Bitcon wallets are vulnerable because they rely on private keys. If somebody steals your private keys, they can steal all your bitcoins, Andresen said. If those keys are on a computer and the computer becomes infected with malware, "you're in trouble," he said.

"Even if you encrypt your wallet with a passphrase, the malware can lie in wait and steal your wallet the first time you go to spend some bitcoins and type your passphrase," Andresen said.

... you can say that about anything cant you. Your trading account, bank account. Nothing is 100% secure. There are always keyloggers and suchlike,

No you can't say that about anything. That is the reason that sensitive systems such as internet banking normally use a two-factor security system, e.g. the Thai bank's use of your one-time passwords sent to your mobile phone. A hacker getting hold of your password with the use of a keylogger still won't be able to transfer money to his account unless he also is able to intercept the one-time password sent to your phone.

Sophon

Well then manage your own security.. keep your wallet in an encrypted drive. Do your business transactions on a different computer to the one you use for downloading free porn! I think the risks are pretty low.

Bitcon wallets are vulnerable because they rely on private keys. If somebody steals your private keys, they can steal all your bitcoins, Andresen said. If those keys are on a computer and the computer becomes infected with malware, "you're in trouble," he said.

"Even if you encrypt your wallet with a passphrase, the malware can lie in wait and steal your wallet the first time you go to spend some bitcoins and type your passphrase," Andresen said.

... you can say that about anything cant you. Your trading account, bank account. Nothing is 100% secure. There are always keyloggers and suchlike,

No you can't say that about anything. That is the reason that sensitive systems such as internet banking normally use a two-factor security system, e.g. the Thai bank's use of your one-time passwords sent to your mobile phone. A hacker getting hold of your password with the use of a keylogger still won't be able to transfer money to his account unless he also is able to intercept the one-time password sent to your phone.

Sophon

i am using since more than a decade this credit card sized gadget which displays a 6-digit final access code that changes every 60 seconds and that on top of username and password. should the code be intercepted it will be void within some seconds.

Fool's Gold Bitcoin is a Ponzi scheme—the Internet’s favorite currency may collapse.

http://mobile.slate.com/articles/news_and_politics/view_from_chicago/2013/04/bitcoin_is_a_ponzi_scheme_the_internet_currency_will_collapse.html

Not looking pretty for Bitcoin according to this CNN report: Link

....

They'll never be a cheaper time to buy in than now.

If you believe that the fundamental concept and technology is sound, then the wild price swings are not so worrying. We are in price discovery mode for at least the next few years.

Oh I don't know... Once it hits zero there won't be much more discovering to do

Bitcon wallets are vulnerable because they rely on private keys. If somebody steals your private keys, they can steal all your bitcoins, Andresen said. If those keys are on a computer and the computer becomes infected with malware, "you're in trouble," he said.

"Even if you encrypt your wallet with a passphrase, the malware can lie in wait and steal your wallet the first time you go to spend some bitcoins and type your passphrase," Andresen said.

... you can say that about anything cant you. Your trading account, bank account. Nothing is 100% secure. There are always keyloggers and suchlike,

No you can't say that about anything. That is the reason that sensitive systems such as internet banking normally use a two-factor security system, e.g. the Thai bank's use of your one-time passwords sent to your mobile phone. A hacker getting hold of your password with the use of a keylogger still won't be able to transfer money to his account unless he also is able to intercept the one-time password sent to your phone.

Sophon

i am using since more than a decade this credit card sized gadget which displays a 6-digit final access code that changes every 60 seconds and that on top of username and password. should the code be intercepted it will be void within some seconds.

That brings back memories, I used one of those to log on to the workplace server when working from home.

Sophon

Bitcon wallets are vulnerable because they rely on private keys. If somebody steals your private keys, they can steal all your bitcoins, Andresen said. If those keys are on a computer and the computer becomes infected with malware, "you're in trouble," he said.

"Even if you encrypt your wallet with a passphrase, the malware can lie in wait and steal your wallet the first time you go to spend some bitcoins and type your passphrase," Andresen said.

... you can say that about anything cant you. Your trading account, bank account. Nothing is 100% secure. There are always keyloggers and suchlike,

No you can't say that about anything. That is the reason that sensitive systems such as internet banking normally use a two-factor security system, e.g. the Thai bank's use of your one-time passwords sent to your mobile phone. A hacker getting hold of your password with the use of a keylogger still won't be able to transfer money to his account unless he also is able to intercept the one-time password sent to your phone.

