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Re: The Bank of Bitcoin- The World's Most Secure Bitcoin Service- Unhackable!
by
TheBankofBitcoin.com
on 20/05/2013, 22:18:08 UTC
I think perhaps the word "Bank" in our name is confusing people at the least, and giving them an idea of what we are which is exactly opposite of what we truly are.  When you put Bitcoin in a Paper Vault you are NOT depositing it with us at all - and that's the point.  We are providing an extremely convenient way of anonymously creating offline Bitcoin storage, on paper, which only YOU have control of.  Each time I see a "+1" when someone says "nothing is unhackable" I have to laugh and shake my head, knowing that they simply do not understand what we do, or exactly what a Paper Vault is.   Wink

A Paper Vault is a paper printout containing Bitcoin Addresses and Private Key pairs.  These are not generated on our server, but on the user's own computer, using client-side javascript.  The Private Keys are not transmitted over the Internet, and the Paper Vaults are also never in our possession, but are only printed and kept by the user.  Our claims of "unhackable" only apply to the Paper Vaults themselves: we are only (and very specifically) claiming that a Paper Vault, properly created, cannot be hacked by any known means.  I have stated, a few times already, that there is no way someone can "hack" a piece of paper tucked away in your sock drawer, or wherever else you choose to keep it.  Sure, it can be stolen...but then again someone can steal the computer you run the Bitcoin client on, and let's face it, it's much easier to securely hide away a valuable piece of paper than a valuable computer.

I know this is a rather long thread - 6 pages as I type this - so I know that many of those commenting haven't read every word and thus don't actually understand what we are offering yet.  And that is fine.  We are happy to explain.  Smiley