0 Members and 1 Guest are viewing this topic.
I would suggest getting a separate laptop with linux as the OS and storing all your funds in THAT wallet. Open the laptop every 6 months and click the blue vote button. Backup the wallet .json file on USB key(s) and hide in two secret locations. Trying to get any more secure than this is a waste of time IMO, even if you have millions of dollars worth of BTSX. What I'm recommending here is extremely secure.
Quote from: OldMan on September 15, 2014, 07:17:23 pmWould still prefer the peace of mind of a complete air-gap between my funds and the rest of the world. storage is an issue that needs to be addressed thoroughly.Without getting too pedantic your funds are never offline as they are always just a "score" on the blockchain. Once you send funds to the public key it's out there and can be brute forced (though most likely so hard no one bothers trying).A better strategy would be to have your funds spread between a half dozen or so wallets each with a different passphrase and uploading them to DropBox, OneDrive, GoogleDrive, and whatever you have for usb storage, printing private keys, etc.Cracking one of your private keys wouldn't gain them anything on the others and with TITAN it'd be very hard for a hacker to pick targets.Also, it's highly unlikely that a hacker is going to spend significant resources on a wallet they can't get the balance of. TITAN takes care of that too.
Would still prefer the peace of mind of a complete air-gap between my funds and the rest of the world. storage is an issue that needs to be addressed thoroughly.
Quote from: Riverhead on September 16, 2014, 05:18:39 amQuote from: OldMan on September 15, 2014, 07:17:23 pmWould still prefer the peace of mind of a complete air-gap between my funds and the rest of the world. storage is an issue that needs to be addressed thoroughly.Without getting too pedantic your funds are never offline as they are always just a "score" on the blockchain. Once you send funds to the public key it's out there and can be brute forced (though most likely so hard no one bothers trying).A better strategy would be to have your funds spread between a half dozen or so wallets each with a different passphrase and uploading them to DropBox, OneDrive, GoogleDrive, and whatever you have for usb storage, printing private keys, etc.Cracking one of your private keys wouldn't gain them anything on the others and with TITAN it'd be very hard for a hacker to pick targets.Also, it's highly unlikely that a hacker is going to spend significant resources on a wallet they can't get the balance of. TITAN takes care of that too.http://www.reddit.com/r/Bitcoin/comments/1rurll/on_the_subject_of_listing_all_possible_private/cracking TITAN keys is much more resource intensive as you still have to rescan the WHOLE blockchain on every single guess .. that is WAY .. WAY ... WAY .. to expensive!
Just want to be sure I understand fully the concept of the voting/inactivity fee...Let's say I buy a few BTSX worth of bitUSD and sell those bitUSD back for BTSX once a year, does that cast my votes twice and reset the "inactivity clock" for each transaction?
Quote from: Gentso1 on September 14, 2014, 02:13:56 pmQuote from: sumantso on September 13, 2014, 09:18:18 pmQuote from: gamey on September 13, 2014, 07:55:07 pmAs a point of data/use case. My sister invested some $$ in BTSX after reading some promotional material. I was happy to help her, because I'd just keep her funds with mine. Then her bf who I don't particularly like told her he wanted to invest. Well... I wouldn't mind but this whole 5% thing means that I have to teach him something and someone has to maintain it. I can't just help him buy it and put it in cold storage with a few copies of the private key and instructions. So I basically told her I really didn't want to mess with it.To argue for the other side, BTSX is not just like holding some shares. You are expected to take part in maintaining the network health, and if you can't take the trouble then we don't want you.For multisig cold wallets, I think there might be an option where you can sign that address to show that you are still the owner of it and still active. I think we need some feature like that anyway so that I can show my balance to somebody if I want; its currently not possible due to TITAN.Off topic, but I would like an armory type wallet, which I can keep on an unconnected laptop for ever.This is a good point. We want holders of btsx to be active and participate in DPOS so if they can't participate then we kinda don't really want them. What good is a board of directors if they aren't around to vote? I have changed my stance, btsx should keep a inactivity fee bit the rest of bit assets should be allowed to store at will. Voting is critical to the long-term viability of DPOS. If users are not incentivized to vote, they won't. Look at voter participation rates in current democratic systems. Awful.Voter apathy is the reason democracies decay into corruption, centralization and cronyism.Imaging how different the world would be if US citizens had to vote in order to access essential services... or if they were taxed at a higher rate for not voting.The fee is an excellent way to return dead funds but more importantly - it will get people to vote.If they don't want to vote, let them hold bitAssets.I vote for keeping the fee. It is the best assurance of DPOS survival.Edit: I am a buy-and-hold investor with limited technical skills and am actively seeking ways to dump my BTSX into cold storage for 2-3 years. So the fee is a thorn in my side as well. But I also recognize that without the fees DPOS will eventually centralize and corrupt. So I'm hoping someone clever will come up with a cold storage solution that permits voting with BTSX off-line.
