HOWTO: create a 100% secure wallet

[JONW2012]

really appreciate this thread - especially the OP's analogy that the wallet.dat is more like a key than a wallet.  Finally put it into a perspective that makes more sense to me. 

thanks!
Jon

[blueberry]

Interesting Thoughts.
My question is how far away is a single click secure wallet and back up solution.. Is there any body developing?
Thanks

I recently read that the developers of the bitcoin client are planning on adding a wallet encryption feature to version 0.4 of the client. Hopefully this will happen within the next few months.

http://forum.bitcoin.org/index.php?topic=25515.0

[netrin]

Download

It is based on TinyCore Linux 3.7

Best Regards
r50zyry5

WARNING... poster with 3 posts. This could be a scam. I have not downloaded, maybe it's legit. But BE SAFE. BE SMART.

Pardon to the poster, but with security, all potentials are guilty until proven innocent. Otherwise props for tiny core. I'm intrigued, but cautious. Certainly your post would be a convoluted attack. Just perhaps you should release something verifiable like an OSS build script on github.

[netrin]

single click secure wallet and back up solution.....

...wallet encryption feature to version 0.4 of the client...

There is no such thing as single click security. Encrypted wallet keys should help, but this is a tit for tat battle. Key loggers come to mind.

[Shuro]

Thanks for this Howto!

[Dolphin]

Wallet encryption is certainly the first step in the right direction to make it harder to steal someone's wallet. But as long as computers need to read the wallet file, there can't be 100% security, there will always be way to steal. But at least it will not be as easy as picking up a dime from the floor 

Encryption might be bad in that it offers another way to "lose" your bitcoins by forgetting your encryption passphrase. That's not good for the monetary circulation of bitcoins in the long run, since more and more of them will simply get inaccessible and no more new bitcoins will be produced to replace them. There is also no way to detect how many bitcoins are no longer accessible by their "owners". At least this should make accessible bitcoins more valuable

[r50zyry5]

Download

It is based on TinyCore Linux 3.7

Best Regards
r50zyry5

WARNING... poster with 3 posts. This could be a scam. I have not downloaded, maybe it's legit. But BE SAFE. BE SMART.

Pardon to the poster, but with security, all potentials are guilty until proven innocent. Otherwise props for tiny core. I'm intrigued, but cautious. Certainly your post would be a convoluted attack. Just perhaps you should release something verifiable like an OSS build script on github.

My profile on bitcoin.pl board :

http://bitcoin.pl/forum/memberlist.php?mode=viewprofile&u=408

I'm not a Thief.

I only make this for bitcoin.pl community and i think is good so i posted it here.

Best regards
r50zyry5

[netrin]

WARNING... poster with 3 posts. This could be a scam. I have not downloaded, maybe it's legit. But BE SAFE. BE SMART.

I'm not a Thief.

Nixon's famous words after taking the world off the gold standard.

[PandaMiner]

MyBitcoin.com, and online wallet service, has its ups and downs, btw.

Sometime, it's down for maintenance when I really need to get in there and send a payment. Sometimes coins get lost in "the void," never to be heard from again.

Sometimes, a few of those lost coins end up in my online wallet. (0.26 so far)  There's no way for me to know where they come from. They're mine now. But maybe when I lose coins to the void, they'll even the score, no?

[BTC_TRADER]

Just so understand this, if I choose to...

Boot from ubuntu live cd
Install bitcoin
<at this point does the client need to be on the Internet to register the bitcoin address with the bitcoin network>

Thanks all

[kano5003]

Thats alot of effort! i say paranoia.

[Erikbfarm]

I just simply use an offline computer, with a usb-stick.

It's important to remember that usb-sticks and harddrives can and will crash (eventually). Keeping multiple wallets are ideal.

[cocodapuf]

That's really not a bad system.  Simply keeping your device offline is a good way to protect it from remote intrusion.  Although don't you need to put that machine online to transfer coin from the account?

I just heard about the bitcoin android app though, makes me think a old android phone with no service plan (so offline) might mike a good mobile wallet.  Of course assuming you have a wifi connection wherever you need to spend anything, you'd also need to use whatever wifi connection they have, and you really can't trust public wifi.

