Right, and in cryptography, it is always assumed that the algorithm is known. For example some malware could find the source code, if it is not developed on an offline computer with no storage, which is not how software these days is developed.
Not always. Not with my brainwallet idea. The algorithm needs to be something I keep in my head only. And that's easily doable.
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But the standard SH256 brainwallets are very safe, if the password is safe. And I don't see a problem with forgetting it. Just write it down on paper and deposit it at a safe place. There are many ways to disguise it as well, like use the first sentence in a diary. If it is personal and not found somewhere else, it would be very safe. Like "This is the diary of the very knowledgeable programmer Frank, born on x, in the city y.". No way this could be discovered with a brute-force program. It would be much more safe than a random 30 character password.
maybe it's just me but i wouldn't feel secure using a setup like that. people know how to go about hacking it. it's trully just a matter of time before they get around to trying that particular phrase you mentioned. and then your mone is gone by bye.
as well to be anal, brainwallets should only be stored in the brain not on any paper anywhere. bank employees have keys to deposit boxes robbers dont need them.