Coin Armor - steel cryptocurrency wallet - page 2.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: warningsigns on January 05, 2018, 02:22:03 AM

How safe is the wallet if or when released? Obviously, using this wallet would mean trusting the wallet's developer or creator. And, most importantly, being convinced that such wallets are at no risk of being accessed via a backdoor system.

I love the idea of engraving both the public and private keys on the card, protected by a passphrase-protected Bitcoin private key. Is it really secure?

This thread gives a good idea of how strong BIP38 encryption is: I'm BIP38 curious, please help me out!.
In short: password zLwMiR was not cracked in 2 years for a 1 BTC (more than $1000 at the time) prize. It would cost more in computing power than it's worth.

I can think of one scenario to crack it though: suppose a hacker has access to a botnet of a million computers, that would give him enough computing power to crack this password without high cost.
This can of course easily be prevented by using a longer password.

That being said, I'd still have a very hard time trusting anyone with my BIP38 encrypted private key. It feels scary, even though the math says it's okay.

Anna Landik

newbie

Activity: 18

Merit: 0

Quote from: ThatRandom8543 on January 09, 2018, 02:26:40 PM

Interesting concept honestly, but my question comes down to the passphrase. How would they know How would the private key be encoded with a second passphrase and only they (the customer) would know it?

Hi. We recommend to use this service https://walletgenerator.net to generate Crypto address and pass-phrase protected private key. Please try to generate paper wallet and hit checkbox "BIP38 Encrypt?". After that you need to enter passphrase that will be needed to encode your key. And nobody except you will know that passphrase.

ThatRandom8543

sr. member

Activity: 1344

Merit: 307

Interesting concept honestly, but my question comes down to the passphrase. How would they know How would the private key be encoded with a second passphrase and only they (the customer) would know it?

Anna Landik

newbie

Activity: 18

Merit: 0

Thanks Olaf! Really appreciate that.

olaf_d

member

Activity: 76

Merit: 11

In for 3 Titanium! I'd really like to see this make it into production.

Anna Landik

newbie

Activity: 18

Merit: 0

Yep. People are shouting Scam! Scam! all time on forums. Need to explain about pass-phrase protection over and over again Wink

MarkAz

hero member

Activity: 687

Merit: 511

Quote from: warningsigns on January 05, 2018, 02:22:03 AM

How safe is the wallet if or when released? Obviously, using this wallet would mean trusting the wallet's developer or creator. And, most importantly, being convinced that such wallets are at no risk of being accessed via a backdoor system.

As the poster said, BIP38 is the key to this - when I first say it I thought the same thing, just another version of one of those coins people used to make back in the day that had their private key printed on them... And when I saw the private key printed on the BACK of the card, I was like "Good lord this is the mother of bad ideas!" But then I read further and saw the BIP38 part, and realized how they were doing things, and really it's as secure as whatever pass phrase you use to encrypt the private key - so a great solution.

And very cool about the fiber laser, I wish I had the coin to get one of those bad boys, but it's hard to justify when I just play around with mine for fun. I'll have to wait for the wazer before I can start destroying metal like you. Wink

Anna Landik

newbie

Activity: 18

Merit: 0

Quote from: warningsigns on January 05, 2018, 02:22:03 AM

How safe is the wallet if or when released? Obviously, using this wallet would mean trusting the wallet's developer or creator. And, most importantly, being convinced that such wallets are at no risk of being accessed via a backdoor system.

I love the idea of engraving both the public and private keys on the card, protected by a passphrase-protected Bitcoin private key. Is it really secure? I mean is there any way to reverse engineer the encoding in any way? Sorry for asking. Just paranoid about these things. I always believe that a private key, encrypted or not and in whichever format it is generated, is only secure if it is known to and controlled by the wallet's owner and nobody else.

If it is really secure and impenetrable, I would love to have one of these cards and will be happy to support the Kickstarter. I do want to see the earlier question answered: what if the project fails to achieve full funding? Would you still move forward with it?

It is as safe as BIP38 encoding. I will not know your passphrase and will not know how to encode your password and gain access to your coins. And BIP38 for now is among most advanced and safe algorithms.
If KS funding will fail I will not produce those cards. Guys, frankly speaking that project is not about profit. It's about advertisment of cryptoworld to new people and helping to solve problems with security for long term storage.
So I still hope you'll support me Wink

Anna Landik

newbie

Activity: 18

Merit: 0

Quote from: MarkAz on January 04, 2018, 11:29:25 PM

Cool idea, and great use of BIP38 to get around the issue of you also having the private key... I'm in for 3! Wink

Will you print different icons on them depending on the token choice? Like if I want a ZEC one, I'm assuming you'll print the Zcash logo on it? Also, how are you etching them? I also have a CO2 laser cutter, so I'm assuming you're treating them first with a coating, then that's actually making the marking (similar to dealing with anodized aluminum)... Do you have any issues with it scratching off?

Hi Markaz. Sure logo depends on currency. I have a fiber laser, not CO2. Engraving is very deep ( about 0.2 mm) so I don't need coating and don't have a problems with scratching.

warningsigns

hero member

Activity: 896

Merit: 1082

How safe is the wallet if or when released? Obviously, using this wallet would mean trusting the wallet's developer or creator. And, most importantly, being convinced that such wallets are at no risk of being accessed via a backdoor system.

I love the idea of engraving both the public and private keys on the card, protected by a passphrase-protected Bitcoin private key. Is it really secure? I mean is there any way to reverse engineer the encoding in any way? Sorry for asking. Just paranoid about these things. I always believe that a private key, encrypted or not and in whichever format it is generated, is only secure if it is known to and controlled by the wallet's owner and nobody else.

If it is really secure and impenetrable, I would love to have one of these cards and will be happy to support the Kickstarter. I do want to see the earlier question answered: what if the project fails to achieve full funding? Would you still move forward with it?

MarkAz

hero member

Activity: 687

Merit: 511

Cool idea, and great use of BIP38 to get around the issue of you also having the private key... I'm in for 3! Wink

Will you print different icons on them depending on the token choice? Like if I want a ZEC one, I'm assuming you'll print the Zcash logo on it? Also, how are you etching them? I also have a CO2 laser cutter, so I'm assuming you're treating them first with a coating, then that's actually making the marking (similar to dealing with anodized aluminum)... Do you have any issues with it scratching off?

olaf_d

member

Activity: 76

Merit: 11

Interesting idea, I like it!

What happens if the kickstarter doesn't fully fund? Would you still produce them for buyers here on the forums?

Anna Landik

newbie

Activity: 18

Merit: 0

Hi there. New to this forum, but ain't a newbie in crypto world.
I'm trying to popularize the idea of investment in cryptocurrency among small households.

And immediately after newcomer buy his first digital coin you need to decide- where to store it?
We propose to store it on a cold wallet that can be made by me in a form of steel card:
https://i.imgur.com/SXgEUb0.jpg

If you like the idea - please check the description of our project on Kickstarter.com:
https://www.kickstarter.com/projects/437309334/coin-armor-steel-cryptocurrency-wallet

and support us Grin

Topic: Coin Armor - steel cryptocurrency wallet - page 2. (Read 452 times)