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Under our use case, child private keys will never be handed out. I don't see any problem with using BIP32. Very good find (the .pdf file)... Will review.
I have some doubts on implementing the original BIP32, do you think we might need to give out any child private keys to anyone in the future?
http://bitcoinmagazine.com/8396/deterministic-wallets-advantages-flaw/
http://eprint.iacr.org/2014/998.pdf
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