The private key is created and stored on the phone only and never transmitted via any network, except in the case of an encrypted (!) wallet backup.
Android has app-private storage, so it offers a lot more protection against malicious apps/viruses than any Desktop OS does.
Generally if you don't trust what the app or your device does, consider auditing the source code. I took great care to not only open source the app, but also depend only on libraries and APIs that are open source themselves. Code audits are much appreciated!
I think a dedicated device running plain Android AOSP without any other apps can make a great and secure wallet. You can even partly run it offline, because it's possible to sign transactions and transmit them to another node just via QR code.
Thanks Andreas, you are very helpful. |
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Yes sorry, my post was a bit blunt  I bought back in at $450 but wasn't convinced we had hit the bottom, now I really think we haven't.... time to sell up again I guess. but also, gone are the days where sleeping in fiat is so comfy.... I couldnt forgive myself if I missed the bottom. 430 is a fair bottom, it may put up a fight. |
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...... the chart is flat at significant resistance, it has not passed 630, so I have to assume top and further downtrend for tonight. new lows, why not? lets hope.
If you bought back in at $450, would you take the profit and cash out now? are you asking me specifically? I bought at 500 and sold at 585. I sold because the trend has not changed. ...... $150 is solid return, and no doubt some old school traders that know to take profit will. If it passes 630.... then I change my mind. |
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...... the chart is flat at significant resistance, it has not passed 630, so I have to assume top and further downtrend for tonight. new lows, why not? lets hope.
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Hi folks,
I would like to use Andreas Schildbach's wallet app to cold store some bitcoins in a dedicated Android phone.
I have a few questions that I need to answer first though,
1.) is the private key created in the phone or online?
2.) any chance that my private key is being shared into the internet when I install the app? I plan to remove all the apps that I can before I do this.
3.) Has there been any suspicious trouble keeping bitcoins on Android phones at all? I know that google spyware can be really bad sometimes...
..... the storage would theoretically be cold if I was to keep the phone turned off... if I can be sure the private key has not been shared. Is there an option to create the private key offline?
Thanks for your thoughts!
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Matt, Im following that chart. doubly significant to me, because breaking that upper trendline would be terminating the wedge that the trendline forms underneath. EW states wedges are terminal movements, it's would signal to me the ultimate reversal. but it seems like it has no energy left.
today I was hoping to break 630, but I guess Ill just have to buy some more cheap coins ..... could be worse =P
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Media reports are number 1 contrarian indicator!
my favourite.... the only time you know when you are right is when you know everyone else is wrong. |
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The fact that you change your mind each half an hour is good indicator you should stay away from trading for few days  I changed my mind 24hours ago, and I have only been paying attention today, hoping to break 630, but not expeting it. best to be flexible at critical levels! |
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The move has been stunted for the night. capped by 610, I think we will test the 500 level again. this little bull run was too steep.
I actually did sell some, hard to believe it has steam to raise above 600 now. The train is not leaving anybody, but the tide has turned. 500 here we come! it was a decisive point. it is touching some very important short term averages. If it cant pass through those effortlessly, then the panic is not resolved. when the curve goes exponential and stalls like that at resistance, it is left very weak.... |
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The move has been stunted for the night. capped by 610, I think we will test the 500 level again. this little bull run was too steep.
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Yeah it's kind of disturbing when your friends who know nothing about Bitcoin but see some news start telling you "you better watch out for that bitcoin thing" and post some stupid FUD article on your facebook wall LOL I think we all know this feeling exactly. my kind auntie asked me this morning - "did you hear about those bitcoins in America this morning? they just dissapeared! I wouldnt want to own bitcoins. It's very risky." and then there's those friends that read up a little bit into it and say - "well it's obviously gonna need regulation before it can take off. why would the US government do that?" and when you tell those of your friends (that enthusiastically watched bitcoin peak at $1200, and asked "should I buy?") that you bought this morning in the crash and doubled your stake =D, they look at you like you're stupid. like "dont you know it's all over?" they will be asking for my advice at $5k, and 10k. my num nuts friends. |
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My mum told my dad not to waste his money on bitcoin at $2 because a $20 bank transaction fee to Mt Gox in Japan was just crazy expensive for such a silly hobby.
I told my dad I wanted some for my birthday. I didn't get any, I got a fig tree. Then I bough the dip after 266 and made 10x my money.
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For all who are asking - Yes, this does not look like it is over yet. Too sharp recovery shows that the market has pressure in both directions. I think that we are overextended and will go down from here before the end of March. How much? That is harder to say. EDIT: Those TA guys know better how to describe the current +50% in 24 hours situation, and how long it typically takes before it resolves. I just know that right now would be a good place to sell, rather than buy. EDIT2: No, it is too risky to sell anymore. Up, up, UP!! Lol I was just looking at the charts and considering selling since you mentioned it, and thinking, very well it is going up too fast, but where the hell would I actually sell?? if it passes 630, there is just simply no target to sell. It would have to hit a ceiling. there are only buy target that I see. |
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What price did u buy at?
I'm pretty sure we will revisit $400 range soon, no hurry to buy
Im not so sure that we will see 400 again. what will drive it? the worst news is over - Mt Gox lost 700k Bitcoins. that was a catalyst (and perhaps not even accurate) sub 400 took a lot of selling pressure, and we bounced big. If you ask me, when we pass 630, the down trend is over. I bought at $500. I might have got in at 470 if BTCe wasnt under ddos attack, but oh well. |
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Holy big buy on stamp!
as we pass 580 and realise the whale has removed his wall, some people feel a bit silly for shorting and buy. |
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Great call last night Mr. Rpietila. Im sure this is a bottom of some kind.
my TA was ironically precise, but not very accurate. I said it need to pass 431, but it goes and bounces off 431!
lesson learned, dont be greedy. I should have snapped up a couple at 430.
I will watch eagerly as it passes cerca 630, that would be good EW confirmation to me that we will unlikely see 430 ever again.
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currently, we are working hard on it,  the hackers and nerds that are working hard to develop bitcoin are absolute legends.... who are 'we' may I ask? |
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does anybody know for the android phone wallet app, if the key is generated on the internet, or is it generated in the phone?
It seems like I have no option of generating another private key on the phone I have now.... I dont think I could import one either.
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If you expose the private key to the World Wide Web in any way, shape, or form, it is no longer cold storage!! There is the Mycelium app for android that allows you to do partial spends of paper wallets, but you would have to trust that your private key is indeed completely wiped from your device!
so.... how do you do that? are you saying that the Bitcoin wallet app from the app store shares the private key with the internet (somehow) as you download it? or that the private key is generated on the internet? Can I generate a wallet on my phone offline? that would be cold storage? |
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