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Monday, 20 April 2015 00:00

How Should You Handle Your Money? Conveniently Or Safely - There's Always A Trade-off Featured

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The Internet protocol (IP) is likely the strongest innovation of this century, and possibly the last one as well - very much like the Bitcoin protocol. The Internet is  magnitude more convenient for the transfer, storage and management of data than anything before it. And... It's cheap! So cheap, as to be considered free by many if not most of its users. Alas, sometimes too much of a good thing is bad - particularly if you don't understand it. That's where we stand with the state of some of the largest data companies in the world - the global money center banks. To explore this misunderstanding by many (including bank executives, reference "Who Are The Three Biggest Data Companies In the World? 1) Google 2) the Fed 3) JP Morgan/ECB.

 

I revisit this topic because a comment to a recent post,EU Area Residents' Step-by-Step Guide to Escaping the Upcoming Bank Bail-ins & Capital Controls, went like this: "This is all far too complex for anyone to understand let alone take action on...". Now, there was a high end analysis of why you should mobilize your capital as an EU area resident, but its my guess that this commenter was focusing on the technical steps to accessing our platform:

  1. Use a new, fresh computer to move your money or use an anti-virus app to clean it
  2. Protect you privacy by using a non-logging VPN
  3. Install our client and keep your private keys (the keys to you digital money) safe and always in your possession or under direct control.

My job is to make everybody understand what it is we do. One way that I'm going about it is too illustrate why we do it. There's an easier way to go about the list above - just click this link and send bitcoin to it. Alas, there's always a trade-off between convenience and safety. Whenever someone tries to give you something for free (you know, like almost too good to be true), or make it so easy as to seem as if someone does ALL the work for you (you know, like almost too good to be true), then guess what? It's probably not... true! Let's walk through the steps I posted in our last article and explain why each one is there:

How To "Bail-in Proof" Your Money, a Step-by-Step Tutorial

  1. Make sure you computer is clean - Malware, Virus and Trojan Free. Start with a brand new, unused computer if you can. Preferably, in the original packaging, unopened. If that is not practical from a financial or logistical perspective, thoroughly clean the computer that you are going to use with a deep (not quick scan) scan from a prominent anti-virus software vendor (ex. NortonAVGKapersky).
          • Why suggest this? Keyloggers! I would guess roughly half the people reading this post has a keylogger sending everything thing you type to somebody who you probably wouldn't like if you knew what they know about you.
          • sample-keylogger
          • Keyloggers usually infect consumer and corporate hardware through malware and allow criminals to steal credit card numbers, passwords, and other sensitive data such as private keys to electronic assets (ex.Bitcoin). This happens much, much more often than people are aware of - which is why it works. As long as the malware runs in the background, and as along as the amounts stolen are very small they will be very difficult to detect for many years - if ever. Even 9 year old, mediocre skill level hackers can get your passwords - with free software on top of it. 
  2. Ensure your privacy to the best of your ability. Install a compounding VPN system on your machine from a vendor that DOES NOT log your activity (ex. AIRVPNFREEDOMELIQUIDVPN), and get it up and running. Why do I suggest this? Privacy is a very, very, very big deal. See this TED talk.

  1. Install Veritaseum's Smart Contract Aware, Value Trading Wallet - Go to Veritaseum.com download menu at the top of the screen and select Veritaseum Wallet, then the flavor of your choice. It's also recommended that you download the quick start tutorial as well. Our system is in the process of being hardened, but even in early beta it is still dramatically safer than your bank because of its use of the Bitcoin blockchain as its transmission and consensus verification method. After all, these hacks don't just happen to consumers and corporate clients - but they always affect them.
  2. JP Morgan Hacks

So, in short, you don't have to go through all of the steps outlined in yesterday's post. You can just hit the download link and get going, but we believe this system is considerably safer than any bank out there. Remember, I haven't even addressed the financial engineering manipulations and risks potential financial services consumers face, then there's those macro risks such as the capital controls discusses yesterday - all of which add up to more historical losses than privacy theft can ever amount to - and that's saying a lot. As the title to this post queries - "How Should You Handle Your Money? Conveniently Or Safely - There's Always A Trade-off".

 If you've read to the end of this article, you are obviously interested. I will assist anybody interested in mobilizing their capital. Learn more about Veritaseum or contact us to get started now.


Read 3148 times Last modified on Monday, 27 April 2015 10:08

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