Sophon

Well then manage your own security.. keep your wallet in an encrypted drive. Do your business transactions on a different computer to the one you use for downloading free porn! I think the risks are pretty low.

The point is that you don't have to do stuff like that with other sensitive systems like e.g. bank's internet banking. Relying exclusively on private keys makes a system inherently more vulnerable. Like it's said in the quoted article even if you put the keys on an encrypted drive the malware can lie dormant and wait for when you choose to access your wallet, which will require you to decrypt the keys.

If you are confident you can keep your computer safe and are willing to take the risk of using what is basically a not very secure system to protect your money, then good for you. But if the use of Bitcoins were to become more commonplace, malware will be written to exploit the vulnaribility of the system, and there will be people who lose their money (unless the security solution is changed).

Luckily, I don't have to worry about that, as I will not be buying any Bitcoins.

Edit: You are of course right that no system is 100% secure, but some come pretty close and others are very far from that goal.

Sophon

Edited April 16, 201313 yr by Sophon

The point is that you don't have to do stuff like that with other sensitive systems like e.g. bank's internet banking. Relying exclusively on private keys makes a system inherently more vulnerable. Like it's said in the quoted article even if you put the keys on an encrypted drive the malware can lie dormant and wait for when you choose to access your wallet, which will require you to decrypt the keys.

If you are confident you can keep your computer safe and are willing to take the risk of using what is basically a not very secure system to protect your money, then good for you. But if the use of Bitcoins were to become more commonplace, malware will be written to exploit the vulnaribility of the system, and there will be people who lose their money (unless the security solution is changed).

Luckily, I don't have to worry about that, as I will not be buying any Bitcoins.

Edit: You are of course right that no system is 100% secure, but some come pretty close and others are very far from that goal.

Sophon

In the future 2 factor authentication could be developed for bitcoins. For example let say you split your private key into two halves. You keep one half and a 3rd party keeps the second half and you can only access the second half of the key using a OTP (such as a SMS or Yubikey) with the 3rd party. And the 3rd party never has access to the first half of your key, so they can't rip you off.

These are arbitrary issues that could be developed and improved as needed.

Edited April 16, 201313 yr by dave111223

Rimbit.com is speaking with its first seed investor and its now confirmed that the capital injection is now being finalized with the respective party legal teams.
What this means for Rimbit is that the first Beta version of the system will be ready for public distribution in the 4th quarter of 2013.

Rimbit has taken a slightly different approach to the transfer of Bitcoin by means of a Transaction Engine that has the ability to use current Bitcoin miners and in turn, issue mined Bitcoins back into the mining pool. As a result, current miners, should see an increase of Bitcoins available for mining, some of which are already in existence and put back into the mining pool as a reward for services rendered. However, here is the interesting part, as the transaction engine gets more widely adopted, the results will be that more Bitcoins are released into the mining pool. Its a win win situation for everyone.

Right now, details of the Rimbit Transaction Engine are still under wraps, but the outcome is hoped to change the way Bitcoins are managed and also allows for compliance adaptability around the many countries that are adopting Bitcoin. As the saying goes... Rimbit, the Google of Bitcoins.

Based in Thailand

Rimbit.com is speaking with its first seed investor and its now confirmed that the capital injection is now being finalized with the respective party legal teams.

What this means for Rimbit is that the first Beta version of the system will be ready for public distribution in the 4th quarter of 2013.

Rimbit has taken a slightly different approach to the transfer of Bitcoin by means of a Transaction Engine that has the ability to use current Bitcoin miners and in turn, issue mined Bitcoins back into the mining pool. As a result, current miners, should see an increase of Bitcoins available for mining, some of which are already in existence and put back into the mining pool as a reward for services rendered. However, here is the interesting part, as the transaction engine gets more widely adopted, the results will be that more Bitcoins are released into the mining pool. Its a win win situation for everyone.

Right now, details of the Rimbit Transaction Engine are still under wraps, but the outcome is hoped to change the way Bitcoins are managed and also allows for compliance adaptability around the many countries that are adopting Bitcoin. As the saying goes... Rimbit, the Google of Bitcoins.

