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Offline Frodo03

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Hey all,

I'm assuming the most secure place would be in my Bitshares wallet? Currently I have a small amount on BTer but I don't think that's a good place to keep it for long term.

What is the status with BTSX cold storage?

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Offline eagleeye

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #2 on: September 10, 2014, 09:30:23 AM »
If your "future" cold storage wallet bitshares are not moved around once a year, you will lose 5% a year each year of inactivity.

Offline Frodo03

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #3 on: September 10, 2014, 11:06:54 AM »
If your "future" cold storage wallet bitshares are not moved around once a year, you will lose 5% a year each year of inactivity.

? Care to explain? I'm still new to bitshares, as you can tell

Offline xeroc

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Offline Frodo03

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #5 on: September 10, 2014, 01:08:26 PM »
Okay, but this hasn't been implemented yet, right?

How often would I have to move my funds around once it's implemented?

Offline luckybit

Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #6 on: September 10, 2014, 01:09:38 PM »
Hey all,

I'm assuming the most secure place would be in my Bitshares wallet? Currently I have a small amount on BTer but I don't think that's a good place to keep it for long term.

What is the status with BTSX cold storage?

Keep it in your brain. Bitshares X is a brain wallet.
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Offline xeroc

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #7 on: September 10, 2014, 01:28:33 PM »
Keep it in your brain. Bitshares X is a brain wallet.
the term brain wallet is missleading ..
it is not  brain wallet as in NXT where the private key is derived from the passphrase.
The private key usually is random (although you can generate one via a brainwallet)
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Offline luckybit

Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #8 on: September 10, 2014, 01:56:22 PM »
Keep it in your brain. Bitshares X is a brain wallet.
the term brain wallet is missleading ..
it is not  brain wallet as in NXT where the private key is derived from the passphrase.
The private key usually is random (although you can generate one via a brainwallet)

As far as I know it's deterministic and based around a based around some words. Just memorize those words and you should be able to reconstruct the wallet or am I wrong?

I guess this is something which needs to be clarified in the documents.
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Offline jokb235

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #9 on: September 10, 2014, 02:05:17 PM »
Currently I have a small amount on BTer but I don't think that's a good place to keep it for long term.

Why don't you think Bter is a good place to store them long term?

Offline xeroc

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #10 on: September 10, 2014, 02:11:49 PM »
Keep it in your brain. Bitshares X is a brain wallet.
the term brain wallet is missleading ..
it is not  brain wallet as in NXT where the private key is derived from the passphrase.
The private key usually is random (although you can generate one via a brainwallet)

As far as I know it's deterministic and based around a based around some words. Just memorize those words and you should be able to reconstruct the wallet or am I wrong?

I guess this is something which needs to be clarified in the documents.
In NXT the (one and only) private key is generated from the 'passphrase' and thus you can use a memorizable 'brain wallet' (set of common words). If your brainwallet is stolen, so are your funds!

In bitsharesX the main (wallet) private key is randomly chosen and encrypted by the passphrase .. if your wallet is stolen, the funds are safe because encrypted.
Within the wallet you have multiple accounts (account names) and each account has several deposits (effectively, due to TITAN, independent addresses with each having its own private keys)
however .. ALL keys that are needed to either access your deposits, your account, or market orders are DERIVED DETERMINISTICALLY from either the wallet private key, or the account private key (for account related accounts: withdraws, trades etc...)

So: all keys (except the main wallet private key) can be regenerated from the one wallet private key (unless you important some privkeys by hand)

you can surely try to memorize the private key of your wallet. It has the form
Code: [Select]
private key: 48bbc81a0e210326c7b86d455255eda91990c84b74ebe12ec21930c8181ceca8
or as private key WIF format: 5JNKTjT8FdygfjivjFxdRxGzvd1q4KMFrvHk81hcKukZUEi84Ke
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Offline xeroc

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #11 on: September 10, 2014, 02:12:09 PM »
Why don't you think Bter is a good place to store them long term?
every 3rd party one can get robbed .. if you get robbed .. it's your own fault
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Offline jokb235

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #12 on: September 10, 2014, 03:52:35 PM »

every 3rd party one can get robbed .. if you get robbed .. it's your own fault
[/quote]

That is true. My BTSX wallet keeps crashing though. There isn't a paper wallet is there?

Offline xeroc

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #13 on: September 10, 2014, 04:01:16 PM »
That is true. My BTSX wallet keeps crashing though. There isn't a paper wallet is there?
not really .. .... yet

but maybe we can fix the issue.
- what operating system are you on?
- most recent version running?
- any errors on crash?
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Offline D4vegee

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Re: I want to hold BTSX for long term...where is the best place to keep it?
« Reply #14 on: September 10, 2014, 06:57:41 PM »

Currently I have a small amount on BTer but I don't think that's a good place to keep it for long term.

Why don't you think Bter is a good place to store them long term?

No exchange is good long term. If you ain't day trading. Take every last Satoshi out and keep em backed up! I have learned from mistakes. Saying that, you don't really need an exchange for day trading btsx..(only for buying them initially) Just use the Bitshares wallet/exchange. But thats off topic.


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