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Author Topic: Ledgers, Trezors and KeepKeys? We make our own! DIY guide!  (Read 223 times)
MadMac
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December 10, 2017, 12:32:34 PM
 #1

I just wrote a comprehensive guide in Steemit. If someone want to follow task.

https://steemit.com/cryptocurrency/@madmac/ledgers-trezors-and-keepkeys-we-make-our-own-diy-guide
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SopaXT
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December 10, 2017, 12:42:11 PM
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This contradicts the entire purpose of hardware wallets.
The point is that the private keys should never leave the device.
It's not even needed to use VeraCrypt as in your example, a simple, encrypted wallet.dat would work the same if not better.

Malware can steal your private key while it's used on your machine.
Again, the point of using a hardware wallet is isolating your private key from the outside.
The hardware wallet can only sign your transactions when asked to (and would ask for your confirmation for it).

A simple USB stick is not a hardware wallet.

cynical
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December 10, 2017, 12:50:32 PM
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Firstly thank you for posting the DIY how-to, looks great and i will certainly give this a try.

As above is this not just similar to an encrypted USB stick incorporating crypto wallets instead of just regular old data?
MadMac
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December 10, 2017, 01:17:09 PM
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This contradicts the entire purpose of hardware wallets.
The point is that the private keys should never leave the device.
It's not even needed to use VeraCrypt as in your example, a simple, encrypted wallet.dat would work the same if not better.

Malware can steal your private key while it's used on your machine.
Again, the point of using a hardware wallet is isolating your private key from the outside.
The hardware wallet can only sign your transactions when asked to (and would ask for your confirmation for it).

A simple USB stick is not a hardware wallet.
It's exactly the same as any of the hardware wallets with funky marketing names.

It provides storage for data, it provides software for encryption, it is usually offline and it has to be connected to a computer to get decrypted and data become available for use. No private key has to leave the device. I can not even see any reason whatfor this would be required.

Those "hardware wallets" are in my opinion overrated, you depend on their services, which may be at any time become obsolete, and you may not be able to use it with other data/wallets other than they provide for you, for a small fee perhaps,

The VeraCrypt solution covers all security considerations and is open to any wallet and way beyond that. It just needs a little bit more of effort to set it up.
SopaXT
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December 10, 2017, 04:44:15 PM
 #5

[...]
No private key has to leave the device. I can not even see any reason whatfor this would be required.

[...]
Those "hardware wallets" are in my opinion overrated, you depend on their services, which may be at any time become obsolete, and you may not be able to use it with other data/wallets other than they provide for you, for a small fee perhaps,

If the private key is handled on the machine, it's been exposed, thus leaving the device.

You don't depend on their services.
The software for using most of the hardware wallets is open-source, which means that you'll be able to use your wallet even after the manufacturer closes down.

crabby
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December 11, 2017, 01:27:34 AM
 #6

This contradicts the entire purpose of hardware wallets.
The point is that the private keys should never leave the device.
It's not even needed to use VeraCrypt as in your example, a simple, encrypted wallet.dat would work the same if not better.

Malware can steal your private key while it's used on your machine.
Again, the point of using a hardware wallet is isolating your private key from the outside.
The hardware wallet can only sign your transactions when asked to (and would ask for your confirmation for it).

A simple USB stick is not a hardware wallet.
It's exactly the same as any of the hardware wallets with funky marketing names.

It provides storage for data, it provides software for encryption, it is usually offline and it has to be connected to a computer to get decrypted and data become available for use. No private key has to leave the device. I can not even see any reason whatfor this would be required.

Those "hardware wallets" are in my opinion overrated, you depend on their services, which may be at any time become obsolete, and you may not be able to use it with other data/wallets other than they provide for you, for a small fee perhaps,

The VeraCrypt solution covers all security considerations and is open to any wallet and way beyond that. It just needs a little bit more of effort to set it up.

Just to be clear, your post is absolutely not the same as a hardware wallet. If you believe this, you don't understand how a hardware wallet works. I would suggest doing more research on how hardware wallets work before making claims that could leave other peoples coins vulnerable. It's irresponsible to make security claims that are not true.
MadMac
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December 11, 2017, 03:17:55 AM
Last edit: December 11, 2017, 03:53:54 AM by MadMac
 #7

It does the exact same thing as a 100$ hardware wallet. It stores your private key safely and untouchable.

It is even more usable than the Ledgers & Co as you do not need any additional software installed on your PC to run them. It is a portable solution, that runs on every computer that has USB and a compatible operating system. And nobody knows what eventually is on that USB stick.

Just unlock the USB stick and run the wallet from inside (if you did not just store the keys). No private key has to leave the stick.

But it's ok for paranoid fanboys to believe that such expensive toy may be more secure, up to you Smiley
SopaXT
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December 11, 2017, 06:17:22 PM
 #8

It does the exact same thing as a 100$ hardware wallet. It stores your private key safely and untouchable.

[...]
Just unlock the USB stick and run the wallet from inside (if you did not just store the keys). No private key has to leave the stick.

No.
If the private key ever touches a computer, it can be compromised.
The key is temporarily stored in the RAM when signing transactions, for example.
To be used, the computer has to read it from the USB stick which involves an ability to intercept it.

MadMac
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December 11, 2017, 06:57:06 PM
 #9

Exactly as any software on that Ledger/Trezor/KeepKey would need to do it. No difference. And the latter may even keep it in memory of their installed software, which you do not need for a portable wallet like I eplained.
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