Too much hacking | Bitcointalksearch.org

panju1

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Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

You just have to make sure that the security you put in place is sufficient.
Read up more on Bitcoin, before you decide to enter. You have a marvellous price point to enter.

OleOle

hero member

Activity: 532

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Are you like these guys?

Quote from: achillez on January 11, 2015, 10:03:07 PM

I'd say no. There are too many wolves among the sheep here.

^That's probably the most accurate thing said on this thread Cheesy

Boris-The-Blade

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Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

I think the huge price swings and instability in price added the complications of keeping your coins safe puts people off for sure.
Its so easy to make a mistake and all your coins are just 'Gone', I've nearly lost my many coins quite a few times and aged about 10 years in the process Huh

doggieTattoo

full member

Activity: 209

Merit: 100

Quote from: OleOle on January 11, 2015, 05:41:18 PM

Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

Don't bother throwing a ton of money at it.

Use a small amount to get started and get familiar and comfortable with the security knowledge and procedures that you need to know then upscale your investment if you're happy about it. There's some good information on this thread already about cold storage, offline wallets, etc so get your head around that and choose a solution that is right for you.

Wondering if "Bitcoin is safe with all this hacking going on" is your mind's way of questioning what you need to keep your bitcoins safe - figure that out then you'll know the answer to your question.

You really do not need to "throw" any money at bitcoin prior to learning about proper security techniques. All you really need to do is spend some time leaning about how to properly secure your bitcoin and what mistakes people have made in the past (so you do not make the same mistakes)

achillez

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I'd say no. There are too many wolves among the sheep here.

doof

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Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

If you have to ask...

OleOle

hero member

Activity: 532

Merit: 500

Are you like these guys?

Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

Don't bother throwing a ton of money at it.

Use a small amount to get started and get familiar and comfortable with the security knowledge and procedures that you need to know then upscale your investment if you're happy about it. There's some good information on this thread already about cold storage, offline wallets, etc so get your head around that and choose a solution that is right for you.

Wondering if "Bitcoin is safe with all this hacking going on" is your mind's way of questioning what you need to keep your bitcoins safe - figure that out then you'll know the answer to your question.

bg002h

donator

Activity: 1464

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I outlived my lifetime membership:)

Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

If you give someone your money and they promise to take care of it for you, then the probability of loss is very high...this is true with conventional currency too though (though the loss is born by other people, not the depositor, in most cases).

Lesson 1: trust no one with your money.
Lesson 2: if you must break lesson 1, make sure you only bear a tiny fraction of the burden of loss (ie, be a citizen in a country where the people insure deposits via government program or otherwise).
Lesson 3: If you truly want to protect your bitcoins, it can be done but it requires work, knowledge, and skill...although less now than in years past. If you are throwing non-trivial sums into bitcoin, buy a Trezor and learn how to use it and how to back up a wallet seed securely.

BTCreward

full member

Activity: 574

Merit: 100

Quote from: DannyHamilton on January 11, 2015, 02:59:50 AM

http://www.fbi.gov/stats-services/publications/bank-crime-statistics-2011/bank-crime-statistics-2011

Year: 2011
Bank robberies: 5,014
Total value stolen: $38,343,501.96

Are banks really safe with all these robberies going on?

I really need to know before I throw a ton of money in a bank.

--other similar examples--

While I do agree with you in principle on your point, it is flawed in that the assets that are stolen in these robberies are insured while bitcoin is not.

In this example when a bank is robbed, the bank does not even take a "hit" in their profits because their insurance covers the amount lost in the robbery. As we unfortunately saw in GOX this is not the case for bitcoin exchanges.

There is also evidence left behind when a bank is robbed that clearly proves that a third party was behind the robbery (unrelated to the owner(s) of the bank as a whole). This is not the case with bitcoin robberies.

Kprawn

legendary

Activity: 1904

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The Bitcoin technology/protocol is safe, the services built on top of it, or using it, for example "Online" wallet service providers and Bitcoin exchanges etc, are vulnerable to hacks.

Most of the stuff you hear, are not related to the Bitcoin protocol.

