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Author Topic: HOWTO: create a 100% secure wallet  (Read 249802 times)
AA666
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June 28, 2011, 01:53:34 PM
 #241

Very usefull article, will backup my wallet to USB stick with AES-256 encryption. Just not sure if AES-256 will enough secure in future.
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June 28, 2011, 02:14:33 PM
 #242

Thank you
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June 28, 2011, 07:32:32 PM
 #243

Don't use the same encryption password as you do for your other accounts (mtGox, etc. etc.)
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June 30, 2011, 03:08:03 AM
 #244

OK,

You've probably already clarified this, but there are just too many replies to go through.

So I haven't made any transactions yet, but I have downloaded the bitcoin software to my PC (yes... it's windows... and?  :|).

Are you saying that even thougth I've done nothing involving my bitcoin wallet thus far, I should NOT back up this wallet onto a liveCD/USB...? Does this mean reinstalling bitcoin in ubuntu and then backing THAT up...?

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June 30, 2011, 05:00:55 AM
 #245

OK,

You've probably already clarified this, but there are just too many replies to go through.

So I haven't made any transactions yet, but I have downloaded the bitcoin software to my PC (yes... it's windows... and?  :|).

Are you saying that even thougth I've done nothing involving my bitcoin wallet thus far, I should NOT back up this wallet onto a liveCD/USB...? Does this mean reinstalling bitcoin in ubuntu and then backing THAT up...?
The wallet contains "keys". Since it was on windows it COULD be compromised. If you back that up it's no good. You need a brand new wallet that's created while running the Live CD. Yes you would install Bitcoin while in Ubuntu. Run it. Get some addresses and then close it. Make sure its a new version of Bitcoin. Backup/Encrypt the new wallet. OR see:
https://forum.bitcoin.org/index.php?topic=24546.0 it may be more simple for a savings only account...

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June 30, 2011, 05:04:23 AM
 #246

OK,

You've probably already clarified this, but there are just too many replies to go through.

So I haven't made any transactions yet, but I have downloaded the bitcoin software to my PC (yes... it's windows... and?  :|).

Are you saying that even thougth I've done nothing involving my bitcoin wallet thus far, I should NOT back up this wallet onto a liveCD/USB...? Does this mean reinstalling bitcoin in ubuntu and then backing THAT up...?
The wallet contains "keys". Since it was on windows it COULD be compromised. If you back that up it's no good. You need a brand new wallet that's created while running the Live CD. Yes you would install Bitcoin while in Ubuntu. Run it. Get some addresses and then close it. Make sure its a new version of Bitcoin. Backup/Encrypt the new wallet. OR see:
https://forum.bitcoin.org/index.php?topic=24546.0 it may be more simple for a savings only account...

Gotcha!

Muchas gracias. Smiley

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June 30, 2011, 04:07:30 PM
 #247

Truecrypt volume inside a Virtual machine for maximum security xD

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June 30, 2011, 04:09:32 PM
 #248

... Since it was on windows it COULD be compromised.

There seem to be two schools of thought regarding the Linux vs. Windows security issue. (1) is that Linux is inherently more secure by design vs. (2) Windows has bigger market share and perhaps fewer technical users and is thus an easier, more lucrative target.

I subscribe to both schools, but I think bitcoins presents an interesting test case of these theories. We are a community made of a disproportionately high number of Linux users. Compromising our systems provides a nearly untraceable and immediate benefit to an attacker (namely copying and spending the wallet.dat file).

While it can probably still be said that the Linux users represent a higher technical level, it seems they might represent a bigger market share (do we have statistics on this?). So we may soon have more insight into assertion (1).

I run Linux, but I must admit, I am very concerned. The bitcoin client must implement encryption (unlocking on send only) and offline transaction files. I would not be surprised if we see a successful Linux trojan before Christmas which could do much damage to the general confidence in bitcoin security.

