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Board Beginners & Help
Re: Long-term safe storage of Bitcoins
by
tinyapps
on 12/03/2013, 06:42:01 UTC
Thanks for your reply, theymos! I wasn't aware of this eventual pitfall and started digging around. This thread was especially interesting:

How long would it take a large computer to crack a private key?
http://bitcoin.stackexchange.com/questions/2847/how-long-would-it-take-a-large-computer-to-crack-a-private-key

and this link found there:

Why not use larger cipher keys?
http://security.stackexchange.com/questions/25375/why-not-use-larger-cipher-keys/25392

Any thoughts on this comment from http://www.schneier.com/blog/archives/2012/10/analysis_of_how.html#c929588?

Quote
Breaking ECDSA would only allow one to steal bitcoins that have been sent to an address which has sent coins already. This is because the public key of an address is revealed when it spends coins. Use a new address for every transaction and ECDSA flaws will not be a threat to your coins (eg it is astronomically harder to brute force BOTH the public key and private key).