Suppose I recover my wallet (from seed) on another computer, will I then have the wallet working identical copies simultaneously, constantly being updated? So I can send and receive transactions from say home and work pc?
great idea…I do it all the time so if my pc crashes I still have my coin…I use multiple hard drives, SSD’s or flashdrives over 25 GB though so my wallets are mobile…when I spend it at one it spends it at the other and same with receiving…
just make your folder where you want litecoin saved, create a new folder in that folder and name it “data” and then create a batch file and put this in it : start litecoin-qt.exe -datadir=data save it as whateveryouwant.bat and start qt by clicking that
also you’ll need to place the backup from your first wallet into the data folder and rename it wallet.dat after starting litecoin one time and closing it one time…then just let the chain sync
now you have a wallet with the blockchain saved locally…just don’t forget where you saved it…as it uses the “Appdata” folder by default
another feature you could use with this is use your second wallet as a change address wallet so that every time you broadcast a transaction…your coin is swept and change is sent to a different address that you tell it to go to rather than back to the same address for the change…
keep in mind crypto works just like cash only digital where you give a guy a 20 for a 15 dollar item he gives you $5 change…in crypto…if you buy 6.5 coins and make a 3 coin transaction to someone…you send 6.5 to the network and get 3.5 back and the 3 go to who you sent it to…
so basically…all transactions that add up to the broadcast transaction are sent out to the network and change is made for you and the amount to be sent goes to the receiving address…and the change goes back to either the original wallet or the change address you assign
https://en.bitcoin.it/wiki/Change
or you can do a multisig address so you have to sign off on any transactions with two wallets before it can be spent…not good in emergency situations but this is the multisig feature where you can have up to 15 layers of encryption…or 15 different people ( or wallets) have to sign off before a transaction can be spent
Thanks for the reply bakd. Before I go ahead and break my wallet trying these things, I have a couple of questions about hypothetical situations…
If my PC is stolen then the thief won’t know my seed or my password, so she won’t be able to spend the coins, right?
And suppose I did record my seed and password on an encrypted file in the cloud say (this doesn’t seem like a bad idea to me, your thoughts welcome) then my seed alone is sufficient to recover my wallet, right?
you are correct…however seeds are crack-able using brute force method…which is why I suggest using a core wallet which uses bip32 (I Think that’s the type) to encrypt your passphrase as an addition to the hash…
if you were to encrypt your seed it would be essentially the same thing only core wallet uses an extra layer of encryption for the password…so with a core wallet even if someone gets your computer and your private key…they still cant spend the coin with out the passphrase…now passphrases can be cracked also which is why you use a good passphrase with multiple case numbers and symbols…
when we are “mining” coins…we are doing the same thing except the algorithm tells the importing wallet to receive only the coin set aside as a mining reward and then adds the remainder up to 25 coins every 2.5 minutes…
as long as you have your backups you should not have anything to worry about…I use 3 flash drives in case the other two break down…so every time I make a transaction send or receive I back up 3 times then sync my second wallet so I have my keys in 5 different locations…
btw…as far as I know you can only do this with Core wallets…Light wallets like electum or anything that gives a seed and doesn’t download the full block-chain will NOT provide all features of Litecoin…
I’m a little unclear on this idea of cracking seeds - if they get your dat file then all they are missing is your password. They already have your private key(s). If they don’t get your dat file then how do they know what the target private/public key pairs are for the input seed they are trying to find?
Edit: Are you saying that with a light wallet like electrum, my password is stored in plain text?!
no its encrypted but using software such as hashcat or any mining software for that matter and the proper knowledge it can be cracked with the correct rule sets in place…core wallet passwords can be recovered using hashcat as long as you have the .dat file hash extracted…you dont need a .dat file to guess a 8-12 word seed and import it…then just crack the password with brute force…takes years for small machines but most hackers have walls of gpus working at once…its rather rare but they are out there
I understand a lot more now, but still have some confusion about this sentence:
you dont need a .dat file to guess a 8-12 word seed and import it…then just crack the password with brute force
I can’t imagine why anyone would ever find themselves guessing seeds? As far as I can tell the only situations to consider are 1) dat file is acquired by thief, or 2) my dat file is lost or corrupted and I need to recover my wallet from seed, or 3) seed is compromised by thief.
what i mean is using a dictionary attack method and a good word list a seed can be imported…its actually been done before by a few ethical hackers who suggest not to use “brain wallets” which are basically the same thing as a seed…best way to save bitcoin/litecoin is with an encrypted key which cannot be cracked using a dictionary attack and would require brute force and take centuries to crack…this is why bitcoin and litecoin both use the Standard hashing algorithm 256 bit keys and litecoin uses a scrypt which is like a layer of encryption in a way still using 256 bit keys…I’m still learning exactly what hashes in what order myself so that might not be exactly correct…hashing,mining, password cracking are all essentially the same thing only with different rulesets in place based on the algorithm put in place for an output/input…much info to be learned online studying cryptography as I am in my spare time
Ok, I just assumed there were be a guess-rate limiter for unlocking a wallet from a seed (what’s it called? Where after an incorrect guess the time between guesses must increase exponentially?)
Thanks for your help 
yes a lot of wallets do have that…I specifically know Burst does but it is a web browser based wallet…hacking all depends on the amount of information obtained about a targets account…likely hood of passwords based on facebook likes and such…I do know that Electum uses central servers to broadcast transactions so in a way your still using a middleman to send and receive…electum works just like armory does just uses a external server instead of a local host…also on the bright side every bitcoin / litecoin transaction can be traced so take that for what it is I guess…I choose to rely on as few middle men as possible myself but thats just me as I have major trust issues
As far as random seeds are concerned…obtaining the correct hash for a series of 12 words all depends on how much time you would spend in generating hashes for 12 random words and trying them…restarting a wallet on multiple pcs if no cookies are involved and such…requires lots of planning and all depends on someone’s willingness to steal coin when they can be traced back to an IP address anyway…