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WhatsBitcoin
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August 01, 2015, 05:57:19 PM |
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Interesting problem. As we mainstream, as more services and devices are available, the more resistant to change the protocol will become.
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Get sick. Get well.
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unamis76
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Activity: 1512
Merit: 1005
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August 01, 2015, 06:09:38 PM |
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What's going to change in BIP32?
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Scamalert
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August 01, 2015, 06:13:29 PM |
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First of, sorry to bitch, it would be nice if you could quote from the video so you don't have to watch the video to know what this is all about.
Kinda obvious, if you change the bitcoin protocol so it is not backwards compatible, then will you have a problem with old wallets.
I guess keeping bitcoin protocal unchange to the end of time is wishful thinking, but I think eventually USB will be obsolete anyway, so computer tech development will eventually kill Trezor 1.0.
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ransomer
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August 01, 2015, 06:15:00 PM |
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Having bitcoins in a hardware wallet is a scary proposition. At least if the idea is to put it in and forget it for 10 years or so... Because with the speed of software changes - it is likely that in 10 years it will be very difficult if not almost impossible to access such an ancient system with much more modern software.
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manselr
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August 01, 2015, 06:35:47 PM |
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Thats what i've always said, ironically, there's nothing better than paper to store Bitcoins long term. Nothing better than plastic wrapped encrypted paper wallet which is possible since BIP38 was implemented. I don't really see the point for hardware wallets which are prone to failure and deprecation through software updates. A paper wallet as far as I know, will always remain functional forever.
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ransomer
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August 01, 2015, 07:09:00 PM |
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Thats what i've always said, ironically, there's nothing better than paper to store Bitcoins long term. Nothing better than plastic wrapped encrypted paper wallet which is possible since BIP38 was implemented. I don't really see the point for hardware wallets which are prone to failure and deprecation through software updates. A paper wallet as far as I know, will always remain functional forever.
I tend to agree. Of course it might seem scary that if this feature could be implemented...maybe it could be de-plemented.... and everyone given a 1 year warning to "transfer to the new system". Sadly... everyone being busy with other projects and only checking up on bitcoins every blue moon.. or every 5 years... too bad - so sad. I think many will want a storage of wealth that they can store and forget about for 10 or more years.. and currently there a some pitfalls with bitcoin... |
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Hopalong
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August 01, 2015, 07:11:12 PM |
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Having bitcoins in a hardware wallet is a scary proposition. At least if the idea is to put it in and forget it for 10 years or so... Because with the speed of software changes - it is likely that in 10 years it will be very difficult if not almost impossible to access such an ancient system with much more modern software.
All software or hardware wallets will be impossible to access in just a few years. Already software from pre vista times are failing unless it is wery well written. I have a lot of floppy disks, 3.5 disk, HDs, CDs and USB devices that are failing and many terrabytes of informaton is gone. |
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cafucafucafu (OP)
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August 01, 2015, 08:08:14 PM |
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Having bitcoins in a hardware wallet is a scary proposition. At least if the idea is to put it in and forget it for 10 years or so... Because with the speed of software changes - it is likely that in 10 years it will be very difficult if not almost impossible to access such an ancient system with much more modern software.
All software or hardware wallets will be impossible to access in just a few years. Already software from pre vista times are failing unless it is wery well written. I have a lot of floppy disks, 3.5 disk, HDs, CDs and USB devices that are failing and many terrabytes of informaton is gone. If it uses BIP32 it shouldn't matter which wallet you use. |
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Mickeyb
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August 01, 2015, 08:38:08 PM |
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So what does this means exactly, that I can throw my Trezor away after this? Can't they just write a new update or software for the Trezor? And second question, are our bitcoins on Trezor in danger after this happens? Thanks guys. |
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Meuh6879
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August 01, 2015, 08:50:37 PM |
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Having bitcoins in a hardware wallet is a scary proposition. At least if the idea is to put it in and forget it for 10 years or so...
that why, in cold storage (for 10 years), you have only 2 solutions really secure : - store wallet.dat from a bitcoin core - use a paper wallet ( https://www.bitaddress.org ) i don't understand why tresor is not a paper wallet (algorythm) ...  update is very simple in this way. |
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Hopalong
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August 01, 2015, 08:53:36 PM |
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Having bitcoins in a hardware wallet is a scary proposition. At least if the idea is to put it in and forget it for 10 years or so... Because with the speed of software changes - it is likely that in 10 years it will be very difficult if not almost impossible to access such an ancient system with much more modern software.
