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Author Topic: can one's wallet be incorporated into the Bitcoin network to avoid loss?  (Read 943 times)
static
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July 10, 2011, 09:20:52 PM
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let me first start by saying that i am a complete dummy when it comes to software and programming.

i am merely asking those in the know a question.

is it at all possible to incorporate a way for the Bitcoin P2P network to record everyone's personal wallet balances so backup, encryption, and theft are not a concern?

like, can you have a wallet address that is checked by the network and can confirm/verify its balance?

if all you needed to carry was your personal Bitcoin address info maybe more folks would be inclined to use it.

once again - just a question.

feel free to flame my ignorance.
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July 10, 2011, 09:53:01 PM
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is it at all possible to incorporate a way for the Bitcoin P2P network to record everyone's personal wallet balances so backup, encryption, and theft are not a concern?

Back when I first started playing with Bitcoin, I encoded the Bitcoin logo into the block chain.  I suggested in the thread discussing this that encrypting ones private keys into the block chain would be an inexpensive way to recover everything in case the PC containing ones wallet was destroyed.

This idea was widely poo-pooed by the powers that be.

http://forum.bitcoin.org/index.php?topic=8114.msg119875#msg119875

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July 10, 2011, 10:03:22 PM
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ya. i see a very counterproductive community here.

more people shooting down ideas instead of proposing them.
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July 10, 2011, 10:05:52 PM
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is it at all possible to incorporate a way for the Bitcoin P2P network to record everyone's personal wallet balances so backup, encryption, and theft are not a concern?

like, can you have a wallet address that is checked by the network and can confirm/verify its balance?


There's an easy way for you or anyone else who wants to to do it.

1. Get a paper bitcoin wallet from somewhere trusted like Casascius.
2. Send some bitcoins to one of the public addresses shown on the sheet of paper.
3. Done deal. Send more bitcoins there if you want. The balance is available to anyone at any time via Block Explorer.

4. To *spend* from that address, import the private key into your Bitcoin wallet starting with version 0.4. Spend all the bitcoins from that address since you have now put the private key into a computer connected to the internet, which will compromise its security to some extent.  Exactly how much of an extent depends on how good you are with encrypting your bitcoin wallet and safeguarding your computer from other people around you.

You would need to keep the bit of paper secure. Or obfuscate the private key in some manner as described in my signature, or elsewhere. But at least you don't have to worry about your online bitcoin wallet being vulnerable. I don't worry about my online bitcoin wallet at all. I don't even have wallet.dat encrypted — it's in plaintext in the default file wherever the client put it. But there again, I've only got .028 BTC left in it. Smiley
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July 10, 2011, 10:13:22 PM
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that is exactly what i'm asking to avoid.

does what you just described sound feasible and easy to use for someone new to bitcoin?
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July 10, 2011, 10:20:41 PM
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that is exactly what i'm asking to avoid.

does what you just described sound feasible and easy to use for someone new to bitcoin?

Yup. Take a look at Casascius' site for getting the paper bitcoin wallet (will cost you $5 for 9 addresses/private keys).

And see my site for the obfuscation stuff (free of charge). Or just stick the paper somewhere safe.
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July 10, 2011, 10:23:28 PM
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ty for your replies.

i guess what i am asking for is something to be incorporated into the client and network.
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July 10, 2011, 10:24:30 PM
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ty for your replies.

i guess what i am asking for is something to be incorporated into the client and network.

Fair enough. Good luck. Smiley
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