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Author Topic: Anyone know what happened to knightmb and his 371,000 BTC?  (Read 73650 times)
marcus_of_augustus
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May 03, 2011, 12:53:40 AM
 #41


I'm not sure that safe deposit at the bank is such a good idea given the rate of collapse of the banks these days. Sometimes Federal rules have been know to over-ride the custody agreements involved with safe-deposit boxes and customers lose everything inside them.

Might be better off in vault at a private security company or something. Or if you have the option, in a safe under your own control. Banks are too heavily regulated by the govt. to trust that anybody knows what will happen when they lock their doors, even the best lawyers in town couldn't tell you definitely where you stand.

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May 03, 2011, 01:03:36 AM
 #42

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.

If I ever have lots of bitcoins, that's what I'll do Smiley

I wouldn't trust a CD-R, they are not designed to last that long.  I'd much more likely put it in some service that backs things up with tape every night or has huge redundancy.  Having it physically sit somewhere is silly.  If anything, put a note in a safe deposit box with your encryption key and the location where it's at.  Put it stored electronically with a few different companies.
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May 03, 2011, 01:08:18 AM
 #43

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.

If I ever have lots of bitcoins, that's what I'll do Smiley

I wouldn't trust a CD-R, they are not designed to last that long.  I'd much more likely put it in some service that backs things up with tape every night or has huge redundancy.  Having it physically sit somewhere is silly.  If anything, put a note in a safe deposit box with your encryption key and the location where it's at.  Put it stored electronically with a few different companies.

The problem with creating many back-ups is that every back-up copy must be ultimately deletable, down to the bits deletable or wiped, or else you leave it open for reading by disc recovery means and it can get stolen.

Yes back-up but not too much and carefully or else there will be lots of copies of your wallet floating around all over the place waiting to be discovered by some disc recovery software.

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May 03, 2011, 01:18:37 AM
 #44

Leave a copy with your will at your lawyers office Smiley
FreeMoney
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May 03, 2011, 03:31:33 AM
 #45

Leave a copy with your will at your lawyers office Smiley

That makes about as much sense as leaving a billion dollars cash with a lawyer. Sheeesh, of all the people to trust, why not just let a congressman hold onto it.

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May 03, 2011, 08:19:49 AM
 #46

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.

If I ever have lots of bitcoins, that's what I'll do Smiley

this strategy intrigues me the most.  what you're basically saying is that if i have a million btc in my wallet today i could send 999,999 of them to one of my receiving addresses right now but before i receive them i can close the btc client, disconnect my computer from the internet, back up my wallet.dat and encrypt it, go and stick multiple copies of it everywhere,but the bottom line is that all 999,999 btc will be stored in the block chain out on the network ready and waiting for me to download them to my wallet.dat when i want to recover them in 10 yrs or so.  is that about right?  yes or no answers please.
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May 03, 2011, 08:55:32 AM
 #47

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.

If I ever have lots of bitcoins, that's what I'll do Smiley

this strategy intrigues me the most.  what you're basically saying is that if i have a million btc in my wallet today i could send 999,999 of them to one of my receiving addresses right now but before i receive them i can close the btc client, disconnect my computer from the internet, back up my wallet.dat and encrypt it, go and stick multiple copies of it everywhere,but the bottom line is that all 999,999 btc will be stored in the block chain out on the network ready and waiting for me to download them to my wallet.dat when i want to recover them in 10 yrs or so.  is that about right?  yes or no answers please.

Yep.

Get 1M coins.
Get another computer.
Load Bitcoin on it. Do not connect to internet. Do not download blocks.
Write down an address from this wallet.
Encrypt wallet. Delete original.
Send coins to the address.
Wait.....
Unencrypt. Spend.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
cypherdoc
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May 03, 2011, 08:56:04 AM
 #48

yes,

Bitcoin is that awesome!


so why'd the hell did u write that long backup piece and then have the nerve to ask for donations? Cheesy  this would seem to be the best, non hassle, easiest strategy of all.  forget the USB flash drives, holes in the ground, beds, po boxes, friends, wills, lawyers, safes, vaults, Truecrypt, 7zip, archives, keyloggers, media cards, email attachments.  why do we keep self flaggelating ourselves about this topic.  If btc survives you're a billionaire, if it crashes, all those btc's in cyberspace aren't worth beans anyways. Undecided
cypherdoc
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May 03, 2011, 09:05:06 AM
 #49

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.

If I ever have lots of bitcoins, that's what I'll do Smiley

this strategy intrigues me the most.  what you're basically saying is that if i have a million btc in my wallet today i could send 999,999 of them to one of my receiving addresses right now but before i receive them i can close the btc client, disconnect my computer from the internet, back up my wallet.dat and encrypt it, go and stick multiple copies of it everywhere,but the bottom line is that all 999,999 btc will be stored in the block chain out on the network ready and waiting for me to download them to my wallet.dat when i want to recover them in 10 yrs or so.  is that about right?  yes or no answers please.