All software or hardware wallets will be impossible to access in just a few years. Already software from pre vista times are failing unless it is wery well written. I have a lot of floppy disks, 3.5 disk, HDs, CDs and USB devices that are failing and many terrabytes of informaton is gone. If it uses BIP32 it shouldn't matter which wallet you use. Even when you cant get the wallet software to run? |
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gentlemand
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Welt Am Draht
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August 01, 2015, 09:09:18 PM |
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When I were a nipper in the deep mists of time there was much excitement when this was launched https://en.wikipedia.org/wiki/BBC_Domesday_ProjectAnd it was pretty darned cool. An interactive overview of the whole country with maps and virtual tours made by thousands of people on a type of laser disc. It's also a well known case of obsolescence. The whole project was nearly rendered unreadable within 15 or so years and was only rescued and converted by some tech trickery. I'll be sticking with paper myself. Even if your hardware stands up there's a risk of software adapting into uselessness or a new bug popping up from nowhere. |
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unamis76
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August 01, 2015, 09:10:05 PM |
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So what does this means exactly, that I can throw my Trezor away after this? Can't they just write a new update or software for the Trezor?
And second question, are our bitcoins on Trezor in danger after this happens?
Thanks guys.
This means that you can carry on using your Trezor and when a BIP is released and implement to replace BIP32 you change device. Simple as that. Your Trezor or another hardware wallet will keep on working, but as said before in this thread, with old software. I still don't know what's the deal  Things change, tech evolves and we change with it. I keep my question, what's going to change in BIP32? We all know the answer. Just change device when a new BIP comes. |
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btchip
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August 01, 2015, 09:38:07 PM |
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It's a non issue if the software is designed properly. People have been issuing delta patches (even over SMS) to embedded hardware for decades.
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Mickeyb
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August 02, 2015, 08:41:21 AM |
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So what does this means exactly, that I can throw my Trezor away after this? Can't they just write a new update or software for the Trezor?
And second question, are our bitcoins on Trezor in danger after this happens?
Thanks guys.
This means that you can carry on using your Trezor and when a BIP is released and implement to replace BIP32 you change device. Simple as that. Your Trezor or another hardware wallet will keep on working, but as said before in this thread, with old software. I still don't know what's the deal Things change, tech evolves and we change with it. I keep my question, what's going to change in BIP32? We all know the answer. Just change device when a new BIP comes. So call me stupid or whatever, but I don't understand. After BIP changes, I will have to change my Trezor for a completely new device?? Why not just a software upgrade? Weren't the Trezor people thinking about this before they have designed their product? |
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Kprawn
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August 02, 2015, 09:08:35 AM |
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This is nonsense... Why can I still play ZX Spectrum games on emulators, without the physical hardware? The hardware goes obsolete but the possibility to access it, is just changed or adapted. Do you think Trezor are not looking into matters like these? There will be widespread announcements, if this happens and they will have some sort of solution in place, if it does. If you have any questions about this, send them a email and ask them what the plan B would be in such an event.  You would be a fool, to keep all your coins in a hardware wallet anyway.  |
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Mickeyb
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August 02, 2015, 11:44:10 AM |
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This is nonsense... Why can I still play ZX Spectrum games on emulators, without the physical hardware? The hardware goes obsolete but the possibility to access it, is just changed or adapted. Do you think Trezor are not looking into matters like these? There will be widespread announcements, if this happens and they will have some sort of solution in place, if it does. If you have any questions about this, send them a email and ask them what the plan B would be in such an event. You would be a fool, to keep all your coins in a hardware wallet anyway. Exactly my opinion, I think they are too serious not to think and anticipate things like this. I mean people are dealing and escrowing thousands of bitcoins daily by using Trezor and just to think about an event like this, sounds impossible to me. Anyways, I have written in their thread and pointed back to this thread. Maybe they will respond and give their opinion, lets hope. |
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harrymmmm
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August 02, 2015, 01:18:48 PM |
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This whole thread is pretty much just FUD.
Any relevant change to protocols will be implemented as a firmware update to Trezor devices.
Trezors are not 'subject to failure' as far as I know.
Paper is hardly more secure or long-lasting.
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dasource
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August 02, 2015, 01:26:16 PM |
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I fail to see how this is an issue? regardless of it being Trezor or any other "BIP39" complaint hardware wallet.
So long as you remember your BIP39 mnemonic words you can recover your private keys and move funds even if there are changes OR your hardware wallet dies. There is half a dozen websites providing client side tools i.e. a single file (html + js) that you can keep on a USB (if you are paranoid that it wont be available in the future) that will derive your private keys from your BIP39 mnemonic (all done from the comfort of a old PC without a internet connection)
Need less of this scaremongering around here.
EDIT : Personally I use multiple hardware wallets with multisig ... get the best of both worlds + best security possible.
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^ I am with STUPID!
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