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I find it interesting how much activity the brainwallet address generated by "correct horse battery staple" generates! This is the default brainwallet in place if you go to generate something at brainwallet.org. https://blockchain.info/address/1JwSSubhmg6iPtRjtyqhUYYH7bZg3Lfy1TYou do see money frequently going in and out of this address, but somebody actually sent a whole 0.8651 BTC (worth more than $800 at the time) to the 'correct horse battery staple' address just two days ago... Unsurprisingly, it left the account about 10's afterwards... Sadly, the only sane explanation I can think for this happening...somebody went to generate a brainwallet using this site but accidentally refreshed and used the default 'correct horse battery staple' instead of their own passphrase  This story on reddit about somebody managing to randomly guess a brainwallet with 400btc is also relevant http://www.reddit.com/r/Bitcoin/comments/1ryj9s/help_i_might_have_access_to_your_wallet/Anyway, I think the point is that given how much effort people will now be putting into trying all the possible brainwallet combo's highlights how this is really quite a foolish way of storing your coins. If you are trying to think up a brainwallet passphrase with enough entropy...you may aswell just use a properly pure private key and keep it safely offline. |
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WTF is this? looks like some kind of hybrid ponzi scheme/harry potter cult! http://merlinsmagicbitcoins.com/there is also a video to go with it on youtube http://www.youtube.com/watch?v=23w0pwAfQxEmerlin is a tad misleading on his faq page about the tax situation with bitcoins, stating that that they do not come under any regulation and are 100% tax free dont worry tho cos the site is ddos protected!! I'm on my way to level 10 Action = Income MASSIVE ACTION = MASSIVE INCOME! |
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Hi everyone,
Here is my idea for how I was going to keep my coins for long term saving. It is kind of a hybrid cold storage/ brain wallet idea. I liked the idea of convenience provided by a brainwallet, but not the potential risk that a password without enough entropy would eventually be hacked. I also wanted to be able to keep my private key in some form where it could be accessed anywhere in the world. So anyway here is my plan:
1) Generate a standard public/private key pair using bitaddress.org offline on a fresh OS install, never been connected to internet.
2) I will then encrypt the bitcoin private key using AES encryption. The AES decryption key will be a long seemingly random password, for example:
Full Decryption Key: 123452335 BBBA HP136QT
However, this password will actually be remembered using a mnemomic reminder that would only make sense to me e.g.:
Decryption Key Mnemomic: SS EDEXAM PC1
Where:
SS= social security number
EDEXAM = my exam results
PC1 = Zipcode of my first house
I won't keep the full AES decryption key written out in full anywhere. I will only write down/memorize the mnemonic, from which I could later construct the full decryption key. The only time I would ever write out the full decryption key would be in the *offline* decryption software, when decrypting my bitcoin private key.
By doing this, I will actually be able to store both the encrypted private key, and the mnemomic (not the full decryption key!) in a fairly unsecure but convenient place, lets say my gmail account, and email it to a few other reasonably secure (but not necessarily infallible) places... so I would email the following two bits of information to myself:
AES Encrypted private key: U2FsdGVkX19a7dz/OAYELQsjCiGl90GH0XSRAhtY4y2d61s8Byclz7/wMaRNA5ca
Decryption key Mnemonic: SS EDEXAM PC1
This to me provides the advantage of not needing to keep a physical paper wallet anywhere, which is not convenient and could still be lost in fire or theft, etc. I would be able to get access to my wallet from anywhere, but only after decypting the private key, which is only possible using the mnemomic that only makes sense to me. I would probably keep a paper wallet backup, but this would still be the encrypted form of the key, with the mnemonic - not the raw private key itself. It would not be clear to a potential attacker that the encrypted private key has anything to do with bitcoin whatsoever.
The full decryption key will actually be a lot longer and more complicated/abstract than this example which was only based on 3 bits of info.
I hope that makes sense. Does anybody see any flaws with this idea?
Many thanks!
