What can be done to stop loss sending to wrong bitcoin address - page 3.

bitvestorhacked

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Quote from: CarnagexD on December 10, 2019, 04:06:08 AM

Quote from: Zackgeno96 on December 10, 2019, 03:57:46 AM

Quote from: Sanugarid on December 10, 2019, 03:47:19 AM

Quote from: samcrypto on December 10, 2019, 03:21:49 AM

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

Shorter bitcoin address would mean all the bitcoin addresses will be taken up by the users quickly. As many of us own more than one bitcoin address so it will also cause problem for the users. I suggest no protocol changes should be made withing bitcoin. As sending bitcoin to a wrong address is something just because of a user's fault, so the user should double check the transaction before sending it and also what I do is double check the starting and ending of the address as it ensures that I am sending to the correct address and till now I haven't sent my bitcoins to a wrong address.

I came across to a project that tries to resolve the problem of sending funds. If I am not mistaken it is called digital names ( some sort of that) they aim to change the alphanumeric addresses to a new and customize addresses. But I think that project didn't get enough ( I don't know, since I have'nt heard of them ) I guess the purpose seems to be clear but it is complicated. I once wrongfully sent my funds to the wrong address, honestly it is embarassing at first but that's the time I learned my lesson to double check, best if triple check the information especially the address of the recipient.

You sent wrongfully, at least it was not much to hurt you so much financially, imagine you was trying to buy a house that cost 300,000USD and you just lost it in one go, it is not that you are not careful, this things happen and they happn to even the best of the best too, your computer is secure, anti virus updated, no penetration but yet it can still happen, people go to long length to make this happen, so its better safe than sorry.

bitvestorhacked

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Quote from: yazher on December 10, 2019, 03:04:38 AM

There was a virus from the copy/paste method and it's called Clipboard Hacking Technique, once you copied a BTC address it pasted a different BTC address. I think this is one of the reasons why many people sent their BTC to the wrong address. the most important thing to prevent this problem is to double-check the BTC address where you about to send the BTC. This is where most people failed because some of them are lazy even to check if its the right one or not. therefore when we are introducing Bitcoin to some new people, we need to add this thing to the rule of BTC. like rule no.2 double-check the BTC address where you about to send your BTC to.

You can read more info about the copy/paste malware here: https://bitcointalksearch.org/topic/avoid-clipboard-hacking-5207436

How do we explain to every new users this way, old ladies, children, then it will seem that this new money is harder than the banks, so why use it. Adding it to the rule of btc will seem like a job to many who would say i am better of with banks.

Double checking is very necessary but reducing the risk to accommodate all is also essential

gentaap01

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Quote from: bitvestorhacked on December 10, 2019, 04:20:07 AM

Quote from: BrewMaster on December 10, 2019, 03:44:34 AM

i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.

Is there a post for this you can refer me to, this sounds great, i will need to read more.

Really. I mean was though with some Mr A or Mr B but that's nice thanks

bitvestorhacked

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Quote from: NeuroticFish on December 10, 2019, 02:52:07 AM

Quote from: bitvestorhacked on December 10, 2019, 02:35:08 AM

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

This part i clarified too, the protocol must not be based on the amount, sender and receivers address can be the protocol, senders enables protocol based on the address and receiver does the same, so as long as this protocol is used to send between both of them bitcoins will arrive ok, else bitcoin will be returned to the sender.

Astvile

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The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.

bitvestorhacked

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Quote from: BrewMaster on December 10, 2019, 03:44:34 AM

i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.

Is there a post for this you can refer me to, this sounds great, i will need to read more.

bitvestorhacked

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Quote from: NeuroticFish on December 10, 2019, 02:52:07 AM

Quote from: bitvestorhacked on December 10, 2019, 02:35:08 AM

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

Yes i thought of this, fees might make it less and other factors too, that is why i said that a protocol with the senders address, the senders address might just be what the receivers protocol is looking for to accept payment, something like senders address white-listed to receive payment and senders has the protocol to see if the receivers wallet is waiting for payment from his/her address. This is not messy it is just for those that want the easy way, pros still use the the same way but with this way those shifting from banks will find an easy adjustments.

CarnagexD

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Quote from: Zackgeno96 on December 10, 2019, 03:57:46 AM

Quote from: Sanugarid on December 10, 2019, 03:47:19 AM

Quote from: samcrypto on December 10, 2019, 03:21:49 AM

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

Shorter bitcoin address would mean all the bitcoin addresses will be taken up by the users quickly. As many of us own more than one bitcoin address so it will also cause problem for the users. I suggest no protocol changes should be made withing bitcoin. As sending bitcoin to a wrong address is something just because of a user's fault, so the user should double check the transaction before sending it and also what I do is double check the starting and ending of the address as it ensures that I am sending to the correct address and till now I haven't sent my bitcoins to a wrong address.

I came across to a project that tries to resolve the problem of sending funds. If I am not mistaken it is called digital names ( some sort of that) they aim to change the alphanumeric addresses to a new and customize addresses. But I think that project didn't get enough ( I don't know, since I have'nt heard of them ) I guess the purpose seems to be clear but it is complicated. I once wrongfully sent my funds to the wrong address, honestly it is embarassing at first but that's the time I learned my lesson to double check, best if triple check the information especially the address of the recipient.

Zackgeno96

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Quote from: Sanugarid on December 10, 2019, 03:47:19 AM

Quote from: samcrypto on December 10, 2019, 03:21:49 AM

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

Shorter bitcoin address would mean all the bitcoin addresses will be taken up by the users quickly. As many of us own more than one bitcoin address so it will also cause problem for the users. I suggest no protocol changes should be made withing bitcoin. As sending bitcoin to a wrong address is something just because of a user's fault, so the user should double check the transaction before sending it and also what I do is double check the starting and ending of the address as it ensures that I am sending to the correct address and till now I haven't sent my bitcoins to a wrong address.

