Best Cold Storage solution? | Bitcointalksearch.org

silvergoldandbitcoin

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Quote from: Dabs on December 05, 2013, 10:37:27 PM

Early last year, someone engraved a private key in WIF (wallet import format) on a tungsten block.

Quote

The bank can burn down around it and it will still be readable.

https://bitcointalksearch.org/topic/m.710662

Excuse me while I... uhh...

*goes to type in private key*

Dabs

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Early last year, someone engraved a private key in WIF (wallet import format) on a tungsten block.

Quote

The bank can burn down around it and it will still be readable.

https://bitcointalksearch.org/topic/m.710662

silvergoldandbitcoin

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Quote from: Dabs on December 05, 2013, 09:41:24 PM

@x86Daddy, let me know when you can do tungsten.

hehehe.

Wouldn't that be something!

silvergoldandbitcoin

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Quote from: Abdussamad on December 05, 2013, 06:18:03 AM

Quote from: silvergoldandbitcoin on December 04, 2013, 02:50:54 AM

Hey all, I just recently had 2.4 Bitcoin stolen from my coinlenders account, and I'm curious as to what the best solution is for cold storage?

Coinlenders didn't fold along with inputs.io?

Apparently so. I emailed Trade Fortress, and was told bitcoin would be paid out based on how many each person had deposited.

I have not received anything yet.

Dabs

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The Concierge of Crypto

@x86Daddy, let me know when you can do tungsten.

hehehe.

x86Daddy

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Check out the Bitcoin Firesafe: https://bitcointalksearch.org/topic/bitcoin-firesafe-349465

All the strength of a paper wallet, plus all the strength of metal vs. paper.

Abdussamad

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Quote from: silvergoldandbitcoin on December 04, 2013, 02:50:54 AM

Hey all, I just recently had 2.4 Bitcoin stolen from my coinlenders account, and I'm curious as to what the best solution is for cold storage?

Coinlenders didn't fold along with inputs.io?

charleshoskinson

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Trace Mayer http://www.marketwatch.com/story/most-secure-bitcoin-wallet-armory-raises-600k-led-by-trace-mayer-2013-09-16

hilariousandco

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Quote from: silvergoldandbitcoin on December 05, 2013, 04:17:51 AM

Quote from: charleshoskinson on December 05, 2013, 03:08:37 AM

They are rapidly evolving. Trace put 600k into the wallet.

"Trace" is that someone's name? Or typo?

Yeah, it's a bit ambiguous.

silvergoldandbitcoin

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Quote from: charleshoskinson on December 05, 2013, 03:08:37 AM

They are rapidly evolving. Trace put 600k into the wallet.

"Trace" is that someone's name? Or typo?

silvergoldandbitcoin

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Quote from: ?? on ??

Quote from: silvergoldandbitcoin on December 04, 2013, 04:42:03 PM

Quote from: ?? on ??

I'm not sure, but I believe the M of N backups are in the upcoming release.

Sorry, I have no clue what "M of N backups" are...

Could you please explain, or un-abbreviate?

It's dividing the wallet into pieces and requiring a certain amount of them to rebuild the complete wallet. I've not yet used this feature with Armory, but I plan to. As I understand it, you can change the variables to different numbers.

So, for example, you could divide your wallet into 5 pieces and require only 3 of them to recreate it entirely.

This allows for excellent security and protection. You could place the 5 pieces in different, safe locations. It would require a thief to find three of them to steal your bitcoins. Yet, if two were destroyed (fire, flood, nuke, whatever), you could still recreate your entire wallet with the remaining 3.

That's amazing! Lol I had no clue this could be done...

God I love technology!

I swear if I was born 100 years ago, and could see the future, I would probably go insane, just out of frustration with the current state of things.

charleshoskinson

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They are rapidly evolving. Trace put 600k into the wallet.

hilariousandco

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Quote from: ?? on ??

Quote from: silvergoldandbitcoin on December 04, 2013, 04:42:03 PM

Quote from: ?? on ??

