Topic: Do you trust yourself to manage your own private keys? - page 3. (Read 6924 times)
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.
legendary
Activity: 1302
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Core dev leaves me neg feedback #abuse #political
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.
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...
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
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
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.
I don't see why not. I'm doing it already with success and will continue doing so 
I already stopped leaving coins on exchanges just to avoid any kind of risk.
I already stopped leaving coins on exchanges just to avoid any kind of risk.
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.
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).
Yes, 100%, and I always will.
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.
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.
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...
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...
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
This guy is a professional about storage. I prefer to trust myself.
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. 
No but I trust everybody else less. (I answered "Yes 100%" to the survey because that was the closest.)
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
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
i would never trust a "bitcoin bank" with any of my funds. i fully trust myself into managing my private keys thus my funds.
there is a saying : with bitcoin you have a bank in your pocket. my pocket. and that's how i like it.
there is a saying : with bitcoin you have a bank in your pocket. my pocket. and that's how i like it.
Bitcoin bank is an useless thing and especially not compatible with the bitcoin ideology. I have read in a lot of site "be your own bank" because a wallet unders some circumstances is considered your own bank, so it's not necessary a real bank with a lot of bitcoin (it will be a good target for malicious user).
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.Not every country has deposit insurance or serious audits,
Certainly, and if I lived in one of those countries I wouldn't deposit my local currency into a bank.
and also, deposit insurance schemes has limits.
Yes, it does. And intelligent people are aware of those limits and make intelligent decisions about how to protect their assets.
The problem here goes beyond an individual. What happens if you are a business?
And in some cases, I think deposit insurance isn't sufficient if a too big bank fails.
This has never been true in the United States. Are you aware of any examples of specific situations anywhere globally where an in insured deposit wasn't covered due to the bank being "too big"?
I don't know any case, this is more an speculation. What I know from where I live, in Brazil we have the Fundo Garantidor de Créditos (FGC) (by the way, unlike other deposit insurance systems, FGC is private-owned, but it works more like as a parastatal entity). The FGC has assets in about 35 billion Brazilian Reals. But it covers more than 800 billion Brazilian Real in bank deposits, so if some of the biggest banks fails, probably FGC will fail too. I remember I had seen an interview with someone from FGC addimiting this, but I didn't found the link now. It seems the idea behind FGC is more likely to avoid a contamination crysis caused by fails from small and medium banks strike the biggest ones. Also, its intervention on two medium-seize banks caused a lot of controverse and there are serious accusations of fraud in these interventions (in Portuguese).
http://exame.abril.com.br/revista-exame/edicoes/1026/noticias/salvar-ou-deixar-quebrar
http://epoca.globo.com/tempo/noticia/2013/08/o-novo-escandalo-na-bancarrota-do-banco-cruzeiro-do-sul.html
Edit: Google Translator links:
https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fexame.abril.com.br%2Frevista-exame%2Fedicoes%2F1026%2Fnoticias%2Fsalvar-ou-deixar-quebrar&edit-text=&act=url
https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fepoca.globo.com%2Ftempo%2Fnoticia%2F2013%2F08%2Fo-novo-escandalo-na-bancarrota-do-banco-cruzeiro-do-sul.html&edit-text=&act=url
i would never trust a "bitcoin bank" with any of my funds. i fully trust myself into managing my private keys thus my funds.
there is a saying : with bitcoin you have a bank in your pocket. my pocket. and that's how i like it.
there is a saying : with bitcoin you have a bank in your pocket. my pocket. and that's how i like it.
Not every country has deposit insurance or serious audits,
Certainly, and if I lived in one of those countries I wouldn't deposit my local currency into a bank.
and also, deposit insurance schemes has limits.
Yes, it does. And intelligent people are aware of those limits and make intelligent decisions about how to protect their assets.
And in some cases, I think deposit insurance isn't sufficient if a too big bank fails.
This has never been true in the United States. Are you aware of any examples of specific situations anywhere globally where an in insured deposit wasn't covered due to the bank being "too big"?
The option trusting Bitcoin banks would be suicide i can imagine them now trading away loaning out at interest they will just pick up where the fiat banks left of. The thing it is good to be in full control of your private keys and i believe if you don't hold them then you don't have anything plus you are your own bank like it should be and for you to keep up to date with insuring the security of your computer is up to scratch, it would be easier have someone else hold it but that someone is not insured and until they are i will hold my coins private keys.
So what's the choice?
Should I trust myself, or should I trust some unknown service, in some foreign country?
I've chosen to trust myself.
Should I trust myself, or should I trust some unknown service, in some foreign country?
I've chosen to trust myself.
And you would be a winner at least whatever happens you only have your self to blame if you do something wrong or lack on security and it gets stolen. I trust myself 100% just as i do with all my finances they will hopefully always be in my control so no nasty surprises come my way.
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