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Author Topic: Hardware wallet multi sign-in  (Read 60 times)
ben19850 (OP)
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October 27, 2020, 01:19:36 PM
Last edit: October 27, 2020, 09:28:35 PM by ben19850
Merited by Symmetrick (1)
 #1

Looking at setting up a master wallet with 2 keys

1st key) a paper wallet
2)a hardware wallet(with a pass phrase )as the 2nd key
(obviously would all be backed up in a third location locked away securely)

say you was going to invest $1 million(example) into bitcoin
there is no insurance
no comeback
nothing

*** if you get hacked***

The BIGGEST vulnerability I see is when doing an actual transaction With the master wallet
Malwear could change the address and sweet at the same time
I’ve seen where you can airgape your phone to sort the transaction out but no way I could be sitting on your phone to do the same thing
but couldnt be malwear be sitting on your phone aswell waiting to do the same thing(sweep wallet)

Looking at this link is this the future where a company would hold a 3rd key
https://youtu.be/yeLqe_gg2u0


Would just  like advice on this
looking at more doing a deep freeze

Csmiami
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October 27, 2020, 06:24:35 PM
 #2

Looking at this link is this the future where a company would hold a 3rd key
https://youtu.be/yeLqe_gg2u0

How about no?

Like really, what is the point of getting full control of your money using BTC (bye bye banks) and then trusting a company to hold anything that is related to said money? We'd be circling back to where we are now...

And kind of answering to the rest of your post, well, yes, there is slim possibility you could loose your coins even if you did everything the right way. Now, the malware you have described, a paperclip malware, is easily noticeable when using a hardware wallet (and actually paying attention to what you are doing), because you have to physically confirm the transaction on the device; most of which have a display that will show the address you are actually sending the coins to. Just double and triple check everything, and you should be safe from that. There are other vulnerabilities, but with paying attention to what you are doing, and being a bit cautious, you can prevent many things from going wrong. And then, there are a very little few vulnerabilities that even if you do everything the right way, you won't be able to prevent them. Mocacinno has listed a few of those in this other thread, and it's definately worth the read.

I don't really get anything from the part of the airbrake phones? Do you mean airgapped (with no internet connection, or any connection to a network)?

And yes, a small cost of gaining financial freedom is that your money is no longer backed by anyone, so as we usually say, Don't buy more BTC than what you can afford to loose

ben19850 (OP)
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October 27, 2020, 09:37:06 PM
 #3

Looking at this link is this the future where a company would hold a 3rd key
https://youtu.be/yeLqe_gg2u0

How about no?

Like really, what is the point of getting full control of your money using BTC (bye bye banks) and then trusting a company to hold anything that is related to said money? We'd be circling back to where we are now...

And kind of answering to the rest of your post, well, yes, there is slim possibility you could loose your coins even if you did everything the right way. Now, the malware you have described, a paperclip malware, is easily noticeable when using a hardware wallet (and actually paying attention to what you are doing), because you have to physically confirm the transaction on the device; most of which have a display that will show the address you are actually sending the coins to. Just double and triple check everything, and you should be safe from that. There are other vulnerabilities, but with paying attention to what you are doing, and being a bit cautious, you can prevent many things from going wrong. And then, there are a very little few vulnerabilities that even if you do everything the right way, you won't be able to prevent them. Mocacinno has listed a few of those in this other thread, and it's definately worth the read.

I don't really get anything from the part of the airbrake phones? Do you mean airgapped (with no internet connection, or any connection to a network)?

And yes, a small cost of gaining financial freedom is that your money is no longer backed by anyone, so as we usually say, Don't buy more BTC than what you can afford to loose

yes i meant an air gaped phone
thanks for your advice

so if i went with paper wallet in conjuction with a hardwear wallet (both backed up in secure location)

would you sugest anything else??
i know its 1 in a billion but goggling hardwear wallet  stories of people qo have been sweeped is  Lips sealed
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