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Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 213. (Read 452224 times)

full member
Activity: 226
Merit: 100
ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...

The same you recommend. Armory. You backup your deterministic wallet once and that's it. You can crate and use a ton of addresses and the backup is good for all of them. Armory lays focus on backups. The new version has M of N backups and printer safe paper backup. Just easily create 5 backup printouts and any e.g. 3 will be good to restore your wallet. And even if somebody manages to get hold of you printer memory they can not spend the coins with printer safe backups. When Alan is back from his honeymoon the guys will wrap up this version. There seems to be one more bug to be fixed before they can make the release official. My BF Address is an Armory Address and I feel very very comfortable with this. Alan just got a 600k Investment for Armory Development. As there isn't really a concrete buissness model yet, it is more like a 600k donation. They might be offering enterprise solutions once and make some money with support contracts and even more advanced features and such.
sr. member
Activity: 476
Merit: 250
hero member
Activity: 560
Merit: 500
I hold 67 shares & dividend I have received is : 0.06198876BTC , which doesn't add-up to BTC0.00129834 x 67 - 0.0025BTC fees Huh

-0.025BTC....


grnbrg.

Sorted  Embarrassed
hero member
Activity: 509
Merit: 500
Official LRM shill
I hold 67 shares & dividend I have received is : 0.06198876BTC , which doesn't add-up to BTC0.00129834 x 67 - 0.0025BTC fees Huh

-0.025BTC....


grnbrg.
hero member
Activity: 560
Merit: 500
I hold 67 shares & dividend I have received is : 0.06198876BTC , which doesn't add-up to BTC0.00129834 x 67 - 0.0025BTC fees Huh
sr. member
Activity: 266
Merit: 250
ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...

Or.... as I said above - deterministic wallet - problem solved. One backup, and if it's a brain wallet then it's even easier, just avoid car-accidents and you're all set!  Wink
hero member
Activity: 583
Merit: 500
hero member
Activity: 737
Merit: 500
ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...

Yes, that is what I mean.

I use and prefer bitcoin-qt (bitcoind, actually, with a custom web frontend).  Backing things up is really not a big deal. It's a one time task that I had to setup.  My backup script copies my wallet to my dropbox every half hour automatically, and my offsite backup software automatically backs that dropbox folder up as well.

I just put this in my crontab:

Code:
*/30 * * * *    /usr/local/bin/bitcoind backupwallet /Volumes/Data/Dropbox/Backups/wallet.dat

Set it and forget it...
hero member
Activity: 924
Merit: 1000
ahh, I see, so when I send 1 bitcoin from an address that has 25 coins, it will send the 24 coins back to a newly generated address, is that what your saying? Damn,  what wallet do you recommend? I dont mind making backups, but it would be nice not to HAVE to back the address up...
hero member
Activity: 737
Merit: 500
Tell m if Im wrong, But from what I understand once I have made a backup of my wallet and I dont add any more addresses to it, I dont have to continue to make backups every time I receive or send coins, correct? Its only if i add an address that I have to do another back up. Or am I wrong?

Yes, correct.


grnbrg.

If you are using bitcoin-qt, this is wrong.  Every time you send BTC, a new address is quietly used behind the scenes to receive the change from your transaction.  You don't need to backup your wallet.dat every time you send BTC, because bitcoin-qt pre-creates a bunch of keys for this purpose, but when it runs out of pre-created keys, it will automatically create more and those new ones won't be in your old backups.

tl;dr: backup your wallet.dat regularly, not just once.  Create a cron job or a scheduled task to back it up to a Dropbox account or something once a day and you'll be fine unless you do 100s of transactions per day.
hero member
Activity: 924
Merit: 1000
I hope we start seeing some hashing power added, I think the next difficulty will be around 240million, actually, It will be more like 250million or more because of KNC miners and bitfury coming online.. I hope it slows down soon.. Thats like a 25-30 percent jump..
hero member
Activity: 924
Merit: 1000

Thanks, that solved my issue!! I saw the command 'dump" I thought it meant delete, so I never dared try to use it.. but it makes sense now..
sr. member
Activity: 266
Merit: 250
Tell m if Im wrong, But from what I understand once I have made a backup of my wallet and I dont add any more addresses to it, I dont have to continue to make backups every time I receive or send coins, correct? Its only if i add an address that I have to do another back up. Or am I wrong?

You shouldn't even need to back-up when new addresses are added due to the way the addresses are generated. Just Google "deterministic brain-wallet" for more info...

(By which I mean new receive addresses. New wallets you will, of course, need new back-ups of!)
hero member
Activity: 509
Merit: 500
Official LRM shill
Tell m if Im wrong, But from what I understand once I have made a backup of my wallet and I dont add any more addresses to it, I dont have to continue to make backups every time I receive or send coins, correct? Its only if i add an address that I have to do another back up. Or am I wrong?

Yes, correct.


grnbrg.
hero member
Activity: 924
Merit: 1000
Tell m if Im wrong, But from what I understand once I have made a backup of my wallet and I dont add any more addresses to it, I dont have to continue to make backups every time I receive or send coins, correct? Its only if i add an address that I have to do another back up. Or am I wrong?
hero member
Activity: 583
Merit: 500
It kind of goes without saying, but If you do have a local wallet, MAKE SURE you ENCRYPT IT!  Otherwise its just like leaving a wad of  money on the dashboard of your car.

Here is a link on Bitcoin Security  ===>https://en.bitcoin.it/wiki/Securing_your_wallet
And once you've encrypted it, put copies all over the place.  On your home PC.  Work PC.  GMail.  Thumbdrive(s).  Dropbox.  Etc.  And don't forget your passphrase.

The forums are filled with tales of woe from people who can look at blockchain.info and *see* their Bitcoins, but they have lost the ability to access them....


grnbrg.

you mean the wallet.dat file?  yes once i learnt about it was a bit scary. but ive got a few copies and backup regulary from qt wallet.
hero member
Activity: 509
Merit: 500
Official LRM shill
It kind of goes without saying, but If you do have a local wallet, MAKE SURE you ENCRYPT IT!  Otherwise its just like leaving a wad of  money on the dashboard of your car.

Here is a link on Bitcoin Security  ===>https://en.bitcoin.it/wiki/Securing_your_wallet
And once you've encrypted it, put copies all over the place.  On your home PC.  Work PC.  GMail.  Thumbdrive(s).  Dropbox.  Etc.  And don't forget your passphrase.

The forums are filled with tales of woe from people who can look at blockchain.info and *see* their Bitcoins, but they have lost the ability to access them....


grnbrg.
hero member
Activity: 583
Merit: 500
yep , done that a while a go.
sr. member
Activity: 336
Merit: 250
It kind of goes without saying, but If you do have a local wallet, MAKE SURE you ENCRYPT IT!  Otherwise its just like leaving a wad of  money on the dashboard of your car.

Here is a link on Bitcoin Security  ===>https://en.bitcoin.it/wiki/Securing_your_wallet
hero member
Activity: 583
Merit: 500
very nice thanks gents. Cheesy
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