Lets talk hardware wallets...

[someone42]

I like Trezor and I will most likely be ordering a few.

Hardware wallets are needed in order for Bitcoin to get to the next level. Getting the average user to secure their computing environment against malware is a next to impossible task, and hardware wallets circumvent this issue.

I suspect we'll be seeing more projects of similar nature materialize in the coming months.

allten and I have been working on the Bitsafe, another hardware wallet. Its development history actually extends goes back further than Trezor's. There are assembled open-source development boards available (see https://bitcointalk.org/index.php?topic=152517.0;all), as well as prototype open-source firmware (see https://bitcointalk.org/index.php?topic=78614.0).

The Bitsafe project was picked up by Butterfly Labs, who are helping us bring it to market later this year. They have (understandably) decided to not do the preorder thing.

Does anyone know if Armory would be supporting this? I hope armory would support this so then I don't need a whole offline computer just for signing transactions.

I spoke to etotheipi at Bitcoin 2013 and he was very enthusiastic about hardware wallets. He felt that they complemented Armory well. Anyway, I think Armory is well-positioned to support hardware wallets, after all, a hardware wallet is basically an offline signing wallet.

[bitcoinchecker]

I like Trezor and I will most likely be ordering a few.

Hardware wallets are needed in order for Bitcoin to get to the next level. Getting the average user to secure their computing environment against malware is a next to impossible task, and hardware wallets circumvent this issue.

I suspect we'll be seeing more projects of similar nature materialize in the coming months.

allten and I have been working on the Bitsafe, another hardware wallet. Its development history actually extends goes back further than Trezor's. There are assembled open-source development boards available (see https://bitcointalk.org/index.php?topic=152517.0;all), as well as prototype open-source firmware (see https://bitcointalk.org/index.php?topic=78614.0).

The Bitsafe project was picked up by Butterfly Labs, who are helping us bring it to market later this year. They have (understandably) decided to not do the preorder thing.

Does anyone know if Armory would be supporting this? I hope armory would support this so then I don't need a whole offline computer just for signing transactions.

I spoke to etotheipi at Bitcoin 2013 and he was very enthusiastic about hardware wallets. He felt that they complemented Armory well. Anyway, I think Armory is well-positioned to support hardware wallets, after all, a hardware wallet is basically an offline signing wallet.

While Armory does have some good features, setting up and using the offline/online watching only wallet function is very complicated, is time consuming and is easy to mess up (even for the computer savvy )

Trezor appears to provide the same level of security in a more user-friendly way.

And that is why I welcome it and any future developments in this area.

[drwho88888]

Have you seen CoinLockr.com ?
It's good and works well. I like it.

[Gabi]

An hardware wallet? Do want!

[gweedo]

An hardware wallet? Do want!

I pre-ordered mine, I hope more people do so we can put pressure on wallet program to add support.

[jackjack]

An hardware wallet? Do want!

I pre-ordered mine, I hope more people do so we can put pressure on wallet program to add support.

You mean client or clients ?
Looks like Multibit supports it and Armory will support it

[niko]

Trezor is an important step forward, especially if they start offering enterprise-level support to prospective major players/investors.

Next, we should not forget other related projects - Firmcoins and perhaps bitcoin card.

[TObject]

So, if one gets smashed to pieces in an unfortunate dance-it-out incident, do the Bitcons stored on the wallet get lost?

[gweedo]

So, if one gets smashed to pieces in an unfortunate dance-it-out incident, do the Bitcons stored on the wallet get lost?

No they use BIP 32 and a randomly generated pass phase which you have to write down and keep a secret.

[Gabi]

So, if one gets smashed to pieces in an unfortunate dance-it-out incident, do the Bitcons stored on the wallet get lost?

You should have backups of that wallet of course!

[TObject]

So, if one gets smashed to pieces in an unfortunate dance-it-out incident, do the Bitcons stored on the wallet get lost?

No they use BIP 32 and a randomly generated pass phase which you have to write down and keep a secret.

That makes sense, thank you.

Will there be a published algorithm to convert the pass phrase into the the private key, or the only way to restore a lost wallet with pass phrase is by purchasing the same model of hardware wallet?

[jackjack]

So, if one gets smashed to pieces in an unfortunate dance-it-out incident, do the Bitcons stored on the wallet get lost?

No they use BIP 32 and a randomly generated pass phase which you have to write down and keep a secret.

That makes sense, thank you.

Will there be a published algorithm to convert the pass phrase into the the private key, or the only way to restore a lost wallet with pass phrase is by purchasing the same model of hardware wallet?

BIP32 is published

[TObject]

So, if one gets smashed to pieces in an unfortunate dance-it-out incident, do the Bitcons stored on the wallet get lost?

No they use BIP 32 and a randomly generated pass phase which you have to write down and keep a secret.

That makes sense, thank you.

Will there be a published algorithm to convert the pass phrase into the the private key, or the only way to restore a lost wallet with pass phrase is by purchasing the same model of hardware wallet?

BIP32 is published

There is nothing about pass phrase on this page:
https://en.bitcoin.it/wiki/BIP_0032
It just seems like a way of delegating authority through child keys.
Or is this a wrong “BIP 32” I am looking at?

I am sure this has already been discussed elsewhere, so feel free to point me where.
Thanks again.

[gweedo]

So, if one gets smashed to pieces in an unfortunate dance-it-out incident, do the Bitcons stored on the wallet get lost?

No they use BIP 32 and a randomly generated pass phase which you have to write down and keep a secret.

That makes sense, thank you.

Will there be a published algorithm to convert the pass phrase into the the private key, or the only way to restore a lost wallet with pass phrase is by purchasing the same model of hardware wallet?

BIP32 is published

There is nothing about pass phrase on this page:
https://en.bitcoin.it/wiki/BIP_0032
It just seems like a way of delegating authority through child keys.
Or is this a wrong “BIP 32” I am looking at?

I am sure this has already been discussed elsewhere, so feel free to point me where.
Thanks again.

No BIP 32 is a determinstic wallets proposal. So you can get all your addresses from a single seed.

[TObject]

No BIP 32 is a determinstic wallets proposal. So you can get all your addresses from a single seed.

Can one use the passphrase to re-seed a lost wallet manually without specialized hardware?

[gweedo]

No BIP 32 is a determinstic wallets proposal. So you can get all your addresses from a single seed.

Can one use the passphrase to re-seed the wallet manually without specialized hardware?

That is exactly why they choose that.

[TObject]

Cool, thank you.

Last question: where is the algorithm for converting a pass phrase to the master seed?

I appreciate your help.

[gweedo]

Cool, thank you.

Last question: where is the algorithm for converting a pass phrase to the master seed?

I appreciate your help.

You probably have to wait until they release the source for it.

[TObject]

You probably have to wait until they release the source for it.

No problem with that. Nice talking to you.

[gweedo]

You probably have to wait until they release the source for it.

No problem with that. Nice talking to you.

Anytime