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Author Topic: What's the point of signing messages?  (Read 208 times)
rhomelmabini
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July 06, 2020, 12:05:47 PM
 #21

Does your account have been compromised in the past or you think you need it in the future for a verification? Are you trading with other users here especially lending some BTCs? Those are just least of the important ones you can count in this forum. Yeah, you may think it's useless but do you know of other active communities like this forum? That thread I find it helpful because one day if I'm away from this forum and then users start to wonder I just recently woke thinking I've been hacked or something similar like that then I just use that thread for a verification. I don't know how you define useless but I think that's unnecessary calling it like that.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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July 06, 2020, 12:26:13 PM
 #22

Does your account have been compromised in the past or you think you need it in the future for a verification? Are you trading with other users here especially lending some BTCs? Those are just least of the important ones you can count in this forum. Yeah, you may think it's useless but do you know of other active communities like this forum? That thread I find it helpful because one day if I'm away from this forum and then users start to wonder I just recently woke thinking I've been hacked or something similar like that then I just use that thread for a verification. I don't know how you define useless but I think that's unnecessary calling it like that.
About account compromise, it is safer to have two seperated security methods: One for the account (with very strong password and secure the password), two for the bitcoin wallet is used to sign a message to prove ownership of the account.

To 'illegally' do a trade with you: there are two things hackers have to do and get access on: hack your forum account, and steal your wallet. If you store your account details (username, password) in one place, and store your wallet backup in another place, it is nearly impossible for hackers to hack both of them and can start a scam trade.

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BuNga_cute
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July 06, 2020, 01:15:00 PM
 #23

In my opinion, signing messages are the best way to prove the identity of the owner of a Bitcoin address. So we can prove that Bitcoin is
on the wallets is ours, it will be easy when we lose control of the Bitcoin address that we have. Many benefits if we succeed in proving
Bitcoin address ownership, among others, we can become funding projects, escrow transactions, and capital loans.

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stiffbud
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July 06, 2020, 01:28:36 PM
 #24

What is the point of proving you own an address? Has it ever happened to you, to need it? I mean, yeah, if Satoshi Nakamoto signs a message from the address of genesis block, it is a big thing. But, except from this smart thread that you can prove you own your account, I find it useless. Clever invention, but useless.

Question #2:
I wonder, Satoshi was the first one who implemented blockchain. Was he the first one who invented the signing/verifying thing?
Online transactions with bitcoin are always pseudonymous and the number one concern is always trust, but what if you have transacted with a person many a time and he is asking for the funds in a newer wallet, then you can actually trust him when he sends you funds in a newer wallet by asking him to send the signed message from the older wallet that he used to own. right!!!  This is just a single use case, there can be many more. So signing messages feature isn't worthless after all.

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