locksley (OP)
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Activity: 26
Merit: 0
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May 03, 2014, 08:54:55 PM |
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New to mining, I'm curious to see how everyone secures/stores their funds?
The safest way I can think of is cold generation of private keys and using the public address to withdraw from pool sites, or if you're solo mining, specifying that public address in the coinbase transaction.
Is this how people do it? Seems a bit inconvenient though when you want to spend your coins. Where do you keep it afterwards?
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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greenlion
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May 03, 2014, 09:12:01 PM |
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It's no different than how any other general user would secure funds. You don't have to necessarily mine directly into cold storage.
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beatljuice
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May 03, 2014, 09:16:11 PM |
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Maybe I'm a dummy, but I consider Coinbase safe enough for up to 10 BTC (or $4000-$5000). My bitcoin stays invested, so I've never had that much in there.
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gmaxwell
Moderator
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May 03, 2014, 10:33:11 PM |
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How do pools secure their bitcoins? Well mostly pools are holding other people's bitcoins. Why bother securing them? (The answer: pretty poorly.)
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locksley (OP)
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Activity: 26
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May 04, 2014, 05:03:35 AM |
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Maybe I'm a dummy, but I consider Coinbase safe enough for up to 10 BTC (or $4000-$5000). My bitcoin stays invested, so I've never had that much in there.
What do you mean by 'invested'? |
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locksley (OP)
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Activity: 26
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May 04, 2014, 05:08:44 AM |
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How do pools secure their bitcoins? Well mostly pools are holding other people's bitcoins. Why bother securing them? (The answer: pretty poorly.)
Why bother securing them? Just concerned about attackers getting into the pool's bitcoind (if that's how they manage the keys), or if an attacker manages to ride your user session. Do you think this isn't something I should worry about? I saw that some pools were hacked last night and the compensation came out of the pool owner's pocket :s |
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byt411
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May 04, 2014, 11:05:51 AM |
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Maybe I'm a dummy, but I consider Coinbase safe enough for up to 10 BTC (or $4000-$5000). My bitcoin stays invested, so I've never had that much in there.
What do you mean by 'invested'? Invested in shares on CryptoStocks, HaveLock, or other gambling sites? How do pools secure their bitcoins? Well mostly pools are holding other people's bitcoins. Why bother securing them? (The answer: pretty poorly.)
Why bother securing them? Just concerned about attackers getting into the pool's bitcoind (if that's how they manage the keys), or if an attacker manages to ride your user session. Do you think this isn't something I should worry about? I saw that some pools were hacked last night and the compensation came out of the pool owner's pocket :s Well, if they bother to compensate, then they did take security seriously, but attackers still managed to penetrate it. Some pools don't even bother, since it's not their money, it's the miners money. They delete all evidence of the hack and continue operation. |
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Gyfts
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Activity: 2758
Merit: 1512
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May 04, 2014, 07:15:15 PM |
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They really don't secure them. Theoretically they could run off with them at any point in time.
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greenlion
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May 04, 2014, 10:02:58 PM |
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OP is asking for basic newbie type information on how other people secure their keys, and he's getting hammered with offtopic paranoia about third party key holders.
Seriously, no wonder people think Bitcoiners are crazy.
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bbxx
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May 08, 2014, 10:48:33 AM |
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just create bit-38 protected cold wallet at bitaddress.org print, create screenshoot and mail to your friends  |
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BSIG
Member
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Activity: 75
Merit: 10
Vintage4X4
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May 09, 2014, 02:36:37 AM |
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Very basic form of protection, PGP, cold storage, fireproof safe bolted down.
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Vintage4X4
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monim1
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May 11, 2014, 11:55:21 AM |
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New to mining, I'm curious to see how everyone secures/stores their funds?
The safest way I can think of is cold generation of private keys and using the public address to withdraw from pool sites, or if you're solo mining, specifying that public address in the coinbase transaction.
Is this how people do it? Seems a bit inconvenient though when you want to spend your coins. Where do you keep it afterwards?
I agree with you. also think that the safest way is to use private keys. |
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byt411
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May 11, 2014, 11:57:36 AM |
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New to mining, I'm curious to see how everyone secures/stores their funds?
The safest way I can think of is cold generation of private keys and using the public address to withdraw from pool sites, or if you're solo mining, specifying that public address in the coinbase transaction.
Is this how people do it? Seems a bit inconvenient though when you want to spend your coins. Where do you keep it afterwards?
I agree with you. also think that the safest way is to use private keys. What do you mean by "use private keys"? You need to use your private keys in every transaction. |
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