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Title: when do i "have to" update my cold storage? Post by: BrewMaster on March 15, 2016, 05:37:42 AM i want to use Electrum on my offline pc as my cold storage so this means i will not update it
so if (for example) i install Electrum v 2.6 and after a while versions 2.6.1, 2.7, so on are released do i have to update my cold storage every time or can i leave it as it is? how can i know when it is mandatory to upgrade to a newer version. - also for upgrading my cold storage i just have to move the installation to that pc and install again right? Title: Re: when do i "have to" update my cold storage? Post by: shorena on March 15, 2016, 06:04:19 AM You dont have to update with every release, but you should keep up to date with the changes (e.g. by keep the online part updated). Some updates require you to update the offline wallet as well.
i want to use Electrum on my offline pc as my cold storage so this means i will not update it so if (for example) i install Electrum v 2.6 and after a while versions 2.6.1, 2.7, so on are released do i have to update my cold storage every time or can i leave it as it is? how can i know when it is mandatory to upgrade to a newer version. - also for upgrading my cold storage i just have to move the installation to that pc and install again right? If you have a decent amount of BTC - don't rely on Electrum (software) Cold Storage. A software file is a software file. The best Cold Storage is with Trezor or Keep Key - which are Wallet independent. These hardware wallets also run software, I dont really see your point here. Title: Re: when do i "have to" update my cold storage? Post by: shorena on March 15, 2016, 06:17:10 AM These hardware wallets also run software, I dont really see your point here. Yes - agree. But this "hardware" is in a unique controlled environment: 1. Impossible to rewrite the bootloader - other than changing the unit. 2. Loading a firmware that is not signed by the HW manufacturer creates error messages every time it is booted There is more, you can read about it at: https://doc.satoshilabs.com/trezor-user/advanced_features.html (https://doc.satoshilabs.com/trezor-user/advanced_features.html) Still an attacker needs physical access to the device (be that an old laptop or the hardware wallet), which IMHO is more likely with a hardware wallet as its easier to carry around. Its also unhelpful to go into a thread about problems with a bike and suggest to use a car instead. Title: Re: when do i "have to" update my cold storage? Post by: shorena on March 15, 2016, 08:56:37 AM -snip- That is how secure Trezor is. Still not the topic at hand. Title: Re: when do i "have to" update my cold storage? Post by: unamis76 on March 15, 2016, 02:11:28 PM You have to update when your version is useless and cannot create valid transactions or when there are deep changes on the Bitcoin protocol...
Title: Re: when do i "have to" update my cold storage? Post by: BrewMaster on March 15, 2016, 05:25:56 PM thank you @shorena
If you have a decent amount of BTC - don't rely on Electrum (software) Cold Storage. A software file is a software file. The best Cold Storage is with Trezor or Keep Key - which are Wallet independent. i will look into trezon and similar wallets for sure but i don't like paying for a wallet that i can create for free. I set my Trezor in dual mode, ready for the $5 attack - you know, the guy who threatens you to break your skull with a $5 wrench from Home Depot... They get my Trezor, I give them the PIN, but they only get my "change" wallet - where I keep less than $50 worth of BTC. They don't know it, but on the same device lies a wallet with thousand of $ of BTC with an encrypted passphrase... That is how secure Trezor is. if someone threatens to break my skull i am going to give him the keys to my car and house :D Title: Re: when do i "have to" update my cold storage? Post by: twister on March 16, 2016, 11:05:23 AM These hardware wallets also run software, I dont really see your point here. Yes - agree. But this "hardware" is in a unique controlled environment: 1. Impossible to rewrite the bootloader - other than changing the unit. 2. Loading a firmware that is not signed by the HW manufacturer creates error messages every time it is booted There is more, you can read about it at: https://doc.satoshilabs.com/trezor-user/advanced_features.html (https://doc.satoshilabs.com/trezor-user/advanced_features.html) Still an attacker needs physical access to the device (be that an old laptop or the hardware wallet), which IMHO is more likely with a hardware wallet as its easier to carry around. Its also unhelpful to go into a thread about problems with a bike and suggest to use a car instead. The only guy that came close to successfully attacking a Trezor is this guy (https://jochen-hoenicke.de/trezor-power-analysis/) - he turned out to be a white hat. I set my Trezor in dual mode, ready for the $5 attack - you know, the guy who threatens you to break your skull with a $5 wrench from Home Depot... They get my Trezor, I give them the PIN, but they only get my "change" wallet - where I keep less than $50 worth of BTC. They don't know it, but on the same device lies a wallet with thousand of $ of BTC with an encrypted passphrase... That is how secure Trezor is. But they have your trezor wallet too, which costs like $100 if I am not mistaken :D And this can be done with electrum too, I can keep 2 wallets and if robbers attack me, I give them the seed for the one with not many coins. ;) Point is they're both very safe, no point in arguing one is better than the other. Anyways this is all offtopic, OP close this down before a mod kicks all of our asses. |