Questions tagged [trust]

Trust is when one party relies upon the representations made by another party such that the relying party would be harmed if the representations were inaccurate. Trust exists between users of crypto-currencies and the developers of the software they use, between mining pool managers and their miners, and between exchanges or e-wallet services and their users.

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38
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3answers
6k views

Who runs www.bitcoin.org?

The original client that can be downloaded from www.bitcoin.org is often referred to as the "official client". Similarly many regard www.bitcoin.org as the "official homepage" of the project. So, who ...
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8answers
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Which Bitcoin escrow services are available - and reliable?

For some transaction, the possibility of generating "chargebacks" might be very useful. For example, when trust cannot be established between both parties. In such cases, a trusted third party may be ...
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What happens when a gateway on the Ripple network defaults or simply vanishes?

What happens when a gateway on the Ripple network defaults or simply vanishes? Do people that got their money from it lose that money, do other gateways honour the IOUs issued by that gateway still, ...
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779 views

Can Bitcoin technology be leveraged to implement a decentralized trust system (i.e. a replacement to SSL)?

Like Namecoin is intended to replace / augment DNS, can the Bitcoin principles / protocol be extended to support a distributed "trust" mechanism, in a way that no central authority will need to be ...
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What are the most notable cases of Bitcoin scams?

Bitcoins can be easily used to scam people out of their money due to the inability to perform charge-backs. What are the most notable cases of Bitcoin scams that are known?
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Is bitcoin.org or bitcoincore.org the one to trust?

"Download Bitcoin Core": https://bitcoin.org/en/download "Download Bitcoin Core": https://bitcoincore.org/en/download/ I've been alternating between the two sites for years. I have ...
12
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2answers
5k views

MtGox - trusted vs verified

What is the difference between a "trusted", "verified" and other accounts at MtGox? In order to get "verified", one needs to provide them with photo ID and utility bill, but how does one get "trusted"?...
10
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4answers
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Do we know enough about Casascius to trust their physical coins in the long run?

Casascuius offers an attractive product, a physical coin storing a private key. From a CNET article and the website itself, we learn the company is run by Mike Caldwell, 2901 Little Cottonwood Road,...
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How much trust is placed on Satoshi Nakamoto?

Is the safety of bitcoin dependent on the creator of it being a trustworthy person? Or would it be safe to use even if it turned out the creator's day job was working at the NSA?
9
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2answers
341 views

Mediated transfer of funds between three parties

Alice wants Bob to transfer 10btc to Carol, and is willing to pay Bob 11btc for the transfer. They both entrust Trent to mediate the transaction, and Alice is willing to pay Trent 1btc as commission. ...
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2k views

Traditional VC investment vs. bitcoin IPO

There are few Bitcoin "stock exchanges" trading mainly BTC mining company pass-through shares, like https://btct.co/ https://bitfunder.com/ We are planning to get investment for our Bitcoin-...
8
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970 views

If there is no one company behind bitcoin, who controls it? [duplicate]

"If there is no one company behind bitcoin, who controls it?" This is the question that many people new to bitcoin ask. What is the best way to convey to them how bitcoin works, and in a way that can ...
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772 views

How can a bitcoin exchange prove its solvency while maintaining privacy?

What methods can an exchange website use to prove that it actually has all its users' bitcoins? These are the requirements: User privacy is a must. No one should be able to tell how many bitcoins an ...
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Who controls Solidcoin's special millionaire accounts?

Solidcoin takes the following approach to preventing the 51% attack: As with existing cryptocurrencies, SolidCoin 2.0 stores transactions in a "block chain" which is essentially what it ...
7
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4answers
9k views

How can one download the initial Blockchain data files securely?

I see several sources for binary downloads of the Bitcoin blockchain. Can any of these be used securely?
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A list of trusted Bitcoin websites?

Is there some trusted website that maintains a list of Bitcoin-related websites and their reputation? For example, if I wanted to check if betsofbitco.in is a legitimate websites (it pays rewards ...
7
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2answers
492 views

How should one try verifying to whom a given Bitcoin address belongs?

