Multibit long term reliability? - page 2.

Muhammed Zakir

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Quote from: bitcoinmasterlord on July 03, 2015, 07:57:04 AM

Quote from: jim618 on July 03, 2015, 03:37:49 AM

The commenters on the MultiBit architecture are correct.

MultiBit HD connects directly to Bitcoin Core/XT nodes to:
+ get transaction data
+ send transactions

So where is this node? It's a server isn't it? I know that the server can't spend the coins but still, he knows all addresses in that wallet, right? Its similar to electrum as long as iam not wrong.

So theoretically i see a risk.

Nodes are not servers, they are Bitcoin Core/XT clients which opened inbound connections. See https://bitcoin.org/en/full-node.

sgk

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Quote from: hodedowe on July 02, 2015, 01:17:16 PM

I just upgraded to MultiBit (I know, I know) and I see that it stores your BTC in a wallet and that it has to talk to a server to get updated. I've been burned by "cloud" software before, so does anyone know if the Multibit server goes down or they go out of business if my wallet will still operate properly?

I'd hate to lose >20 BTC because Mr. Multibit didn't pay his server bill this month Cheesy

As long as you have your private keys, it does not matter what wallet you use.
So no need to panic. Just export your private keys and store them safely. Also print them on paper and store safely.

As long as you have your private keys, you can always recover your Bitcoins using numerous other wallets even if Multibit goes out of existence.

hodedowe

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The "node" he's talking about is the bitcoin network of servers, not Multibit.

Thanks Jim, I get it now. Now if only you'd make it so we can solo mine against Multibit Cheesy

TLDR: Still using Multibit.

bitcoinmasterlord

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Quote from: jim618 on July 03, 2015, 03:37:49 AM

The commenters on the MultiBit architecture are correct.

MultiBit HD connects directly to Bitcoin Core/XT nodes to:
+ get transaction data
+ send transactions

So where is this node? It's a server isn't it? I know that the server can't spend the coins but still, he knows all addresses in that wallet, right? Its similar to electrum as long as iam not wrong.

So theoretically i see a risk.

jim618

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The commenters on the MultiBit architecture are correct.

MultiBit HD connects directly to Bitcoin Core/XT nodes to:
+ get transaction data
+ send transactions

It connects to multibit.org for various housekeeping things but fails over and keeps going if multibit.org is down.
Specifically:
+ it checks a file on multibit.org to see if there is a new version(no multibit.org = no upgrade notification)
+ it gets the help from multibit.org (fails over to a local copy of the help - it'll be a bit out of date but no big deal)
+ if you create a new wallet it does a BRIT exchange to get a list of fee addresses (fails over to a hardwired list).

In V0.1.1 you no longer will see an annoying 'MultiBit HD - internet connection' dialog if our server is down - we've fixed that.

tl;dr; If the multibit.org server goes down you can carry on using MultiBit HD for all your bitcoin related tasks.

Blocking multibit.org in your firewall would be a good way to simulate that yes if you wanted to test it. Please unblock it once you've run the test ! :-)

Thura

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The MultiBit(HD) client tries to lookup on the MultiBit HTTP(S) server if there is a new software version, and looks up for help pages. If the MultiBit HTTP(S) server is down, You can still use Your MultiBit(HD) client.

You can see what happened the last time when the multibit.org site was down and an explanation by Jim from MultiBit here.

I think You could simulate and test that also by blocking the IP address that resolves from multibit.org in Your computers firewall.

hodedowe

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Maybe I'm wrong, I thought when it said "Synchronizing" that it was syncing with the multibit server somewhere. Glad to see that's not true.

GoingAround

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There's no cloud, you can always export your privatekey to other client and use your bitcoins.

Amph

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multibit server? i think you have some confusion there, multibit is just a light version of the client Core, multibit operate with nodes(and you are one of those nodes), there isn't a centralized server to which you connect

hodedowe

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I just upgraded to MultiBit (I know, I know) and I see that it stores your BTC in a wallet and that it has to talk to a server to get updated. I've been burned by "cloud" software before, so does anyone know if the Multibit server goes down or they go out of business if my wallet will still operate properly?

I'd hate to lose >20 BTC because Mr. Multibit didn't pay his server bill this month Cheesy

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