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Author Topic: Can we trust the people ?  (Read 207 times)
KIANA
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April 15, 2018, 04:08:21 PM
Merited by suchmoon (1)
 #1

If the hardware  wallets failed, millions of people would also lose their life
savings and this would have a negative impact on the whole community and
the value of their coins.

Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?
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April 15, 2018, 04:26:57 PM
 #2

If the hardware  wallets failed, millions of people would also lose their life
savings and this would have a negative impact on the whole community and
the value of their coins.

Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?

Theoretically you should trust no one, including yourself. Thats why some people use https://en.bitcoin.it/wiki/Paper_wallet and put it in a drawer.

But do you trust your housekeeper? (¬_¬)

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April 15, 2018, 04:30:23 PM
Merited by suchmoon (1)
 #3

If hardware wallets fails simultaneously, only the people who has not backed up their seeds would suffer. Those who has done it is perfectly fine. Hardware wallets uses the same standards as some of the desktop wallets that you've seen around. If they fail, then all of those desktop wallets would fail too and that is probably not going to happen.

If you're talking about it in the security aspect, then yeah of course they could fail. You can't trust the people who has designed the hardware wallets to not include any backdoors but their reputation is pretty important to them. If they aren't safe, no one can do anything after the attack. If you don't trust them, you can audit the code yourself. If you don't, you aren't safe; even with desktop wallets the trust is with the developers.


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April 15, 2018, 04:40:27 PM
 #4

You don't have to trust them.
They are open source. So their code has been audit by thousands of devs and anyone could audit it by themselves.

If there was some backdoor in the code of ledger nano, for example, it would have already been spotted. They have huge rewards for bounty bugs either.

As mentioned before, as long as you hold your seed even if the hardware fail you can restore it in any other Wallet.

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April 15, 2018, 05:02:41 PM
 #5

You don't have to trust them.
They are open source. So their code has been audit by thousands of devs and anyone could audit it by themselves.

If there was some backdoor in the code of ledger nano, for example, it would have already been spotted. They have huge rewards for bounty bugs either.

As mentioned before, as long as you hold your seed even if the hardware fail you can restore it in any other Wallet.

The Ledger is not 100% open source, the most of the apps can be open source, but the hardware is nit, if you try to reproduce the same hardware you can have problems with the Ledger. So how can we trust them ? First, is so difficult to put a backdoor into the gadgets (China is not a example...), and second, if you want use only open source things you will need to disconnect with everything that uses a battery. The world needs to make money.

-a security hardware which has the same "problem" is the Yubikey, which have closed the most of the applications and dont have a open hardware, but it is still one of the best product in the market of the security hardwares-
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April 15, 2018, 05:20:08 PM
 #6

As most users mentioned, if you can't audit the source code/device (when it's open source) or they make the system closed source, you only can trust them.
In case the hardware wallet fail, user shouldn't lose their money if they made backup and they should able to restore it to another wallet since they usually use same standard (BIP 39).

If the hardware  wallets failed, millions of people would also lose their life
savings and this would have a negative impact on the whole community and
the value of their coins.

Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?

Theoretically you should trust no one, including yourself. Thats why some people use https://en.bitcoin.it/wiki/Paper_wallet and put it in a drawer.

But do you trust your housekeeper? (¬_¬)

There's no problem if you put it in secure places such as Safe and encrypt the private key with passphrase (BIP 38) Smiley

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April 15, 2018, 07:10:55 PM
 #7

I have a questions Why we need to trust the banks and keep all our money into their lockers?So apply the same here and trust them.You are completely safe until you keep your privae seeds safely because I don't think no one knows that private key other than the owner which is needed to access the funds on hardware wallets.

But you need to careful when buying the hardware wallets because there are some scam wallets are available on online websites like Ebay if you buy them then your funds will be gone.
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April 15, 2018, 08:19:33 PM
 #8

If the hardware  wallets failed, millions of people would also lose their life
savings and this would have a negative impact on the whole community and
the value of their coins.

Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?

You can't do anything if hardware wallets failed. But you have to trust someone sometime. Even though hardware wallets were designed with good purpose to enalbe you safe and easy way to store your cryptocurrency, you can't blame the company for not seeing some flaw and/if hacker brakes in. If hardware wallets failed I'll just say I wouldn't like to be in the position of owners of those companies then. The thing that can be done is putting code open source, but then you have other thing where not many people will understand the code.

