On Tue, Dec 4, 2012 at 10:36 PM, Watson Ladd <w...@uchicago.edu> wrote: > being able to spend > a coin sent to an address generated by this scheme implies being able > to spend any coin generated > by this scheme.
If you have the the full extended secret there then you can spend along the chain— but just the plain ecdsa secret by itself is not enough to spend anything but that address itself. Or have I misunderstood you here? > The easiest deterministic wallet construction is simply to use a > stream cipher to generate random > bytes used as the private keys in a wallet. Hierarchical constructions > do not seem to me to add more, > other then distinguishing transactions by sending to unique addresses, > which could be done by other means. Sadly that construction has no ability to separate address generation from spending— an important element for merchant applications. Not just for their own own distinguishing of transactions but because the use of fresh addresses is essential to the limited privacy properties of the Bitcoin system. I called that a type-1 deterministic wallet in some old forum post where I wrote about the different derivation schemes as opposed to the point combining type-2 construction. The hope in BIP32 was that we could get away just using a single one. ------------------------------------------------------------------------------ LogMeIn Rescue: Anywhere, Anytime Remote support for IT. Free Trial Remotely access PCs and mobile devices and provide instant support Improve your efficiency, and focus on delivering more value-add services Discover what IT Professionals Know. Rescue delivers http://p.sf.net/sfu/logmein_12329d2d _______________________________________________ Bitcoin-development mailing list Bitcoin-development@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/bitcoin-development
