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Question: Do you trust yourself to manage your own private keys?
Yes, 100%, and I always will. - 129 (82.2%)
Yes, only because I don't yet trust bitcoin banks. - 19 (12.1%)
Not at all, I lose everything, or am not technical enough. - 2 (1.3%)
No, but someday I'd like to manage my own bitcoin and private keys. - 7 (4.5%)
Total Voters: 157

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Author Topic: Do you trust yourself to manage your own private keys?  (Read 6494 times)
sardokan
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March 20, 2015, 07:15:53 AM
 #101

Trezor + split paper wallet.  Easy peasy.
Trezor is much more expensive than generating a secure paper wallet. In most circumstances, a paper wallet would work just fine.


Ledger cost a lot less, and to spend, it's better than papier.

i personnaly store saving funds on papier, and my day to day wallet is on hardware wallet
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inBitweTrust
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March 20, 2015, 07:36:17 AM
 #102

Irrational fear mongering.

https://blog.xapo.com/the-risk-of-holding-your-investors-private-keys/

Centralized companies are a security risk.

Assuming they do store their clients bitcoins securely in multisig cold storage like we can also easily do.

These are the risks that you are exposed to:

1) Inside theft from employees colluding together
2) Company creating a fractional reserve and loaning out more than their reserves between audits or colluding with auditor.
3) Tax theft
4) Liability of lawsuits against Xapo or against client freezing ones assets
5) Unnecessary fees and charges to pay for security, audits, and insurance
6) centralized target for outside hackers to gravitate towards
7) Loss of privacy if Xapo monetizes your personal data and/or shares data with governments

Bitcoin is decentralized Peer to Peer cash and banking. Some people really need to read and understand the intentions and design principles of Bitcoin.
Start with the whitepaper:

https://bitcoin.org/bitcoin.pdf

Bitcoin: A Peer-to-Peer Electronic Cash System

luv2drnkbr
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March 20, 2015, 11:27:57 AM
 #103

No but I trust everybody else less.  (I answered "Yes 100%" to the survey because that was the closest.)

ETFbitcoin
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March 20, 2015, 12:11:59 PM
 #104

Irrational fear mongering.

https://blog.xapo.com/the-risk-of-holding-your-investors-private-keys/

Centralized companies are a security risk.

Assuming they do store their clients bitcoins securely in multisig cold storage like we can also easily do.

These are the risks that you are exposed to:

1) Inside theft from employees colluding together
2) Company creating a fractional reserve and loaning out more than their reserves between audits or colluding with auditor.
3) Tax theft
4) Liability of lawsuits against Xapo or against client freezing ones assets
5) Unnecessary fees and charges to pay for security, audits, and insurance
6) centralized target for outside hackers to gravitate towards
7) Loss of privacy if Xapo monetizes your personal data and/or shares data with governments

Bitcoin is decentralized Peer to Peer cash and banking. Some people really need to read and understand the intentions and design principles of Bitcoin.
Start with the whitepaper:

https://bitcoin.org/bitcoin.pdf

Bitcoin: A Peer-to-Peer Electronic Cash System


As long as it's uses centralized system, most likely you won't have any privacy & you have to pay more fees
while decentralized system where you can get better privacy & potentially you have to pay less fees

AtheistAKASaneBrain
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March 20, 2015, 12:29:49 PM
 #105

No but I trust everybody else less.  (I answered "Yes 100%" to the survey because that was the closest.)
Truuu, but I would trust someone that is professional about storage, regardless if you trust yourself a lot, because human error is unavoidable.


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sardokan
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March 20, 2015, 12:47:16 PM
 #106

No but I trust everybody else less.  (I answered "Yes 100%" to the survey because that was the closest.)
Truuu, but I would trust someone that is professional about storage, regardless if you trust yourself a lot, because human error is unavoidable.

Best idea is to pay someone who can teach you how to secure your keys by yourself, so you will know he can't steal you Wink
madmat
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March 20, 2015, 12:52:28 PM
 #107

No but I trust everybody else less.  (I answered "Yes 100%" to the survey because that was the closest.)
Truuu, but I would trust someone that is professional about storage, regardless if you trust yourself a lot, because human error is unavoidable.

Best idea is to pay someone who can teach you how to secure your keys by yourself, so you will know he can't steal you Wink

This guy is a professional about  storage. I prefer to trust myself.

