Jul 072014
 

… But you can’t take away their false sense of security.

With the news of recent thefts in the bitcoin community it’s important to recognize who is truly at fault: the thieves themselves. That said, the news released today by Davi Barker about the theft of ShinyBadges.com’s Porcfest funds is a good opportunity to remind people about the best security practices available.

Two-factor authentication is an important tool to understand and properly implement for your bitcoin wallets and your email accounts. But as seen in the case of Fr33 Aid and Nourishing Liberty, two-factor authentication isn’t always enough. Please do not rely on two-factor as the only way to secure your bitcoins. Learn how to create and store offline wallets and diversify your funds on multiple accounts, wallets and cold storage options. For some tutorials about creating offline wallets, Please see:

Tutorial – Creating A Cold Storage Wallet. Via Chris Pacia’s blog, Escape Velocity

Cold Storage: Part One, Two and Three From CodingInMySleep.com

To be completely clear, no funds managed by Bitcoin Not Bombs have gone missing. Bitcoin Not Bombs takes bitcoin security very seriously, not only for our clients but on behalf of those who would accept bitcoin donations based on our example. Despite the robbery of his ShinyBadges wallet, Davi made good on all of his arrangements with vendors and contractors, including Bitcoin Not Bombs. The fact that this was no small amount, and the speed with which he honored these commitments despite his loss, are a testament to Davi’s character and one of the reasons I’m happy to have him as both a partner and a friend.

Drew Phillips

- Activist, entrepreneur, freelance Videographer/Editor. Having been involved with a few alternative currency models revolving around silver and gold, it wasn’t hard to see bitcoin’s potential to challenge state run banking. After looking around the bitcoin space for a place to jump in, it made sense to start a coalition of bitcoin users with a Voluntaryist / libertarian perspective. Bitcoin will face many challenges in the next few years if it is to become a successful global currency, and due to the decentralized nature of the bitcoin protocol, it has the potential to overcome the biggest and most violent challenge faced by alternative currencies: the state.

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