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Offline Riverhead

Wallet Portfolio, Checking, and Savings
« on: August 24, 2014, 05:01:03 PM »

So I've been giving some thought about how to distribute some of my BTSX. I have come up with the following and I'm looking for pros/cons to this approach and also some better alternatives.


1) A portfolio wallet that contains all accounts.


2) Create accounts riverhead-checking and riverhead-savings (important that these are NOT sub accounts)


3) Transfer 99% funds to riverhead-savings and 1% to riverhead-checking


4)  Export btsx_portfolio.json and put it a few dozen places (USB sticks, etc.)


5) Dump the private key for each checking and savings account then create two new wallets and import a key in each.


6) Export the first as btsx_riverhead_checking.json and put it a few dozen....


7)  Export the second as btsx_riverhead_savings.json and put it a few dozen....


8 ) Use the riverhead-checking wallet as day to day spending/playing and push extra funds as they come in to riverhead-savings


This way the wallet that is online and unlocked is not the wallet that contains the majority of funds.


Proud supporter of the Oxford comma.
« Last Edit: August 24, 2014, 05:06:14 PM by Riverhead »

Offline xeroc

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Re: Wallet Portfolio, Checking, and Savings
« Reply #1 on: August 24, 2014, 05:46:13 PM »
So I've been giving some thought about how to distribute some of my BTSX. I
have come up with the following and I'm looking for pros/cons to this approach
and also some better alternatives.

1) A portfolio wallet that contains all accounts.
2) Create accounts riverhead-checking and riverhead-savings (important that these are NOT sub accounts)
3) Transfer 99% funds to riverhead-savings and 1% to riverhead-checking
4) Export btsx_portfolio.json and put it a few dozen places (USB sticks, etc.)
5) Dump the private key for each checking and savings account then create two new wallets and import a key in each.
6) Export the first as btsx_riverhead_checking.json and put it a few dozen....
7) Export the second as btsx_riverhead_savings.json and put it a few dozen....
8) Use the riverhead-checking wallet as day to day spending/playing and push extra funds as they come in to riverhead-savings
This way the wallet that is online and unlocked is not the wallet that contains the majority of funds.

Proud supporter of the Oxford comma.

Why not use subaccounts?
You can use a random private key and just register the name as a subaccount ...
the main account will not have any rights to see/spend funds of the subaccount..
the main account may only change the public key behind the registered name
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Offline Riverhead

Re: Wallet Portfolio, Checking, and Savings
« Reply #2 on: August 24, 2014, 05:56:43 PM »
Ah cool. I thought sub accounts were deterministic from the parent. Thanks for setting me straight.

Offline xeroc

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Re: Wallet Portfolio, Checking, and Savings
« Reply #3 on: August 24, 2014, 06:14:15 PM »
Ah cool. I thought sub accounts were deterministic from the parent. Thanks for setting me straight.
if you create an account from within the wallet then the account is dereived from the wallet-private key (cannot be exported by hand, but is part of the backupJSON file)

if you created your privkey outside the wallet .. or in a new wallet .. then there is no deterministic procedure to recover the privkey!
Read the ColdStorage wiki I wrote 3 days ago ..
BUT: on your own risk ;-)
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Offline Riverhead

Re: Wallet Portfolio, Checking, and Savings
« Reply #4 on: August 24, 2014, 07:36:00 PM »
I was able to create an account in my main wallet and then wallet_dump_private_key of the new account and then imported the private key into a new wallet and the account and balance (after a rescan) showed up. So I think I'm good there. It has demonstrated I can rebuild a spending wallet from my portfolio wallet.


The remaining security question is if my spending wallet (the one with only the one account from the main wallet) is compromised would my main wallet also be compromised? I'm thinking it wouldn't be because it has a different passphrase and the compromised account only had the one private key. Only that one account would be burnt.


I could setup a script on server to watch the address and immediately send any funds received by the burnt account to one of my non burnt accounts in the event someone for whatever reason send me money on that account.


Anyway, this may all be answered already in the Wiki.
« Last Edit: August 24, 2014, 07:42:09 PM by Riverhead »

 

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