I'm not sure, but I believe the M of N backups are in the upcoming release.

Sorry, I have no clue what "M of N backups" are...

Could you please explain, or un-abbreviate?

It's dividing the wallet into pieces and requiring a certain amount of them to rebuild the complete wallet. I've not yet used this feature with Armory, but I plan to. As I understand it, you can change the variables to different numbers.

So, for example, you could divide your wallet into 5 pieces and require only 3 of them to recreate it entirely.

This allows for excellent security and protection. You could place the 5 pieces in different, safe locations. It would require a thief to find three of them to steal your bitcoins. Yet, if two were destroyed (fire, flood, nuke, whatever), you could still recreate your entire wallet with the remaining 3.

This is brilliant. Had no idea about this Armory wallet. Will have to do some research ASAP.

Dabs

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It's like a parity check. Redundant information.

justusranvier

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There is nothing that beats Armory for cold storage.

Dabs

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I went to my local computer store. I saw this printer: HP Deskjet 1000 Printer.

On Amazon, it's less than $40. The ink is half that. And if you use "fake" or "refilled" inks, it will work on the printer for at least awhile, and when it finally dies you can just buy another printer.

toroidmonster24

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Quote from: silvergoldandbitcoin on December 04, 2013, 05:32:37 PM

Quote from: toroidmonster24 on December 04, 2013, 04:59:54 PM

Quote from: silvergoldandbitcoin on December 04, 2013, 04:38:12 PM

Quote from: charleshoskinson on December 04, 2013, 06:07:45 AM

Bitcoinpaperwallet.com. Print one and have fun.

If I go that route, I'd need to buy a fireproof safe/lockbox.

Actually I'd probably encrypt the PDF and store it somewhere local as well.

Someone mentioned making an image of the private key, and encrypting that. That sounds pretty slick to me, and extremely difficult, if not impossible, for any virus to steal.

This is one of the routes I will probably take.

You just need to encrypt the private key. Encrypting an image is more annoying. bitaddress.org => Create wallet with BIP38 encryption. If the encryption is truly as strong as its claimed you should be able to show everyone that wallet you just printed. I need to do a little more research, but it sounds like I can just print those at work and not really worry about it getting stolen. I wouldn't print an unencrypted private key on a public printer though.

charleshoskinson

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Quote

Someone mentioned making an image of the private key, and encrypting that. That sounds pretty slick to me, and extremely difficult, if not impossible, for any virus to steal.

This is one of the routes I will probably take.

Yes, use this software to do it: http://www.aescrypt.com/

Simply use the snippet tool to cut a copy of the wallet right out of the browser and encrypt it with a passphrase you can remember. I'd write the public key down for reference and store two copies. One locally and one in the cloud (like dropbox). Just make sure your passphrase is strong enough (24 digits mixture of alphanumeric characters).

silvergoldandbitcoin

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Quote from: beetcoin on December 04, 2013, 03:49:29 AM

anyone think it's a good idea to memorize 8 characters of your seed, and then save the other 4 on the cloud?

This idea has a huge flaw unfortunately.

I could simply forget the 8 characters I was supposed to remember.

I would not entrust my money to my memory. :p

silvergoldandbitcoin

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Quote from: toroidmonster24 on December 04, 2013, 04:59:54 PM

Quote from: silvergoldandbitcoin on December 04, 2013, 04:38:12 PM

Quote from: charleshoskinson on December 04, 2013, 06:07:45 AM

Bitcoinpaperwallet.com. Print one and have fun.

If I go that route, I'd need to buy a fireproof safe/lockbox.

Actually I'd probably encrypt the PDF and store it somewhere local as well.

Someone mentioned making an image of the private key, and encrypting that. That sounds pretty slick to me, and extremely difficult, if not impossible, for any virus to steal.

This is one of the routes I will probably take.

Topic: Best Cold Storage solution? (Read 2891 times)