Quote from: neurotypical on November 05, 2017, 05:27:53 PM

Quote from: Spendulus on November 04, 2017, 06:35:35 PM

It's important to not get overly complicated or confused.

Here's the simplest way to create perfectly safe cold storage.

Load some wallet like Electrum or Core. Put some bitcoin in a single adress using this wallet. First a small amount, then a larger, then a larger still.

Verify that the coin is in the blockchain at the address.

Now make a backup of the wallet.dat, the seed words, the passphrases, and triple check that you have them right.

Delete the wallet, the blockchain, and the browser you used to check the blockchain.

You are now done. You have coin on the blockchain, and cold storage of the access methods (s).

Now build another wallet for incidental purchases.

It would be easy to maintain only 1 address in a cold storaged wallet, but this is very bad advice when it comes to maintaining privacy.

Ruling out Electrum, I would need to keep that 1-address wallet.dat file from Bitcoin Core. So everytime I send coins to my cold storage, they all would end up in a single address, which means it could be analized to find out how much BTC you own. You have to avoid this. You don't want a lot of BTC showing up on these "rich addresses" things (I don't have as much by any means, but it is still a mistake to do that privacy wise).

Also if you delete Bitcoin Core you couldn't test if your wallet.dat has been corrupted or not (files can corrupt over time).

In your cold storage wallet you may generate a thousand different addresses, and every time send Bitcoins to different ones. You may even generate as many whole wallets as you can safely keep. There are no privacy issues here at all.

Quote from: cellard on November 05, 2017, 05:11:32 PM

...
The whole spectrum of the game theory involving miners goes deeper. Miners can be bribed to act in a way that would seem irrational at first, without knowing that there is a bribe going on.

Case in point: An attacker (let's call this Government A) bribes miners into mining at a loss, the chain of a fork, in order to push this fork as "the real Bitcoin on all major exchanges, which are also bribed by Government A, such as Coinbase et al. These miners seem to be mining a less valuable coin, but they are making more money doing so by accepting the bribes.

This is an attack on bitcoin, and this will explain when you see any miners mining segwit2x at a loss in the following weeks.

Bribes - maybe, quite possible too (I live right near the Putin's Russia, and bribery is the main type of economic activity there...

Now seriously.
Lord, bless the Bitcoin, as it is the golden ray of Freedom in the realm of lies, fakes, inflation, selfishness, injustice and slavery.