Trust No One

[KerryH]

Good post OP, we become too comfortable when things don't go bad and we are blindsided when they do.

[alexh]

I will store my bitcoins offline on my external harddrive and encrypted with true crypt.

[BladeRunner]

Word of the day. Trust No One. Even the trolls.

[howzar]

There is no "real" Trust on online world and as long as you don't actually know the individual and can cause him some social damage at least They is a possibility of scamming.

[Aianis]

I love the comic

The parents have invested well (if the boys wouldnt spend the BTCs)

[rmorgan]

I will store my bitcoins offline on my external harddrive and encrypted with true crypt.

This is what I do.  TNO all the way! 

[BaghdadSteve]

It's not paranoia if they really are after you.

[vam345]

good read.

[The Rouge 1]

so offline storage can be used by copying blockchaining codes of the bitcoins, just a newbie? Gonna have to claim single bitcoins I had with instawallet... with their service being hacked 

[kevinm]

Dacoinmaster,
Thanks for that info.
good tips for a noob

[ZanderD]

Good tips. Gotta be safe, especially since the network is somewhat anonymous.

[creemej]

I promise!

[Taoist]

i think it is valid to apply security, but some suggestions do seem a bit overkill

[boneee]

thanks for the info

[mjsherman]

Great info

[harveyweizhao]

wow cool!

[yawhide]

completely agree, trust noone with anything you are scared to lose

[BladeRunner]

completely agree, trust noone with anything you are scared to lose

This made me think of the old saying, "A lock only keeps an honest man honest"

[paulk]

If you cannot trust anyone, will this not affect bitcoins in a negative way? Or any monetary system? I thought that this sort of systems are always rooted on trust even bitcoins.

For example if I buy something from an online merchant, I will have to trust he will send a good quality product. I even need to trust him, he will send anything at all. I also have some trust in the central bank, if I don't have that, the value of the currency starts to decline very rapidly.

Silkroad is a particularly strong example of trust. You buy some shady goods, you give the other party your home address and then hope you will get it and it will be in good quality. And also that the other party didn't have alerted your authorities. The upside of this is that your packet will be send by courier. The downside is, that you cannot consume the shady goods and cannot file a complaint, so the merchant looses his merchant status at silkroad.

You need to trust, that bitcoin exists tomorrow. That the developers don't make a huge unreparable mistake, that the authorities not go down on it next week. You need to trust, that there are not huge financial corporations pumping the value of bitcoins. There is a lot to trust.


The reason bitcoin is going skyhigh is that people trust third parties like mtgox, silkroad, the dark souled business men on there, the gambling sites and all those options and the lending constructions. 

I think you would wanted to say, be cautious.

But it is good advise, you give, but just don't distrust trust.

It will hurt the currency in the long run. I have converted some of my euros into bitcoins, because I have trust in the system.

[tomwoods]

I was thinking that "Trust No One" also applies to groups of people. Currently with the price of bitcoins skyrocketing like it is, I wonder if financial entities might have found in bitcoin a new way to sucker us out of our hard earned money, artificially driving up the price of the bitcoin and riding the roller coaster up they way they same way they have done during the coure of modern history?

What mechanisms are there in place to counter manipulation of the bitcoin system? What measures can be taken to reduce the volatility of the bitcoin?

What good is it for me to have my bitcoins in a physical wallet, secure from everyone, when the actual value of the bitcoin can be manipulated?

How can I protect myself against this?