Re: [Bitcoin-development] Why Bitcoin is and isn't like the Internet

[odinn <odinn.cyberguerrilla@riseup.net>]

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3rd party / web wallets are no longer viable except as means to burn
customers and divulge (or be forced to divulge) their data to
governments and corporations.

Rather than restate what I have already posted on this matter I'll
leave it there. It's time also for those who are managing bitcoin.org
to reconsider what's posted there (the criteria for what's posted there

 - at present the "web wallet" section should be excluded, that is to
say, Removed! from bitcoin.org

 with the possible exception of CoinKite to remain, which has a
reasonable argument for having made such privacy advances as to merit
usage by people (and to remain at bitcoin.org)

Additionally, I see no point in recommending any of the other wallets
except Electrum, Mycelium, Core, and in the hardware side, the ones
that appear (Trezor and HW1).

Furthermore, I believe those of you who are working for Coinbase
customer operations or Bitpay (I will not name names, you know who you
are) should resign from your employment.  I will bring this point up
regularly.  You can easily find employment elsewhere, your skills are
in high demand.

- -O

Alon Muroch:
> Bitcoin has a major crossroad ahead regarding a suitable platform
> for the average non technical main stream user. Until now the
> majority of the available solutions were at two extremes, or DIY
> your security and privacy *OR* let a 3rd party service do it for
> you. The DIY solution is obviously not scalable, but it seems that
> 3rd party solutions are not scalable as well. If we compare for a
> second a 3rd party services with traditional banks, it seems banks
> have two major "advantages" over them. Entry costs for creating a
> bank are HUGE so a priori very few people can actually create such
> a service, second, their physical and IT security infrastructure
> are heavily regulated which insures a minimum of security level to
> the end user (and even so money is stolen frequently). Entry costs 
> and regulation do not exist in the bitcoin space, meaning two
> programers in their spare time can create a wallet/ platform and
> the non technical end user cannot know if his money is safe, did
> they hire the right security expert, did they invest enough in
> protecting and backing up his keys, etc.
> 
> Many services tried to tackle those problems with multisig (2 of 2
> and 2 of 3) to create a syntactical 2 factor authentication/
> authorisation mechanism but in reality those solutions didn't
> really increase security and their failure point is always a single
> device. Coupling those said problems with the fact that bitcoin
> transactions are irreversible and are a scarce commodity, trying to
> insure them the way our money is insured by the government when we
> deposit it in the bank becomes a huge problem. Premiums will be
> very high and will only grow as the appetite of hackers to steal 
> coins increase.
> 
> I personally believe we have the tools for creating a platform that
> is both secure and private but most importantly it does it in a
> decentralised way. Creating true 2 (or more) factor authentication/
> authorisation schemes can improve dramatically personal security to
> a point where 3rd party wallet services will become a thing of the
> past. Succeeding in that will mean the next billion non technical
> bitcoin users will have a platform to use securely and a base line
> for building cool services on top.
> 
> Alon Muroch bitcoinauthenticator.org
> 
>> 
>> 
> 
> 
> 
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- -- 
http://abis.io ~
"a protocol concept to enable decentralization
and expansion of a giving economy, and a new social good"
https://keybase.io/odinn
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