Alex
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Hi everyone,
Here is my idea for how I was going to keep my coins for long term saving. It is kind of a hybrid cold storage/ brain wallet idea. I liked the idea of convenience provided by a brainwallet, but not the potential risk that a password without enough entropy would eventually be hacked. I also wanted to be able to keep my private key in some form where it could be accessed anywhere in the world. So anyway here is my plan:
1) Generate a standard public/private key pair using bitaddress.org offline on a fresh OS install, never been connected to internet.
2) I will then encrypt the bitcoin private key using AES encryption. The AES decryption key will be a long seemingly random password, for example:
Full Decryption Key: 123452335 BBBA HP136QT
However, this password will actually be remembered using a mnemomic reminder that would only make sense to me e.g.:
Decryption Key Mnemomic: SS EDEXAM PC1
Where:
SS= social security number
EDEXAM = my exam results
PC1 = Zipcode of my first house
I won't keep the full AES decryption key written out in full anywhere. I will only write down/memorize the mnemonic, from which I could later construct the full decryption key. The only time I would ever write out the full decryption key would be in the *offline* decryption software, when decrypting my bitcoin private key.
By doing this, I will actually be able to store both the encrypted private key, and the mnemomic (not the full decryption key!) in a fairly unsecure but convenient place, lets say my gmail account, and email it to a few other reasonably secure (but not necessarily infallible) places... so I would email the following two bits of information to myself:
AES Encrypted private key: U2FsdGVkX19a7dz/OAYELQsjCiGl90GH0XSRAhtY4y2d61s8Byclz7/wMaRNA5ca
Decryption key Mnemonic: SS EDEXAM PC1
This to me provides the advantage of not needing to keep a physical paper wallet anywhere, which is not convenient and could still be lost in fire or theft, etc. I would be able to get access to my wallet from anywhere, but only after decypting the private key, which is only possible using the mnemomic that only makes sense to me. I would probably keep a paper wallet backup, but this would still be the encrypted form of the key, with the mnemonic - not the raw private key itself. It would not be clear to a potential attacker that the encrypted private key has anything to do with bitcoin whatsoever.
The full decryption key will actually be a lot longer and more complicated/abstract than this example which was only based on 3 bits of info.
I hope that makes sense. Does anybody see any flaws with this idea?
Many thanks!
Alex
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Hi there - am interested in creating a brainwallet to store some bitcoins I will be saving for a few years. So, as far as I understand it I will create a private and public key using a website like https://www.bitaddress.org/ (using it offline for extra security) I can then send funds to this public key (and my memorised phrase can be used to retrieve the private key at a later date) My question is - once I have sent funds to this public key, how can I actually access the wallet to send bitcoins out? Is this done with the bitcoin client? Thanks! Alex |
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Just tried checking my balance this morning and its showing up as 0 but with the message "error getting wallet transactions" - anyone else having similar problems?
Cheers! Alex
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BITCOIN L337ness!  No, I wasn't sitting there repeatedly hitting refresh until that came round, honest!  Also brings the price over $200, such a l33t moment |
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Hi everyone,
Quite a basic question - when you send bitcoin payments, is there anyway to have some kind of ID or reference that goes with the payment to make it easier to identify the payment?
For example, if somebody is selling a lot of items all at 1 bitcoin each, and they receive 10 out of 15 expected payments, how could they tell who had paid and who had not? When sending a normal bank transfer, you can add in a 'reference' field that goes with the payment..is there anything similar with bitcoin?
Thanks!
Alex
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I've been lurking and reading these forums for the past week or so - actually spending most of my working day learning all I can about bitcoins!
Well I invested a couple of weeks back in about 5 bitcoins. Nothing major but I will imminently be going travelling for around 5-6 years and will make it impossible for myself to access them during this time - and it will be interesting to see whats happened with bitcoin by the time I get back!
good day to you all and thanks to both the bulls and bears for their various interesting insights on how this will all pan out!
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