What keeps someone from creating a malicious wallet app?

3

What keeps a person or company from creating an app like Armory but if you select "import or restore wallet" just emailing them your wallet key after you enter it and draining your account?

Mr. Manager

Posted 2013-12-04T20:25:29.707

Reputation: 131

I just happened to see the answer. Only use an app on a pc live booted and offline. – Mr. Manager – 2013-12-04T20:28:18.987

1This is not specific to wallets. Someone can create an application or program of any kind that logs your banking/financial passwords and emails them to the software's developers. If you use a machine for banking or financial transactions, you can't run untrusted software on it. – David Schwartz – 2013-12-04T22:34:39.230

Answers

4

Answer: Nothing

Even with the most secure system, you're still trusting their developers.

Remember, secure encryption is not cracked, it's bypassed.

John

Posted 2013-12-04T20:25:29.707

Reputation: 549

So, seems actually far less secure than a pile of money under my matress. most people won't break in your house and steal your money. – Mr. Manager – 2013-12-04T21:36:06.997

Yes. The Bitcoin protocol is provably secure (provided holes aren't found in the encryption protocols). If you ever lose Bitcoins, it's almost a certainty someone obtained the private key rather than cracked the encryption. – John – 2013-12-05T01:24:57.763