Most of the hacks occur, where large amount of coins are "collected" or stored for people, by a 3rd party.

Bitcoin service providers attract the same people, who hack sites collecting credit card information. It's a currency with value, and people are attracted to the value. Wink

BittBurger

hero member

Activity: 924

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Please ignore the people here who lack awareness of non-technical people.

Ignore the armory suggestion and the Trezor spam that is saturating this forum and Reddit.

bitaddress.org - free, simple, instant, and 100% secure.

NOTHING ELECTRONIC that you have to 'Trust' in.

-B-

hexafraction

sr. member

Activity: 392

Merit: 268

Tips welcomed: 1CF4GhXX1RhCaGzWztgE1YZZUcSpoqTbsJ

Also, remember that coin/wallet loss is far more common and damaging than wallet theft. Keep a backup on something that won't easily get damaged such as a good flash drive, or even good paper in a secure bank safe deposit box.

fildza

sr. member

Activity: 322

Merit: 250

Ask me anything if you have any problem

Wait. Did you just ask how to safe your money from thief? Ask yourself back where you save your salary. In the bank right? You never heard about bank got rob or credit card fraud? How you gonna save your money from that?

LiteCoinGuy

legendary

Activity: 1148

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In Satoshi I Trust

Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

start learning before investing:

https://www.youtube.com/watch?v=O0oDDIy0P2s

for storing BTC use a hardware-wallet:

https://bitcointalksearch.org/topic/overview-bitcoin-hardware-wallets-secure-your-coins-899253

Welcome.

Eastwind

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Activity: 896

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Bitcoin protocol is safe. If you store it inappropriately, then it is not safe.

WillyBTC

sr. member

Activity: 312

Merit: 250

OP is a good indication that the infrastructure is so young...and of why price got so far so fast, and may have to continue its journey back to earth. Businesses are fly-by-night, exchanges get hacked, wallets get hacked.....we need to cut down on this before hitting the mainstream.

Bitware

hero member

Activity: 926

Merit: 1001

weaving spiders come not here

Quote from: bigkahuna on January 10, 2015, 07:02:01 PM

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

It's not Bitcoin being hacked. Its third party providers and individuals with poor security practices being hacked.

Bitcoin is secure.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: 50ouncebrew on January 11, 2015, 02:57:27 AM

Use a online wallet dont DL on your pc.

Nope , a cold storage is better then any other option. I suggest you to use greenAddress , or electrum ... There are a lot of "how-to" here in the forum.

DannyHamilton

legendary

Activity: 3472

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http://www.fbi.gov/stats-services/publications/bank-crime-statistics-2011/bank-crime-statistics-2011

Year: 2011
Bank robberies: 5,014
Total value stolen: $38,343,501.96

Are banks really safe with all these robberies going on?

I really need to know before I throw a ton of money in a bank.

http://en.wikipedia.org/wiki/Securities_fraud

Quote

The Securities Investor Protection Corporation (SIPC) reports that the Federal Trade Commission, FBI, and state securities regulators estimate that investment fraud in the United States ranges from $10–$40 billion annually.

Is securities investment really safe with all this fraud going on?

I really need to know before I start investing for my retirement.

http://www.fbi.gov/about-us/cjis/ucr/crime-in-the-u.s/2010/crime-in-the-u.s.-2010/property-crime/burglarymain

Quote

In 2010, there were an estimated 2,159,878 burglaries
- snip -
Victims of burglary offenses suffered an estimated $4.6 billion in lost property

Is home ownership really safe with all these burglaries going on?

I really need to know before I get a home.

In case you haven't figured it out yet, the world is a dangerous place, and criminals exist. You need to take the proper precautions to reduce your risk.

If you "throw a ton of money towards" bitcoin and you store your bitcoins in an insecure way, you will lose them.

If you take the time to understand how to properly protect your investment, then you may find that the risk is reduced to a tolerable level.

50ouncebrew

sr. member

Activity: 459

Merit: 251

Use a online wallet dont DL on your pc.

Topic: Too much hacking (Read 2028 times)