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Author Topic: BitWallet Launched! Bitcoin Wallet & Vault. Feature-Packed  (Read 8051 times)
rebuilder
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September 21, 2014, 10:02:37 PM
 #21

Yes it's called neutral colocation. Is it always such a tedious task to release something to the bitcoin community?

You're asking a community burned many times over for trusting strangers to trust you with their money. What do you expect?

Now, is your system designed in such a way you are unable to spend users' money without their approval?

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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inBitweTrust
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September 21, 2014, 10:05:38 PM
 #22

Is it always such a tedious task to release something to the bitcoin community?

I apologize for coming off as harsh if you are legit but you are launching this company in the worst manner possible after 20+ hotwallets just cleaned out their clients. Most of us are tired of scammers abusing the credulous in our community and if someone is stupid enough to misuse bitcoin and not treat it peer to peer than new hot wallet's better be using multisig or highly open , transparent , insured, and regulated.


Yes it's called neutral colocation.

Nuetral Colocation doesn't mean what you previously indicated.

Network & Datacenter is 100% owned and operated by our company.

Did you misspeak and have a colocated rack, dedi or VPS in that datacenter and not actually own and control the datacenter?

Why not launch the wallet with all your identities public?


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September 21, 2014, 10:22:33 PM
 #23

It is designed in such a way that we can't even get to ANY of your data after you have activated the PIN function, let alone the funds.

Everything is encrypted with your PIN which in itself is needed to decrypt and unlock the wallet.

Yes it's called neutral colocation. Is it always such a tedious task to release something to the bitcoin community?

You're asking a community burned many times over for trusting strangers to trust you with their money. What do you expect?

Now, is your system designed in such a way you are unable to spend users' money without their approval?
CoinLabs
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September 21, 2014, 10:33:48 PM
 #24

I completely agree with you and this is the direction we are heading. Was excited to release it to the bitcoin community. The management team will do a proper PR with all announcements.

We also have coming up third-party insurance for all accounts by reputable insurance company.

No I did not misspeak. We are in a neutral tier1 datacenter where we rent our own floor space. So to be entirely clear, it is not a rack, or a simple dedicated server. It is a separate room within the datacenter (controlled by our own internal fingerprint and scanner systems) where we control the entire floor space, networks, servers, hardware etc... We currently house and operate over 500 servers.

We have been in this datacenter for over 10 years and it has been flawless. Used to be a bank's datacenter.

Hope that answers your questions.
Is it always such a tedious task to release something to the bitcoin community?

I apologize for coming off as harsh if you are legit but you are launching this company in the worst manner possible after 20+ hotwallets just cleaned out their clients. Most of us are tired of scammers abusing the credulous in our community and if someone is stupid enough to misuse bitcoin and not treat it peer to peer than new hot wallet's better be using multisig or highly open , transparent , insured, and regulated.

Yes it's called neutral colocation.

Nuetral Colocation doesn't mean what you previously indicated.

Network & Datacenter is 100% owned and operated by our company.

Did you misspeak and have a colocated rack, dedi or VPS in that datacenter and not actually own and control the datacenter?

Why not launch the wallet with all your identities public?


LouReed
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September 21, 2014, 10:36:04 PM
 #25

I like it so far! I will definitely use it in the future.

Couple questions, are you planning to implement mobile apps? Also, any plans to add a mixer like Blockchains "Shared Send"? Those two things would be huge for me!

CoinLabs
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September 21, 2014, 10:44:03 PM
 #26

Although iPhone and Android apps are on the schedule, the wallet is designed to be cross-platform compatible. It looks and operates very well on mobile phones.

I like it so far! I will definitely use it in the future.

Couple questions, are you planning to implement mobile apps? Also, any plans to add a mixer like Blockchains "Shared Send"? Those two things would be huge for me!


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September 21, 2014, 10:47:43 PM
 #27

It is designed in such a way that we can't even get to ANY of your data after you have activated the PIN function, let alone the funds.

Everything is encrypted with your PIN which in itself is needed to decrypt and unlock the wallet.

Well that clears everything up, because you know you won't have access to the pin as your server never sees the pin.  Roll Eyes

Well until you can clarify all these concerns I am sure being a moral person and all you would advise users not to send any money to your company, right? Doing so without identifying yourself or incorporating some form of multi-sig that was open source and reviewed would really just be unethical because despite your intentions, one of your employees could steal everyone's funds.

Of course you are going to also patch those security vulnerabilities as well before encouraging anyone to send money to your hot wallet, right?

That would be the ethical thing to do and all, right?

I look forward when you launch your company the right way instead of this travesty.

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September 21, 2014, 10:50:01 PM
 #28

The wallet and user system is triple encrypted. We hold a key, you hold the 2 others (password + PIN) to fully unlock your wallet.

Passwords and PINs are dual-encrypted and stored separately.

