No, that's not how it works.

wallet seed = device seed + passphrase

What I call "device seed" here (those are the words you write down) is not encrypted in any way (at least not with the passphrase). The passphrase is sent to the trezor device and simply added to that seed in some way (xor, concatenation + hash or something) and that results in the HD wallet seed used by the device to generate the wallet (addresses, xpub, private keys,...)

But of course it's true: you need the password(s) to access the wallet(s).

EDIT: here's the relevant code in the trezor firmware:


Now I'm not so sure any more

It doesn't matter if you set 'password encrypted' during recovery, you can change it later after recovery to access your password protected funds. The password function disabled technically is like entering an empty password so you can only access those funds while you have the feature disabled. Enable the feature and your other funds get accessible with the correct password.

tl-dr: yes it works, it will restore both (all) accounts.

bit fury is not stupid.  replacement of .5 watt gear using .35 watt gear means a huge gain in power savings.

to grow the network it not important.  if they had 40ph at .5 watts that was 20 megawatts  at .35 watts it is 14 megawatts  6 megawatts at 3 cents  = $180,000 in power savings

they will not grow hashpower much. unless others do.  my guess is no company will grow the network much.  I would be stunned to see it grow  much more then 2% a jump.

Anything less than +/= 4.5% per retarget is indistinguishable from variance. That is, if difficulty moves up or down by less than ~ 4.5%, you can't prove that the underlying hashrate has changed significantly.

and the block reward decreased, Reward 5,987 Burst , it is perfect

in general many miners, utilize CPU cores for BURST while at the same time mining GPU coins in parallel , there is some cost in terms of GPU hash resolution as  byproduct but not dramatic

network hash capacity is holding nicely, wide distribution of coins is occurring across the board

we briefly touched 25 peta network size (estimated) all of you should check VERT as an example for what can happen at any time

You can use your API key as a discount code on the buytrezor website. One time use only but you can buy multiple trezors in one purchase and get multiple discounts (I think up to three).

Summer is heating up all over the northern hemisphere, most pools are seeing a drop in hash rate, and thus the back-to-back negative diff adjustments we just saw recently.

I have been using it from 4-5 days and so far I haven't had any problems with it but as some people have suggested it, it's not yet safe to keep large amount of bitcoins on it. Not because they might get stolen but because it might happen that user itself isn't able to access their funds.

I had a discussion about it on reddit and things I learnt were that first of all there aren't any other wallets (currently) that supports BIP32/39/44. Which means a user won't be able to export the backup from CoPay and import into any other wallet. This is my only concern which is stopping from sending large amount of funds to it for if some reason the app is down I won't be able to access my funds otherwise.

Apart from that there is no way to import a paper wallet and it is another concern as some users prefer keeping their funds in cold storage and they can't use them with CoPay. Until there is a way to extract the keys out of CoPay back up and import it into another wallet and the import paper wallet feature I don't think it will get much famous. I really hope developers read this and make some changes in the next update.

Another thing which concerns me is that since you cannot sign a message from inside CoPay and you cannot import keys to another wallet you cannot prove that you own an address should a need arise to do that.

This is the situation and what we know: