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Author Topic: Heard of any opendime failures?  (Read 201 times)
lovemycoins52
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January 19, 2020, 08:26:52 PM
 #1

Hi, today I saw a tweet that kind of freaked me out:

https://twitter.com/BitsonStonewall/status/1218958113316929539?s=20

Basically this guy says that he lost Bitcoin due to an Opendime failure.  I was just wondering if anyone else has heard of similar problems with opendime hardware.  I'm a pretty enthusiastic user.

Thank you for any reports!
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Pmalek
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January 20, 2020, 09:57:34 AM
 #2

The tweet doesn't explain how he lost the Bitcoins. It just says due to a malfunction, who knows what that means.
Opendime isn't a real hardware wallet if I remember correctly. Was it not advertised as a device meant to be used only one time?
I don't really see any benefit in using such a device over a proper hardware wallet. 

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January 20, 2020, 08:56:54 PM
 #3

Opendime isn't a real hardware wallet if I remember correctly. Was it not advertised as a device meant to be used only one time?

Yep, but it's a point of its security... like a condom is supposed to be used only 1 time. It's like a mix between HW wallets and a physical bitcoin. Like cold storage cards aren't HW wallet

I don't really see any benefit in using such a device over a proper hardware wallet.  
To gift someone for example ^^. When the person goes back at home he/she can unseal it and move the coins to a wallet and the WIF-format private key import.

@OP

As long as you don't see a dozen people having the same problem, you should take it with a grain of salt. People love to complain one the web but they often forget to tell everything. Who knows how he used it and where he stored it? In a basement full of humidity? With rats? Confused it with the godemichet?



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January 28, 2020, 12:02:37 PM
 #4

He tweeted and gave no followup on it (as of now) I have given dozens of them out with no issues.
Would not worry about it.
I would not carry one in my pocket with my keys due to it's design, but one of them not working is not something I would loose any sleep over.

-Dave

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lovemycoins52
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January 31, 2020, 07:16:28 AM
 #5

Thanks to both of you for your feedback. 

I'm a fan of opendime, so I wanted to check in on this. 

Cheers!
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February 09, 2020, 07:30:34 PM
 #6

Just saw this tweet:

https://twitter.com/piramida/status/1226068815533891584

So at least one person has put it in a real world usage carry around test.
I would not want to do it with one with a significant amount of BTC on it, but everyone has their own comfort level.

-Dave

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February 10, 2020, 10:26:43 PM
 #7

Is it not possible to backup the funds stored on an opendime with a mnenomic or private key?

Surely there must be a way to recover your funds, should one of these wallets get damaged or malfunction?
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February 11, 2020, 01:28:10 AM
 #8

Is it not possible to backup the funds stored on an opendime with a mnenomic or private key?
Surely there must be a way to recover your funds, should one of these wallets get damaged or malfunction?
Only if you "break the seal" to reveal the private key... that's the whole point of an OpenDime... no one knows what the private key is until you physically pop the tamperproof seal. That way both parties can be sure that the OpenDime contains what the sender says it does (by checking the Public Key/Address)... and the receiver knows the sender can't later take the funds as they can check the seal to make sure it hasn't been broken so the sender can not possibly know what the private key is.

If you're using it for "long term" storage, you're taking the risk that it won't fail before you've popped the seal and extracted (and possibly backed up) the private key. Undecided

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February 11, 2020, 03:38:29 PM
 #9

Is it not possible to backup the funds stored on an opendime with a mnenomic or private key?
Surely there must be a way to recover your funds, should one of these wallets get damaged or malfunction?
Only if you "break the seal" to reveal the private key... that's the whole point of an OpenDime... no one knows what the private key is until you physically pop the tamperproof seal. That way both parties can be sure that the OpenDime contains what the sender says it does (by checking the Public Key/Address)... and the receiver knows the sender can't later take the funds as they can check the seal to make sure it hasn't been broken so the sender can not possibly know what the private key is.

If you're using it for "long term" storage, you're taking the risk that it won't fail before you've popped the seal and extracted (and possibly backed up) the private key. Undecided

So basically, you'd need to pop the seal and reveal the private key, then log this down first?

Then if the opendime breaks, you're still good to go?

I imagine this system would only be fine in the case of giving BTC to friends or family, since the pvt key has been revealed?
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February 11, 2020, 07:21:29 PM
 #10

I imagine this system would only be fine in the case of giving BTC to friends or family, since the pvt key has been revealed?
Yes, it is not meant to be used as a cold storage option. You give it to someone, that someone breaks the seal and moves the bitcoin to a safer location. It can still be reused afterwards. You connect it to a USB on your device to get a receiving address. 

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February 13, 2020, 11:29:58 PM
 #11

Just saw this tweet:

https://twitter.com/piramida/status/1226068815533891584

So at least one person has put it in a real world usage carry around test.
I would not want to do it with one with a significant amount of BTC on it, but everyone has their own comfort level.

-Dave

That's nice to hear, but one positive anecdotal experience doesn't adequately speak to their quality control process, or the robustness of the other thousands that have been produced.

I love the idea of Opendimes. I just wish there was a way to securely back up the keys. Even the manufacturer tells people not to use it for long term storage or large amounts, which basically says it all.

At this stage, it's a novelty.

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February 17, 2020, 02:20:11 AM
 #12

I love the idea of Opendimes. I just wish there was a way to securely back up the keys. Even the manufacturer tells people not to use it for long term storage or large amounts, which basically says it all.

At this stage, it's a novelty.
As Pmalek said, it's more designed as a one-off "fund transfer" device... as opposed to a long term storage solution. Basically you can load it with a preset amount of BTC, and physically hand it to someone and they can:

1. check that the balance is what it should be (check public key/address balance via block explorer)
2. be certain you don't know what the private key is (check tamper seal is intact)

I could see them being useful for in-person trades... especially in high traffic times... you don't have to sit around waiting for 10 minutes for a confirmation etc. and you don't need to lug around a laptop or use a potentially insecure mobile wallet. Buyer can simply hand over the open dime and Seller can check the balance and confirm it's all legit (seal not broken) and then hand over the goods/cash/whatever.

Seller can then shift the BTC at their leisure (perhaps when transaction volume and/or fees are lower etc or when they're back at home with a more secure setup/wallet), knowing that the Buyer has no idea what the private key is.

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May 09, 2020, 12:45:45 PM
Merited by rxalts (1)
 #13

Hello everyone.

I'm currently having a problem with the litecoin version of the Opendime.

It seems the web page links in the index page are broken.  400: bad request

When you press verify , the next page says , unverified..Do Not Use.

The opendime works fine , funds are secure....!!!!!!

However....  with the bad links , it makes verifying....Not Fun.

I dont know if they stopped supporting them Huh Or the verify server is just down???

My loaded Bitcoin Opendimes work fine.  Just my Litecoin versions not acting right.


https://opendime.com/LTC/balance/LU3LQi85RyaVeh6sH7kQynWQwV552EPAxB
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May 10, 2020, 01:24:16 AM
 #14

Possibly just a server outage... have you tried contacting them via their support email address? support@opendime.com

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