How would you store >100 Bitcoins? - page 23.

haploid23

legendary

Activity: 812

Merit: 1002

Quote from: itsAj on August 29, 2014, 11:12:25 PM

Quote from: CIYAM on August 27, 2014, 12:16:00 PM

Quote from: btchaste on August 27, 2014, 12:10:32 PM

I'd prefer to sell them, I would be too worried to lose them all making some mistakes using cold storage wallets.

Although not trying to solicit any sort of business (just trying to gauge how people are thinking) do you think if someone were to offer you a service to "help you to do cold storage" with M of N addresses (i.e. that needed say 2 of 3 sigs) would that change your mind?

I think a better solution would be to simply hand over your BTC to someone extremely trusted who you believe will not be going anywhere for the term of your sentence and will only return your BTC upon receipt of a very specific password sent at very specific circumstances (that would be easy to replicate, hard to forget, and hard to guess).

I'm currently holding some btc for a sister-in-law because it's too technical for her, and she doesn't know how to manage wallets and backup. The cruxes of bitcoin for the old generation or the non technical savvy crowd.

lyth0s

legendary

Activity: 1260

Merit: 1000

World Class Cryptonaire

Quote from: Zawamiya on August 30, 2014, 03:03:24 AM

Quote from: lyth0s on August 03, 2014, 08:40:44 AM

Not that I have that many (I wish!), but how would you store >100 Bitcoins? The easy answer is just to say "create 1 offline/cold wallet and put them all in". But what about risk management? IE how do you store a very large value of coins while managing risk against hackers, forgetting passwords, the obvious need for at least 1 hot wallet, portability, easy of use, house fires, EMP bomb's (lol), or if a foreigner had to flee a country while taking no assets etc etc.

I'm looking for real responses and ideas. Please keep the trolling to a minimum Tongue

I would put some in blockchain, some in wallet and some in cold storage.

Yeah I think this is honestly the most logical way of doing it. I may add a trezor on there for an easier version of cold storage too.

Zawamiya

hero member

Activity: 526

Merit: 500

Quote from: lyth0s on August 03, 2014, 08:40:44 AM

Not that I have that many (I wish!), but how would you store >100 Bitcoins? The easy answer is just to say "create 1 offline/cold wallet and put them all in". But what about risk management? IE how do you store a very large value of coins while managing risk against hackers, forgetting passwords, the obvious need for at least 1 hot wallet, portability, easy of use, house fires, EMP bomb's (lol), or if a foreigner had to flee a country while taking no assets etc etc.

I'm looking for real responses and ideas. Please keep the trolling to a minimum Tongue

I would put some in blockchain, some in wallet and some in cold storage.

hhanh00

sr. member

Activity: 467

Merit: 266

Quote from: Legions36 on August 29, 2014, 10:24:04 PM

If u were to choose to buy trezor or use armory which would u rather have? Not to worried about the purchase of trezor as I like the concept. I also have a comp for armory too. If something went bad with trezors company does that mean u lose your bitcoins or can u still get them?

The most important thing is to have your seed. All the major wallets are open source and anyone can see how private keys are derived from the later. AFAIK, Trezor uses BIP-32 which is a open standard. Worst case Trezor goes out of business and somehow deletes all their code from the web. I'm sure someone will have kept a copy of the code and will be able to help you out.

Trezor is like Armory or Electrum offline computer on a chip. There is still an online part that you need to install on a regular computer but Trezor removes the need to do a USB key dance. Personally, I don't mind the USB transfer because I rarely have to spend from cold storage since I keep a hot wallet too.

itsAj

hero member

Activity: 588

Merit: 500

Quote from: CIYAM on August 27, 2014, 12:16:00 PM

Quote from: btchaste on August 27, 2014, 12:10:32 PM

I'd prefer to sell them, I would be too worried to lose them all making some mistakes using cold storage wallets.

Although not trying to solicit any sort of business (just trying to gauge how people are thinking) do you think if someone were to offer you a service to "help you to do cold storage" with M of N addresses (i.e. that needed say 2 of 3 sigs) would that change your mind?

I think a better solution would be to simply hand over your BTC to someone extremely trusted who you believe will not be going anywhere for the term of your sentence and will only return your BTC upon receipt of a very specific password sent at very specific circumstances (that would be easy to replicate, hard to forget, and hard to guess).

Legions36

member

Activity: 103

Merit: 10

If u were to choose to buy trezor or use armory which would u rather have? Not to worried about the purchase of trezor as I like the concept. I also have a comp for armory too. If something went bad with trezors company does that mean u lose your bitcoins or can u still get them?

MightyBTC

member

Activity: 87

Merit: 10

I would rather keep most of my bitcoins in an offline wallet or cold wallet. Keeping them online makes me feel at risk always...

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: bryant.coleman on August 29, 2014, 09:01:43 AM

Hmm... at today's exchange rate, BTC100 is equal to $51,500.
So there is no harm in spending up to $500 (1%) to store it. Let me explore the options.

Step 1: Buy a cheap laptop, with minimal features and a cheap printer. Also buy 3 new USB drives.
Step 2: Create a paper wallet and take 3 backups (print).
Step 3: Create a further 3 online backups and transfer them to a USB drive.

Step 4: Store the paper / USB backups in 3 different locations.
Step 5: Destroy the printer.
Step 6: Destroy the hard drive of the laptop.

Well this seems like a good plan to me actually. I always thought that the device that was used to put Bitcoins into cold storage needs to be destroyed completely afterwards.
Why destroy the printer though?
People should be less greedy and start using their money to secure it. There would be a lot less hacks/thefts if they paid attention to security.

wasserman99

sr. member

Activity: 476

Merit: 250

Quote from: TimeWatch on August 29, 2014, 05:30:03 AM

Quote from: wasserman99 on August 29, 2014, 05:13:48 AM

Quote from: jonald_fyookball on August 27, 2014, 01:13:37 PM

Quote from: Candystripes on August 27, 2014, 01:07:41 PM

If I were a millionaire, I'd put it all into bitcoin, and use Coinbase's vault, with an extremely tough password and all levels of verification.

why not cold storage?

Depending on your technical expertise the coinbase vault would be a much better option for someone. If someone does not have the technical skills to be able to properly create a cold storage address, be able to send BTC to it and be able to spend the coins without compromising he cold storage then they should not be attempting to do this.

Assuming that your coins are safe at coinbase (they will not get hacked/run away with your money) then coinbase vault is a secure way to hold your BTC. They force you to wait at least 48 hours prior to releasing your money. So if you were to get hacked then you would need to recover access to your account within this time.

I wouldn't trust any third party to keep so high amount of mine..if they get hacked or something like it happened to mtgox..

Cold wallets are far better.

I agree that cold wallets are better if you know what you are doing. If you don't know what you are doing then you could potentially lose access to your money or expose your wallet to the public, making it more vulnerable then keeping your wallet on your computer with nothing more then antivirus software.

bryant.coleman

legendary

Activity: 3654

Merit: 1217

Hmm... at today's exchange rate, BTC100 is equal to $51,500.

So there is no harm in spending up to $500 (1%) to store it. Let me explore the options.

Step 1: Buy a cheap laptop, with minimal features and a cheap printer. Also buy 3 new USB drives.

Step 2: Create a paper wallet and take 3 backups (print).

Step 3: Create a further 3 online backups and transfer them to a USB drive.

Step 4: Store the paper / USB backups in 3 different locations.

Step 5: Destroy the printer.

Step 6: Destroy the hard drive of the laptop.

thecast

newbie

Activity: 56

Merit: 0

On a safe storage box inside a usb and hd backup.

unpure

full member

Activity: 169

Merit: 100

Quote from: FFrost on August 29, 2014, 05:44:13 AM

Split it into 10 wallets and buy a smartphone which has never been connected to the Internet and store them on there.

Cheaper to buy 10 Trezor cold storage wallet and store them in 10 different locations.

https://bitcointalksearch.org/topic/eshop-launched-trezor-bitcoin-hardware-wallet-122438

Soros Shorts

donator

Activity: 1616

Merit: 1003

Quote from: Drendas on August 29, 2014, 04:55:12 AM

I would convert the Bitcoin to dollars then deposit them in my FDIC insured account.

At some point in time in the very near future, FDIC insurance would not cover the value of 100 BTC.

FFrost

full member

Activity: 224

Merit: 100

Split it into 10 wallets and buy a smartphone which has never been connected to the Internet and store them on there.

TimeWatch

member

Activity: 83

Merit: 10

Quote from: wasserman99 on August 29, 2014, 05:13:48 AM

Quote from: jonald_fyookball on August 27, 2014, 01:13:37 PM

Quote from: Candystripes on August 27, 2014, 01:07:41 PM

If I were a millionaire, I'd put it all into bitcoin, and use Coinbase's vault, with an extremely tough password and all levels of verification.

why not cold storage?

Depending on your technical expertise the coinbase vault would be a much better option for someone. If someone does not have the technical skills to be able to properly create a cold storage address, be able to send BTC to it and be able to spend the coins without compromising he cold storage then they should not be attempting to do this.

Assuming that your coins are safe at coinbase (they will not get hacked/run away with your money) then coinbase vault is a secure way to hold your BTC. They force you to wait at least 48 hours prior to releasing your money. So if you were to get hacked then you would need to recover access to your account within this time.

I wouldn't trust any third party to keep so high amount of mine..if they get hacked or something like it happened to mtgox..

Cold wallets are far better.

wasserman99

sr. member

Activity: 476

Merit: 250

Quote from: jonald_fyookball on August 27, 2014, 01:13:37 PM

Quote from: Candystripes on August 27, 2014, 01:07:41 PM

If I were a millionaire, I'd put it all into bitcoin, and use Coinbase's vault, with an extremely tough password and all levels of verification.

why not cold storage?

Depending on your technical expertise the coinbase vault would be a much better option for someone. If someone does not have the technical skills to be able to properly create a cold storage address, be able to send BTC to it and be able to spend the coins without compromising he cold storage then they should not be attempting to do this.

Assuming that your coins are safe at coinbase (they will not get hacked/run away with your money) then coinbase vault is a secure way to hold your BTC. They force you to wait at least 48 hours prior to releasing your money. So if you were to get hacked then you would need to recover access to your account within this time.

Drendas

newbie

Activity: 15

Merit: 0

I would convert the Bitcoin to dollars then deposit them in my FDIC insured account.

proofofarat

newbie

Activity: 21

Merit: 0

Armory with an m-of-n backup with dedicated separate cold wallet and hot wallet computers. Distribute the m-of-n backups geographically and among a couple different safe deposit boxes. In your will write clear instructions on how to recover the coins with the backups. This is the safest way to store coins imo.

logger

member

Activity: 138

Merit: 10

The only way I could really lose my BTC and other assets (I also hold some LTC and a crapload of NCM in my boxes) would be the government or bank somehow seizing my boxes and stealing my Bitcoins, which is unlikely because I pay my taxes like clockwork and operate a legitimate business.

Basically I am trusting the banks not to steal my coins, which when I think about it, is not the hottest idea. For a hardcore paranoid wanting even more security, you could use your own hidden, obviously fireproof, safe(s) at home or elsewhere. Although then you are open to a home invasion type robbery, which I think is more of a risk in this day in age than the banks shutting down and taking the security boxes.

logger

member

Activity: 138

Merit: 10

Funny you should pick that number, personally for each 100 I've created two laminated paper wallets, plus an encrypted SD card, and put them in three separate safety deposit boxes that only my wife and I have access to. There are no copies at my home or anywhere else. Of course the wallets were made with a computer that has never been and never will be online in any way.

I have never tested any of my offline addresses, so I am trusting that Armory didn't make a mistake, and neither did I. IMHO once you send anything from an address it is no longer a secure offline addy, even if you do an offline transaction with software like Armory.

Topic: How would you store >100 Bitcoins? - page 23. (Read 42323 times)