Topic: Trust No One - page 17. (Read 161328 times)
Good tips! But will the trust-factor not be the main problem with the growth of bitcoin? Scams are everywhere with no one to act as a corrector..
+1 as well. Seriously, it's the internet, take everything bad about people, and watch it get worse. Basically it's the GIFT principal all over again.
Seriously. Don't trust the exchanges, don't trust online wallet services, don't trust your anti-virus software, and don't trust anybody online.
Another good post to read.
I should have sought this site out first.
Gaining my privs one post at a time!
Interesting 
People have to understand, that BTC or LTC or whatever are MONEY! You don't go up to a complete stranger, give him 100$ and ask him to keep it safe while you go away for 1 hour or so 
Great article, thank you
Well I'm setting a password on my computer after reading this. Don't want some stranger transferring my 0.000000001 BTC away. 
Sage advice that applies to many aspects of life It's amazing at what humans will do to each other at time 
It's amazing at what humans will do to each other at time 
Seriously. Don't trust the exchanges, don't trust online wallet services, don't trust your anti-virus software, and don't trust anybody online.
If you absolutely must trust someone with your bitcoins, for the love, choose carefully!
Insurance? Impossible, you say. Not so!
When I needed people to trust me to hold bitcoins for a contest, I deposited 50 bitcoins as a bond with a well-respected forum member, so that even if I did something stupid and lost people's money, they would still be reimbursed. You can read about it here: https://bitcointalksearch.org/topic/finished-bet-on-bitcoin-future-price-here-july-1st-2011-10008
Consider carefully who you will trust. With bitcoins, elaborate scams may be profitable. For instance, someone may develop trust for their user name over many months with small transactions on this forum, then take advantage of that trust to make off with a lot of money. Such a scam would only be worth doing on this forum. No other forum in the world would be worth the effort.
If you want someone to hold your bitcoins for you, there are NO online services that have the transparency and security to make me comfortable using them for storing bitcoins for more than a short time in small amounts. The only way to do it is like I did - choose someone whom you believe to be trustworthy, and approach them. If they approach you, or in any way say or insinuate that they are a trustworthy person to hold your coins, STAY AWAY.
If you are thinking that I might not be trustworthy, since I am writing this post about the issue, you are approaching the appropriate level of paranoia.
If you want to store your bitcoins with maximum security, there are lots of resources about how to do it, such as this: https://en.bitcoin.it/wiki/Securing_your_wallet
Here's my summary:
1. Put all your coins in a new wallet that has never connected to the network
2. Encrypt that wallet with the maximum security you can find, using the most secure password you can keep track of
3. Delete the plaintext wallet, and distribute the encrypted wallet to every piece of physical media you own, store it online, and send it to several people you trust
Don't think you can generate and remember a secure enough password? Create a super-long password, and store clues to help you remember it. For instance, your password clue file might say:
My standard password + My throwaway password (backwards, all caps) + &#$%@ + First two sentences of first paragraph of page 19 of my favorite book (include all capitalization and punctuation) + My wife's mother's middle name + My son's favorite superhero + My favorite number times 8734 + food my wife hates (backwards, all caps) + 9-digit number stored with my paper will + 10-character password stored in my safety deposit box + . . . .
You can go on in this way to create as long a password as you want. Store this password clue file with your encrypted wallet, and optionally encrypt both with a simple standard password to keep out snoopers.
In this way, not only can you recover your coins from your "savings account" at a later date, if you get hit by a chicken truck tomorrow and die, your loved ones can probably piece together your password and recover the coins too (better make sure you trust them, and that between them they have or can get the answers to those clues).
I recommend that you practice your wallet encryption and recovery a few times with a small number of coins, until you are very comfortable with the process before you try it with the bulk of your savings.
And remember, this is how most bitcoins services get started:
Comic from: https://bitcointalksearch.org/topic/new-bitcoin-comic-13903
If you absolutely must trust someone with your bitcoins, for the love, choose carefully!
- Do you know their full name?
- Do you know where they are located?
- Have they demonstrated trustworthiness in the past?
- Are they asking you to trust them? (red flag)
- Do they have insurance?
Insurance? Impossible, you say. Not so!
