Quote from: Ibian on March 23, 2020, 10:26:24 PM

Quote from: Elwar on March 23, 2020, 10:13:01 PM

I'm feeling a bit nervous about having my bitcoins on the exchange right now. If they suddenly "lose" everyone's bitcoins...what would anyone really care? Everyone has enough problems than to worry about a bunch of rich folks losing money.

I am also a bit gun shy on many cold storage systems I have used. I barely got out of Thailand with my bitcoins intact.

Keeping anything physical requires thinking of different scenarios. Bugging out I can carry it with me. What if I'm arrested for tyranny reasons and they confiscate my home again? Centralized servers don't seem very secure at this point (encrypting it and putting it on AWS, etc.). There's a brain wallet but many of those were hacked due to humans not being as crafty as they think. I had troubles with my trezor in Thailand, I had the trezor but the backup codes were on the seastead. That's part of it, you need backups but what to do with the backups?

I get pretty extreme when doing cold storage for extra security. Last time I bought a cheap computer to create the private keys, then put them into my cryptosteel in an order that only I knew, then I destroyed the computer with a hammer and burned the parts in a fire. Fortunately I had a backup that I split among family members because all of my cryptosteel was on the seastead.

Coming up with a new cold storage solution is not simple when you don't trust that your home won't be over-run. If I was thrown in jail I'd like the peace of mind that every day I'm in there I'm getting richer and richer and nobody can steal my bitcoins while I'm in there.

Only surefire way is to memorize all your keys and not have any physical copies. I don't trust myself quite that much.

Seems to me that Elwar already attempted to address the limitations of the brain wallet situation, and I really doubt that it is practical or prudent to NOT have a back-up.. lots of things can go wrong with a brain wallet, even if it might be a pretty decent solution, but back up seems to be a nearly indispensable supplement to such powerful storage mechanism.