Re: Nxt :: descendant of Bitcoin - Updated Information

Added warning for secret phrases < 30 symbols.

Unlike Bitcoin, Nxt presently relies solely on brainwallets as the means of user authentication. There is no "cold storage" alternative offered. I see this security model as a vulnerability, and as future PR problem hurting mainstream adoption if Nxt coin heists do start happening. Brainwallets are surprisingly tough to get right for the unsophisticated user.

I just disconnected from Internet, started the client & generated offline cold storage address (wallet).

How to change the secret phrases ?

Passwords can not be changed. You will need to create a new account with a new password.

Why can't an address be created that you associate a password with like Bitcoin? aside from what's happened to my account which admittedly could have been due to my own failures/recent bitcointalk problems, if you want scale-ability the current set up will surely lead to problems as the user volume gets higher even with long phrases. You'll no doubt have phrases that will have been memorized by more than one user leading to a security floor. Even using Sha256, leads back to the original password or phrase!