Topic: Mycelium Bitcoin Wallet - page 92. (Read 586368 times)

Today my Mycelium app has _ONLY_ private keys that I have personally generated offline and added to Mycelium. Change will therefore only go back to one of my generated-addresses. I want that and like that. I know how my keys were generated and monitor them outside of Mycelium.

My preference is to know each address that holds my coins. I can easily monitor them individually in multiple tools including simple web links to Blockchain. If I can still operate this way after the introduction of HD Wallets then I'm happy. If I can't operate this way after HD Wallets because Mycelium insists on internally generating new change addresses and using them then I will feel that the level of control that Mycelium gives me is broken. It will become difficult to track my coins.

I know Mycelium will make it easy etc. etc. but by nature I prefer to be the one responsible for my keys.

Not 100% correct.

Change always flows back the the address that contributed the most input. So if you have two unspent outputs on two different addresses and make a transaction that spends both outputs, then any change goes to the address that provided the most input.

So why is that?
If someone convinces you to import a private key that he also controls, then you will only send change back to it if it is the largest contributor. This way you never risk someone giving you a private key with 0.0001 and you send change back to it > 0.0001.

For cold storage spending (the trivial case where there is only one address in play) it means that it always goes back to the cold storage address.

Once we get to HD wallets we will have
1. Spending from HD wallet - change always flows to a new address
2. Spending from cold storage - change always flow back to your paper wallet
3. Spending from 'classic' addresses (the ones we have now)- change always flows back to the address that provided the most input.
(2 and 3 follow the same rules actually)

we are not 100% sure how HD will be implemented, but the general idea is that it should become easier, for the user, as much as possible. is there a good reason for manually specifying a change address?

Specifying own change address equal to adding this address as additional destination to the transaction. Well, you need to calculate the remaining amount (this could be done by Mycelium anyway).

Please consider leaving an option for the user to select his own change address. I like to generate my own private keys offline and track them on multiple apps.

HD Wallets are fine but I'm hoping not to be locked-in to using HD generated addresses exclusively.

That pretty much answers every question I had and resolves pretty much all of my issues as well.  If you just keep an empty address as the default it appears you are good to go.

This is a great wallet.  Thanks.

Change is always returned to whichever address you have selected as your default at the time (one that pops up on the main screen)


That is correct, it will use multiple sources. Change will still go to the default selected address.


No, change will always go to the default selected address. Your LocalTrader address can stay empty, and will only use to authenticate with LT servers to change/look for orders and start trade sessions. Balances are based on the amount in your entire wallet's active addresses, not just your LT address.


That's actually what I do, but since change address is typically the same, I just import a new empty one and set it as the default one every few days.

After LocalTrader, our next big project will be HD wallets, so all of these issues will be taken care of automatically, with new change addresses generated every time.

I wish to ask a few of questions (and maybe make a couple of suggestions) about using multiple keys and change addresses.

• First, am i correct in understanding that if you are using a single address and private key whether it be generated by Mycelium or imported from elsewhere that change is always returned to the same address?
• Also, am I correct in understanding if you have balances in multiple active addresses and you wish to send funds totaling more than is contained in any single address, that multiple keys will be used as inputs for the transaction?  If so, where does the change go? I am guessing that it goes to one of the active addresses used for the transaction. If this is the case, I might suggest it would be better if change were by default returned to an unused active address if available.
• Since only one address can be associated with your Local Trader account, am I correct to assume change from a trade is always returned to that one address?  Is it possible to transfer your trader profile and reputation to another address?  Also, since you can only post ads if you have the balance available, does that balance need to be contained entirely in your trader address or is the trader app able to use balances from all active addresses?  It seems it would be safer if it were the latter. That way you could avoid reusing addresses.

The reason I ask is that if my assumptions are true it seems possible that by deleting all keys generated by Mycelium, creating a deterministic wallet in Armory, generating several private keys, then importing those into Mycelium via QR codes, you can essentially keep your Mycelium wallet synced with Armory while also avoiding many of the pitfalls of reusing addresses, especially if my suggestion on the second question were implemented.  The only minor hassles would be that you would have to remember to archive and\or delete used addresses in Mycelium and be sure to keep enough unused keys available.  These of course would be more problematic if you make a many transactions.  Some sort of indicator next to the key informing you of the number of transactions associated to that address would make this easier.  What would really rock would be to have the ability to share one or more deterministic wallets with Armory, though I fully do not expect to see that in the immediate future if ever.

VARIOUS EDITS:  Clarifying my ideas, better wording and grammar because I always just post my first draft

LAST EDIT ON A COMPLETELY DIFFERENT TOPIC:  I really like seeing my balance and transactions displayed in µBTC.  Even though I was an early convert to the idea of bits, I was quite surprised at how easy the mental adjustment actually is, especially with the grouping you used on your display (i.e. spaces instead of commas, no decimal... for now).    I'm on the fence about displaying µBTC vs bits.  While I believe the optimal solution would be to use formal notation in wallets while pronouncing them bits in conversation, this might cause confusion for novice users.  My thoughts on this are different than most.  If it were my choice, I would display bits by default to encourage adoption, but make µBTC an option and transition to using it as the default once bit was solidly established and understood to represent 1 µBTC (probably at least a couple of years down the road).

BipSS is a temporary name for the BIP for splitting a private key or BIP32 master seed into shares, aka Shamir's Secret Sharing.
The BIP is not yet finished or accepted. However we will demo it at the conference next week.
For now the implementation is in the repository along with Gf256 (Galois Field 2^8), which is the underlying technology, but it is not integrated with the wallet.
Have in mind that this code is bound to change.

What is BipSS?

The real deal is now available to members of the Mycelium Beta Testers group on Google+. With a little luck it will be generally available Monday.

Great! This is what I was waiting for! This is what I need when traveling, when I quickly need local currency in a foreign location I need to find local buyers.

Mycelium 1.2.5 is now out for testnet featuring Local Trader with Buy Ads.
If everything goes well we will have the real deal available to our beta testers tomorrow.


Also found this nice demo today: https://www.youtube.com/watch?v=yYzMjtoV1qM
(it is always better when you don't make your own demo videos)

Yeah, seems to be a glitch on bitcoinaverage.com. Looks normal now.

I think it's not Mycelium Wallet : )

http://i.imgur.com/DVrH23M.png

Looks like the server's price API has a glitch - currently the EUR BitcoinAverage price is off by a factor of 1000.
At first I thought "TDM!" when the wallet showed ~EUR 31 554.38 for the 100 mBTC I keep there but then I considered the likeliness of such an event and checked against bitstamp :-)

Onkel Paul

When you sell throug Mycelium, you get TWICE the locations! 

(thanks for pointing that out)

My proof-reader antennas found a typo under "Notes about Local Trader privacy", paragraph 2:
To enhance privacy, Local Trader uses a coarse location based on your network address, or an approximation near the address you manually enter. Your location location is only updated when you manually change it from the Change location menu.

Same here.

+1

It pissed me off when it was no longer default on most things