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Offline speedy

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Is the password effectively a brain-wallet ?
« on: July 20, 2014, 11:22:57 AM »

In the wiki it says that you have to create a 40+ character password, and save that to a USB stick / print it out.

http://wiki.bitshares.org/index.php/Bitshares-x-how-to

The password is therefore the private seed itself, and not just a way to secure a private key file.

Hasnt 5 years of Bitcoin shown us that people cant be trusted to created brain wallets ?

Offline voldemort628

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Re: Is the password effectively a brain-wallet ?
« Reply #1 on: July 20, 2014, 11:31:51 AM »
i think you have to keep it as safe as how u keep your Nxt passphrase. cos basically thats the key to your money :)

Offline speedy

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Re: Is the password effectively a brain-wallet ?
« Reply #2 on: July 20, 2014, 11:43:30 AM »
i think you have to keep it as safe as how u keep your Nxt passphrase. cos basically thats the key to your money :)

Thats what I suspected.

Dont most people agree that in terms of security:

generated private key + passphrase > passphrase only

Offline xeroc

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Re: Is the password effectively a brain-wallet ?
« Reply #3 on: July 20, 2014, 11:54:44 AM »
I thought pwd is just for encryption and keys are random .. need clarificatiob from devs!!
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Offline voldemort628

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Re: Is the password effectively a brain-wallet ?
« Reply #4 on: July 20, 2014, 12:12:38 PM »
Apparently the password is very important but whats the significance of it?

Offline Count of La Mancha

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Re: Is the password effectively a brain-wallet ?
« Reply #5 on: July 20, 2014, 02:07:01 PM »
Password performs the same purpose as the password on your bit coin wallet, it encrypts the private keys on your disk.   Private keys are generated from random data by Open SSL and secure.

Your password strength only becomes an issue if someone hacks your computer and wants to brute force your wallet password to get your private keys.   This is very different from a weak brain wallet where anyone can attempt to brute force your keys without even having to have hacked your computer.

Offline speedy

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Re: Is the password effectively a brain-wallet ?
« Reply #6 on: July 20, 2014, 02:11:22 PM »
Password performs the same purpose as the password on your bit coin wallet, it encrypts the private keys on your disk.   Private keys are generated from random data by Open SSL and secure.

Your password strength only becomes an issue if someone hacks your computer and wants to brute force your wallet password to get your private keys.   This is very different from a weak brain wallet where anyone can attempt to brute force your keys without even having to have hacked your computer.

Thanks for clearing this up - thats what I was hoping for. But then the wiki should be clarified that its not just your passphrase that you need to backup, but your wallet file as well.

Offline vikram

Re: Is the password effectively a brain-wallet ?
« Reply #7 on: July 20, 2014, 10:07:06 PM »
Password performs the same purpose as the password on your bit coin wallet, it encrypts the private keys on your disk.   Private keys are generated from random data by Open SSL and secure.

Your password strength only becomes an issue if someone hacks your computer and wants to brute force your wallet password to get your private keys.   This is very different from a weak brain wallet where anyone can attempt to brute force your keys without even having to have hacked your computer.

Thanks for clearing this up - thats what I was hoping for. But then the wiki should be clarified that its not just your passphrase that you need to backup, but your wallet file as well.

I have put a note about it on the page: http://wiki.bitshares.org/index.php/BitShares_X_How-To

Offline voldemort628

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Re: Is the password effectively a brain-wallet ?
« Reply #8 on: July 20, 2014, 11:19:02 PM »
So how do i create multiple wallets?
I.e for bitcon i can have multiple wallet.dat files, what about in btsx?
Do i just keep the "wallets" folder like i keep the wallet.dat?

 

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