Post
Topic
Board Altcoin Discussion
Re: Alternative Block Chains : be safe!
by
Luckybit
on 31/08/2013, 11:30:18 UTC
Good advice.

Using an alternate cryptocurrency client would be a great way to get many people to install a hidden virus that targets Bitcoin users.

If you have a significant amount of Bitcoins, I wouldn't run other clients on the same computer until the alternates have developed trust over a longer period of time... I'm probably on the paranoid side of things though.

These new cryptocurrencies are interesting, and it will be fascinating to see how it will all play out.  

Ultimately someone should probably release a product, some hardware such as a thumb drive with an OS which runs in as a virtual machine and sell it to people. Then they just plug it in and install the latest alt-coin for testing. The thumb drive should also include biometric authentication and generate a one time password.

It would be the perfect hardware wallet in my opinion. No remembering passwords. You wouldn't even necessarily have to worry about losing the hardware wallet because the actual wallet could be backed up to the cloud or internet and downloaded again as it would be authenticated by your biometric signature which will not change even if you were to lose the device. It would be a combination of a Yubikey, 16-32GB hardware encrypted solid state drive, and finger vein recognition biometric authentication. Push one button and it backs up all your coins to your email, or to the cloud. Put your finger into the slot, enter the 4 digit pin, and you can make a transaction.

The reason for the pin is because someone might try to steal your money while you're asleep. Something you know, something you have, something you are.