Based in Thailand

Can you buy a plate of noodles with it?

Yes you can, give a bitcoin and i will give you a plate of noodles.

Yes you can, give a bitcoin and i will give you a plate of noodles.

You own a noodle shop?

sustento, for a bitcoin i will make the noodles myself in my european kitchen

It reached the bottom for now. Good time to buy I'd say. It's better than any New Market in the 90's. Fantastic unpredictable ups and downs. Really fun to watch and play. Just don't use anything other than gambling money.

sustento, for a bitcoin i will make the noodles myself in my european kitchen

So I have to travel to your European kitchen to spend my bitcoins? Why can't I spend them in any shop I walk past?

sustento, for a bitcoin i will make the noodles myself in my european kitchen

So I have to travel to your European kitchen to spend my bitcoins? Why can't I spend them in any shop I walk past?

You can sure spend them at any noodle shop, just change them to Thai Baht first. Just like you would have to do when holding whatever foreign currency, I doubt that your average noodle shop will take Korean Wong or South African Rands.

There are at least two online exchangers in Thailand who will change your bitcoins to Thai Baht, takes only a few minutes and you have the Baht in your Thai account. Then buy noodles

It reached the bottom for now. Good time to buy I'd say. It's better than any New Market in the 90's. Fantastic unpredictable ups and downs. Really fun to watch and play. Just don't use anything other than gambling money.

I don't think it's reached the bottom yet.

IMHO it won't bottom out until it reaches $35-$50 range. I'd wait for it to stabilize within a $10 range for 3 or 4 months before calling the bottom and buying in. The current trend is almost a mirror image of 2011.

Edited July 11, 201313 yr by dave111223

Kind of like listening to some folks arguing how no one will ever buy into 'electronic' email or 'bottled' water.

Most of the arguments against bitcoins are ones against digital currencies in general... which if you count e-gold, was around nearly 20 years ago. The funds being transferred around are in the billions by most estimates... and most of these currencies have been around for 10+ years. That suggests demand is there and that it isn't a pyramid (which really should be somewhat centralized like Amway or Giffarine by definition which peer to peer currencies aren't by definition). So we're basically arguing whether the governments will be able to put and end to it.

Well, they couldn't even shut down bulky physical goods like alcohol, arms, or narcotics trade... heck they can't even shut down peer to peer movie and music transfers... something that is worth very little compared to the demand that drives digital currencies. The fact that they can occasionally shut down websites and put the occasional goat through the courts means nothing at all in the big picture.

I wouldn't hold it long term... it's a tool just like anything else. I don't haul around my metal saw, arc welder, or various drills everywhere I go either, but when needed it's amazing what a few simple tools (and cheap labor) can accomplish. Ridiculous! What mortal man can cut through rock and melt steel?

Edited July 11, 201313 yr by Heng

sustento, for a bitcoin i will make the noodles myself in my european kitchen

So I have to travel to your European kitchen to spend my bitcoins? Why can't I spend them in any shop I walk past?

You can sure spend them at any noodle shop, just change them to Thai Baht first. Just like you would have to do when holding whatever foreign currency, I doubt that your average noodle shop will take Korean Wong or South African Rands.

There are at least two online exchangers in Thailand who will change your bitcoins to Thai Baht, takes only a few minutes and you have the Baht in your Thai account. Then buy noodles

But if I have to change them into Thai baht (or any other currency) to buy noodles then I'm not using bitcoins to buy noodles - I'm using baht.

Some 15% up since my posting yesterday

If the Thai baht was as unstable against western currencies as bitcoins seem to be Thaivisa would be deluged with posters whining.

You aren't just investing in the ideology, you are investing in a specific currency so comparisons of Bitcoin to p2p file sharing are a bit generous. A better analogy would be a comparison to Napster or Pirate Bay or MegaUpload.

I've used them to sell bitcoins, they were very quick and helpful although expensive for buyer and seller. If you would like to exchange with me I'd be happy to sell some if you live in Chiangmai we could meet or alternatively I'm sure bitcoinbrokers.com ( a trusted escrow service) would be happy to do the exchange.

Closed as the government has made trading in bitcoins illegal in Thailand now.

http://www.thaivisa.com/forum/topic/657170-bitcoins-banned-in-thailand/