Having a nervous breakdown here...
Then stop trying to do what you are doing. The way you are going about it you are likely to loose bitcoins because you made a mistake and not because somebody stole them from you. |
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In the worst case scenario what will happen to my bitcoins if my computer is damaged. If I have a backup of my key saved on a usb ; will I be able to buy another computer, download multibit and then upload my previous key? This is my understanding and everything will be normal right?
Yes. Are there any risks or things I am not considering?
Thank you
The biggest risk is that you don't have a complete backup. A complete backup is a recent backup that contains the private keys for all your addresses. If, since your last backup, you created a new address and received coins there then your backup is stale and you need to create a fresh backup. To prevent problems arising from a bad backup you should practice restoring from backup. |
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I have my casascius coins hidden in my freezer!
Are they the chocolate kind? |
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The Magic the Gathering clowns best hope it's the U.S. that takes more interest in prosecuting him. The Japanese legal system is notoriously slow and inefficient, and it is not unheard of for a case to take five years or more from charges to trial. I think anyone associated with Gox would also be considered a flight risk.
They also have a higher conviction rate and far less crime than the US. I hear that even the mobsters (yakuza) there are afraid of carrying guns. |
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Good point about Bitpay actually slowly cashing the coins as opposed to the three big retail outfits. If I were them I would actually keep the bitcoins for a few years or offer them as bonus to workers if they volenteered.
I am sure they have a reserve of coins and USD. But, speculating on the value of bitcoin is not a good idea for them. Their specialization is processing bitcoin transactions for merchants. That is their story. It is what they tell their shareholders, employees and customers. If they start doing something else then they become something else entirely. You pick a way of making money and you stick to it. |
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if electrum private keys can be restored using 12 dictionary words for the seed, isn't that less secure?
No, but I understand where this is coming from. This was one of the first questions I asked about Electrum too: https://bitcointalk.org/index.php?topic=153990.msg1883397#msg1883397The seed is a 128bit random number generated by a computer. Computers are better at generating random numbers than human beings. The seed in words is merely a human friendly representation of the numerical seed. Changing the way it is presented does not change the fact that it has 128bits of entropy. Edit: Also if you want to know why human generated passphrases are a bad idea see this post from a bitcoin-qt developer: https://bitcointalk.org/index.php?topic=311000.msg3345309#msg3345309 |
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even if it is over 60 alphanumeric + symbols long with none of it being from a dictionary?
A real private key is only 51 characters, just use that. easier for me to remember if i get to make it up  That right there is the problem. If you made it up then it doesn't matter how long it is it is not random enough to be a secure passphrase. My suggestion to you is that you install electrum on your offline PC. It can function both as a brain wallet and a full fledged offline wallet. |
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if you whant to buy with bitcoins you need to buy them first...
The general idea behind what the op is saying is correct. It's just that he doesn't understand the details. This is my opinion: - No new users are buying bitcoins to spend on these merchants. It is too hard and costs too much to do that. CCs and paypal are much more convenient. - Instead it is long time bitcoin holders that are bringing coins out of cold storage and spending them. Previously they had no outlet to spend their coins. Now they do. - This increases the supply of bitcoins in circulation pushing down the price. Also as far as the details goes it is bitpay and coinbase that are selling these coins not the merchants themselves. The merchants only take USD. |
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If so, since the seed is not encrypted,
Setting a password on a wallet encrypts the seed. You can see for yourself. Open up a wallet file in your favourite text editor. You will see that the seed is the only thing that is encrypted. |
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Thanks for the suggested alternative, those who can afford it may have a solution in your suggestion... that's a really smart and reusable option. but I can't afford it actually  If anyone knows a place where I can directly download the GZed blockchain, it would be greatly appreciated. <3 I don't know what your situation is but if you can't download it yourself why not put up a thread in the services forum seeking someone who will download it for you, burn it to a few DVDs or a USB stick and mail it to you? It should be safe to do this because the file's checksums are published online and bitcoin-qt does verify it as it imports blocks from it. |
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I think they are still alive
because
I have send my verification documents to MTGOX in 24. January
To day it has just veriffied
We are pleased to inform you that the identification documentation you have submitted has been reviewed, and your account has been upgraded to "Verified" status.
Uh huh. Always open to deposits. Even when you are going down. |
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gox have deleted all their tweets That's kinda the point  |
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They've just deleted all their tweets. That's not a good sign. No idea why they did that though. It was an issue with tweet ID maleability. Tweet withdrawals will be enabled soon. |
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So another online wallet service. I wonder how long before they get hacked
They are more than an online wallet service from my understanding. They're more of a complete financial network. <snip> So they are like bips.me? We've been down this road before. Offering complete merchant services does not mean that your online wallet service is magically more secure. Sorry, for the snipping. Sounded like dogma to me. |
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So another online wallet service. I wonder how long before they get hacked
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Knowledge of the private keys is what determines ownership of bitcoins. With Mycelium and Electrum the private keys are in your wallet file. With blockchain.info you also have the private keys provided you have a recent backup of your wallet. So with any of these wallets you can access your bitcoins if the servers go down. It just requires some work and technical know how.
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Why would you want multiple wallets at the same time ?
A store might need multiple addresses, but they can all be contained in the same wallet.
if you have coins all over the place why not just send them to the 1 wallet ?
Some reasons: - To keep coins from different sources separate. When you spend coins the transaction inputs can be from any addresses in your wallet. Since all transactions are public and some of the addresses may be publicly associated with you people can find out how many coins you own and what transactions you make. So to avoid all that it makes sense to keep bitcoins from different sources in separate wallets. - For security reasons you may have multiple wallets. Hot wallets on your PC or mobile and offline wallets for larger amounts. |
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