[2019-05-27]Franck Muller Releases Luxury Watch With Bitcoin Cold Wallet Functio

[Vladdirescu87]

High-end Swiss watchmaker Franck Muller has partnered with alternative assets investing firm Regal Assets to release the bitcoin (BTC) storage watch “Encrypto,” according to a report by Cointelegraph Brasil on May 23.

In addition to being a high-end fashion accessory, with a price ranging from $9,800 to $50,600, the watch reportedly also functions as a cold wallet for BTC. The watch is reported to be engraved with a public address on its dial and comes paired with a private key on a USB drive. According to the firm, the “deep cold storage wallet” is unhackable and uses “offline generated, non-deterministic TRNGs (True Random Numbers Generated).”

https://cointelegraph.com/news/franck-muller-releases-luxury-watch-with-bitcoin-cold-wallet-functionality

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[CryptoBry]

This Franck Muller watch can be the next symbol of wealth, elegance and of course expensive cryptocurrency wallet. Wow! Who would not want to own a watch with a wallet like that? But when I review the price, reality hits me. Maybe I would just prefer to buy Bitcoin instead if ever I have that much money. I am sure there is a big market for this luxurious item as this can be a collector's item actually...a high-tech watch very much attuned to the bitcoin and cryptocurrency phenomenon. It can be amazing to think that Switzerland is known for making the most expensive and luxurious watches and right now it is becoming the home of many fintech companies making business with blockchain technology and cryptocurrency...just watch this watch is symbolizing.

[Theb]

Am I the only one considering this as a pointless invention? Having a luxury watch with a wallet functionality defeats the purpose of having a safe and secure way to store your Bitcoin. Hardware wallets in the first place are not meant to be shown off it's meant to be stores away and be use when needed be. Now a watch like this just got more valuable as it potentially stores valuable crypto inside, future Franck Muller watches (and even the old ones) will now be targeted by criminals just for the thought of it carrying crypto.

[hatshepsut93]

Am I the only one considering this as a pointless invention? Having a luxury watch with a wallet functionality defeats the purpose of having a safe and secure way to store your Bitcoin. Hardware wallets in the first place are not meant to be shown off it's meant to be stores away and be use when needed be. Now a watch like this just got more valuable as it potentially stores valuable crypto inside, future Franck Muller watches (and even the old ones) will now be targeted by criminals just for the thought of it carrying crypto.

No, I immediately had the same thoughts - cold wallet are meant for storing big amounts of money, and big amounts of money shouldn't be carried around. Cold wallets have to be stored at home, in a bank or some other trusted and secure place. The only way having wallet in a watch would make sense is if it was a hot wallet for making small purchases - then it would be interesting, and maybe it's even possible now, since there's already a lot of smart watches from different companies.

[squatter]

The best cold wallets can't be recognized in plain view. Things like encrypted wallet.dat on general purpose storage (like thumb drives). Seed words can also be hidden in plain sight, mixed in with ordinary media like books and magazines.

Aside from my discomfort with the potential attack surface, this is the other reason that hardware wallets bother me. They announce, "I own crypto! Rob me!"

This watch does the same thing -- to an even further degree, since it's a luxury watch that costs tens of thousands of dollars.

[Theb]

The best cold wallets can't be recognized in plain view. Things like encrypted wallet.dat on general purpose storage (like thumb drives). Seed words can also be hidden in plain sight, mixed in with ordinary media like books and magazines.

Aside from my discomfort with the potential attack surface, this is the other reason that hardware wallets bother me. They announce, "I own crypto! Rob me!"

This watch does the same thing -- to an even further degree, since it's a luxury watch that costs tens of thousands of dollars.

Glad to see that other members look at it that way. What it seems to me is that with all the crypto buzz happening recently a lot of companies not even part of the same industry are trying to find a way to be relevant in our industry just to boost their marketing and therefore increasing their sales with us as their new target market. By the looks of it luxury watches like this are just hoping to attract attention from crypto-millionaires hoping that this will be there brand new status symbol that they'll be recognize from.

[enhu]

They can't just post the real image of the watch or was it exactly like that? I wouldn't be walking on any alley wearing a wallet and a watch that would cost $9,800 to $50,600.  Only 210 of you are going to be wearing this watch, price might just surge when all are bought. I would think this is a digital watch of course and can connect to the internet too?

[hatshepsut93]

The best cold wallets can't be recognized in plain view. Things like encrypted wallet.dat on general purpose storage (like thumb drives). Seed words can also be hidden in plain sight, mixed in with ordinary media like books and magazines.

This can actually backfire, it's easy to forget with time in which book you've hidden your seed, or forget on which flesh drive you've placed your wallet.dat file and then accidently overwrite it. Then there are things like encryption and staganography, which can also become footguns - just forgetting your password/losing key is enough. Before taking security measures it's important to establish a threat model first - should your wallet be protected even if thieves will get physical access to it, or are you just going to ensure that they will never get it in the first place?

