, you're exactly right.

[badboyrazor]

But that is the biggest issue. How do you defend the back end?

I use to have a website and in my control panel, if I wanted to log into the back end, they would ask for a user name and password. And that is all.

And my understanding is that a password is not needed to gain access. Technology is fucked and that's why bitcoin prices are going to be held down because of that fear.

[Aswan]

You do not own any bitcoins if you do not own teh private keys to them.

[S4VV4S]

You do not own any bitcoins if you do not own teh private keys to them.

Nuff said

[CoinRocka]

You do not own any bitcoins if you do not own teh private keys to them.

Newbie here.  So if I have a blockchain wallet and have the backup paper wallet, do I go ahead and delete my blockchain account until my next transaction...for now?

[BitApparel]

why would it matter if u had 2 FA or not?

[data_teks]

You do not own any bitcoins if you do not own teh private keys to them.

Newbie here.  So if I have a blockchain wallet and have the backup paper wallet, do I go ahead and delete my blockchain account until my next transaction...for now?

No.  What you do is download a program like armory that lets you create paper wallets (make sure your computer is clean or one that isn't connected to the web) and then you create a whole new wallet and transfer your coins to that; then never use that blockchain/paper backup wallet again.

[SirWilliam]

HAha nice try, troll! 2 FA has NOTHING to do with a site getting hacked (with or without the complicity of the owners). 2 FA is for YOUR login, absolutely no connection to backend security, and I am sure you know this and are FUDing up the place 

[Aswan]

You do not own any bitcoins if you do not own teh private keys to them.

Newbie here.  So if I have a blockchain wallet and have the backup paper wallet, do I go ahead and delete my blockchain account until my next transaction...for now?

You might want to have a look at www.pi-wallet.com
It uses Armory as well

[cr1776]

You do not own any bitcoins if you do not own teh private keys to them.

This.  It can't be said enough - if you don't own the keys, you don't own the coins.  You just have an IOU from someone.

[Lauda]

Again, your fault. You kept the coins on an exchange.

[CoinRocka]

You do not own any bitcoins if you do not own teh private keys to them.

Newbie here.  So if I have a blockchain wallet and have the backup paper wallet, do I go ahead and delete my blockchain account until my next transaction...for now?

No.  What you do is download a program like armory that lets you create paper wallets (make sure your computer is clean or one that isn't connected to the web) and then you create a whole new wallet and transfer your coins to that; then never use that blockchain/paper backup wallet again.

But don't you have to import that cold wallet at some point to an internet connected computer to use the currency?

[LiteCoinGuy]

Then get out of this game until security is better. We are in the early stages of this new technology. Anybody involved now is an early adopter, meaning you can expect bumpy technology, inconveniences, and risk.

If you're not learning to secure your own coins properly then you risk losing them to somebody else's procedures.

Better security and more competent companies will rise in Bitcoin, but that takes time. A more normalized regulatory environment will free up entrepreneurs and venture capital for stronger businesses. That seems to be progressing too, but again all this takes time.

thats it.

[Rannasha]

You do not own any bitcoins if you do not own teh private keys to them.

Newbie here.  So if I have a blockchain wallet and have the backup paper wallet, do I go ahead and delete my blockchain account until my next transaction...for now?

No.  What you do is download a program like armory that lets you create paper wallets (make sure your computer is clean or one that isn't connected to the web) and then you create a whole new wallet and transfer your coins to that; then never use that blockchain/paper backup wallet again.

But don't you have to import that cold wallet at some point to an internet connected computer to use the currency?

Not necessarily. If you keep your cold wallet on a computer that has never been online (with Armory for example) rather than on a paper wallet, you can create a transaction on your online computer, copy it to your cold wallet machine (using a USB stick or via QR codes and a webcam if you're really paranoid), have the cold wallet machine sign the transaction and then copy it back to your online machine to be broadcast.

[Magic8Ball]

Install bitcoin-qt on a computer clean installed and never connected to the net

Start and get a wallet.

copy the address and private key (if you want)

Put the wallet in a pen drive (again, clean formatted). Write down the private key (if you want).

Send Bitcoins to that address. Confirm on blockchain.

Any time you want to send Bitcoins, plug the pen drive in a computer running bitcoin (and connected) and copy the wallet in there or import the private key. This wallet is now compromised so any change you again send to a new offline wallet.

Or just use Armory like pointed above.

[kik1977]

This morning I checked my paper wallets against the blockchain...and found none of them were stolen. GO PAPER!

[QuestionAuthority]

Bye! Don't let the door hit you in the ass on the way out.