Silk Road forums

Discussion => Silk Road discussion => Topic started by: Opioid on March 07, 2013, 11:59 am

Title: Hello Bitcoin people, do you know of any insured Bitcoin wallet service?
Post by: Opioid on March 07, 2013, 11:59 am
  Hello Bitcoin investors, do you know of any insured Biitcoin wallets like an FDIC bank account with no risk to Bitcoin investors?
 What is the lowest risk Bitcoin wallet service?



Title: Re: Hello Bitcoin people, do you know of any insured Bitcoin wallet service?
Post by: SelfSovereignty on March 07, 2013, 12:13 pm
There are currently no US-gov ensured Bitcoin services.  There will be shortly: CoinLab is taking over MtGox and they'll basically be a bank or... some such thing.  I don't know.  If you're really that worried about theft, you'll just have to wait.

The most reliable wallet service is the one you run and secure yourself.  Nobody looks after your own interests like you.
Title: Re: Hello Bitcoin people, do you know of any insured Bitcoin wallet service?
Post by: Opioid on March 07, 2013, 12:38 pm
In 2010 a Bitcoin wallet got hacked into and a man lost 25,000 Bitcoins approximately $500,000 in Bitcoins in value in an unencrypted wallet, very sad for him.
   How do you feel about Coinbase.com wallet?
Title: Re: Hello Bitcoin people, do you know of any insured Bitcoin wallet service?
Post by: SelfSovereignty on March 07, 2013, 12:46 pm
Coinbase?  ... are you asking for my personal appraisal, or for my unbiased one?  My unbiased one is that their business model may not hold up long term, but they're fine at the moment.  Continuing to grow pretty quickly.

As for security of funds in their accounts?  They're... so-so.  I wouldn't want to have money there if I knew someone who truly knows what they're doing was targeting them.  Short of that, they're fine.  I can't speak to their services, as I'm not a customer of theirs.
Title: I think I'll try Coinbase.com fo a while for coveinence.
Post by: Opioid on March 07, 2013, 01:04 pm
But if I run into any security problems I will try to search for a more secure website.  What do you feel the most secure website is at this time?
Title: Re: Hello Bitcoin people, do you know of any insured Bitcoin wallet service?
Post by: SelfSovereignty on March 07, 2013, 01:08 pm
I'm not sure why you're so intent on someone else holding your bitcoins for you.  That is what a wallet service is.  You can easily do it locally, and it's then as secure as the backup of your wallet.dat file is.

Personally there are no wallet services I actually trust enough to let them keep my money.  Blockchain.info is supposed to be pretty secure though.
Title: Re: Hello Bitcoin people, do you know of any insured Bitcoin wallet service?
Post by: TheGoodSon on March 07, 2013, 01:16 pm
Move your coins to a virtual wallet, you cannot trust others to hold your valuables.
Title: Re: Hello Bitcoin people, do you know of any insured Bitcoin wallet service?
Post by: masterblaster on March 07, 2013, 03:37 pm
Use electrum, no need to download the blockchain and your wallet can be destroyed and ressurrected using a seed passphrase (though its better to just encrypt the damn thing).