Topic: John Mcafee & Bitfi launch the first 'unhackable' hardware wallet - page 5. (Read 1379 times)

Major technological breakthroughs!? It's a brain wallet, and a poor one at that. If anything, it's a step backwards.

It is good to see some competition for Ledger Nano S,
but I am not sure you can say for anything unhackable....


Anyway I am waiting to see Bitfi wallet

https://bitfi.com/


SOLD OUT - please come back soon.



The entire first batch sold in just 22 minutes!


Working together, we will change the world and accelerate the adoption of cryptocurrencies and other digital assets. The Bitfi wallet is a major steppingstone to accelerate the pace of adoption and includes major technological breakthroughs that will forever change the way you interact with cryptocurrency.


John McAfee stated, for the first time ever, that this is the world’s first and only un-hackable technology.


Please keep checking our homepage. In the next 2 - 3 days another batch of devices will be ready for sale in case you missed it today.


Bitfi Team

That's pretty much all you need to know about this to know how stupid it would be to use one. It's so so easy to think that you've remembered a phrase and then you forget it one day.

I've just spent 5 minutes looking in to this a bit more, and it gets even worse:


Not just a head injury. There are hundreds of physical and mental illnesses out there that can cause memory loss. Brain wallets are for the brainless.

So, this is essentially a brainwallet right?

This is (IMHO) a "Bad Idea"™... It has been proven that humans are incredibly bad at choosing "strong" passwords.


I especially like the way they claim everything is secured by a single passphrase... that also needs a 2nd "anchor" like a social security number, or phone number or email address or "salt"... soooooo, that's two things you need to remember then?

This single passphrase+salt approach isn't exactly revolutionary either... they're basically just replicating WarpWallet but using a dedicated hardware device.


And when you sustain an accidental head injury and suffer from memory loss... what then?

Honestly, their entire marketing spiel is so flawed. There are risks involved in EVERYTHING. Anyone with even just basic experience of Risk Management understands this... that's why it is called Risk Management and not Risk Elimination.


And what happens when some junior intern at Bitfi uploads the wrong image to the update servers? or if/when Bitfi servers gets hacked and bad code is uploaded? There is no way for a user to NOT get the corrupt update  Forced updates are not a great idea, IMHO.


Still, it is good to see competition in the Hardware Wallet space... and I commend them for trying a different approach. Just not very impressed with their hyperbolic marketing

If it wasn't McAeat-himself, I would have believed it.
That guy has been using his social-media celebrity status as a Marketing tool for ICOs and crytocurrency-related stuffs, yeah right, who wouldn't.

Until it's hacked, rather.

Information about themselves is indeed a bit thin on the ground. Trezor had a huge amount of track record to draw on as Slushpool.

If I was looking to position myself in such a trust vital area I would not be using John Mcafee as my vouch.

I'm not surprised that we see one more hardware wallet on market, regarding the potential that cryptocurrency has in the future and one of the biggest problem this industry have is security, such wallet would be a perfect solution. Is it possible that they managed to make it perfect and unhackable and easy for use? I think that we will not know is that true until wallet come into use.

I check Bitfi site and at first glance it does not look nothing special, and there is no info about company what is common practice, rather strange if you ask me. John McAfee as a partner of this company is not surprising me, he repeatedly warned of wallets security.

Wallet is looking as Ledger Blue, with a price of 120$ + 15$ for shipping (USA) or 25$ for other countries and with possible custom tax, this wallet will be one of the most expensive on the market.

Exactly. If their claim of unhackable relies on the human factor, then basically almost any existing secure wallet is unhackable - provided the human user practises fullest possible measures to protect themselves.

But we all know the human factor is rationally lazy. All the countless threads of people getting hacked, or sending btc to the wrong address, or just signing up for a service that later they discover they don't know how to use.

It's not unhackable by any means if it still relies on humans to do the exact opposite of what they're naturally inclined to.

I don't really see how anyone can make an unhackable claim for hardware or software. New holes can't be accounted for.

You're right about the human factor though. I'd say it was better to force 24 word seeds on people. Their own practices are always too slack. Perhaps the device will insist on some minimum standard. Otherwise it'll be no better than a brain wallet.

Take any claims by McAfee with a pinch spoonful cupful bucketful of salt. He is a proven liar, scammer, con-artist and criminal, who charges $105,000 to pump-and-dump shitcoins.

This phrase in particular stood out to me: "The user-created phrase is impossible for others to guess but easy for the wallet holder to memorize." This doesn't mean your wallet isn't hackable.
Relevant XKCD:

I'm pretty sure that this claim is just pure marketing.Nothing is 100% unhackable.I'm actually curious if the 1 year warranty means a warranty that the wallet never gets hacked or a warranty for the device like warranty of phones/computers etc..

From what I've read so far, the device seems to be able to provide this ''unhackable" feature until the human factor in the creation of the secret phrase sets in. The secret phrase to be memorized consist of 34 characters including a minimum of 3 special characters but you will be amazed at how users will be lazy to create strong secret phrases.

Does this mean that we need to type the password/seed/whatever everytime we want to sign a transaction? If not, then it doesn't matter since the password/seed/phrase/whatever that generates the private key is stored in the device.

https://globenewswire.com/news-release/2018/06/19/1526755/0/en/Bitfi-and-McAfee-Announce-First-Truly-Unhackable-and-Open-Source-Crypto-Wallet.html

I particularly enjoy this feature - 'The private key only exists for a fraction of a second, just long enough to approve the transaction and is never stored anywhere' - because a full second is no good.

Have they taken a seemingly impossible leap in security or will this be a bit of a nothing? Truly unhackable is a bold and impossible claim I would've thought.