Lets say, I'd have a website that shows a large number of Bitcoin public addresses, and wanted to give option for anyone that owns a given address to verify it automatically. Assuming that one ...
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1answer
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Do we have to trust at least one DNS seed?

If I understand correctly, when new bitcoin node wants to join the network, it must be introduced by guiding nodes -- DNS seeds. DNS seeds can thereafter help new node discover more existing nodes. ...
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Why does the blockchain need blocks?

I think I understand the main parts of the Bitcoin blockchain. While I was explaining the concept to my girlfriend she asked me why groups of transactions are actually stored in a block? Every ...
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682 views

How does a gateway IOU differ from any other IOU on the Ripple network?

How does a gateway IOU differ from any other IOU on the Ripple network? Say, if I got a $1000 from a gateway, does that make it a better currency than say, creating a second account and sending myself ...
6
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1answer
261 views

Vouching for (or against) the reputation of a bitcoin user

Since it's possible to link non obfuscated transactions to a "user" does is make sense, or it is possible for anonymized users with an established transaction history to "vouch" for another? I'm ...
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Who is the certification authority in Bitcoin?

If you would compare Bitcoin with electronic banking there are quite a lot of similarities like the encryption and hashing with private and public keys. In electronic banking though the bank is the ...
5
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3answers
247 views

Are there any mining pools that publish what transactions they will include?

If some large number of the mining pools started publishing what transactions they are planning on including the danger of accepting a zero confirmation transaction would be reduced dramatically. Has ...
5
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1answer
731 views

Using Bitcoin contracts to run a betting site without the need for deposits?

There are a couple of bitcoin betting sites, but they all seem to require making a deposit with them. Is it possible to somehow use the Bitcoin contract system to establish a distributed betting pool? ...
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Blockchain as a service - is this really just a replacement trusted third party?

One of the key tenets of Blockchain technology is that it is a trustless, distributed ledger which removes the need for a trusted (but hackable) third party to oversee the veracity of transactions (e....
5
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1answer
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Why is everyone encouraging the use of P2Pool as the answer to the 51% problem?

As I understand, P2Pool has some problems, since it's just a separate blockchain with a shorter time between blocks, small miners still have more variance, and, hypothetically, if the time between ...
5
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1answer
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How can we trust big exchanges? [closed]

After reading the question What are ways a BTC Exchange could steal from its customers, and how can they protect themselves?, it would seem that you can't really trust the big exchanges (or anyone) ...
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5answers
336 views

Anonymity versus trust

Bitcoiners seem to love to talk about anonymity. But to me, anonymous transactions are far from Bitcoin's greatest strength. And to some, the need for high anonymity is the first sign that someone is "...
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2answers
591 views

Why is the full blockchain required, effectively forever?

I do understand that every block is validated in terms of the blocks before it by way of the previous block's hash, all the way back to the genesis block. However, could the protocol be modified such ...
4
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3answers
264 views

What if Zcash Company turns evil?

The "Company Values" section at the Zcash website states: we are not the controllers or the power-holders, and do not control the mining or distribution of Zcash. Every user of Zcash contributes ...
4
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1answer
471 views

How are the assets locked and unlocked trustlessly using sidechains?

I am reading sidechains white paper and in section 3.2 Symmetric two-way peg they mention that: "The parent chain coins are sent to a special output on the parent chain that can only be unlocked by ...
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1answer
174 views

How to implement a green address in Bitcoind?

There are a few websites that use green addresses, but how can one go about implementing it using the standard Bitcoin API?
4
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1answer
107 views

Trustworthy url address for bitcoin download?

I would like to download install some bitcoin software and create a wallet. I know there are some programs like Bitcoin-QT or Multibit. There are more sources to download these programs. I want to be ...
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2answers
1k views

Why can't timestamps be a substitute for blockchain?