You simply have to trust somebody. If you are that much paranoid use paper wallets.
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April 15, 2018, 10:33:53 PM
 #9

If the hardware  wallets failed, millions of people would also lose their life
savings and this would have a negative impact on the whole community and
the value of their coins.

Should we trust the people who are responsible for these wallets? Can
the technical people respond, on why we should trust them?
You have no choice anyway, you or trust developers or don't use the technology and't don't receive benefits from it. I'd better take this risk and will keep my money in bitcoin and other cryptos than put them in bank and inflation eats my funds.

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April 15, 2018, 11:50:20 PM
 #10

Of course! We should trust in people. If you do not believe in people then how can live in this life. Humans are very clever, clever, intelligent ... everything they can do. The price of bitcoin is governed by the user.


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April 16, 2018, 12:55:10 AM
 #11

I think when you're dealing with a respectable/reputable service, such as a federally insured bank; there is a symbiotic relationship based on trust. The more that entity is trusted, the more money will be managed with it, because people will feel safe. For me, you can translate this into crypto; given the condition that you aren't dealing with seedy people and empty projects.
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April 16, 2018, 03:37:09 AM
 #12

Human being will always be human being,we can only trust our self, trust nobody,
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April 16, 2018, 03:54:44 AM
 #13

Trusting a hardware wallet designed in a community of techies sounds way safer than trusting a faceless corporation to hold your money.
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April 16, 2018, 09:30:48 AM
 #14

As most users mentioned, if you can't audit the source code/device (when it's open source) or they make the system closed source, you only can trust them.
In case the hardware wallet fail, user shouldn't lose their money if they made backup and they should able to restore it to another wallet since they usually use same standard (BIP 39).


Theoretically you should trust no one, including yourself. Thats why some people use https://en.bitcoin.it/wiki/Paper_wallet and put it in a drawer.

But do you trust your housekeeper? (¬_¬)

There's no problem if you put it in secure places such as Safe and encrypt the private key with passphrase (BIP 38) Smiley

Agree, found a good tutorial on this https://bitcoinpaperwallet.com/bip38-password-encrypted-wallets/

But still, how to remember the passphrase? Write it down and put into another Safe?


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April 16, 2018, 09:52:20 AM
 #15

This is a very good question. In the military one of the most important things I learned was trust but verify. After verification back it up and then back it up again. Your due diligence will serve you well. The person who is willing to ask the questions will tend to get to the root of any situation. So, when you trust but verify on multiple levels you tend to get closer to level of protection and or answers you're seeking. Remember, it's even a good thing to trust but verify yourself.
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April 16, 2018, 10:44:44 AM
 #16

I cannot trust anyone except friends and family.

Specially, when money involved, trust is a rare thing.

Keep better ways for backing up your crypto than hardware wallets.

Regards.
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April 16, 2018, 02:51:36 PM
 #17

As most users mentioned, if you can't audit the source code/device (when it's open source) or they make the system closed source, you only can trust them.
In case the hardware wallet fail, user shouldn't lose their money if they made backup and they should able to restore it to another wallet since they usually use same standard (BIP 39).


Theoretically you should trust no one, including yourself. Thats why some people use https://en.bitcoin.it/wiki/Paper_wallet and put it in a drawer.

But do you trust your housekeeper? (¬_¬)

There's no problem if you put it in secure places such as Safe and encrypt the private key with passphrase (BIP 38) Smiley

Agree, found a good tutorial on this https://bitcoinpaperwallet.com/bip38-password-encrypted-wallets/

But still, how to remember the passphrase? Write it down and put into another Safe?



I think remember passphrase/password isn't that difficult when there's big money involved and follow some guide to make/remember password easily (each people might comfortable with different guide). But if you want maximum security, you need to make effort. In this case that would be either :
1. Remember the passphrase/password
2. Keep the paper wallet on hidden location
3. Keep the paper wallet on secure location. But this also require you to keep the keys secure or remember the password/PIN if you use safe/digital lock.

Just choose which one is suitable for you.

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..WIN WITH US!..
rivkavender
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April 16, 2018, 03:21:53 PM
 #18

unfortunately you cant, thats why u gotta take a grain a salt
birzh0
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April 16, 2018, 06:50:00 PM
 #19

of course you can trust, but wear foil hat before
Silentsweeper
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May 09, 2018, 01:30:03 PM
 #20

No human can be trusted. Paper wallet is best as it is offline and you must keep it safe. Hardware wallets are created by humans.
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