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March 20, 2015, 01:46:31 PM
 #108

obviously yes, bitcoin is born to make people like us , who like to be self-bank, more prominent

i fly low, just 3 usb stick with wallet.dat as backup some on the exchange and the rest on the client, i'm still unsure if i should create others wallet...
sardokan
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March 20, 2015, 01:56:34 PM
 #109

obviously yes, bitcoin is born to make people like us , who like to be self-bank, more prominent

i' fly low, just 3 usb stick with wallet.dat as backup some on the exchange and the rest on the client, i'm still unsure if i should create others wallet...

If I where you, I'd create a paperwallet cyphered or not that I would copy in several places to store the coins I want to hodl for long time  Wink
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March 20, 2015, 02:03:19 PM
 #110

Well looking at all the currently available possibilities of storing them, yes. Trusting someone else with the keys makes Bitcoin somehow lose its point.
Actually if you don't own the private keys, you don't really own the Bitcoins on that address. I'm saying this because of the exchanges and online wallets. Keeping coins there is a bad idea, just as trusting someone with keys is.

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March 20, 2015, 02:09:26 PM
 #111

Yes, 100%, and I always will.
 Roll Eyes
abyrnes81
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March 20, 2015, 02:10:49 PM
 #112

Well looking at all the currently available possibilities of storing them, yes. Trusting someone else with the keys makes Bitcoin somehow lose its point.
Actually if you don't own the private keys, you don't really own the Bitcoins on that address. I'm saying this because of the exchanges and online wallets. Keeping coins there is a bad idea, just as trusting someone with keys is.

Do you know there are a lot of people are keeping their bitcoins (or altcoins) on the various exchange? After crying because the exchange was hacked. This thread is very , very useless ( I think no one should trust another person to manage your private keys, that's broke all the bitcoin concept).
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March 20, 2015, 02:22:27 PM
 #113

I don't see why not. I'm doing it already with success and will continue doing so  Cheesy

I already stopped leaving coins on exchanges just to avoid any kind of risk.

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March 20, 2015, 04:37:07 PM
 #114

Do you know there are a lot of people are keeping their bitcoins (or altcoins) on the various exchange? After crying because the exchange was hacked. This thread is very , very useless ( I think no one should trust another person to manage your private keys, that's broke all the bitcoin concept).
Well you're treating me as I were new to this. All I can say:"Been there, done that.". I've been actively exchanging a lot of currencies on multiple exchanges in the past. I guess people trust too much or think that the exchange is a unbreakable fortress of some sorts. Actually the exchange is like a wooden fence protecting your money. Even though security has been improving, we are not there yet. Not even near.
Like I've said myself, giving anyone your key is wrong and then Bitcoin has almost no meaning.
A person is intended to be his own bank by keeping his own private keys and funds secured.

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March 20, 2015, 05:11:33 PM
 #115

obviously yes, bitcoin is born to make people like us , who like to be self-bank, more prominent

i' fly low, just 3 usb stick with wallet.dat as backup some on the exchange and the rest on the client, i'm still unsure if i should create others wallet...

If I where you, I'd create a paperwallet cyphered or not that I would copy in several places to store the coins I want to hodl for long time  Wink

i find usb much confortable and faster to use, if you hold several of them there is no worry about, i don't find them inferior to papaer wallet at all
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March 20, 2015, 05:30:36 PM
 #116

I don't manage my private keys. I let electrum take care of those and I manage my own secret seed. Only 12 words to remember or to keep safe. An easy task for most bitcoiners.

that counts as managing your private keys in the context of this discussion.

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March 20, 2015, 05:58:48 PM
 #117

If you can't trust your own judgement, you can't trust anyone else either. Same as if you can't love yourself, you can't love anyone else.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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March 26, 2015, 06:52:02 AM
 #118

I don't believe anyone even myself. How to manage own private key ? Simply save it in the safest place

I think so !

[url=https://bitcointalk.org/index.php?
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March 26, 2015, 08:07:24 AM
 #119

I don't believe anyone even myself. How to manage own private key ? Simply save it in the safest place

I think so !

One place is not enough. This place could be destroyed. Two safe places are better. Your head could be one of this safe place.
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March 26, 2015, 08:41:45 AM
 #120

One place is not enough. This place could be destroyed. Two safe places are better. Your head could be one of this safe place.

Wait.  So I should make a backup in case my head gets destroyed?

Hmm... It seems Bitcoin is riskier than I thought.
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