I'm super fascinated by the entire concept of proof of work and how it allows for a trustless, decentralized system. Despite knowing that proof of work (or proof of stake) can be an inevitable ...
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1answer
151 views

Is Trust public in Ripple?

If I trust someone, does everybody see exactly how much I trust them? At some point, a public directory of Ripple addresses might emerge, and people will know exactly how much their friends trust ...
3
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2answers
765 views

Does sending non-ripple-money through Ripple require two people to be connected through a web of trust?

Say we have two people - first one puts some money into their Ripple address through a use of a gateway. They are not trusting anyone on the network, but need to send their money to a second party ...
3
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1answer
2k views

What exactly does “trustless” mean in terms of Bitcoin?

People often say that Bitcoin is trustless, what exactly does it mean? I know you don't need to trust one of following entities when you transact in Bitcoin, but what don't you need to trust? third ...
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2answers
81 views

How to create both anonymity privacy and still achieve address reputation for merchants

In what way can a merchant create a payment address that will gain reputation of trust (this address or some information connecting with the payment request will gain reputation over time and will be ...
3
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2answers
223 views

How do I know which exchanges are serious actors?

How do I find bitcoin exchanges? How do I know if the exchanges can be trusted?
3
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1answer
159 views

Does a low profit margin on mining reduce the integrity of the blocks stored in the transaction history?

As the mining Bitcoin payout decreases from 50 to zero, what incentive is there for miners to continue operating? Is there a need for miners to continue to operate when the payout decreases to zero? ...
2
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2answers
136 views

How does the architecture prevent someone taking over by running a several billion clients?

I'm new to bitcoin and was wondering: As far as I know, bitcoin relies that the majority of the users is to be trusted. Why is it not a problem then if someone starts up billions of clients, eg. a ...
2
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1answer
413 views

What trust am I placing where when I use Electrum?

I have read that Electrum never is given your private keys (which makes sense), but I'm still unsure what sacrifices it makes in order to not require you to not store the entire ~14GB blockchain. So ...
2
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1answer
214 views

How to avoid “single point of trust” in online bitcoin exchange sites

How do an online service such as a Bitcoin exchange prevent some sysadmin from transferring assets from its users to him self (like in the bitcoin case, a secret wallet of his own) and take off to ...
2
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1answer
193 views

Is there an escrow-like mechanism that doesn't involve a trusted 3rd party?

We know that escrow mechanisms are easy to implement when it involves a trusted 3rd party. For example if A and B don't trust each other they can simply send their goods to C whom they both trust. ...
2
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1answer
207 views

Is it possible to see how much trust a certain wallet/user has extended in Ripple?

I can use the Ripple Live Network graph to see the balances of any given wallet on Ripple, but in order to know whether to trust someone (even a close friend), I might want to know how much trust they ...
2
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0answers
42 views

How does lighting network ensure all parties cooperate [duplicate]

I somewhat understand the two way channels used in lightning. But I fail to see how trust is avoided. If I'm the middle node I'm perfectly fine with forwarding a payment, if I received the payment ...
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6answers
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Is proof-of-work required in Bitcoin?

It seems that the rationale behind the proof-of-work requirement in Bitcoin is that it creates trust in a decentralized trustless network by: helping to reach consensus on which version of the ...
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3answers
1k views

Exchange Transaction versus Blockchain Verification

I am wondering about a question related to this post. According to bitcoinity, the number of bitcoin-trades at major exchanges per minute is roughly 400. However, as also pointed out by @eponymous in ...
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3answers
515 views

Can the Bitcoin blockchain eliminate the need for Trusted Computing in Smart Contracts?

Let me preface this by saying that I'm a novice, but this is my rough understanding of how Bitcoin's blockchain works. (This is largely based on blog posts like this one.) If person A wants to ...
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2answers
43 views

Attach and persist identity to address

With Bitcoin, you can sign messages to prove that you are in possession of a private key associated to a public key. Correct me if I'm wrong, but from my understanding this only works with a separate ...