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Showing 6 of 6 results by Mezzmarr
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Wallet Challenge...
by
Mezzmarr
on 21/01/2014, 18:47:26 UTC

[/quote]

Can you explain why a wallet should only be used once and not re-used?

[/quote]

There are at least three theories I've come across to not re-use [addresses].

1. Once a key is used, it is technically part of the block chain, and while it may be encrypted, the fact is hackers could work enormous calculations to crack it. The reason your bank login is safer, is your bank will likely allow three attempts and lock it down. By comparison, anyone can download the blockchain and run infinite cracks to dissever the private key data, possibly enabling theft. Keep in mind, hackers do not need your address, only the private key which contains your public address within it.

2. Once you transmit your key over the internet to "use" it legitimately in the blockchain to send Bitcoin, although encrypted, it is subject to capture and hacking.

3. With common virus distributed key stroke loggers (etc.) your copy and paste of the private key to use it, could be detected compromising your wallet security.

Again, all theories, but we have had theft in at least 1 of these categories and the list is not complete by any means. Do a test, leave a sloppy wallet out there with a few dollars in it, if it gets hacked, you know there is a security hole in your strategy. I would also consider BIP38 encryption for your private keys if you discover any breeches in your system.
Post
Topic
Board Pools
Re: Bit Of Glory
by
Mezzmarr
on 21/01/2014, 00:42:38 UTC
That's a 100 foot ladder trying to climb a 1000 foot wall.
Post
Topic
Board Politics & Society
Re: Why do people think income tax is ok?
by
Mezzmarr
on 20/01/2014, 22:04:49 UTC
The power to tax is the power to destroy. I think income tax and property tax are just wrong. What do you think?

We probably need to focus on the cost of government, not government taxation itself since we are now 100 years into this failed experiment.

If we could self-govern, we would have been doing so through the millenia. That being said, the cost of government has far exceeded the benefit in the United States and probably everywhere else. I will go out further on the limb and state that the value of my citizenship is depreciating as government gets bigger and more intrusive while continuing to fight endless wars.

Fathom that productive entrepreneurs must seek permission from regulators who produce virtually nothing.

It would have been a better system if production was not taxed at all and tax only consumption, but then Congress would really have to live within their means, something they have not been able to demonstrate.
Post
Topic
Board Bitcoin Discussion
Topic OP
Bitcoin Wallet Challenge...
by
Mezzmarr
on 20/01/2014, 21:45:25 UTC
My position on wallets regardless of being offline, cold, or online is that once the private key has been used to move any coin, you need to move the remaining balance to a new unused wallet address and not re-use the source address again. In other words, wallets are theoretically safe indefinitely, but any wallet address that has been used to move even 1 Satoshi out needs to be abandoned and never re-used again. Wallet addresses used for out bound transactions are therefore temporary. If you don't keep a balance in a given wallet, then theoretically, you may be able to safely re-use that address assuming no balance is kept for any length of time (i.e. you sweep accumulated balances to another address frequently).

I'd like someone from this forum to challenge or confirm the premise with backed up logic.
Post
Topic
Board Bitcoin Technical Support
Re: Advice needed with java public key/address creation
by
Mezzmarr
on 20/01/2014, 20:58:16 UTC
Hi guys.

I'm trying to create a java app which uses a secret (to the user) hash to salt a passphrase before creating a bitcoin address.

I've done most of the work and it is in theory much more secure than normal brain wallets.
The only problem I am having is in creating the public key and address.

For example my app so far does the following:

1. turns the passphrase into an indecipherable passphrase of 500 letters and numbers using the users secret.
2. turns that passphrase into the secret exponent. eg. affc875700667e07a53bea72fdd1d946561a523a0bee0170daedc79151ad0526
3. turns this into the WIF Private key eg. 5K9nvFWdpdJQukRWZEHVz2ThVH2uQwXAoL4VdcUxH8UGYYmxUoZ

I can then import this into a wallet and use it as it shows me the public key and address, I know that, BUT...

I want to write my own code in java to display the public key and address for me. I have tried using bouncycastle libraries and for some reason it keeps giving me a totally random pubkey and address each time which has nothing to do with private key. I think thats something to do with SecureRandom which seeds it with random numbers so that sucks.

If anybody has any ideas I'd be very grateful, thankyou

1AyEvwKXjKZdqpm7a2zLRzRGSs4gBLoTXM

What is your objective?
Post
Topic
Board Economics
Re: Canada's government is printing it's own digital currency?
by
Mezzmarr
on 20/01/2014, 20:50:46 UTC

Let's make sure we are all on the same page: Centralized crypto-currencies = manipulated crypto-currencies.