Given the recent hack in which just over 7000 was taken now I'm starting to build up a few Ether I'm interested at looking at the best way to store my ether really and have looked at a few methods of doing this but still have a couple of questions which I've been looking for the answers for.
Paper Wallet - Is this just a case of creating an account address then storing the private/public keys and address somewhere offline or on a physical print off or USB stick? Then you can point your mining rig to this address? Then one day when you want to do something with the account you will have to use the credentials to access the account and transfer your ETH to an exchange address of your choosing? If so does this method rely on the website such as myetherwallet to still be live in the months to come? OR is it possible to migrate the account details to a PC by copying the data from the USB stick?
Air Gap - Simply using a PC which has no network connectivity to store account details?
I like the sound of the Air Gap method best and I do have a spare laptop I could use for this dedicated purpose. However, I'm not sure about the best approach to set this up?
- Set up PC from scratch and put GETH on it sync the block chain etc and then make a new account?
- Just point the mining address to the new one created on the air gap PC.
- Make the PC as secure as possible and offline it (after still probably taking a backup of the keys etc).
If the above is correct lets say 6 months down the line I wish to make a transaction do I then just turn on the Air Gap PC, run GETH and sync to the block chain and then in theory I should see the current balance and be able to make a transaction if desired using the GETH console.
Speaking of which I've read a fair bit on transactions but just a quick question about this given the nature of the recent big hack...
When i want to do a transaction should I simply just launch "geth console" then perform the appropriate transaction command OR does one have to run "geth -rpc" first? or should it be geth -rpcaddr "127.0.0.1" so that it only does my local pc?
I've read that you should only be doing the geth -rpc when mining solo? I've just tried this actually and my pool mining command still does work ok without running geth -rpc first. So from now on I won't be running the geth -rpc now.
I assume that when people refer to a HOT wallet does that mean an account that has been unlocked but the -RPC is also running?
What got me worried i guess was the 2 second window I read about of the account being unlocked when making a transaction?
I guess if the chap who got hacked sent all his intended ether in one go then he would have been ok as there would have been nothing for the hacker to take?