Make sure you test the full procedure with small amounts first. I tried xeroc's method before, but then importing the private keys didn't quite work.

https://blog.ethereum.org/2014/12/26/secret-sharing-daos-crypto-2-0/

I think this can be used to implement decentralized bitcoin deposit. It will be complex and slow, but would effectively implement side-chains without asking the BTC blockchain for approval. In other words - the blockchain could generate deposit address, hold funds in it, and then sign transactions for the cash outs, but then it's up to the recipient to publish them on the BTC network.

I'd rather see a raspberry Pi implementation of that.

I've been trying to decrypt a private key using the passphrase for some time now, but I've run into some problems. After reading the source code, I thought that the encryption is done using BIP38, but the key size isn't correct, so I'm assuming either another algorithm was used or maybe there were some added characters.

Does anyone know exactly which algorithm BitShares uses to encrypt private keys, and can you show me the full steps?

Thanks

I don't think you can extrapolate the key from the passphrase itself. I think the key is stored in the wallet file, but encrypted with the passphrase.

I really wish we had a deterministic wallet. This is sure to get people burned, thinking the pass is all they need to remember.

Quote from: gamey on January 25, 2015, 12:43:55 pm

Quote from: matt608 on January 25, 2015, 12:24:33 pm

http://www.reddit.com/r/litecoin/comments/2tgjto/official_litecoin_developers_and_litecoin/cnywl9x
"For the last half a year I have also been independently consulting a banking organization that is interested in integrating cryptocurrency into their financial service offering. They are integrating Bitcoin and Litecoin (as well as possibly Etherium in the future). This is a major project for cryptocurrency ecosystem in general and will be announced in the next few months."

Ohh I read/skimmed that post but nothing jumped out at me.  This explains it.  Ugh.

This is fueling it today:

https://www.coinbase.com/lunar

The flag on the moon says Bitcoin but you know speculators.

The LTC creator works at coinbase, and it's a fine speculation. Easy enough to spread rumors I suppose.

With 11% of stake, I can obtain about 65 delegate positions. If I attempt to use these 65 delegates maliciously to make profit, what happens? I'm asking because many people keep asking me about this and I cannot fully understand this process.

Thanks in advance

You mean like, what if someone put a gun to Bytemaster's head who controls 15% of the supply?

The benefits of Delegated Proof of Stake are that it selects 101 trusted broadcasters which are located around the world. As long as even one of the broadcasters remains trustworthy to not censor messages, the users can elect an entire new slate of broadcasters.

This is not true if ill-intentioned delegates after the trustworthy one simply mark the blocks as "MISSED".