Is MyBitcoin a viable alternative for non-techie users?

ripper234 (OP)

Legendary

Offline

Activity: 1358
Merit: 1003

Ron Gross

Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 06:01:24 PM

How much money is currently kept by mybitcoin.com?
How many users?
Who runs it?
Can we trust them?
How is the money being secured?

Do you think it's a viable alternative for some users to keep their money safe, instead of keeping an unencrypted, single copy without a backup on their keylogger-infested personal computers?

Would you recommend it to your non tech savie relatives/friends, if they wanted to invest in BTC?

Please do not pm me, use ron@bitcoin.org.il instead
Mastercoin Executive Director
Co-founder of the Israeli Bitcoin Association

rezin777

Full Member

Offline

Activity: 154
Merit: 100

Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 06:22:50 PM

Quote from: ripper234 on April 28, 2011, 06:01:24 PM

Would you recommend it to your non tech savie relatives/friends, if they wanted to invest in BTC?

Probably not. I would recommend they learn safe computing, learn to use the bitcoin client, and learn to use truecrypt. If they are serious about bitcoin, this shouldn't take more than an hour.

Give a man a fish, he eats for a day. Teach a man to fish, he eats for the rest of his life.

deadlizard

Member

Offline

Activity: 112
Merit: 11

Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 06:37:03 PM

Quote from: rezin777 on April 28, 2011, 06:22:50 PM

Quote from: ripper234 on April 28, 2011, 06:01:24 PM

Would you recommend it to your non tech savie relatives/friends, if they wanted to invest in BTC?

but first he has to get a fishing license but he doesn't have any money so he has to get a job and get in the social security system and pay taxes. And of course he also needs a license for an open flame if he wants to cook the damn thing.

Just give me the fish, I don't need the hassles Tongue

btc address:1MEyKbVbmMVzVxLdLmt4Zf1SZHFgj56aqg
gpg fingerprint:DD1AB28F8043D0837C86A4CA7D6367953C6FE9DC

rezin777

Full Member

Offline

Activity: 154
Merit: 100

Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 06:43:59 PM

Quote from: deadlizard on April 28, 2011, 06:37:03 PM

Enjoy!

tomcollins

Full Member

Offline

Activity: 182
Merit: 101

Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 07:08:11 PM

Quote from: rezin777 on April 28, 2011, 06:22:50 PM

Quote from: ripper234 on April 28, 2011, 06:01:24 PM

Would you recommend it to your non tech savie relatives/friends, if they wanted to invest in BTC?

You are seriously overestimating the ability of casual users.

They sell remote controls that talk to you because people are too dumb to control their televisions. They will find a way to screw up safe computing.

rezin777

Full Member

Offline

Activity: 154
Merit: 100

Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 07:34:56 PM

Quote from: tomcollins on April 28, 2011, 07:08:11 PM

Nah. I'm hoping that more good comes from bitcoin than I should hope for. People who are responsible in their use of money.

Cryptoman

Hero Member

Offline

Activity: 726
Merit: 500

Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 07:39:38 PM

Quote from: ripper234 on April 28, 2011, 06:01:24 PM

How much money is currently kept by mybitcoin.com?
How many users?
Who runs it?
Can we trust them?
How is the money being secured?

These are all very good questions. Unfortunately, I've never seen adequate answers to any of them. MyBitcoin has suffered reliability problems in the past. Personally, I wouldn't keep more than 100 BTC on it. There is an opportunity for someone to introduce a reliable and accountable alternative to MyBitcoin.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi

Cusipzzz

Sr. Member

Offline

Activity: 334
Merit: 250

Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 07:41:31 PM

Seems to be popular, but I wouldn't trust them more or less than the other 14 e-Wallet providers listed on the wiki.

If someone insists on not running anything locally, best to split up the coins between the different eWallets so you don't have all your eggs in 1 basket.

MoonShadow

Legendary

Offline

Activity: 1708
Merit: 1010

⇾ Re: Is MyBitcoin a viable alternative for non-techie users?

April 28, 2011, 07:43:03 PM

Quote from: ripper234 on April 28, 2011, 06:01:24 PM

Would you recommend it to your non tech savie relatives/friends, if they wanted to invest in BTC?

Yes, and I have. And I have a substantial volume of bitcoin there myself. I rarely fire up my client.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'

Pages: [1]

Bitcoin Forum > Bitcoin > Bitcoin Discussion > Is MyBitcoin a viable alternative for non-techie users?

« previous topic next topic »