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The title is a bit misleading as we don't know if the coins have changed hands. They probably just transferred them to a new address that they also control.

by lawn 6y ago

Scoundreller 6y ago
And now we have to watch the Bitcoin Cash and other forks too.
- kylebenzle 6y ago
  Arguably (by me) Bitcoin Cash is MUCH closer to "Bitcoin" than the current "BTC" chain. Bitcoin Cash coins were moved too though. It will be VERY interesting to see if they try and use Cash Fusion to effectively mix the coins on the BCH chain though.
  - deleted 6y ago
    [deleted]
jbverschoor 6y ago
Can just be keyrotation
- gruez 6y ago
  but why would you need to rotate a cold wallet (presumably) key? Key rotating makes sense for your password or tls keys, because they're used on a regular basis on networked computers that can possibly be compromised. But if the private key is stored on an airgapped computer (or paper wallet) there would be no advantage. If anything pulling the computer out to do the signing presents more danger because there's opportunity for your house to be raided (by police or rival criminals) while you're doing the signing.
  - whyrusleeping 6y ago
    Someone might want to take more precautions generating keys for $1 billion vs $1 million. I'm betting this person (or persons) generated keys in a more secure manner (potentially a sharded key, or using hardware wallets) than the original keys, which may have been generated on a non-airgapped device.
    - Scoundreller 6y ago
      Iunno, if I had $1b sitting around, I’d like it to be in 1000 different wallets each containing $1m. With $1b, I’d rather risk losing 10% than having a 10% chance of losing all of it.
      - gchokov 6y ago
        Well, but you don’t.
        ineedasername 6y ago
        I don't have a mansion but I can reasonably assert, in a productive conversation, how I might secure such a property.
      - lacker 6y ago
        That sounds like such a pain to access, though. Better to just have it in 10 wallets of $100m, plus one wallet with a few mil that you use for actual transactions.
  - Robelius 6y ago
    Could you explain what key rotation is? First time I’ve seen this term.
    - benburleson 6y ago
      In general, just generating a new key to access the secure data.
dang 6y ago
Thanks—we've modified the title above to leave that undecided.
technion 6y ago
When I opened my wallet for the first time in a few years, I found the only way to get the coins out of the old version of multibit was to send it to all to a new wallet with new keys running new software. Given the age of this wallet, something like that could be involved. https://bitcoin.stackexchange.com/questions/40963/upgrading-from-classic-to-hd https://bitcoin.stackexchange.com/questions/40963/upgrading-... Edit: It was more painful than that, I used this process: https://walletrecovery.info/how-to-transfer-bitcoin-from-a-multibit-classic-or-multibit-hd-wallet-into-electrum/ https://walletrecovery.info/how-to-transfer-bitcoin-from-a-m...

The title is a bit misleading as we don't know if the coins have changed hands. They probably just transferred them to a new address that they also control.

by lawn 6y ago

The title is a bit misleading as we don't know if the coins have changed hands. They probably just transferred them to a new address that they also control.

Scoundreller 6y ago

And now we have to watch the Bitcoin Cash and other forks too.

kylebenzle 6y ago
Arguably (by me) Bitcoin Cash is MUCH closer to "Bitcoin" than the current "BTC" chain. Bitcoin Cash coins were moved too though. It will be VERY interesting to see if they try and use Cash Fusion to effectively mix the coins on the BCH chain though.
- deleted 6y ago
  [deleted]

jbverschoor 6y ago

Can just be keyrotation

gruez 6y ago
but why would you need to rotate a cold wallet (presumably) key? Key rotating makes sense for your password or tls keys, because they're used on a regular basis on networked computers that can possibly be compromised. But if the private key is stored on an airgapped computer (or paper wallet) there would be no advantage. If anything pulling the computer out to do the signing presents more danger because there's opportunity for your house to be raided (by police or rival criminals) while you're doing the signing.
- whyrusleeping 6y ago
  Someone might want to take more precautions generating keys for $1 billion vs $1 million. I'm betting this person (or persons) generated keys in a more secure manner (potentially a sharded key, or using hardware wallets) than the original keys, which may have been generated on a non-airgapped device.
  - Scoundreller 6y ago
    Iunno, if I had $1b sitting around, I’d like it to be in 1000 different wallets each containing $1m. With $1b, I’d rather risk losing 10% than having a 10% chance of losing all of it.
    - gchokov 6y ago
      Well, but you don’t.
      - ineedasername 6y ago
        I don't have a mansion but I can reasonably assert, in a productive conversation, how I might secure such a property.
    - lacker 6y ago
      That sounds like such a pain to access, though. Better to just have it in 10 wallets of $100m, plus one wallet with a few mil that you use for actual transactions.
- Robelius 6y ago
  Could you explain what key rotation is? First time I’ve seen this term.
  - benburleson 6y ago
    In general, just generating a new key to access the secure data.

dang 6y ago

Thanks—we've modified the title above to leave that undecided.

technion 6y ago

When I opened my wallet for the first time in a few years, I found the only way to get the coins out of the old version of multibit was to send it to all to a new wallet with new keys running new software. Given the age of this wallet, something like that could be involved. https://bitcoin.stackexchange.com/questions/40963/upgrading-from-classic-to-hd https://bitcoin.stackexchange.com/questions/40963/upgrading-... Edit: It was more painful than that, I used this process: https://walletrecovery.info/how-to-transfer-bitcoin-from-a-multibit-classic-or-multibit-hd-wallet-into-electrum/ https://walletrecovery.info/how-to-transfer-bitcoin-from-a-m...