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Author Topic: "ID Backup"  (Read 949 times)
MagicalTux
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May 01, 2011, 09:42:17 AM
 #1

Hi,

I get often asked by people how to "save" coins in a way that would allow them and only them to access at any point, even without having any numerical data remaining.

I came up with a little idea: have the private keys generated based on the user infos. Except for the passphrase the infos make sure the user is himself, and nobody else.
This also allows a user to put his passphrase in his will and give his crypto-currency wealth to his children.

Anyway, please discuss.

https://en.bitcoin.it/wiki/ID_Backup

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Matt Corallo
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May 01, 2011, 09:45:10 AM
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Sounds similar to https://www.bitcoin.org/smf/index.php?topic=6897.0, at least in the technology behind it.  I think its an interesting idea, but as always, be careful as users tend to like really short passwords and generally like the convenience of having poor security.

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MagicalTux
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May 01, 2011, 09:55:15 AM
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Sounds similar to https://www.bitcoin.org/smf/index.php?topic=6897.0, at least in the technology behind it.  I think its an interesting idea, but as always, be careful as users tend to like really short passwords and generally like the convenience of having poor security.

User is there at his own risk.

I was thinking about adding SSN number or such too....

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May 01, 2011, 10:32:46 AM
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I think I'd rather see such information used to lock a wallet.dat backup. As easy as it is to steal people's identities, this seems like asking for trouble.

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May 01, 2011, 12:27:15 PM
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I think I'd rather see such information used to lock a wallet.dat backup. As easy as it is to steal people's identities, this seems like asking for trouble.

That's why the passphrase is important. The user infos is mainly here to make it "more unique" (call it public salt if you wish)

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