When I needed people to trust me to hold bitcoins for a contest, I deposited 50 bitcoins as a bond with a well-respected forum member, so that even if I did something stupid and lost people's money, they would still be reimbursed. You can read about it here: https://bitcointalksearch.org/topic/finished-bet-on-bitcoin-future-price-here-july-1st-2011-10008
Consider carefully who you will trust. With bitcoins, elaborate scams may be profitable. For instance, someone may develop trust for their user name over many months with small transactions on this forum, then take advantage of that trust to make off with a lot of money. Such a scam would only be worth doing on this forum. No other forum in the world would be worth the effort.
If you want someone to hold your bitcoins for you, there are NO online services that have the transparency and security to make me comfortable using them for storing bitcoins for more than a short time in small amounts. The only way to do it is like I did - choose someone whom you believe to be trustworthy, and approach them. If they approach you, or in any way say or insinuate that they are a trustworthy person to hold your coins, STAY AWAY.
If you are thinking that I might not be trustworthy, since I am writing this post about the issue, you are approaching the appropriate level of paranoia.
If you want to store your bitcoins with maximum security, there are lots of resources about how to do it, such as this: https://en.bitcoin.it/wiki/Securing_your_wallet
Here's my summary:
1. Put all your coins in a new wallet that has never connected to the network
2. Encrypt that wallet with the maximum security you can find, using the most secure password you can keep track of
3. Delete the plaintext wallet, and distribute the encrypted wallet to every piece of physical media you own, store it online, and send it to several people you trust
Don't think you can generate and remember a secure enough password? Create a super-long password, and store clues to help you remember it. For instance, your password clue file might say:
My standard password + My throwaway password (backwards, all caps) + &#$%@ + First two sentences of first paragraph of page 19 of my favorite book (include all capitalization and punctuation) + My wife's mother's middle name + My son's favorite superhero + My favorite number times 8734 + food my wife hates (backwards, all caps) + 9-digit number stored with my paper will + 10-character password stored in my safety deposit box + . . . .
You can go on in this way to create as long a password as you want. Store this password clue file with your encrypted wallet, and optionally encrypt both with a simple standard password to keep out snoopers.
In this way, not only can you recover your coins from your "savings account" at a later date, if you get hit by a chicken truck tomorrow and die, your loved ones can probably piece together your password and recover the coins too (better make sure you trust them, and that between them they have or can get the answers to those clues).
I recommend that you practice your wallet encryption and recovery a few times with a small number of coins, until you are very comfortable with the process before you try it with the bulk of your savings.
And remember, this is how most bitcoins services get started:
Comic from: https://bitcointalksearch.org/topic/new-bitcoin-comic-13903
So remind me again how can I trust you ?? and take your word for not trusting others ?
Easy for u to say... Newbies like me HAVE to trust someone when they start selling/buying in places like this... Unfortunately people like me will also get scammed a lot in their early days. I speak from experience dealing on sythe for over 2 years... for the first 2 months i lost over $300 in getting scammed.
...
Yes sir!
Good info
Good guidelines there
A good password that I used that is 30 + digits long is ( stupid old nintendo password that I remembered as a kid + locker combo in high school + last four of ssn + stupid old nintendo password that I rembered as a kid backwards )
I'll never forget that password, and it's got numbers, letters, uppercase, and special characters. Not crackable.
I'll never forget that password, and it's got numbers, letters, uppercase, and special characters. Not crackable.
Agree with the main points. In general this applies to any sort of transaction not even just with bit coins
Figure there's no better place to ask - the surf4bitcoin.com site (see https://bitcointalksearch.org/topic/m.1601882) runs off of a Chrome/Firefox plugin that states it will have access to all of your web activity.
Bad idea to install??
Bad idea to install??
def a double edged sword.. the freedom allows scams but also its what makes the currency so great. i like it =)
Not sure if promoting scamming...
def a double edged sword.. the freedom allows scams but also its what makes the currency so great. i like it =)
Quote
My standard password + My throwaway password (backwards, all caps) + &#$%@ + First two sentences of first paragraph of page 19 of my favorite book (include all capitalization and punctuation) + My wife's mother's middle name + My son's favorite superhero + My favorite number times 8734 + food my wife hates (backwards, all caps) + 9-digit number stored with my paper will + 10-character password stored in my safety deposit box + . . . .
Great password formula. I've been generating random ones, but this way makes it feasible to actually remember the damn thing.
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