Topic: Trust No One - page 2. (Read 161328 times)

Trust No One? Ok. We discuss about people... But what about our governments, parliaments committee and laws? They are able to change rules and bitcoin may lose credibility. Is it possible or not?

What about the newbies like me, how could we marked as trusted if no one is willing to transact with the newbies

You have to wonder, if mass adoption of bitcoin is even possible with this level of paranoia. It takes a lot of reading just to even get started using bitcoin.
There's got to be an easier way.

I put this post in the Newbies area for a reason

I believe that bitcoin will someday be orders of magnitude more secure (and more valuable). If you buy bitcoins now, you are an early adopter getting in while prices are cheap and betting that security and utility will improve.

In the meantime, yes, you must be absurdly paranoid. These websites cannot be trusted any more than you absolutely have to. To actually hold onto your coins long enough for your investment to pay off, you need to push the paranoia up to the tinfoil-hat level. This is the price of being an early bitcoin adopter.

Hi bitcoiners -- first poster here.

Since we're talking trust here, I wanted to recount my brief experience purchasing BTC via USD through Localbitcoins.com about a week ago (my first foray into the currency).  I found a seller with a stellar reputation, did a cash deposit to their bank account, and, *presto*, the Localbitcoins escrow system worked flawlessly!  This seemed so much easier and safer than doing an in-person transaction, which some people may have had issues with (based upon what I've read in other forums).  I was not unhappy to pay their 1% fee for this service.

I'm not here to plug the site, only to let people know that I had a good experience.  YMMV, of course.

Cheerio.

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.

And remember, this is how most bitcoins services get started:

https://lh3.googleusercontent.com/-lgm4poF3JWE/TgsHwby-BlI/AAAAAAAADwQ/twan94HT6p4/020.jpg

Comic from: https://bitcointalksearch.org/topic/new-bitcoin-comic-13903

Hi all, maybe I'm a little late into this thread. I've read a good deal of it, but not all 113 pages of it. Just wanted to insert an idea that I had while reading.

In building trust when it comes to transactions between unknown people.

Why do we need to trust someone? Couldn't there be a piece of software that could handle it for us?

Say I want to trade my 1 BTC for 2,000,000 DOGE to PERSONX.
There could be software that handles the transaction, the 2 of us first allocate what the overall transaction will be (my 1 BTC for PERSONX's 2,000,000 DOGE).
Then we agree on our RISK FACTOR, say .01 BTC , then the program will make many small transactions over the next 24 hours. So, instead of making 1 transaction of 1 BTC for 2,000,000 DOGE it makes 100 transactions over a longer period (as fast as it can be verified, depending on the volume and the risk factor) of .01 BTC for 20,000 DOGE.

The program would choose one person on the first transaction to go first, but it would take turns making each person go first every other micro-transaction. If the first transaction (or any subsequent transaction) never happens then the program stops any further transactions.

People can trade at whatever RISK FACTOR they are comfortable with, knowing that the most they can lose is the RISK FACTOR that they choose. You could make a high volume transaction with a very low risk, but the downside would be that the transaction would take a little longer.

Of course this brings up the issue of trusting the program itself, but if the source code is available I don't see any reason to trust it any less than any other wallet software.

Well talking trust and Mt. Gox
On September 2013 I have initiated a withdrawal of $400 to my bank account via wire transfer.

Its January 2014 and still no $$....

Always the same answer from Mt. Gox support: