How would you store >100 Bitcoins? - page 34.

DeboraMeeks

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Quote from: Honeypot on August 04, 2014, 12:49:57 PM

Cold storage.

Let me expand:

Download bitaddress.org webpage

Open it offline

Generate a few addresses

Write all the information down

Send bitcoins to the wallets

When you want to use the coins just enter the private key section of the wallet into blockchain.info's wallet and send ALL the coins to a new wallet.

Honeypot

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Cold storage.

Sophokles

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Quote from: FUR11 on August 04, 2014, 12:41:24 PM

100 freaking Bitcoins? Huh

I'd put them in a paper wallet where they're safe! Definitely not on some online exchange or anything. That's an amount of money I'd trust no one with! Not even Satoshi!

Trezor is not an online wallet, if you meant to imply that. It's a hardware device to sign transactions on computers (which do not even have to be trusted). Only you are in possesion of the private key(s). In case of losing the device, the wallet can be reconstructed from a 12 - word passphrase.

Think I'm going to order one now, just because the concept is so cool.

FUR11

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FURring bitcoin up since 1762

100 freaking Bitcoins? Huh

I'd put them in a paper wallet where they're safe! Definitely not on some online exchange or anything. That's an amount of money I'd trust no one with! Not even Satoshi!

Sophokles

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Quote from: jbreher on August 04, 2014, 12:23:00 PM

Quote from: Sophokles on August 04, 2014, 11:41:31 AM

That is the best solution if you ... don't want to shell out the cash for a used PC to set up as airgapped cold storage machine.

My airgapped PC (a refurb lenovo C2D notebook) cost about the same as a Trezor. Works for me. YMMV.

Yeah, works for me too at the moment. But the Trezor is smaller and looks cooler.

jbreher

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Quote from: Sophokles on August 04, 2014, 11:41:31 AM

That is the best solution if you ... don't want to shell out the cash for a used PC to set up as airgapped cold storage machine.

My airgapped PC (a refurb lenovo C2D notebook) cost about the same as a Trezor. Works for me. YMMV.

Sophokles

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Trezors up for general sale now (until now, only preorders were sent):

https://www.buytrezor.com/

That is the best solution if you don't have a, or don't want to shell out the cash for a used PC to set up as airgapped cold storage machine.

keithers

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I actually just went and bought a Trezor

First time that I have spent any BTC in awhile... I just reloaded the same amount back...I like to make a habit of keeping the same balances...

So now I will be using that to store some, obviously...

jbreher

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Quote from: Darude Sandstorm on August 04, 2014, 11:10:06 AM

I don't really trust paper wallets for a number of reasons. I'd just keep them in offline wallet.dat files stored on usbs and maybe some dvdrs or whatnot.

Good luck. The US Library of Congress has been looking for a medium for storing information for some time now. They've yet to find any digital solution more durable over time than paper.

Darude Sandstorm

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I don't really trust paper wallets for a number of reasons. I'd just keep them in offline wallet.dat files stored on usbs and maybe some dvdrs or whatnot.

counter

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Time is on our side, yes it is!

65 percent would be in cold storage on some sort of mobile device. The rest would be on multiple accounts on Blockchain.info and other sites I trust to put my coins for safe keeping also 10 percent of the total would be in physical form, for example Cassius coins and paper wallets.

Muhammed Zakir

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Quote from: justusranvier on August 03, 2014, 08:58:45 AM

Armory.

I would store it in armory. It support cold too. Splitting them by multiple of 5 into addresses. So that nobody knows how much addresses I have, thus can't know my holdings. Making many wallets and making many addresses are same. Making one or two paper wallet would be great too.

Kindly,
MZ

ensurance982

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Trust me!

Couple of paper wallets. Maybe with the keys encrypted and split to redundant pieces (n of m) and store them at various locations. That should be the safest option.

abercrombie

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Quote from: lyth0s on August 03, 2014, 07:40:44 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

If these were Bitcoins that I'm not going to spend any time soon it would go into an offline paper wallet(s), with Bip-38 password encryption on the public key.

Probably not all in 1 paper wallet because I'd probably break off pieces as the years go by to spend or provide to family members.

Public/Private Keys can be etched or engraved on metal and placed in a fire safe for safety from heat and water damage.

Lastly, if you're comfortable with multiple levels of encryption, a PDF or screen shot of the wallet keys can be PGP encrypted, and/or placed in a True Crypt container then uploaded to the cloud.

keithers

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Quote from: justusranvier on August 04, 2014, 09:43:06 AM

Quote from: keithers on August 04, 2014, 09:41:50 AM

It downloads whole blockchain right?

It talks to bitcoind, which does download the entire blockchain.

Ok thanks. Was looking for another client to use, as I want to start another wallet to split up some BTC

Skinnyman

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Quote from: justusranvier on August 04, 2014, 09:39:48 AM

Quote from: gtraah on August 04, 2014, 05:31:23 AM

Here is a very simple and secure way

Do you know what any of those words mean?

So many people have lost bitcoins because they tried to roll their own overly-complex cold storage.

I guess there is such a thing as being too safe. I think people do go overboard on the ridiculously long passwords that they cant remember.

justusranvier

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Quote from: keithers on August 04, 2014, 09:41:50 AM

It downloads whole blockchain right?

It talks to bitcoind, which does download the entire blockchain.

keithers

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Quote from: justusranvier on August 03, 2014, 08:58:45 AM

Armory.

Ive actually never used Armory. It downloads whole blockchain right?

justusranvier

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Quote from: gtraah on August 04, 2014, 05:31:23 AM

Here is a very simple and secure way

Do you know what any of those words mean?

So many people have lost bitcoins because they tried to roll their own overly-complex cold storage.

jonald_fyookball

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Quote from: e4xit on August 04, 2014, 04:48:37 AM

Quote from: bitcoinbitcoin on August 03, 2014, 10:35:33 PM

Yes, what is unsafe about electrum?
Thanks for the input Justus!

One of the reasons i heard is that it has deterministic wallets with 160 bit seed, vs 256bit seeds in armory.
But armory is switching to 160bit, soon anyway (bip32 i think).
They say that 160bit, is big enough to make seed collisions "impossible" enough.

What other reason is Electrum less secure than armory, for storing/spending 10,000 btc?

Possibly the seed algorithm is less secure? Perhaps there are other technical shortcuts, because electrum was focused on ease of use and not security?

Is it because armory dev is more "trustworthy" than electrum dev?

I know many bitcoiners only trust gavin, and still only use the satoshi client (though fewer nowadays, because armory/electrum have built reputation).

Justus, can u send a link or describe the technical reasons why it is less private? or secure?
And what improvement to electrum do you need, to finally make the switch to electrum?
thanks!

Ar you able to use offline an offline machine as a signing agent with electrum now?

With my Armory setup I have a cheap netbook setup as an offline machine (wifi disabled in BIOS) which I then wiped and installed Ubuntu and Armory on. This machine is required to sign transactions I make on the online Armory machine. This way I think it is pretty unlikely (especially if yo uare not spending but only storing bitcoins) that coins can be lost due to online hack of any sort...

Of course you still need to backup your encrypted wallet file along with paper seed/chaincode but this can be done safely using m-of-n backup.

Bitcoins could still be lost through physical intimidation I guess... Can electrum offer similar? If it can that would be interesting...

Yes you can sign offline transactions with electrum

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