[aianus]

Just wanted to add a note that you can come up with whatever deterministic process you want to generate the keypair.

For example SHA256(MySuperSlowAwesomeLongHash("fire pickle shipment lachrymose deity unwitting pernicious obstacle kitchen tumbleweed mannequin erudite"))

[meowface]

True. Many people appear to use http://brainwallet.org or similar sites though; they don't really understand what hashing functions are, so they trust these sites to securely generate a private key.

Someone should really make an alternative with bcrypt or scrypt.