Instead of using the traditional and rather sometimes annoying 2-factor system, we have developed our own PIN system which encrypts and locks ALL your information and wallet.
2 problems with this:
1. It's impossible to independently verify that the funds are protected by the user's password
2. No matter how much encryption is used, if your servers are compromised, the encryption keys can be dumped from memory, thus negating any protection

Both problems can be solved with multisignature addresses, but so far you have refused to use them, and provided no justification why your current solution is superior. All of this makes me very suspicious. All I'm seeing here is inputs.io 2.0

Vaults are OFFLINE, ENCRYPTED and in COLD STORAGE. We use proprietary technology to fulfill vault withdrawals as they come in.
tons of buzzwords and techno-babble, no substance

Also, many of the available bitcoin web wallets have very limited and confusing interfaces. We put a lot of work on the interface which changes the whole experience. You can literally search through thousands of transactions in a second.
yeah, who needs security when you have a slick ui? Roll Eyes

It is pitch black. You are likely to be eaten by a grue.

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CoinLabs
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September 21, 2014, 10:50:36 PM
 #29

Not sure which security patches you are referring to. Never mentioned anything of the sort.


Of course you are going to also patch those security vulnerabilities as well before encouraging anyone to send money to your hot wallet, right?

inBitweTrust
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September 21, 2014, 10:57:48 PM
 #30

Not sure which security patches you are referring to. Never mentioned anything of the sort.

Several SSL Weaknesses were indeed mentioned. You should immediately repair these and warn all users to not make deposits until you do so because that would be the ethical thing to do.


Care to address the site security flaws on point 9?

CoinLabs
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September 21, 2014, 10:58:07 PM
 #31

This is going a bit out of hand. We will release all information and updates directly on the website where all your questions should be answered.
inBitweTrust
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September 21, 2014, 11:02:11 PM
 #32

This is going a bit out of hand. We will release all information and updates directly on the website where all your questions should be answered.

Warning sign numero 10 .... cannot answer simple questions and poor communication skills.

CoinLabs
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September 21, 2014, 11:04:09 PM
 #33

Believed I answered all the questions and informing that everything you need to know will be posted soon.

You are not asking questions, you are forming conclusions.

This is going a bit out of hand. We will release all information and updates directly on the website where all your questions should be answered.

Warning sign numero 10 .... cannot answer simple questions and poor communication skills.

inBitweTrust
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September 21, 2014, 11:13:51 PM
 #34

You are not asking questions, you are forming conclusions.

How about those SSL vulnerabilities? Additionally, your "pin" answer was a very illuminating non-answer, answer.

Some of us a security geeks and are not impressed by buzzwords or ambiguous and misleading statements. We can see through the fluff and demand more. If you care about security you should thank us for our constructive criticisms and not get so defensive.

Just because you botched this launch doesn't mean you cannot repair your reputation. I would start by addressing the communities concerns.

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September 21, 2014, 11:20:18 PM
 #35

Yes it's called neutral colocation. Is it always such a tedious task to release something to the bitcoin community?
Yes. Especially when users have to trust you with their money and you could take off with a hallelujah.


wasserman99
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September 21, 2014, 11:22:24 PM
 #36

"Web Wallets" are always a very bad idea to use, especially when the operators of such wallets are new and unknown to the community. The only exceptions to this are coinbase and any web wallet that does not have access to the private keys of the users at all (this would be blockchain.info, but not green address).

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September 21, 2014, 11:32:33 PM
 #37

There is a better alternative called Xapo.com
minimalB
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September 22, 2014, 08:04:32 AM
 #38

So, after two full pages of replies, we still don't know who you are exactly, what company/team is behind all this, no meaningful personal data,...

I hope you are legit, but to me this looks like a scam.
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September 22, 2014, 02:07:06 PM
 #39

i read OP's responses as... why is it so difficult to scam bitcoin users these days?  damn it this is getting frustrating. 
LiteCoinGuy
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September 25, 2014, 05:46:41 PM
 #40

You would have to be insane to send any money to this hot wallet. Hasn't anyone learned anything over the last few years?

Warning signs
1) Anomynous owners
2) 4 day old domain registration with private whois


   Domain Name: BITWALLET.CC
   Domain ID: 109969991
   Whois Server: whois.tucows.com
   Referral URL: http://domainhelp.opensrs.net
   Updated Date: 2014-09-17T13:10:05Z
   Creation Date: 2014-09-17T13:10:04Z
   Registry Expiry Date: 2015-09-17T13:10:04Z
   Sponsoring Registrar: TUCOWS DOMAINS INC.
   Sponsoring Registrar IANA ID: 69
   Domain Status: clientTransferProhibited
   Domain Status: clientUpdateProhibited


3) Site hosted on a cheap Digital ocean VPS
   Name Server: NS1.DIGITALOCEAN.COM
   Name Server: NS2.DIGITALOCEAN.COM
   Name Server: NS3.DIGITALOCEAN.COM

4) Newbie username posting release

5) No multisig

6) No address or phone number

7) No insurance

8 ) Located outside the US (for hot wallets regulations are a good thing!)

9) Multiple security holes :
https://www.ssllabs.com/ssltest/analyze.html?d=bitwallet.cc&hideResults=on
https://sslanalyzer.comodoca.com/?url=bitwallet.cc

actually, the interface looks really cool
I'll test it

Come on, seriously?



we said it (and know it) , but it will never end  Wink

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