LTBcoin paper wallet

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Location: Melbourne, Australia

I have a unique design in mind. Does anyone know if counterparty supports a privatekey 'passphrase' (Similar to BIP38) that can be used when printing LTBcoin public keys?

Posted on May 5, 2014 at 5:14 AM

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deweller

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Location: Nashville, TN

Counterparty addresses are bitcoin addresses, since Counterparty is built on top of the Bitcoin protocol.
So any paper wallet that works for a bitcoin address will work for a Counterparty address.

Posted on May 5, 2014 at 5:43 PM
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ademczuk

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Location: Melbourne, Australia

So the ltbcoin privatekey can be printed with two factor authentication?

Posted on May 5, 2014 at 9:35 PM
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deweller

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An LTBcoin private key is a bitcoin private key.

So, yes, if you have a tool to print a two-factor paper wallet for a bitcoin address, then this will work for LTBcoin as well.

Posted on May 13, 2014 at 2:58 PM
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deweller

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It is possible to export a private key from CounterWallet.

And to import the funds back into Counterwallet, you can "sweep" them into a new address.

So, the tools exist to export to a paper wallet, then sweep them back into Counterwallet.

Has anyone tried this yet?

Posted on July 2, 2014 at 2:19 PM
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deweller

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I tried it and as expected it works just fine. I wrote it up as a full blog post here:

http://letstalkbitcoin.com/blog/post/secure-ltbcoin-paper-wallet

Posted on July 3, 2014 at 10:56 AM
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Rob

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@deweller I tried it and as expected it works just fine. I wrote it up as a full blog post here:

http://letstalkbitcoin.com/blog/post/secure-ltbcoin-paper-wallet

I posted a question after the article regarding partial spends of a paper wallet. When others asked about partial spends, there was no mention of "change address" issues. Can you address that?

Posted on July 7, 2014 at 4:33 AM
Last Edited: July 7, 2014 at 4:33 AM
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deweller

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@RobMitchell, I posted a comment on the article, but I'll post it here too:

Sweeping funds in Counterparty is different than spending bitcoin. When spending a previous transaction output in Bitcoin, you must provide a change address.

Counterparty does not use the concept of change addresses. When sweeping an asset in Counterparty, you are merely sending a single asset.

So, no, you don't need to provide any sort of change address when sweeping or sending assets in Counterparty.

Posted on July 7, 2014 at 4:45 AM
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Rob

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Thanks @deweller, and sorry I missed your response on the original thread. And regrettably, while I get what you're saying in regards to the way Counterparty sees the transaction, I'm still perplexed about the Bitcoin part of the transaction. The paper wallet is still sending some BTC as a Counterparty message envelope (at least that's the way I conceive of how transactions work, based on what I've read in the LTB forum). So I don't know why the lack of a change address for the tiny bit of Bitcoin being sent isn't an issue.

Think you can explain the BItcoin part of the transaction so I better understand why a change address isn't needed? Don't worry if it's a pain to explain, but I'd love to correct my thinking if my current understanding is not accurate. Thanks!

Posted on July 7, 2014 at 8:25 AM
Last Edited: July 7, 2014 at 8:25 AM
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adam

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@robmitchell Thanks @deweller, and sorry I missed your response on the original thread. And regrettably, while I get what you're saying in regards to the way Counterparty sees the transaction, I'm still perplexed about the Bitcoin part of the transaction. The paper wallet is still sending some BTC as a Counterparty message envelope (at least that's the way I conceive of how transactions work, based on what I've read in the LTB forum). So I don't know why the lack of a change address for the tiny bit of Bitcoin being sent isn't an issue.

Think you can explain the BItcoin part of the transaction so I better understand why a change address isn't needed? Don't worry if it's a pain to explain, but I'd love to correct my thinking if my current understanding is not accurate. Thanks!

You do not spend Bitcoin OR LTBC from a paper wallet - You keep them safely in a paper wallet, and when you want to redeem that paper wallet you "sweep" the private keys into a real wallet. You can see how this works by using "Import Funds" and "From another addresss" on your counterwallet.co

Posted on July 7, 2014 at 8:36 AM
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deweller

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Thanks @deweller, and sorry I missed your response on the original thread. And regrettably, while I get what you're saying in regards to the way Counterparty sees the transaction, I'm still perplexed about the Bitcoin part of the transaction. The paper wallet is still sending some BTC as a Counterparty message envelope (at least that's the way I conceive of how transactions work, based on what I've read in the LTB forum). So I don't know why the lack of a change address for the tiny bit of Bitcoin being sent isn't an issue.

The change address for the bitcoin dust included in the Counterparty transaction is automatically the paper wallet address. There is no way to change this using Counterwallet.

And, I think that even if you sweep all the funds, the assets are moved first (each as a separate transaction). And then the BTC is moved as a separate transaction after the assets are moved.

Posted on July 7, 2014 at 8:58 AM
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