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Author Topic: you think Trezor is a safe way for bitcoin !  (Read 5743 times)
Corvet
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November 12, 2015, 10:05:46 PM
 #1

hey , i think every one know trezor or most of people atleast. to put your btc into a wallet trezor its good way , but have you never think about if trezor shutdown ? there is some people who will say thats its big company , yes i know but MTgox too was a good company and at the end they stoped.

is there any other way to use your btc when trezor stoped ? i mean do i can use my btc if trezor stoped and shutdown ?
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November 12, 2015, 10:07:05 PM
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 #2

You need to post in the forum of your home language, or you need to better articulate yourself because I have no idea what you're asking.
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November 12, 2015, 10:10:52 PM
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You need to post in the forum of your home language, or you need to better articulate yourself because I have no idea what you're asking.

He's asking what happens if Trezor guys shut down the project or what happens if they have put a malicious code in a Trezor and decide to run away with our coins? At least this is how I translated his post.

So ok, if they decide to shut down their firm OP, you just take your mnemonic seed and import it in another wallet of choice and there you go, you have your coins.

If you have asked what happens if they have put malicious code in a Trezor, I don't think this is possible as Trezor is open source and anybody can review the source code if they want!

Cheers!
Corvet
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November 12, 2015, 10:12:26 PM
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You need to post in the forum of your home language, or you need to better articulate yourself because I have no idea what you're asking.

He's asking what happens if Trezor guys shut down the project or what happens if they have put a malicious code in a Trezor and decide to run away with our coins? At least this is how I translated his post.

So ok, if they decide to shut down their firm OP, you just take your mnemonic seed and import it in another wallet of choice and there you go, you have your coins.

If you have asked what happens if they have put malicious code in a Trezor, I don't think this is possible as Trezor is open source and anybody can review the source code if they want!

Cheers!

He's asking what happens if Trezor guys shut down the project or what happens if they have put a malicious code in a Trezor and decide to run away with our coins? At least this is how I translated his post.

that what i'm asking about exactly !
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November 12, 2015, 10:33:06 PM
 #5

You need to post in the forum of your home language, or you need to better articulate yourself because I have no idea what you're asking.

He's asking what happens if Trezor guys shut down the project or what happens if they have put a malicious code in a Trezor and decide to run away with our coins? At least this is how I translated his post.

1) So ok, if they decide to shut down their firm OP, you just take your mnemonic seed and import it in another wallet of choice and there you go, you have your coins.

2) If you have asked what happens if they have put malicious code in a Trezor, I don't think this is possible as Trezor is open source and anybody can review the source code if they want!

Cheers!

1) trezors key is uniquely linked to the device. and as such, is not the same as the brainwallet key
2) trezor works by linking to a computer, which links to the internet. which links to the trezor site. when disconnected.. its just a memor storage device, all transactions need to go through to trezor servers.. so although the likely hood of changing the firmware of the hardware wallet is impossible.. there are ways to hack the computer to change the 'bridge' broswer extention, or spoof the trezor site

.. that said, its much safer then just storing coins on blockchain.info coinbase.(if trazor never shutsdown)
but not as safe as using bitcoin core and setting the wallet.dat file to be on a memory stick

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November 12, 2015, 10:42:09 PM
 #6

hey , i think every one know trezor or most of people atleast. to put your btc into a wallet trezor its good way , but have you never think about if trezor shutdown ? there is some people who will say thats its big company , yes i know but MTgox too was a good company and at the end they stoped.

is there any other way to use your btc when trezor stoped ? i mean do i can use my btc if trezor stoped and shutdown ?

I dont see a reason to trust Trezor or any other hardware wallet. Because is not meant for third party trust. Simply move your coins to a paper wallet generated by Coinb.in in an offline computer for cold storage. For regular usage, keep small amount your coins in a Copay mobile wallet. Both are open source and no third party trust required.
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November 12, 2015, 10:55:14 PM
 #7

hey , i think every one know trezor or most of people atleast. to put your btc into a wallet trezor its good way , but have you never think about if trezor shutdown ? there is some people who will say thats its big company , yes i know but MTgox too was a good company and at the end they stoped.

is there any other way to use your btc when trezor stoped ? i mean do i can use my btc if trezor stoped and shutdown ?

