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At which point in this process do we disconnect from the internet or go offline as you say?

haha :)

We are talking money in Steem aswell. You get rewarded and your rewards may have a considerable value. To secure them against loss or theft, you usually keep those keys offline that control the money and only occasionally take them out when needed.

Oh, so this is not a "cold" wallet, just a hot wallet with a paper copy of the keys?

If you generate the owner key offline (preferably on a device that's never been online) and print it out, it's stored in cold storage. The other keys can't be kept offline because you need to log in with them from time to time to do transfers and trading.

when we are sending steem to the cold waller, which public key do we send to?

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