[Title12USC§411]

So, how secure are the "wallets" that TradeHill, Mt.Gox and other trading sites use?

If their servers crash - like if my laptop HD crashes where my wallet is - does that mean bye2 to all them BTCs?

[cocodapuf]

Hey guys, I've got a question for you.  How big is the block chain going to get?  I ask because I want to make sure the usb drive I use is actually large enough to encrypt an entire client indefinitely.  So I know that as blocks get very old they're no longer saved, but aren't the new blocks larger than the old blocks?  Meaning, won't the size of a full install always increase?

Or then there's the other option, of just using a 8 or 16 GB drive and using it as a full OS+bitcoin client.

[Title12USC§411]

Hey guys, I've got a question for you.  How big is the block chain going to get?  I ask because I want to make sure the usb drive I use is actually large enough to encrypt an entire client indefinitely.  So I know that as blocks get very old they're no longer saved, but aren't the new blocks larger than the old blocks?  Meaning, won't the size of a full install always increase?

Or then there's the other option, of just using a 8 or 16 GB drive and using it as a full OS+bitcoin client.

So I take it you could have two or more of these usb drives (even full OS+bitcoin client as you say) and if one of them craps you dont lose your BTCs?

[cocodapuf]

So, how secure are the "wallets" that TradeHill, Mt.Gox and other trading sites use?

If their servers crash - like if my laptop HD crashes where my wallet is - does that mean bye2 to all them BTCs?

My understanding is yes, you'd lose everything if your account is compromised, and yes if the site when down you'd lose access to the wallet for that time.

As far as I can tell, I don't think they give you a "wallet" exactly, instead they give you access to your funds in their system.  Effectively they act as your bank, but without interest (unless you count market fluctuation).  But if you trust them you could certainly keep your funds there, then transfer bitcoins to your everyday account for spending cash.  Kind of like visiting an ATM.

[Title12USC§411]

So, how secure are the "wallets" that TradeHill, Mt.Gox and other trading sites use?

If their servers crash - like if my laptop HD crashes where my wallet is - does that mean bye2 to all them BTCs?

My understanding is yes, you'd lose everything if your account is compromised, and yes if the site when down you'd lose access to the wallet for that time.

As far as I can tell, I don't think they give you a "wallet" exactly, instead they give you access to your funds in their system.  Effectively they act as your bank, but without interest (unless you count market fluctuation).  But if you trust them you could certainly keep your funds there, then transfer bitcoins to your everyday account for spending cash.  Kind of like visiting an ATM.

I c.

Well the reason I am concerned is I travel with my laptop and I am worried about the TSA goons groping more than just my private parts!

[cocodapuf]

Hey guys, I've got a question for you.  How big is the block chain going to get?  I ask because I want to make sure the usb drive I use is actually large enough to encrypt an entire client indefinitely.  So I know that as blocks get very old they're no longer saved, but aren't the new blocks larger than the old blocks?  Meaning, won't the size of a full install always increase?

Or then there's the other option, of just using a 8 or 16 GB drive and using it as a full OS+bitcoin client.

So I take it you could have two or more of these usb drives (even full OS+bitcoin client as you say) and if one of them craps you dont lose your BTCs?

Not all all, actually that's why security is such a big deal.  "Wallet" is a bit of a misnomer, it's really more like a key to your online wallet.  Anyone who has access to your bitcoin wallet has full access to your account, even if it's just a copy (just like if someone had a copy of your vault key).  That's why it's so important to make multiple copies, just make sure they're always encrypted, so only you can access those multiple copies.

[cocodapuf]

I c.

Well the reason I am concerned is I travel with my laptop and I am worried about the TSA goons groping more than just my private parts!

Hah, well I trust Mt Gox way more than the TSA.  Actually truth be told, after Mt Gox's reaction the their security breach and their response to the public, I really do think they're pretty trustworthy these days.  Hell, Sony was never that forthcoming, really very few companies seem to be willing to both take security seriously and tell the truth to the customers.