Topic: How much would you trust trezor? - page 9. (Read 10375 times)

Just discovered the Trezor connects to the Bits of Proof server owned by Blythe Masters. I understand that the server doesn't hold the private keys but this still makes me trust Trezor less.

I agree, I don't have a big stash but if I did I would distribute them over several encrypted paper wallets and offline electrum wallets, with encrypted back ups of their keys on pen drives and dvds that have never been online. And write the seed somewhere smartly in a way that I could understand it. Atleast with offline printed encrypted paper wallets with several back ups I don't have to worry about getting my bitcoins stolen, just have to make sure they are safe from degradation and are proper backed up.

use several methods to store your coins. that is the best you can do.

maybe i would trust the trezor 10-20% of my coins 

If I had one I guess 10-20% of coins. After few months (and more trust) I guess up to 75% of coins. But I dont putting all my coins at one place today as well.

Anyway, I think trezor is best hardware wallet on market today - but very expensive considering you can get better tech phone for about 20 USD, so 20 USD is the price I would really consider buying the trezor...

I do trust it. Yes, some will say you must trust Satoshi labs but in the same way you must trust Core developers. You must trust Electrum developers, etc. In pretty much every instance, you have to trust someone to the certain degree!

OP, I know that you have reviewed the Trezor and code throughly and you haven't found any problems with it. Also, I have reviewed it the best I could with my technical knowledge and I found it trustworthy enough. I don't see then why I wouldn't use it and why I wouldn't trust it!

One important feature Armory has that Electrum does not: transcations and/or extended public key data are kept private when using Armory, whereas using a Trezor with Electrum involves sharing your transaction history with public Electrum nodes. Those nodes are unlikely to be trying to use that information for antything, but it's better if that info is not made available to strangers in the first place.

It'd be really good for the privacy of Trezor users if:

• Electrum devs implemented an easy to use "full node" mode
• Armory devs integrated Trezor
• Bitcoin Core integrated Trezor

the actual wallet is a cold storage the trap wallet is a hot wallet with a very low amount, unless he know that , the wallet is a trap and i have more bitcoin hidden off line, he will steal immediately those coins

Even if I have trust in my trezor, I would never store all of my coins on it. It's better to spread your BTC over several storage methods. Use paper wallets (look at mycelium entropy's 2-of-3, that's fantastic) for bitcoins you want to keep long-term and use a mobile wallet like copay for convenient every-day spending with a small amount of BTC in it.

This is not true. Electrum will not calculate the private keys for you (at least as of several months ago) with the seed. It will force you to confirm any transaction via the trezor if you restore via a trezor seed

https://bitcointalksearch.org/topic/time-to-bust-a-myth-paper-wallets-are-less-secure-than-normal-encrypted-wallets-1013586

Paper wallets are generally going to be less secure then an encrypted wallet. You would most likely be better off doing whatever you would do to protect your paper wallet, but omit the step that puts your private keys on paper and instead keep them encrypted on a hard drive. 

You do not have to wait for a new Trezor, the Trezor seed can be used on Electrum to recover the wallet. So you will be able to access your wallet and move the bitcoins to an alternative wallet should you lose your Trezor.

For the paranoid, they may be interested to know the conditions under which these devices are manufactured. Even though the hardware is supposed to be open-source, most of us don’t have the capacity to examine it, so we still have to trust Satoshi Labs who designed it and the manufacturer that it chooses to work with. I contacted Satoshi Labs customer support and was told that the devices were made In Czech Republic, where Satoshi Labs was based. In the email, I was told that: “All components are stored in a restricted access area watched by cameras 24/7…Only chosen employees can get into the area. The plastic casing parts are joined with an ultrasound that melts the material together so it’s impossible to replace the internals without a notable damage to it.”
make sure you believe in trezor,here http://www.forbes.com/sites/ericxlmu/2014/10/15/meet-trezor-a-bitcoin-safe-that-can-fit-into-your-pocket/

Another solution - print out private keys on paper or engrave them into a durable metal possession and store in a safe or bury under the ground and have them in multiple locations.

Depending upon your risk you can split the key into parts and store them separately or you can store multiple copies in different locations.

I'm very wary when it comes to hardware wallets.

IMO all hardware wallets are much too new and untested for it to be a good idea to store large amount of bitcoin on them.

Users with a more of an advanced understanding of Bitcoin should be able to audit any address they are told to send to based on the seed, as well as any change address it will send to as part of a transaction. Although the trezor seems to be marketed more towards more novice users. (they can audit based on the seed which can be used to calculate the xpubkey).

The risk with the trezor is that it is really not known how resilient to attacks it will be in the event that an attacker were to come into physical possession of the trezor. I believe that some security researchers have been able to detect radio waves from a trezor without inputting valid credentials, which could, at least in theory, lead to the private keys the trezor is suppose to be keeping private.

Another, probably more realistic risk for most users is that (AFAIK), even with the seed, you need to use a trezor in order to spend any BTC that is stored on the trezor. This means that if their trezor were to malfunction or break, that the user would need to wait until they can purchase a new trezor, and until it arrives to be able to spend the BTC they are trusting it with, and this is assuming they make proper backups of their seed.

I would personally suggest using electrum for both your cold and hot wallets (at least for your hot wallet on your computer). It takes up very little resources, is deterministic, and has all the same features that armory has. Also you will have greater control over when your private keys will potentially be vulnerable -- if you are using full disk encryption and a strong passphrase for both the wallet file and to decrypt your harddrive, then your private keys will be minimally vulnerable while your computer is "on" and will be fully exposes for the few seconds (if that) that your private key is in ram; if you are not sure that you will be able to fully power off your computer after decrypting your wallet, then you simply should not decrypt your wallet to sign a tx. Plus I believe it is possible to calculate the private keys based on the seed in the event that you do not have access to a copy of electrum.

although trezor or the idea of it is amazing but unfortunately its like the wild west out here lol - cant trust anything 100%

That is a very valid concern which I also share
I also keep a significant amount of btcs in a trezor and despite feeling it should be trustworthy enough, I'll still transfer part of it to another hardware wallet once I find one I feel is as good or better than trezor

suggestions are welcome

I would not trust in Trezor at all. It is ssd and can be defective and fail. Why trust in something with all my value of bitcoin on a hd anyways 

I was on the fence about it until a client of ours met up with me to sell some coins. After seeing how easy it was to use, and how much more secure it is than using a local wallet on phone, I will be purchasing a few for myself and team members.

Never used my phone to hold any significant amount of coins, because of obvious risks, so the Trezor is a good alternative to carrying around a laptop all day

I don't trust any wallet except Bitcoin Core. I don't feel safe when I use 3rd party apps, even they claim they are safe. I'm sure your Bitcoin worth is much more than me, you might think different about security.