Post
Topic
Board Bitcoin Discussion
Re: Freedom and Responsibility - or: why you FAILED if you lost money in MBC crash
by
joepie91
on 02/08/2011, 06:18:35 UTC
I beg to differ based on the first amendment. He can say whatever he chooses and I suggest you reread his first sentence.
Hey it's not like I'm censoring him so stop your "first amendment" pedantry.

My point is that it is better to be constructive.

His solution "keep it on a local machine" is just as bad advice (at least for most people). What if your  hdd crashes?
That is what (encrypted) backups are for, something I explain to everyone who cares enough. And some of those who don't.
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Do you make backups? After every send?
As far as I am aware you need to make a backup 'every 100 addresses' because the Bitcoin client pregenerates 100 bitcoin addresses and always makes sure there are 100 in reserve. This is perfectly feasible, especially for a beginning user who doesn't use it a lot yet.
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Are they stored safe enough or can other people find it there?
That is always an issue - in fact, while if you are running Bitcoin on your own computer you can just keep it in an encrypted unmounted volume while not in use, for an exchange or ewallet the wallet file is always accessible because otherwise the site wouldn't function.
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Do you encrypt it?
Yes.
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What if you lose the key?
What if you lose your ewallet password?
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And so on. This is a hard problem.

Not really. It just takes some time and effort to properly help people in setting it up.