Taking a quick look at Coldkey, isn't this pretty much something like the Ballet Wallet? Pretty much like trusting a person/manufacturer to generate a paper wallet for you? Yikes.
It is. But the manufacturers pretty much try to sell them like art (imho). There are unloaded and DYI ones which imho they make much more sense, but the loaded ones bear much higher premium, plus the owner will think twice before redeeming the "paper wallet" because it decreases its value more than just with those bitcoins it was holding.
But yes, at the end of the day, they're just nicer paper wallets made by somebody else.
Even more, while 95% of the cases the manufacturers can be trusted (at least until now), the more hands the collectible pass on, the bigger the chance somebody has found a way to unseal it and copy the private key for "future use".
As minerjones said it very good:
Our "hobby" of loaded coins is inherently a bad idea and against everything bitcoin stands for!!!
