The Vanguard Encrypto uses offline generated, non-deterministic TRNGs (True Random Numbers Generated) paper wallet style storage. As mentioned this method for storing bitcoin is quite popular among long term bitcoin holders and early adopters due to its massive security advantage and peace of mind. However rather than relying on slips of papers, users can just scan their dial.
Each timepiece comes as two piece “Deep Cold Storage” set. Users can add their Bitcoin to their wallet or check their balance directly through the dial. The watch’s QR code and cold storage systems were designed in partnership with Regal Assets, a renowned crypto investment company with offices in the US, Canada, the UK and the UAE. Regal Assets made headlines in 2017 by being the first company to receive a government issued license to trade cryptos in its deep cold storage vault, as covered by Bloomberg.
Topic: World`s First Functional Bitcoin Watch (Read 388 times)
I think the QR code on the watch is stupid, because it serves no purpose. It will display the amount that you have and if someone wants to pay you for something, they can scan your QR code on the watch and pay you, but you cannot pay someone else by just having the QR code on the watch. (Even if you have the private key on the back, it is still seen as a cold wallet) << It would be stupid to keep the Private key on the watch in any way, because it should be kept in a safe place away from the watch>>
I think for celebrities like this it is just a "brag" item, where they can display their wealth to the world. It would have been cool if it contained some kind of hardware wallet that you can type in a digital password and use it to actually pay for something.
I think for celebrities like this it is just a "brag" item, where they can display their wealth to the world. It would have been cool if it contained some kind of hardware wallet that you can type in a digital password and use it to actually pay for something.
It's kinda amazing that one thought of a way to print their qr code in a watch. At first, I've said to myself that I wanted to have one like that. But dropped the idea because it's not also safe to expose to everyone that I am holding some bitcoins. It will just attract some frausters or thieves if we wear this kind of watch.
However, now that explains why it has 2k btc stored on it. The address belongs to Mt. Gox cold wallet. But, I still praised this whoever came up with this idea.
However, now that explains why it has 2k btc stored on it. The address belongs to Mt. Gox cold wallet. But, I still praised this whoever came up with this idea.
Positive side:
1. We can buy without the use of mobile phone and cash in the future.
2. We can`t forgot to wear our watch because we always be reminded that our assets is stock on it.
3. It is not hassle because our watch has double purpose, it can be wear and it can be used to buy or pay.
1. We can buy without the use of mobile phone and cash in the future.
2. We can`t forgot to wear our watch because we always be reminded that our assets is stock on it.
3. It is not hassle because our watch has double purpose, it can be wear and it can be used to buy or pay.
Meh, first credit cards were marketed as "pay without your wallet", then both Bitcoin and banks were marketed as "pay without your card", now this watch is "pay without your phone". The next logical step is having a chip under your skin to always keep your money with yourself. Unless you're afraid someone will cut your hand off to grab it.
Negative side:
1. Vulnerable to snatchers or criminals, specially if your watch is branded.
2. If you lose your watch and private keys, goodbye bitcoin as well.
3. You can`t but to a merchant who does not accept crypto`s.
1. Vulnerable to snatchers or criminals, specially if your watch is branded.
2. If you lose your watch and private keys, goodbye bitcoin as well.
3. You can`t but to a merchant who does not accept crypto`s.
Hopefully the private keys are uncrypted and require a strong password. But I personally wouldn't trust a closed-sourced hardware to store my keys, who knows what security flaws it might have?
Also, this watch is obviously not a practical method for using Bitcoin, it's just swag. Bitcoin is supposed to be a money of the people, not some exclusive toy for billionaires, so we shouldn't care too much about things like this watch.
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Actually i do able to see this video as well since im also a follower of this vlogger which do focuses on luxury things and i can say that the amount of btc stored or being put into that smartwatch is humongous.As a crypto person which do had sufficient knowledge or even just on common sense then we can actually say that it is risky specially we are talking millions of dollars here stored into that watch and to think
that PK was intact into that watch then it can be easily stolen if someone do really have the knowledge about cryptocurrency and stealing off via PK access, that wouldnt really be hard.