I dont see a reason to trust Trezor or any other hardware wallet. Because is not meant for third party trust. Simply move your coins to a paper wallet generated by Coinb.in in an offline computer for cold storage. For regular usage, keep small amount your coins in a Copay mobile wallet. Both are open source and no third party trust required.

I think Trezor is generally a good idea if you are going to be using the coins in your cold storage more often than just putting them inside and forgetting about them, but if I wanted actual cold storage, paper wallet with BIP38 encryption personally remains the undisputed champion.
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November 12, 2015, 10:57:09 PM
 #8

Trezor the company could fold tomorrow and you'd be fine. You can either connect the device to  your phone and use Mycelium, or if you wrote down the recovery seed, you can use electrum without even having the device. Now both mycelium and Electrum use backend servers but it is possible to setup your own electrum backend server. Probably other ways to deal with this too.
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November 12, 2015, 11:04:51 PM
 #9

1) trezors key is uniquely linked to the device. and as such, is not the same as the brainwallet key
They use BIP32 seeds so you can still retrieve the seed from the device and import it to a wallet like Electrum to spend the coins.

2) trezor works by linking to a computer, which links to the internet. which links to the trezor site. when disconnected.. its just a memor storage device, all transactions need to go through to trezor servers.. so although the likely hood of changing the firmware of the hardware wallet is impossible.. there are ways to hack the computer to change the 'bridge' broswer extention, or spoof the trezor site
I don't think so. It connects to other wallets so I think it is still usable with other wallets, it doesn't need trezor's servers

Also, all of the code to the firmware of a trezor is online on github. People can still contribute to that code and update the firmware. You can also flash it yourself to the device.
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November 12, 2015, 11:05:38 PM
 #10

I don't like trezor- too many moving parts (led screen) I always feel it could break. I much prefer ledger. Much simpler. Fewer worries. Ledger also costs a lot less. I'm not sure why trezor is so popular, I guess people think more money = better product... Worked out pretty good for Mac (which is garbage, but expensive therefore amaze balls)
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November 12, 2015, 11:41:39 PM
 #11

A piece of paper wrapped in plastic will never malfunction and can survive anything. An electronic device can malfunction and you can drop water or beer on it or whatever by accident. I know what I would use for long term storage.
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November 12, 2015, 11:44:55 PM
 #12

1) trezors key is uniquely linked to the device. and as such, is not the same as the brainwallet key
They use BIP32 seeds so you can still retrieve the seed from the device and import it to a wallet like Electrum to spend the coins.

2) trezor works by linking to a computer, which links to the internet. which links to the trezor site. when disconnected.. its just a memor storage device, all transactions need to go through to trezor servers.. so although the likely hood of changing the firmware of the hardware wallet is impossible.. there are ways to hack the computer to change the 'bridge' broswer extention, or spoof the trezor site
I don't think so. It connects to other wallets so I think it is still usable with other wallets, it doesn't need trezor's servers

Also, all of the code to the firmware of a trezor is online on github. People can still contribute to that code and update the firmware. You can also flash it yourself to the device.

bip32, is paperwallet brainwallet technology.. but thats separate matter, not about actively using the hardware wallet..

for instance you can stamp on a trezor and burn it.. but still have to use the paperwallet elsewhere.. the question the OP asked was.. USING trezor..
as an active device.. is it safe.

no.. the trezor key (pin code, not privkey seed.. but the set up pin) is uniquely linked between the device and trezors servers.
to USE the trezor device, you need browser extensions and access to trezors website..

again im not talking about the privkey seed wrote on paper, im talking about the trezor device..

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November 12, 2015, 11:49:06 PM
Last edit: November 13, 2015, 12:02:10 AM by BitcoinNewsMagazine
 #13

hey , i think every one know trezor or most of people atleast. to put your btc into a wallet trezor its good way , but have you never think about if trezor shutdown ? there is some people who will say thats its big company , yes i know but MTgox too was a good company and at the end they stoped.

is there any other way to use your btc when trezor stoped ? i mean do i can use my btc if trezor stoped and shutdown ?

You can recover your bitcoin by creating an Electrum wallet from your Trezor seed.

Ledger out of the box is not as secure as Trezor because of the lack of a screen. You have to initiate Ledger on a secure computer or risk theft of your seed by a key logger. The screen also allows you to confirm that you are sending to the intended recipient. I have both and rarely use the Ledger any more as I much prefer Trezor.

