MySQL slave server from dumps

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http://serverfault.com – I've created a slave server from live machine which is acting as a master now. I use the following procedure to create it: mysqldump --opt -Q -B --master-data=2 --all-databases > dump.sql then I imported this dump on the new machine, applied the "CHANGE MASTER TO..." directive with a log file/position from the dump. Please note that I have around 8000 databases and I didn't stop the master while the dumps were running. The replication works fine but is this a properly method for creating a slave server? I'm planning to promote this slave to a master (different location) so I would li (HowTos)