PHP Classes
elePHPant
Icontem

Great for Bitcoin and other crytocurrency sites!

Recommend this page to a friend!

      PHP Paranoid Passcode  >  PHP Paranoid Passcode package blog  >  Improving the Securit...  >  All threads  >  Great for Bitcoin and other...  >  (Un) Subscribe thread alerts  
Subject:Great for Bitcoin and other...
Summary:I'm finding any site dealing with Bitcoin is a hackers honeypot
Messages:3
Author:Robert Lefebure
Date:2015-11-04 19:18:40
 

  1. Great for Bitcoin and other...   Reply   Report abuse  
Robert Lefebure - 2015-11-04 19:18:40
My users end up accumulating their own balances of Bitcoin earnings and even though the Bitcoin themselves are securely stored in offline "cold storage' the weak link comes when users request to redeem their earnings. I've got a password strength checker for them to use but there is nothing saying they will use it. This script looks like a great idea and will be something that grows in popularity as more and more valuables are transferred over the Internet. Thanks!

Robert Lefebure
Owner-developer
BungeeBones.com

  2. Re: Great for Bitcoin and other...   Reply   Report abuse  
Dave Smith - 2015-11-04 22:42:39 - In reply to message 1 from Robert Lefebure
A+V=T

Anonymity plus Value equal Target

Add in the notion that bitcoin is only used by criminals and you also get the Robin Hood effect.

I haven't used bitcoin before and my understanding of how it can be converted to cash is bit lacking. I have wondered in the past what happens with bitcoins that are lost? I have read that they can't be recovered. If I find a flash drive with a bitcoin wallet on it, is there some additional authentication I need to provide or can I redeem them?

Anyway, I keep thinking that bitcoin is about to fold, but it never seems to.

Dave

  3. Re: Great for Bitcoin and other...   Reply   Report abuse  
Tomasz Sawicki - 2015-11-20 11:59:31 - In reply to message 2 from Dave Smith
> Add in the notion that bitcoin is only used by criminals

It certainly is not.

> how it can be converted to cash

Just like anything else - you find someone that is willing to give you some cash in exchange for some bitcoin. You can do it in person or use an online exchange. You can also directly buy prodcuts or services with bitcoin - more and more every day.

> I have wondered in the past what happens with bitcoins that are lost? I have read that they can't be recovered.

Technically, bitcoins can't be lost. You can lose the private key which is used to control your bitcoins. And yes, a private key can't be guessed - there are 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 of them...

> If I find a flash drive with a bitcoin wallet on it, is there some additional authentication I need to provide or can I redeem them?

It depends on the wallet software (or hardware for that matter - see Trezor) and the owner's actions.

> Anyway, I keep thinking that bitcoin is about to fold, but it never seems to.

That would mean that either Internet (or its open nature) collapsed or cryptography was totally compromised. Not something I would be keen to see.