Yep.

WAIT A MINUTE!

Get 1M coins. ON COMPUTER #1?
Get another computer.  ON COMPUTER #2?
Load Bitcoin on it. ON COMPUTER #2?  Do not connect to internet. Do not download blocks.  ONTO COMPUTER #2?
Write down an address from this wallet. FROM COMPUTER #2?
Encrypt wallet. Delete original.  AGAIN ON COMPUTER #2?
Send coins to the address. FROM COMPUTER #1?
Wait.....
Unencrypt. FROM COMPUTER #2?  Spend.  FROM WHICH COMPUTER?
cypherdoc
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May 03, 2011, 09:14:40 AM
 #50

yes,

Bitcoin is that awesome!


so why'd the hell did u write that long backup piece and then have the nerve to ask for donations? Cheesy  this would seem to be the best, non hassle, easiest strategy of all.  forget the USB flash drives, holes in the ground, beds, po boxes, friends, wills, lawyers, safes, vaults, Truecrypt, 7zip, archives, keyloggers, media cards, email attachments.  why do we keep self flaggelating ourselves about this topic.  If btc survives you're a billionaire, if it crashes, all those btc's in cyberspace aren't worth beans anyways. Undecided

Why not?

nah, just joking with you!!  see smiley face?
cypherdoc
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May 03, 2011, 09:18:30 AM
 #51

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.

If I ever have lots of bitcoins, that's what I'll do Smiley

this strategy intrigues me the most.  what you're basically saying is that if i have a million btc in my wallet today i could send 999,999 of them to one of my receiving addresses right now but before i receive them i can close the btc client, disconnect my computer from the internet, back up my wallet.dat and encrypt it, go and stick multiple copies of it everywhere,but the bottom line is that all 999,999 btc will be stored in the block chain out on the network ready and waiting for me to download them to my wallet.dat when i want to recover them in 10 yrs or so.  is that about right?  yes or no answers please.

Yep.

Get 1M coins.
Get another computer.
Load Bitcoin on it. Do not connect to internet. Do not download blocks.
Write down an address from this wallet.
Encrypt wallet. Delete original.
Send coins to the address.
Wait.....
Unencrypt. Spend.

are you saying this is a way to double spend?
LMGTFY
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May 03, 2011, 09:27:19 AM
 #52

this strategy intrigues me the most.  what you're basically saying is that if i have a million btc in my wallet today i could send 999,999 of them to one of my receiving addresses right now but before i receive them i can close the btc client, disconnect my computer from the internet, back up my wallet.dat and encrypt it, go and stick multiple copies of it everywhere,but the bottom line is that all 999,999 btc will be stored in the block chain out on the network ready and waiting for me to download them to my wallet.dat when i want to recover them in 10 yrs or so.  is that about right?  yes or no answers please.

Yep.

Get 1M coins.
Get another computer.
Load Bitcoin on it. Do not connect to internet. Do not download blocks.
Write down an address from this wallet.
Encrypt wallet. Delete original.
Send coins to the address.
Wait.....
Unencrypt. Spend.

are you saying this is a way to double spend?
Nope, they're saying that a wallet doesn't need to be online to send bitcoins to it :-)

This space intentionally left blank.
cypherdoc
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May 03, 2011, 09:36:20 AM
 #53

this strategy intrigues me the most.  what you're basically saying is that if i have a million btc in my wallet today i could send 999,999 of them to one of my receiving addresses right now but before i receive them i can close the btc client, disconnect my computer from the internet, back up my wallet.dat and encrypt it, go and stick multiple copies of it everywhere,but the bottom line is that all 999,999 btc will be stored in the block chain out on the network ready and waiting for me to download them to my wallet.dat when i want to recover them in 10 yrs or so.  is that about right?  yes or no answers please.

Yep.

Get 1M coins.
Get another computer.
Load Bitcoin on it. Do not connect to internet. Do not download blocks.
Write down an address from this wallet.
Encrypt wallet. Delete original.
Send coins to the address.
Wait.....
Unencrypt. Spend.

are you saying this is a way to double spend?
Nope, they're saying that a wallet doesn't need to be online to send bitcoins to it :-)

ok, i get it.  takes me alittle while sometimes.  basically he was stating the same thing i was about storing your btc in the block chain in the network except he is saying you can send ALL of them up there and use a different wallet.  and theoretically you can wait an infinite time if btc survives.  have any of you had the  balls to save your btc this way?
FreeMoney
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May 03, 2011, 09:58:34 AM
 #54

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.

If I ever have lots of bitcoins, that's what I'll do Smiley

this strategy intrigues me the most.  what you're basically saying is that if i have a million btc in my wallet today i could send 999,999 of them to one of my receiving addresses right now but before i receive them i can close the btc client, disconnect my computer from the internet, back up my wallet.dat and encrypt it, go and stick multiple copies of it everywhere,but the bottom line is that all 999,999 btc will be stored in the block chain out on the network ready and waiting for me to download them to my wallet.dat when i want to recover them in 10 yrs or so.  is that about right?  yes or no answers please.