[vit05]

Am I the only one considering this as a pointless invention? Having a luxury watch with a wallet functionality defeats the purpose of having a safe and secure way to store your Bitcoin. Hardware wallets in the first place are not meant to be shown off it's meant to be stores away and be use when needed be. Now a watch like this just got more valuable as it potentially stores valuable crypto inside, future Franck Muller watches (and even the old ones) will now be targeted by criminals just for the thought of it carrying crypto.

Yes, it will attract more criminals. And it will also attract more looks. Watches are no longer as useful or important at the moment. They are just status symbols and fashions items. This watch, besides being a status item would demonstrate that the owner has a good knowledge about the new modernities like Bitcoin. Obviously it's not a great portfolio, is not the goal.

[squatter]

The best cold wallets can't be recognized in plain view. Things like encrypted wallet.dat on general purpose storage (like thumb drives). Seed words can also be hidden in plain sight, mixed in with ordinary media like books and magazines.

This can actually backfire, it's easy to forget with time in which book you've hidden your seed, or forget on which flesh drive you've placed your wallet.dat file and then accidently overwrite it.

That logic may have applied in 2010 when bitcoins were worth very little. I have a hard time believing many people today are going to forget where their thousands or millions of dollars worth of coins are stored. I certainly know where all my copies are.

Still, you point out good reasons why it's prudent to have multiple methods of backing up cold storage -- in case of things like corrupted storage or forgotten encryption keys. And also perhaps a system in place for transferring ownership in case of sudden head injury or death.

But I don't see these things as justifying the use of hardware wallets. Whether we're talking about supply side attacks or physical robbery/$5 wrench attacks, general purpose hardware is a safer bet.

[elda34b]

Before taking security measures it's important to establish a threat model first - should your wallet be protected even if thieves will get physical access to it, or are you just going to ensure that they will never get it in the first place?

Both should be considered. If you can't remember everything, then choose a place that's meaningful for you, but never exposed to others to store the backup, for example.

Regardless of how we do it, this wallet can't fulfill any of those. I would not even walk with $400 watch in my hand that doesn't have the ability to store cryptocurrency. So this watch is definitely not for me. Only those who have millions of dollars in their bank account and hundreds of bodyguard could use this without being paranoid maybe.

[formula444]

I dont think you understand how this watch works, there is no private key inside, the private key is in a USB which you place in your hiding spot/safe deposit. You only use the watch dial to deposit or check balance.  So no risk of losing btc if the watch gets stolen.
As far as not supposed to show your assets, that depends from person to person, people drive lamborghinis or wear full diamond encrusted watches every day. and others wear limited edition Richard Mille watches worth over one million dollars for the world to see.  Its all very subjective where you live and what your comfortable with.
I use a paper wallet system for BTC, so i get the idea.  And i think its completely brilliant. And for a bitcoin newby that only wants to get involved and Hodl it is very cool, and i think thats why they are getting soo much press

[BitHodler]

I would not even walk with $400 watch in my hand that doesn't have the ability to store cryptocurrency. So this watch is definitely not for me. Only those who have millions of dollars in their bank account and hundreds of bodyguard could use this without being paranoid maybe.

Same. I get why they have tried to market this as luxury item with how some of the more wealthy OGs try to flex with their wealth, but it goes straight past anyone with a smaller wallet size.

Another thing is that I don't like wearing something on my wrist that could potentially indicate that I have a lot of coins. It only increases the risks of becoming a target, which crypto holders more than ever already are.

I'm happy with my Ledger Nano S and it looks pretty cool as well and can easily be hidden somewhere. I saw Charlie Lee's pimped out Ledger and I must say that I would pay a hefty premium for a similar one.

[Lucius]

I do not see anything wrong with this watch, each commodity has buyers and there is no doubt that this will be the case with this watch. Such things mostly attract collectors who buy and keep them in safe place, and only few will will actually wear this watch in public. This is not something for a regular user who is walking alone on the street, but for guys from the top who give $ 100 tips and have bodyguards.

[1Referee]

What a marketing gimmick, an overly expensive watch with a public key engraved......

This can't be considered a cold wallet at all, very misleading. It comes paired with a private key on a USB stick, which means that the USB stick is the cold wallet, not the watch.

If you want top notch noob friendly security, just buy a sub $200 hardware wallet, or even a simple one for less than $100 in case of a Ledger. If you aim at something more exclusive and collectible, go for a loaded Casascius physical coin. Way more bang for your buck right there, and it keeps increasing in value over time.

[formula444]

Not sure i agree, when you have a paper wallet, you have 2 pieces of paper,
one paper with a public key and one with a private key.  your saying the wallet is only the paper with the private key   
both papers make the offline wallet

[timloplae]

Unique and Luxurious Design by Franck Muller
Physical Wallet + Deep Cold Storage
QR Code Integration
Gold, Platinum and Diamond Components
Comes with a Sealed USB Key
Various Models and Customization

BTChttp://regalwatches.io/?id=6760BTC