Bumpppp

Guys.. just a little re-assurance. Im a long time QT user thinking to switch to Electrum.. been researching for a while now. So it seems I don't have to make scheduled backups of my wallet with Electrum (as I currently do with QT) at all. As long as I remember the generated seed to memory perfectly, thats all I will EVER need to rebuild my wallet and use spend my BTC in any scenario (other someone stealing my seed), correct?

With QT now, the syncing with the blockchain, plus issues since I'm on OSX (random crashes and having to rebuild the block database or re-sync etc) has made me very paranoid and I've started backing up my encrypted wallet to external storage. It seems like Electrum would be an elegant alternative, with no need to download the entire blockchain and in the event I have to access my wallet on a new computer (or alternative machine of my own), I wont have to wait a day.. it's download Electrum, re-create from Seed, and boom. Is this correct?

For added security, it allows the current wallet to be encrypted as well (but if I'm understanding correctly, once you recreate a wallet from a seed, the 'encrypted' part of it goes out the window and you must now re-encrypt otherwise the wallet is wide open to spend with, yes?)

And in the unlikely event the Electrum servers all go down forever.. I would still be able to re-create my wallet from my seed? Where? And more importantly, where would my private keys be if that has to be the case?

A little help from fellow Electrum OSX'rs would be awesome.. especially since it's a big switch and one always gets paranoid when trusting a new "place" with your money  

FYI - Im on OSX Mavericks, and would be installing Electrum 1.9.4 (NOT 1.9.5 since I understand there are some issues with OSX and that version still being hammered out), and I'm also not too keen on offline paper wallet super cold storage either since I'm pretty secure (firewall, filevault, encrypted volumes etc).

So.. yes? Send my BTC from QT over to Electrum in 1 swoop and never look back? Or nay?

Thanks guys!

However, in order to recognize seeds from version < 2, I plan to check if the number of words is 12.
so it's probably not a good idea to create 24 words seeds now.

yes, the seed is encoded using groups of 3 words, extra words are ignored.

(note that version 2.0 will use a hash of the seed phrase)

Pending transaction  = pending for broadcast on network.

Bitcoin-qt does support sendmany. Just click the New Recipient at the bottom left of the Send screen or using the RPC console.
And so does Electrum-1.9 if you use the Electrum console.

It's kind of funny when a newbie comes along and tries a naive approach to cracking something.

In this case he doesn't seem to understand he can totally remove all the code related to guessing words, and decoding them, and simply generate a 128 bit random number as seed directly. That should speed this up somewhat but to go even faster he may as well just increment a counter and check seed values sequentially - it has the same probability and would be faster still and not run into a depleted entropy pool.

2^128 = 3.402823669×10³⁸

One billion balance checks / second (very unlikely even with 10,000 computers attacking) looking for a hit in one of 2 millions addresses (current number with non-zero balances in network), would still take,

3.402823669×10³⁸ / 1x10⁹ / 2x10⁶ = 1.701411835×10⁵³ seconds,

or 5.395141537×10⁴⁵ years.

I wish him good luck.

regex

50 FC available.

I'm confused.

Client?

You got it