Quote from: sumantso on September 13, 2014, 09:18:18 pmQuote from: gamey on September 13, 2014, 07:55:07 pmAs a point of data/use case. My sister invested some $$ in BTSX after reading some promotional material. I was happy to help her, because I'd just keep her funds with mine. Then her bf who I don't particularly like told her he wanted to invest. Well... I wouldn't mind but this whole 5% thing means that I have to teach him something and someone has to maintain it. I can't just help him buy it and put it in cold storage with a few copies of the private key and instructions. So I basically told her I really didn't want to mess with it.To argue for the other side, BTSX is not just like holding some shares. You are expected to take part in maintaining the network health, and if you can't take the trouble then we don't want you.For multisig cold wallets, I think there might be an option where you can sign that address to show that you are still the owner of it and still active. I think we need some feature like that anyway so that I can show my balance to somebody if I want; its currently not possible due to TITAN.Off topic, but I would like an armory type wallet, which I can keep on an unconnected laptop for ever.This is a good point. We want holders of btsx to be active and participate in DPOS so if they can't participate then we kinda don't really want them. What good is a board of directors if they aren't around to vote? I have changed my stance, btsx should keep a inactivity fee bit the rest of bit assets should be allowed to store at will.
Quote from: gamey on September 13, 2014, 07:55:07 pmAs a point of data/use case. My sister invested some $$ in BTSX after reading some promotional material. I was happy to help her, because I'd just keep her funds with mine. Then her bf who I don't particularly like told her he wanted to invest. Well... I wouldn't mind but this whole 5% thing means that I have to teach him something and someone has to maintain it. I can't just help him buy it and put it in cold storage with a few copies of the private key and instructions. So I basically told her I really didn't want to mess with it.To argue for the other side, BTSX is not just like holding some shares. You are expected to take part in maintaining the network health, and if you can't take the trouble then we don't want you.For multisig cold wallets, I think there might be an option where you can sign that address to show that you are still the owner of it and still active. I think we need some feature like that anyway so that I can show my balance to somebody if I want; its currently not possible due to TITAN.Off topic, but I would like an armory type wallet, which I can keep on an unconnected laptop for ever.
As a point of data/use case. My sister invested some $$ in BTSX after reading some promotional material. I was happy to help her, because I'd just keep her funds with mine. Then her bf who I don't particularly like told her he wanted to invest. Well... I wouldn't mind but this whole 5% thing means that I have to teach him something and someone has to maintain it. I can't just help him buy it and put it in cold storage with a few copies of the private key and instructions. So I basically told her I really didn't want to mess with it.
I really disagree with the above comment. It's likely only a minority of people will want hold bitshares for more than a year, so making those who want to hold long term storage move their funds once a year will only minorly impact voting. Plus, it will make them "vote," but it won't make them actually think about who they are voting for. Only the most involved users will ever make meaningful votes, let it stay that way.The fee is an unnecessary inconvenience. Remove it.
Quote from: OldManEdit: I am a buy-and-hold investor with limited technical skills and am actively seeking ways to dump my BTSX into cold storage for 2-3 years. So the fee is a thorn in my side as well. But I also recognize that without the fees DPOS will eventually centralize and corrupt. So I'm hoping someone clever will come up with a cold storage solution that permits voting with BTSX off-line.I would suggest getting a separate laptop with linux as the OS and storing all your funds in THAT wallet. Open the laptop every 6 months and click the blue vote button. Backup the wallet .json file on USB key(s) and hide in two secret locations. Trying to get any more secure than this is a waste of time IMO, even if you have millions of dollars worth of BTSX. What I'm recommending here is extremely secure.
Edit: I am a buy-and-hold investor with limited technical skills and am actively seeking ways to dump my BTSX into cold storage for 2-3 years. So the fee is a thorn in my side as well. But I also recognize that without the fees DPOS will eventually centralize and corrupt. So I'm hoping someone clever will come up with a cold storage solution that permits voting with BTSX off-line.
The market will price in lost funds on its own. Perhaps removing this fee will help. It will make my life easier.
-5% only on btsx but not on bitAssets?
Quote from: gamey on September 13, 2014, 09:54:44 amIt might be that 5% inactivity has too much of a marketing cost. It prevents people from just sitting on their BTSX which is usually desirable to other holders.What about providing a single one time fee as a "storage cost". This would help keep the system profitable and give users the option of paying a single one time fee and not having to worry about moving their holdings. You could offer it in 5 year increments and give them a discount on the 5% since they are paying the fee upfront. The beauty of this is that some users will sign up for a 5 year hold, then say we get a price spike and they want to cash out. The system gets to keep the fee and if they want to put their btsx in storage they must pay the fee again. It creates options and another avenue for the system to earn.
It might be that 5% inactivity has too much of a marketing cost. It prevents people from just sitting on their BTSX which is usually desirable to other holders.
Perhaps we can provide an exemption for multisig accounts.
Also to burn lost coins