At what point should I split my burst holdings into multiple local wallets?



  • I have been mining burst since last summer and have amassed a decent stash at this point. I'm mining to a local wallet from a pool, so my wallet is somewhat 'public'.

    Should I move burst of out this wallet to another one once I get to 100,00 burst, 200,000, or?

    Reason I asked is that I seem to be the only one on the pool I'm with lot of burst sitting on the same wallet that I'm mining to. Everyone else have less than 100,000 burst in their wallets they are mining into. This includes the likes of Chuck Norris, Burst Burstington, etc.

    My passphrase is not stored on the computer where my local wallet is, and I'm running the latest version (1.3.6cg).

    Just wondering if I should be concerned or not, and look to create another 'private' local wallet on a different computer or not?



  • @pclausen If you got a decent passphrase (12 words Standard) and have a local wallet, never entered an online wallet and care for your System security no Need to be worried.

    Better safe than sorry Id split 1/3-1/3-1/3 to current wallet, a new to be created one with a very strong Password (and pw not stored on the pc but only on paper) and maybe the last 1/3 on some online Exchange, youd Need an account at an Exchange anyway sooner or later if you want to sell and/or Switch to Fiat/BTC/whatever one day.

    All depends on your current amount you own.

    100 Burst= 8$, not much worth the hazzle.

    200.000 Burst=16.000$, worth to think about.

    imho.



  • I would also suggest you, if the amount bigger, create some accounts which created with local wallet (clean OS, if you wanna 100% sure), splitting and dont log in again, only you have transfers the balance again.



  • Appreciate the advice. I used to hold most of my holdings on Bittrex, but once the value of burst went past $0.05 I decided to pull it all back to my local wallet. Gotta love the 1 or 2 burst xfer fee!

    Setting up a 2nd local wallet on a separate computer and then splitting holdings between them and an exchange seems like a great idea, maybe with a bias towards the 2nd local wallet on a separate computer.



  • @pclausen , I have 3 miner accounts. Never leave more than 100-200B in each. Sweep to another wallet that has never seen an online wallet or pool.



  • @rds thanks. I setup a "virgin" wallet on a separate computer that will never see an online wallet or pool and I just completed moving a six figure burst balance to it from a wallet that has been associated with a pool for 6+ months. I'll sleep better at night now I think.



  • @pclausen your account is as secure as the passphrase.
    That you use an account for pool mining does not disclose anything to the pool or anyone else. If you use an online wallet that has been tampered with it may share your passphrase with the oneline-wallet-operator. There is no proof of such a modified online-wallet yet, but I would never use such an offer.

    It's a good idea to distribute the eggs into multiple baskets, just in case your passphrase(s) are not good enough.

    The concept of "local" wallet is already fulfilled if you use a clean system with a clean browser to access your self-hosted node. The browser-machine does not have to be equipped with its own burst-client, you can access your "normal" 1.2.9 or 1.3.6cg code over the network, even remotely. No leaks here.

    I think it is a necessary "evil" to have all-in-one packages to get new unexperienced users onboard. But that hides much of the brilliance of the architecture, because most people think Burst is this AIO thingy. It is not. But I guess most people are oblivious and don't want to dive a little deeper.

    oops, got sidetracked again, sorry.