Sanugarid

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Quote from: samcrypto on December 10, 2019, 03:21:49 AM

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

BrewMaster

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i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.

bitmover

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What is suggesting makes absolutely no sense.

No one should have to give any authorization to receive money, only to send. This is how it always worked out in Fiat currency as well

If the user is careless and sends money to any address without verifying, it is solely his fault and he loses the money . There is nothing no one can do.

What you are suggesting, authorization to receive money, causes so many problems that it is not worth mentioning.
How would donations work? There would be so much more congestion cause there will be those transactions going back and forth...

Bad idea. Wink

goaldigger

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Quote from: samcrypto on December 10, 2019, 03:21:49 AM

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

I'm doing this even if I'm drunk and so far I didn't make any mistakes on transferring my bitcoin because we are talking about money here and when it comes to money we should be more wise on spending it and we have to be strict on that. In one mistake you can loss everything and that's the reason why we need to be more responsible, and don't transfer any funds to unfamiliar address. Also if you just copy and paste the address, you'd better to confirm it first before you transact.

samcrypto

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I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

yazher

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There was a virus from the copy/paste method and it's called Clipboard Hacking Technique, once you copied a BTC address it pasted a different BTC address. I think this is one of the reasons why many people sent their BTC to the wrong address. the most important thing to prevent this problem is to double-check the BTC address where you about to send the BTC. This is where most people failed because some of them are lazy even to check if its the right one or not. therefore when we are introducing Bitcoin to some new people, we need to add this thing to the rule of BTC. like rule no.2 double-check the BTC address where you about to send your BTC to.

You can read more info about the copy/paste malware here: https://bitcointalksearch.org/topic/avoid-clipboard-hacking-5207436

NeuroticFish

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Quote from: bitvestorhacked on December 10, 2019, 02:35:08 AM

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

bitvestorhacked

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Quote from: davis196 on December 10, 2019, 02:20:09 AM

What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC". Grin

It's genius,isn't it. Grin

This is a reply when you see today for bitcoin, when you look at the bigger picture we look to be better than the present banks while being our own bank, not double checking a long address, a bank account is 10 digit long where i am and i know most other places too, 10 digits is so easy to double check, we are looking to accommodate everyone and not specific people, btc is no longer a dream, it has crossed that dream line and becoming a very very realistic reality

"Yaya, an IBAN is way long too" but then again BIC required, much protocols and bank controlled.

bitvestorhacked

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Quote from: pooya87 on December 10, 2019, 02:14:40 AM

most of the ways that users could send to a wrong address involve having a malware on their computer, in which case these users are also susceptible to a lot of different attacks and can lose their money in much easier ways than simply sending to a wrong unintended address. your solution is also not going to solve anything, the same malware can intercept the communication between A and B and change the address to its own.

other ways that involve user typing in a wrong address are already protected by the checksum that each address has in place which means they won't be able to pay to a wrong address because of typos.

Good point with checksum this works well and it is a very powerful step to show that much more can be done.
There are many different ways for attack but we can also reduce this many different ways too.
Malware will intercept unless someone or a middle man has physical access to the senders phone or computer and in this case no one is to blame.

bitvestorhacked

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Quote from: NeuroticFish on December 10, 2019, 01:53:51 AM

Quote from: bitvestorhacked on December 10, 2019, 01:41:22 AM

A 2 way check system can be this way,
I- Mr A about to send Bitcoin to Mr B using protocol safe
II- Mr B opens a allow protocol safe using either senders address or generates an option notifying incoming bitcoin to his wallet and amount
III- Mr A Sends bitcoin to Mr B
III- Mr A protocol checks to see if Mr B's protocol is expecting and if Yes, [Suspicious link removed]ives Mr B, if not bitcoin goes back to Mr A.

Lets say the copy and paste malware attacked and changed address while Mr A paste to the system then btc will be returned and no harm.

I may have missed something however, it's not clear how this could help.
Clearly Mr B will not spend time checking if money is about to come and allow it, it would be a huge overload for shops, for example.
So an automation will have to be done in a way or another. And this makes all that workflow useless.

But, for the sake of discussion, let's say the automation is not done.
What stops the sender be careless twice when sending out the money?

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

piebeyb

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Quote from: bitvestorhacked on December 10, 2019, 01:41:22 AM

This are just examples and there is much more, but my reason for getting this to our attention is because this is a real issue, if bitcoin is to be the currency our kids will use it too, our grand mothers will too, they will have to buy grocery with it someday, pay for taxi rides, buy houses and more, so it is time we start thinking on how to make it easy so even our young kids in High school and below will be able to buy lunch in school using bitcoin and not losing access to their bitcoin or losing the family entire savings because a hacker got access to the kids phone and wiped the whole family our of their precious money, that will be very bad publicity for the image of bitcoin.

if a hacker hacks a cell phone from a child it is the same as we hold cash, it is more dangerous when cash because in many cases they rob by killing to eliminate traces, while online theft for example hackers can actually be avoided by teaching many things how to protect their money is really good so it's not easy to be accessed by hackers, but it's a bit hard if bitcoin is used as a payment tool in the future, still not sure because many countries and governments are still against it, so just wait for their country to go bankrupt or crisis severe

Topic: What can be done to stop loss sending to wrong bitcoin address - page 3. (Read 614 times)