Topic: Do you trust yourself to manage your own private keys? - page 5. (Read 6924 times)
I took a while to study everything but now I can say I trust myself 100%.
I will not steal coins that I own. 
Most of people that use bitcoin are against bank systems so I think the majority can manage private key on his own.
Also the banks aren't that secure !
Also the banks aren't that secure !
I trust myself. I use electrum, so the only thing i have to secure is 12 words. They are in my head and written down partially on different hidden papers. The only scenarios where i could lose my coins is if i die or can't remember anything.
None of the banks you listed are secure. Just look at Cyprus where the money was stolen by the goverment from the "secure" banks.
I rather be my own bank than have my money in a place where it can be stolen that easy just as I would never trust any of those programs you listed with anything that has value for me.
I rather be my own bank than have my money in a place where it can be stolen that easy just as I would never trust any of those programs you listed with anything that has value for me.
This is kinda the point of be your own bank.. with the hardware wallets that exist now a days.. no excuses
Not 100% but I wouldn't have it any other way. I've made a couple mistakes that cost me coin over the last couple years. Live and learn
1st) If you can't trust yourself to secure your own assets, you will never be rich and don't deserve to be. Get out of the space now, and wait for the inventors and entrepreneurs to create technology to suit your needs, then come back when all the hard work is done and the right people have been rewarded.
2nd) Hardware wallets are coming out for this exact purpose. So if you do decide that you want to take responsibility for your wealth, use a notebook (or two) to log your private and public key information and hold your stuff in cold storage like the rest of us. Just because it's tedious does not mean it's rocket science.
2nd) Hardware wallets are coming out for this exact purpose. So if you do decide that you want to take responsibility for your wealth, use a notebook (or two) to log your private and public key information and hold your stuff in cold storage like the rest of us. Just because it's tedious does not mean it's rocket science.
I like how from Op's post I can feel that he thinks: people are little retarded and stupid and it would be better for them if they keep all theirs private keys and money in online storage. That way people would be 'free' from thinking about all that unnecessary stuff like 'how to secure my bitcoins'. After all someone can do this better for them...
The thing is people don't need to be retarded not to be able to handle their own private keys. They just need not be informed enough.
I'm sure (almost?) everyone on this forum are able to correctly handle their own keys but unfortunately that's not the case for most people outside.
I like how from Op's post I can feel that he thinks: people are little retarded and stupid and it would be better for them if they keep all theirs private keys and money in online storage. That way people would be 'free' from thinking about all that unnecessary stuff like 'how to secure my bitcoins'. After all someone can do this better for them...
Who can manage your keys better than you?
that way you can exactly know the risks you are taking and you can know how safe are your coins.
If you don't keep your coins safe it would your fault and nobody else
that way you can exactly know the risks you are taking and you can know how safe are your coins.
If you don't keep your coins safe it would your fault and nobody else
Criticism often comes to online wallet providers (Xapo, Coinbase, etc) saying, if you don't own your private keys, you don't actually own your bitcoin. On the other hand, if your cash is in a traditional bank, you don't really own your cash either. The only possible difference, traditional banks have been around longer, and more people trust them.
The reason why I store money in a bank is that
(i) I earn interest on my deposits
(ii) Even in case the bank goes bust, my deposit (up to a certain amount) is insured.
With Bitcoins, I would rather secure my private key on my own.
Of course, why would one not trust themselves!!
Of course the question doesn't mean "do you trust you won't steal coin from yourself?", it means "do you think your tech-savvy enough to take all the security measures to keep your coins safe?".
So that's why some people could not trust themselves. I do as I posted earlier but of course a lot of people don't have the required knowledge to do it.
I hope this will change in the future, it's a requirement to get mass adoption while keeping the objective of bitcoin.
Do you trust yourself to manage your own private keys?
Yes, of course. Why wouldn't I?
Criticism often comes to online wallet providers (Xapo, Coinbase, etc) saying, if you don't own your private keys, you don't actually own your bitcoin. On the other hand, if your cash is in a traditional bank, you don't really own your cash either.
They are both true. I don't trust any online service to keep my funds. I don't trust banks. You know governments have ability to freeze your bank account, and take all of your money.
I think about pictures, movies, files, documents, I had on my computer 10 years ago (and I always backed up), and I probably couldn't retrieve a single one without relying on a cloud-based service (Facebook, Google Drive, Dropbox, etc.). I have no idea where the original photos of my trip to Indonesia in 2008 are, but I know that album is still easily accessible on Facebook.
Cloud services, are you serious? Privacy = 0
I never use cloud services. Do you like it if some random people view your photos just because they want and can?
I rarely upload a photo of me on the internet. I don't want to keep any of my files in cloud services or random sites.
Are critics right to say, don't use an online wallet provider, it's not safe?
They are not safe enough to keep all your funds, but they are useful if you will use small amounts or use them in short time.
I only trust myself to manage my private keys. 
Of course, why would one not trust themselves!!
Criticism often comes to online wallet providers (Xapo, Coinbase, etc) saying, if you don't own your private keys, you don't actually own your bitcoin. On the other hand, if your cash is in a traditional bank, you don't really own your cash either. The only possible difference, traditional banks have been around longer, and more people trust them. Many bitcoin users who criticize bitcoin vaults, store their cash in a traditional bank. Hypothetically, if Bank of America, or Barclay, or DeustcheBank announced they've invested millions into a highly protected, advanced, security architecture, would you trust someone to store it then? I personally don't trust myself to store my own bitcoin, for now. That could change in the future, but right now, I'm not a fan of the options, as the technology depends too much on my ability to maintain hardware, or, not lose something. I think about pictures, movies, files, documents, I had on my computer 10 years ago (and I always backed up), and I probably couldn't retrieve a single one without relying on a cloud-based service (Facebook, Google Drive, Dropbox, etc.). I have no idea where the original photos of my trip to Indonesia in 2008 are, but I know that album is still easily accessible on Facebook. Are critics right to say, don't use an online wallet provider, it's not safe?
I think there is a legit market for "bitcoin banks" specially if you can make interest out of your holdings, but a lot of people are into bitcoin precisely because they want to be their own bank, but yeah you can fuck up big time if you lose your wallet.
I agree with most people that they should secure the bitcoins themselves or at minimum only use banks that can prove they aren't the ultimate custodians of the keys through multisig or other methods.
this is a STUPID post from Xapo .. of course most people on bitcointalk trust themselves to manage their own private keys. Xapo and CoinBase are going after bitcoin newbies, not veteran users
Keys ain't a problem keeping, the problem is storing them at a right/safe place.
I have seen viruses on PCs which steal them and the other day, you won't see your Bitcoins in your account just because you don't have some highly trusted Anti-Virus installed.
Storing them offline seems more secure to me than keeping them online with so many coins stored in a single key.
I have seen viruses on PCs which steal them and the other day, you won't see your Bitcoins in your account just because you don't have some highly trusted Anti-Virus installed.
Storing them offline seems more secure to me than keeping them online with so many coins stored in a single key.
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