I'm pretty sure people still use them. Even better if they use something they use much heavier encryption (such as WarpWallet).
The idea of simply remembering your money is appealing to me (but I don't dare risk it for a large amount).
What I don't understand is why don't they use the hash function millions of times to make their brain wallet even more secure?The idea of simply remembering your money is appealing to me (but I don't dare risk it for a large amount).
But isn't that what WarpWallet was created for? 524,288 times scrypt, followed by 65,536 times pbkdf2. A simple manual "brute-force" tells me that "satoshi" was used to deposit 0.0003 BTC in 2015. It wasn't moved out instantly (only after 7 blocks).
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The scope of realistic brain wallets is very small when compared to all potential private keys. Requiring an adversary to do a million times more work might sound like a lot, but compared to all potential private keys, it really is not.
If you're the only one who uses 1,276,816 rounds of hashing, the number of potential wallets that can be found is limited to only your wallets, versus many different wallets that all use only one round.
. There are also a lot of extra datasets I haven't used this far so I expect the numbers to go up once I use them as well (I'm in the middle of perfecting my own tooling and blockchain parser so this will take some more time first).
