Apparently this company - based in Spain - started in 2019 and got their funding from Kickstarter[1] and "309 backers pledged €36,575 to help bring this project to life". In the comments[2] section of KS they keep referring that they have no way of knowing the private keys that are engraved and they also say that their private key (the one that supposedly "is generated by a state-of-the-art, open source, offline, cryptographic engine") is generated by Electrum. Even if they were the most honest company in the world, I wouldn't believe that there can't be a malicious actor, or even worse, that they do something manually during the process that could put in jeopardy the safety of their wallets.
They reassure their clients by saying that their "autonomous" process has been certified by Lambda Telematics[3] but I don't see quite well how this certification could have been issued. Perhaps Lambda Telematics wrote the code that their "robots" use to manufacture their cards? If so, what stops someone to hide a malicious entry in the numerous lines of code so that every private key is sent to some random address without anyone knowing?
What is even more weird - How come that with just ~40.000€ - they were able to build a production line (I suppose that there is one) that engraves the plates and packs them in a security bag with no Human intervention when 70% of the funding went into developing the product[1]?
[1]https://www.kickstarter.com/projects/materialbitcoin/material-bitcoin/description
[2]https://www.kickstarter.com/projects/materialbitcoin/material-bitcoin/comments
[3]https://lamtics.com/
They reassure their clients by saying that their "autonomous" process has been certified by Lambda Telematics[3] but I don't see quite well how this certification could have been issued. Perhaps Lambda Telematics wrote the code that their "robots" use to manufacture their cards? If so, what stops someone to hide a malicious entry in the numerous lines of code so that every private key is sent to some random address without anyone knowing?
What is even more weird - How come that with just ~40.000€ - they were able to build a production line (I suppose that there is one) that engraves the plates and packs them in a security bag with no Human intervention when 70% of the funding went into developing the product[1]?
[1]https://www.kickstarter.com/projects/materialbitcoin/material-bitcoin/description
[2]https://www.kickstarter.com/projects/materialbitcoin/material-bitcoin/comments
[3]https://lamtics.com/
We also discussed[2] the potential that this had as a nice collectible. Other than that I wouldn't feel much comfortable using it to store anything of value.
[1]https://bitcointalksearch.org/topic/another-crap-amazon-wallet-find-material-bitcoin-5458171
[2]https://bitcointalksearch.org/topic/m.62499643