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November 13, 2015, 12:02:08 AM
 #14

no.. the trezor key (pin code, not privkey seed.. but the set up pin) is uniquely linked between the device and trezors servers.
to USE the trezor device, you need browser extensions and access to trezors website..

No, I do not think that is the case. The PIN is stored on the device itself, not on Trezor's servers. Where are you getting that information?
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November 13, 2015, 12:36:02 AM
 #15

I don't think there is any possible way, that trezor could get shut down. Atleast not like mt gox. Since the key is stored on the device not on the computer, I think that other sites are going to start offering the same service that trezor is offering.


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Corvet
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November 13, 2015, 01:36:31 AM
 #16

hey , i think every one know trezor or most of people atleast. to put your btc into a wallet trezor its good way , but have you never think about if trezor shutdown ? there is some people who will say thats its big company , yes i know but MTgox too was a good company and at the end they stoped.

is there any other way to use your btc when trezor stoped ? i mean do i can use my btc if trezor stoped and shutdown ?

You can recover your bitcoin by creating an Electrum wallet from your Trezor seed.

Ledger out of the box is not as secure as Trezor because of the lack of a screen. You have to initiate Ledger on a secure computer or risk theft of your seed by a key logger. The screen also allows you to confirm that you are sending to the intended recipient. I have both and rarely use the Ledger any more as I much prefer Trezor.

i have trezor too and for that why i post this thread , becasue i want know if it good enough for using it for 50 btc+ or i will use paper wallet.
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November 13, 2015, 02:17:29 AM
 #17

IMO, Trezor is probably the safest way for most people to store bitcoin. I would certainly have no problem storing 50 BTC in a Trezor.  I don't think I would carry that Trezor around with me when I was out and about, however, if only because I would be worried about "rubber hose cryptography".

If your Trezor fails you can recover your funds with another Trezor or a software wallet, from the seed words.  If you are capable of reliably storing paper wallets you will be able to reliably store your seed words, since this has to be done only once.

There are risks with any method of storing bitcoin.  As far as I can tell, Trezor is as safe as a paper wallet.  In practice, it is likely to be considerably safer than a paper wallet that is (eventually) spent, because to spend the bitcoins in a paper wallet one must load the private key into a computer that may be compromised.  The risks of operational security errors with paper wallets strikes me as much higher than with Trezor.  I use Electrum to access the funds controlled by my Trezor, so I don't need to use the Satochi Labs web client.  The same Trezor also works with the Multibit HD wallet software.




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November 13, 2015, 04:00:59 AM
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no.. the trezor key (pin code, not privkey seed.. but the set up pin) is uniquely linked between the device and trezors servers.
to USE the trezor device, you need browser extensions and access to trezors website..

No, I do not think that is the case. The PIN is stored on the device itself, not on Trezor's servers. Where are you getting that information?
This. The PIN is used to encrypt the privkeys on the device itself.

And no, trezor is not dependent on their website - there's sources on the github showing you how to use the trezor to interact with another service, or even your own. Trezor is just a secure storage device for the keys and for signing the transactions. It's secure because the keys never leave it, and all signing takes place on it. That's why if you have a highly fragmented input (faucets etc) on an address on your trezor, it'll take forever to sign the transaction. The Trezor site/extension is just a place for the trezor to broadcast the signed tx, and to interface with it.

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November 13, 2015, 04:07:23 AM
 #19

If you're willing to spend some time reading code, I highly suggest going to https://github.com/trezor/ to see the sources of the firmware and examples of writing your own webwallet using the trezor. https://github.com/trezor/webwallet shows a working example of a webwallet, and you can clearly see that at no point the wallet sees the private key/pin etc at all.

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November 13, 2015, 04:21:38 AM
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If you're willing to spend some time reading code, I highly suggest going to https://github.com/trezor/ to see the sources of the firmware and examples of writing your own webwallet using the trezor. https://github.com/trezor/webwallet shows a working example of a webwallet, and you can clearly see that at no point the wallet sees the private key/pin etc at all.

maybe trezor v2. will have the 'webwallet' on the device next time. that way it can auto run on offline computers without the need of web extensions or communicating to trezor server.

then your free to push the TX to any miner/network user you choose.

i think those believing trezor is infallible have never thought of a hacker tweaking the web extension to do man in the middle attacks..

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Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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