Quote from: kola-schaar on November 10, 2017, 12:30:36 PM

Quote from: bobq on November 10, 2017, 10:27:17 AM

Quote from: LoyceV on November 10, 2017, 08:11:10 AM

Quote from: Freefactomizer on November 09, 2017, 11:16:17 PM

Quote from: forensick on November 09, 2017, 10:15:41 PM

Does this mean that every time I receive Blackbytes I have to do a full backup? If I will recover from seed, will I have 0 blackbytes?

Yes.
Best way to be safe is to use a multi-device wallet, then each time you receive blackbytes the private data are replicated among all your devices.

Use a 1 out of 2 multisig wallet to have a "live backup", see Byteball: Blackbytes FAQ for details.

My favourite analogy:
Think of Blackbytes as a post-it handed to you by the previous owner. The post-it says: "you are now the new owner". Together with handing you the post-it, the DAG registers that the previous owner is no longer the owner of these Blackbytes. The DAG does not register who received the post-it.
Now, if you lose this post-it, the previous owner can simply give you another post-it that says: "you are now the new owner".
If you want to give your Blackbytes to someone else, your post-it contains all the information you need to create a new valid post-it for the receiving user, and to register the change of ownership in the DAG.
Note that there's nobody to give you a new post-it if you sent part of your blackbytes, and lose the post-it that holds your change!

1of2 multisig wallet is the best way, except for a 1of3 which is even better
And BTW thank you for this nice analogy for the blackbytes mechanism - very easy to grasp.

Yes, that's right when it comes to security through redundancy.
But you have to note the following: With each additional device also increases the risk of being hacked.
At 1 of 3 it is enough to hack one device. So if you manage serious volumes I would recommend 2 of 3.
This corresponds to a 2FA authentication.
If you change the password regularly you have a very high security level.
I also suggested implementing time and volume based payment terms.
This can reduce a loss if you were hacked. But you can also do many other things e.g. Pocket money, Prepaid ..

I completely agree with you. This is why for me I have tried su setup a multisig wallet 2of5, which in my view would have offered the ultimate security, as I would always need at least 2 devices to withdraw any funds. 2of3 would be too dangerous because if 2 devices would happen to fail you would lose all your funds. 2of4 would be OK but since one of my devices would have been a PC in another town I had to opt for a 2of5. However, in this case I had to face some problems which mobile wallets still have when going multisig - they would basically never correctly sync blackbytes, and ocasionally they would get totally stuck and possibly corrupted. I hope that mobile wallets will get improved in future, at the moment they are not very reliable.