I was good until Step 4.
Agreed. We
urgently need a user-friendly import/export function in the client!
This is the most secure "wallet" there could possibly be. No no copies of wallet.dat, no encryption, no USB stick/paper/printing which can be lost, no malware which secretly steals my coins, no storage or bank vault, no life CD, no nothing! Just a simple passphrase I can remember. Since nothing is stored or written down anywhere this wallet concept is basically impossible to compromise.
The only flaw is that I might forget my passphrase, but I can still write hints/clues which can make my help remember while still being 100% secure. We need this.
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