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Author Topic: HOWTO: create a 100% secure wallet  (Read 249799 times)
templeofboom
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November 08, 2012, 05:10:59 PM
 #1101

These types of newbie guides are just what the doctor ordered.  Thanks for making it interesting/fun as well Smiley
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bitsnpieces
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November 09, 2012, 09:03:25 PM
 #1102

+1
cr0wX
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November 09, 2012, 11:27:29 PM
 #1103

really good guide, i think i will revert to this sometimes
thewhitedragon
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November 10, 2012, 04:11:36 AM
 #1104

Warning: many laser printers save printouts in digital form to an internal hard disk.

You might want to consider this when printing a paper wallet.
Paper and pencil to create a transitional wallet and then copy to something more permanent later on? I think it'd be cool to etch your private key into multiple objects, store them in different secure locations, and keep the last object(the one that holds the last piece of the key) close to you at all times. Just don't forget where you stored the different pieces of the key.
Red Emerald
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November 10, 2012, 04:38:23 AM
 #1105

If you're on a Mac and not a software engineer, forget about creating a bootable USB drive using Ubuntu.

Apparently, the concensus and my personal experience is, it doesn't work.

How about someone update this tutorial to save more newbies from spending hours and hours pointlessly trying to create a bootable Ubuntu USB drive on OS X?  Beuller... Beuller...
http://www.ubuntu.com/download/help/create-a-usb-stick-on-mac-osx

moonpie
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November 10, 2012, 03:19:26 PM
 #1106

I appreciate your walk-through on creating a secure wallet.  Do you have an opinion on a brain wallet?
nobbynobbynoob
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November 10, 2012, 05:54:39 PM
 #1107

I appreciate your walk-through on creating a secure wallet.  Do you have an opinion on a brain wallet?

I do: brainwallets are a mindblowingly brilliant concept in theory, but risky in practice. Amnesia and death become very expensive with pure brainwallets. That said, the deterministic wallet concept has a lot going for it. You can always store the root passphrase securely without it existing solely in the brain.

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Kazimir
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November 10, 2012, 08:59:49 PM
 #1108

Amnesia and death become very expensive with pure brainwallets.
Sure, but so are password protected (i.e. encrypted) regular wallets. And let's face it, having a non-encrypted wallet is just really, really stupid.

I have already backed up my encrypted wallet at several places, both online and offline. I may be setting up something that automatically emails some people close to me (friends, family) when I show no sign of life for over three months or so. Using a Shamir's Secret Sharing approach, each person will receive a chunk, and when at least 4 people combine their chunk, they can recover the actual wallet password. I'll be including more than 4 people in the list, the redundancy is just in case I die in a car accident together with some of the people on the list. The minimum of 4 is to ensure nobody can run off with my coins individually.


In theory, there's no difference between theory and practice. In practice, there is.
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Haole
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November 11, 2012, 02:30:39 AM
 #1109

If you're on a Mac and not a software engineer, forget about creating a bootable USB drive using Ubuntu.

Apparently, the concensus and my personal experience is, it doesn't work.

How about someone update this tutorial to save more newbies from spending hours and hours pointlessly trying to create a bootable Ubuntu USB drive on OS X?  Beuller... Beuller...
http://www.ubuntu.com/download/help/create-a-usb-stick-on-mac-osx


Yes, thanks, these are the very instruction I followed numerous times and it does not work, as is the case for quite a few others apparently.  One person on another thread I started on this "problem" suggested using this but I'm a little leary after reading some comments that people that have tried it on some computers couldn't boot into any OS (including the one on their hard drive) after installing it. 

The instructions on Ubuntu's site don't work, period.  all I ended-up with was a converted Ubuntu image on my USB drive that my MBP couldn't recognize at all.

Hence my comment you quoted in the first place.

I'd love to be able to do this but I'm not about to play Doctor Software Frankenstein with my only computer just to be able to boot into Linux from a USB drive.

I might try to burn it to DVD this weekend and see if that makes any difference but there are obviously omissions and inadequacies with this process on at least some Macs. 

"The future isn't what it used to be." - Yogi Berra
zxyzxy
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November 11, 2012, 01:47:52 PM
 #1110

I think duck might have had issue with you referring to md5 as encryption.
the access is limited only to localhost though.. so if no one will physically steal your computer i think you are fine.
Haole
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November 11, 2012, 03:24:22 PM
 #1111

This looks like a fairly comprehensive tutorial I found during one of my searches.  As is said there could be issues with Lion and Mountain Lion but for somewhat older Macs it could be worth a try.  I'm thinking of buynig a new MBP right now and if I do I may just give this a try on my present machine running Snow Leopard 10.6.8.

It appears to me in looking around that rEFIt is crucial for dual-booting Linux on many Macs unless one is comfortable with all kinds of other software emulators and/or can work all kinds of magic from the command line?

This is still all complete voodoo to me...


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TheLQ
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November 11, 2012, 04:22:46 PM
 #1112

Thanks, will keep this in mind
zxyzxy
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November 11, 2012, 04:31:23 PM
 #1113

would you trust an online wallet with considerable amount of bitcoins?
Kazimir
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November 12, 2012, 11:43:37 AM
 #1114

would you trust an online wallet with considerable amount of bitcoins?
Yes, as long as

1) I can backup the private keys myself
2) it works with client side encryption (i.e. my password does not get transmitted to anywhere outside my PC, and without my password, nobody can access my private keys)

In theory, there's no difference between theory and practice. In practice, there is.
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MC10
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November 12, 2012, 11:55:52 PM
 #1115

Thanks for the tips. I back up my wallet with the .dat file and I encrypted it. I made sure to record the password somewhere safe. I'm using Windows and I found my address after clicking the Receive coins button. There is only one address there, should there be 10 as mentioned in the first post?
jomplox
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November 13, 2012, 01:04:44 AM
 #1116

Thank OP for such helpful thread.
For those OS X users out there. I recommend making a new disk image (DMG).
In the creation options simply specify the new image should be encrypted and password protected.
Everything else is a pice of cake.
stash
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November 13, 2012, 06:14:08 PM
 #1117

What I implemented so far:

Keep updated wallet on encrypted USB stick & and deleted wallet after used.

Simple.

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zxyzxy
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November 13, 2012, 06:27:19 PM
 #1118

would you trust an online wallet with considerable amount of bitcoins?
Yes, as long as

1) I can backup the private keys myself
2) it works with client side encryption (i.e. my password does not get transmitted to anywhere outside my PC, and without my password, nobody can access my private keys)
well, the sites are telling you that they dont even store your PW, as long as its true, i dont see any problem with this
_btcnewbie_
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November 13, 2012, 06:30:28 PM
 #1119

I also store an encrypted copy of my wallet in a Cloud. So in case you own systems fail in some way, the Cloud hopefully doesn't.
pangaea
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November 14, 2012, 03:25:35 AM
 #1120

Wouldn't it be secure enough just to park your coins at a reputable exchange such as Mt Gox?

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