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Author Topic: Please comment on this method  (Read 708 times)
minarchist
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July 26, 2013, 08:38:29 PM
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I intend to be a long-term Bitcoin investor, and add funds to my wallet every month, and not spend any of it for a long time.  I have two laptops, one of which is four years old, and onto which I downloaded Multibit yesterday.  After that, I turned off auto-connect to a wireless network, and created a wallet offline.  I then transferred the entirety of my funds from my blockchain.info wallet to the address of this offline wallet, and verified that everything went well via blockchain.info.  I copied the private key of my new wallet from the old laptop to a thumbdrive, then put said thumbdrive in a safe place, then printed the private key from the laptop, and then put the printout in a safe place as well.  I will continue to buy bitcoin via localbitcoins.com and immediately transfer them to my offline wallet using its public key.  As I said, I have no desire to spend any bitcoin for a while.  As far as I can tell, this is extremely secure, as long as no one steals the thumbdrive, printout, or my old (and now permanently offline) laptop.  Yes, the disadvantage is that I cannot spend anything for as long as I keep the private key wholly isolated from the Internet, but as a long-term investor, this doesn't bother me. 

What are your thoughts on my analysis?
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last2stand
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July 26, 2013, 08:43:36 PM
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imo armory is even more secure with paper back-up get a look : https://bitcoinarmory.com/
minarchist
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July 26, 2013, 08:57:56 PM
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imo armory is even more secure with paper back-up get a look : https://bitcoinarmory.com/

The download link for Armory isn't working at the moment, and in any case, with an offline computer, regardless of which software you use, you have absolute safety (unless some breaks into your home, or the laptop manufacturer put a secret wireless transceiver in that transmits the entire contends of your hard drive, or various other very unlikely scenarios).

So what difference does it make what software you use if you rigidly adhere to the rule of keeping the computer that you used to create the wallet permanently offline? 
Amaze
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July 26, 2013, 09:02:57 PM
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I personally wouldn't put anything on paper. But what you're doing sounds good, especially having a computer that is offline.

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minarchist
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July 26, 2013, 09:04:39 PM
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I personally wouldn't put anything on paper. But what you're doing sounds good, especially having a computer that is offline.

Guns, safes, alarms, and cameras can protect paper. Wink
EmperorBob
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July 26, 2013, 09:27:19 PM
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Some printers keep the images they printed in non-volatile memory for a long time. You may want to consult the manufacturer's instructions on how to clear it.
minarchist
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July 26, 2013, 09:43:00 PM
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Some printers keep the images they printed in non-volatile memory for a long time. You may want to consult the manufacturer's instructions on how to clear it.

I will never connect the printer in question to a computer that is connected to the Internet.  Eventually, I may do an "Office Space" on it.  Tongue
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July 27, 2013, 03:14:13 AM
 #8

offline computer would be the best, also usb backup as well

minarchist
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July 27, 2013, 07:13:52 PM
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offline computer would be the best, also usb backup as well

As per the OP, that's exactly what I did.
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July 27, 2013, 11:34:42 PM
 #10

Your method is a bit complicated. You could consider encrypting the wallet (and/or use truecrypt) and store it in multiple places online + offline. Once you backup the most recent wallet just overwrite the old ones and do a checksum to make sure there was no corruption.

minarchist
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July 28, 2013, 01:36:15 AM
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Your method is a bit complicated. You could consider encrypting the wallet (and/or use truecrypt) and store it in multiple places online + offline. Once you backup the most recent wallet just overwrite the old ones and do a checksum to make sure there was no corruption.


Storing the private key online, even if in encrypted form, is something that I want to avoid. 

The method that I used isn't that complicated.  It is actually functionally the same as purchasing a physical bitcoin (with a visible public key and a private key hidden behind a seal) from a reputable seller.
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