Topic: May want to move your funds from MtGox this week (Read 3550 times)

This. I personally use a 4-tier system:
Amount of bitcoins stored increases from left to right.

MT.Gox/Centralized exchange < Blockchain.info < Hot wallet using Bitcoin-QT < Paper Wallet from Offline Armory

Reminded me of http://www.youtube.com/watch?v=N9L7UUp0FxY

Just want to remind everybody about this:

https://en.bitcoin.it/wiki/Paper_wallet

Find a nice lady and ask her if she want you to store your key in a private place...  Or ask her if she accepts deposits

Bummer dude...

mini-key?

I wish I could fit a whole private key. 

Walk into MtGox HQ, whip it out and thrust forward while announcing, "IM ALL IN!!!"

Or legal complications involving their new US presence or other draconian threats that would lead to accounts being limited or frozen. I'm not much of a conspiracy theorist, but there is plenty of evidence on these forums of "special" cases where people have found their funds suddenly unavailable, especially at the Paypal of Bitcoin, MtGox. The excuse for which is irrelevant imo, but is usually under the blanket guise of "AML compliance". So you can't process a transfer to the bank? Fine, send the funds back to the owner then.

If you value your bitcoins, treat it like you would gold. Stop lending in USD, stop gambling it away, stop investing. Bitcoin *is* the investment vehicle so long as the price is so volatile (it will settle one day, and then investment again might make sense) and unless I'm mistaken, there are no insured exchanges nor exchanges that are willing to go to jail to keep their customers happy in any situation.

Armory is good for an offline savings wallet, and blockchain.info is good for a convenient spending wallet.

I guess it's good for BTC you want to keep away.  But not useful for doing every day transactions.  So, I guess one could keep a large amount offline, and keep a few BTC in a "hot" wallet (online).

Or you just do an offline wallet with armory. You can see the balance but never spend the coins as the wallet is held on an offline computer.

When you send funds you take your USB stick to the offline computer for a signature and bring it back to send.

They should come up with some kind of currency that facilitates this.

LOL - everybody should work remotely in unknown locations!

Dang ! Yes, it's good advice you're giving out here!

Use an offline computer.

Run VanityGen (https://bitcointalksearch.org/topic/vanitygen-vanity-bitcoin-address-generatorminer-v022-25804)

Get a public key/private key.

Write them down/engrave it on a ring/tattoo it to your penis.

Go to MtGox and withdraw to Bitcoin, give your public key.

No hacker can get to your private key unless they had some screen recording virus going on, even then you can encrypt your vanitygen key with a password that is not displayed.

Just do not lose that private key.

I guess one thing that can be done is create a second wallet, by starting bitcoin-qt specifying an alternate directory (for ex: bitcoin-qt.exe -datadir=%APPDATA%\BitcoinAlternateDir).  Then, a new wallet.dat is created.  Encrypt that wallet, copy  the 'receive coin' address to clipboard.

Now, from the client where you have your coins, transfer to the new wallet address.  If you go to your new client, you should be able to confirm you have received the transaction.  From there, there's no point to wait for the 6 confirmations.  In fact, you don't even have to check the new client that you 'received transaction'.  It's in the global blockchain, and your new wallet.dat is just the private key.

Close the new client and copy the new client wallet.dat to a safe place.  Do multiple offline copies (USB stick, DVD, floppy disk, audio cassette using Comodore-64 dataset, punch card, whatever! ), as long as those stays offline.  You have the password in your head, and the key file offline.  Now, if you delete the new client wallet.dat from computer, it's safe from hacking.

The fun thing is you can even split for example 20BTC to one wallet.dat file.  40BTC to another, etc.

The day you do need this money, you just do as above, creating a new work directory, but then, copy the wallet.dat from storage to the new work directory.  Start bitcoin-qt, and use your funds as needed.

So, is this correct?  Does it make sense?  Am I missing something?  I think you can even run multiple instances of bitcoin-qt simultaneously each in their own workdir.

That is where I keep my wallet file.

You will have hard time not to buy at $1000,

The private keys aren't even held on the gox servers. The worst a hacker could do is get hold of all the password hashes, which doesn't matter if you use 2 factor authentication.

The biggest weakness is a full blown raid of their office.