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June 30, 2011, 04:14:12 PM
 #249

Truecrypt volume inside a Virtual machine for maximum security xD

I am afraid you will all loose your keys after hardware failure rather than a malicious attack. I symetrically encrypt multiple wallets offline, then commit the encrypted wallets to distributed version control, and replicate the repositories on multiple devices.

I only decrypt one wallet at a time for spending, thus exposing only a subset of bitcoins to the network. I can check my total balances in the block chain. I am protected from both malicious attack and hardware failure. And it's MUCH easier than LiveCD's with encrypted shares that may Ooops! get lost.

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July 01, 2011, 02:52:10 AM
 #250

Forgive my ignorance, but couldn't you just get the vmware player (free), make your own vmx to install ubuntu, install bitcoin and truecrypt, download all the blocks, snapshot, mount and import your wallet.dat from truecrypt volume on USB, send BTC, shutdown and delete snapshot?  There isn't really even a need to make a change in your truecrypt volume.

I realize that you could possibly do forensics on the drive and recover that deleted snapshot but that requires physical access to the drive.

And AFAIK Ubuntu is pretty safe as it doesn't listen for any incoming connections.

So if it was a dedicated single use just for BTC transactions (no browsing, etc.) would it be fine for non-paranoid people?




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July 01, 2011, 03:33:41 AM
 #251

Informational and funny to read  Grin

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July 01, 2011, 06:03:21 AM
 #252

** Poll: Who is really doing so? **

Be honest. How many of us really use two wallets?
One for daily buying and selling. One for saving.

I am.  I tried out with small amounts first, and making sure my boot-from-ubuntu-usbkey worked multiple times before sending my "savings" to it.

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July 01, 2011, 06:32:58 AM
 #253

I know it's coming, but I still can't fathom why the client didn't include the option early on of encrypting the private keys in use in your wallet.  Seems like an obvious requirement for such a currency as this.
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July 01, 2011, 09:13:46 AM
 #254

In my opinion, the first adage to obey is, Dont put all your eggs in one basket, before considering anything else about security... I dont think anyone should have too much money in any one wallet at a time...

Important: https://bitcointalk.org/index.php?topic=92424.0;all

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July 01, 2011, 09:18:08 AM
 #255

great post, thanks!
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July 01, 2011, 11:43:52 AM
 #256

Thanks for this post. I will split my BTC into two parts: one smaller part on a computer for normal use + a savings account on a second PC (very low usage).
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July 01, 2011, 12:21:12 PM
 #257

thanks for the info! very useful

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July 01, 2011, 03:21:34 PM
 #258

I am in the process of installing bitcoin client on one of my miners for testing purposes.  It has been 3 hours and it still hasn't downloaded all of the blocks yet.  I fear every day puts minutes onto this time.  Which means that by this time next year, it will take a day or more to have a fully up-to-date client.

I wonder if there is a way to copy the database?

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July 01, 2011, 04:04:13 PM
 #259

Sorry I have not gone thru all 14 pages, plan to do so. I did run a search on this and did not find an answer.

I asked the same question here: https://forum.bitcoin.org/index.php?topic=20298.msg311431#msg311431

Quote
Mine (Bitcoin data folder) is over 300MB already, looks like the block chain files are the main culprit in the hundred of mb. Like the file blk0001.dat is over 300MB. But if I want to follow the instructions to secure my wallet here https://en.bitcoin.it/wiki/Securing_your_wallet using a Truecrypt container it says to make the container at least 100MB. At this rate of growth it seems I need to make my container in the GBs if I don't want to keep recreating it? Am I missing something? Can I just encrypt a container for the wallet.dat and not the block chains?
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July 01, 2011, 05:56:08 PM
 #260

Admittedly I read through the guide and the first page of comments, then skipped the rest.  Here are my thoughts...

As someone who works in IT, I think that for most users this process is pretty complicated, but more importantly way too tedious for simply transferring funds.  With my current bank, it's easier for me to transfer funds from my checking account to savings, even though those funds aren't physically in my possession.

Now granted, this is pretty simple for a system that is practically 100% secure.  Still, I think most people need a system that is perhaps 99% secure, but much simpler and faster. 
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