Yep.

Get 1M coins.
Get another computer.
Load Bitcoin on it. Do not connect to internet. Do not download blocks.
Write down an address from this wallet.
Encrypt wallet. Delete original.
Send coins to the address.
Wait.....
Unencrypt. Spend.

are you saying this is a way to double spend?

Nope. Just restating the coolness.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
LMGTFY
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May 03, 2011, 12:59:32 PM
 #55

ok, i get it.  takes me alittle while sometimes.  basically he was stating the same thing i was about storing your btc in the block chain in the network except he is saying you can send ALL of them up there and use a different wallet.  and theoretically you can wait an infinite time if btc survives.  have any of you had the  balls to save your btc this way?
With 999,999 BTC? Not just "no", but "heck, no"! I've not actually tried it with toy money, either, though I've always assumed it's (a) possible, and (b) very cool ;-) Might give it a go later - but with 0.00999999 BTC, not 999,999 BTC...

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May 03, 2011, 01:59:31 PM
 #56

but then u can't send btc to that 2nd wallet from the 1st wallet on the same computer.
 my goal is to save the majority of my btc on a flash drive in my safe and not have to pull it out for several months.  then i'd have a 2nd wallet with spending money on my computer.   should i just send the btc to a client on another computer?  is the wallet.dat file interchangeable btwn mac and pc clients?

just use multiple accounts to send between them, each user have wallet created in different place

flash drive is not good idea, if it fails there is small chance of recovery of wallet, backup on 3-4 different mediums and two locations is minimum that you have to do to be safe

personally i have backup of savings wallet on three separate disks in my pc (all with full disk encryption) and copy on external drive and attachment on email account

after i found out that my bitcoins are worth over 6k usd i added dvd-ram, microsd card and base64 copy printed on laser printer on another location

all of course with heavy encryption Tongue i know it is a bit paranoid, but different mediums at different locations is a must have for long term backup
SgtSpike
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May 03, 2011, 03:30:31 PM
 #57

but then u can't send btc to that 2nd wallet from the 1st wallet on the same computer.
 my goal is to save the majority of my btc on a flash drive in my safe and not have to pull it out for several months.  then i'd have a 2nd wallet with spending money on my computer.   should i just send the btc to a client on another computer?  is the wallet.dat file interchangeable btwn mac and pc clients?

just use multiple accounts to send between them, each user have wallet created in different place

flash drive is not good idea, if it fails there is small chance of recovery of wallet, backup on 3-4 different mediums and two locations is minimum that you have to do to be safe

personally i have backup of savings wallet on three separate disks in my pc (all with full disk encryption) and copy on external drive and attachment on email account

after i found out that my bitcoins are worth over 6k usd i added dvd-ram, microsd card and base64 copy printed on laser printer on another location

all of course with heavy encryption Tongue i know it is a bit paranoid, but different medium, different location is a must have for long term backup
A printed copy isn't a bad idea either... I mean, heck, you can always OCR it back in, and convert it from whatever base you put it in.  And if the OCR fails, you could hand-type it all.  It'd probably be worth whatever is in your wallet at that point...

Just in case all your electronic media fails.
molecular
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May 03, 2011, 09:12:08 PM
 #58

What's cool about having your savings account on a CD-R in a safety deposit box at the bank is that you can STILL send bitcoins to that wallet!

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.
you have to use -rescan for the magic to work, though, afaik.

If I ever have lots of bitcoins, that's what I'll do Smiley

I only have some, but also entertain an extra savings-account.

The wallet.dat does not exist in unencrypted form. The encrypted one I emailed to lots of friends and also put on some removable media.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
Gavin Andresen
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May 04, 2011, 12:07:15 AM
 #59

When you go to the bank and get your CD-R and set the wallet up again, all your bitcoins that you sent to that wallet will magically appear.
you have to use -rescan for the magic to work, though, afaik.

Bitcoin 0.3.21 puts a 'bestblock' entry in the wallet so it will automatically -rescan if you restore an old wallet (and it only rescans the blocks necessary to get up-to-date).

How often do you get the chance to work on a potentially world-changing project?
JohnDoe
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May 04, 2011, 01:32:51 AM
 #60

Putting on 2 CD-R and Flash doesn't seem to be enough for 300,000K bitcoins.  Maybe you can tease us by encrypting the wallet with TrueCrypt, give it a 20 char password, and post it here.  You can be sure the wallet will continue to exist on the Internet and it will be safe.

I've always thought it'd be cool to have a torrent going with a bunch of wallets just in case governments make it a strategy to identify and destroy all the backups that a person might have, or in the case that someone goes into a comma for like a decade and after waking up realizes that all the other backups are gone for some reason.
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