Cold Storage / Backup / Sweep Bitcoind Wallet

virtuexru

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litecoin!

Quote from: jordan.dev on April 17, 2013, 02:44:05 AM

Quote from: moni3z on April 17, 2013, 12:00:23 AM

Generate addresses offline and preload database to hand them out.
Since bitcoin does mutlisig you could do something like this https://bitcointalksearch.org/topic/proposal-for-safe-blockchain-storage-pools-for-exchanges-using-multisig-96391

Wouldn't setting up a 'multisig' process limit the end-users ability to withdraw their own funds without a "teller" so to speak approving the withdraw of funds?

I mean that gets around the issue of someone being able to withdraw funds without the approval of 3 parties in the transaction, but that doesn't stop someone whom gained access to the wallet server authenticating the transactions and their destination even with a forced 2/3 authorization.

So in this method someone would have to manually approve transactions? Undecided

I know this topic is a little old but I found it via Google and would like to know if there has been any other similiar discussions/questions posed?

jordan.dev

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Activity: 151

Merit: 100

Quote from: moni3z on April 17, 2013, 12:00:23 AM

Generate addresses offline and preload database to hand them out.
Since bitcoin does mutlisig you could do something like this https://bitcointalksearch.org/topic/proposal-for-safe-blockchain-storage-pools-for-exchanges-using-multisig-96391

Wouldn't setting up a 'multisig' process limit the end-users ability to withdraw their own funds without a "teller" so to speak approving the withdraw of funds?

I mean that gets around the issue of someone being able to withdraw funds without the approval of 3 parties in the transaction, but that doesn't stop someone whom gained access to the wallet server authenticating the transactions and their destination even with a forced 2/3 authorization.

So in this method someone would have to manually approve transactions? Undecided

moni3z

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Activity: 899

Merit: 1002

Generate addresses offline and preload database to hand them out.
Since bitcoin does mutlisig you could do something like this https://bitcointalksearch.org/topic/proposal-for-safe-blockchain-storage-pools-for-exchanges-using-multisig-96391

jordan.dev

full member

Activity: 151

Merit: 100

I'm setting up a hosted wallet server backed by bitcoind, and I understand the concept of Wallet > Accounts > Addresses.

However, I've seen online a number of people talking about how they perform cold storage, offline storage, etc. of the majority of user's funds on a periodic basis.

I'm curious if they are sweeping some portion of funds out of the accounts to a cold storage account that they are than taking offline, and than providing user's liquidity on demand from a pool of funds that is still online?

If so, are there any recommendations of an algorithm for doing this that someone has implemented or discussed?

Topic: Cold Storage / Backup / Sweep Bitcoind Wallet (Read 1503 times)