The video is an old video, I remember seeing that video sometime around 2018 or early 2019, so it’s quite old. I will prefer to have my cryptocurrency stores in a mobile which I simply put in my pocket after usage than on a luxurious watch. Well, I don’t even wear luxurious watches lol.
Imagine you’re walking on the road and someone grabs your watch from you or something like that. You will not only be losing a costly watch, but also be losing an assets that’s worth whatever you have invested in there.
Imagine you’re walking on the road and someone grabs your watch from you or something like that. You will not only be losing a costly watch, but also be losing an assets that’s worth whatever you have invested in there.
She scanned it and when she open it, 2422 BTC was stored or approximately 17 million dollars. It has also its back up or private keys.
I kind of doubt it....
That adress is 1PxGTuJzDx1ceFHx4Z5CHaWuhiPBNovmZD
It's one of MtGox adresses:
https://www.cryptoground.com/mtgox-cold-wallet-monitor/
So the watch belongs to MtGox fellas.
I doubt an individual would possess that kind of amount in Bitcoin and showing it on public. I also knew she didn't own that watch as well as the address after she said "If you throw away this USB stick on the F1 track, the $17m worth of Bitcoin will be gone." Lol.
My first impression with that address is, it belongs to an exchange, consdering the fact that 90% of Bitcoin wallets owned under 1 Btc.
Why buy such a watch? What's the point? I would rather invest these funds in bitcoin than buy such a watch.
For the people who doesn't have the riches as the people who can afford luxury, It really is pointless because It doesn't possess any essential use cases but the same as ordinary products. But for the people who has excessive funds on their bank accounts, luxury is pleasure.
Just like how you enjoyed a $20 Pizza than a $1 Loaf Breads. They both could fill your stomach, but with different taste.
This definitely isn't the world's first Bitcoin watch, Franck Muller released one over a year ago;
https://www.franckmuller.com/news/vanguard-encrypto-limited-edition
You can also buy it with Bitcoin if you've got several thousand dollars laying around. It's got a USB stick containing a private key inside it.
There's also a Bitcoin hardware wallet watch, the BITHD 2 (second generation now);
https://bithd.com/BITHD-watch-2.html
I wouldn't recommend purchasing it though, it's basically a reskinned generic smart watch.
https://www.franckmuller.com/news/vanguard-encrypto-limited-edition
You can also buy it with Bitcoin if you've got several thousand dollars laying around. It's got a USB stick containing a private key inside it.
There's also a Bitcoin hardware wallet watch, the BITHD 2 (second generation now);
https://bithd.com/BITHD-watch-2.html
I wouldn't recommend purchasing it though, it's basically a reskinned generic smart watch.
If I could have the watch then it would be impossible for me to wear it for everyday, too luxurious and vulnerable to thieves. And the watch is
the Franck Muller brand, one of the branded products for rich people.
According to Bitcoinist, the watch starts from $9.8k. Some people wear more expensive outfits on the street, and if you include their brand new iPhones with 512GB of storage, you'd get past that figure easily.the Franck Muller brand, one of the branded products for rich people.
If you think it's too vulnerable to thieves, then you may as well never purchase a brand new car or a mansion.
On the other hand, I personally don't think the watch looks that good for the price tag it gets. Goes up to +$50k as far as Bitcoinist says - I would never spend that much on a watch that looks like that. All of this aside, a $50 smartphone (or a $500 laptop) can do way more than this expensive watch - proving imo that it isn't worth the investment, although it is a quite interesting idea.
If I could have the watch then it would be impossible for me to wear it for everyday, too luxurious and vulnerable to thieves. And the watch is
the Franck Muller brand, one of the branded products for rich people. The price must be very expensive, then related wallet there is a mobile
phone with a balance of 2422 BTC which has been proven to be one of MtGox's adresses. It could be a superblondie vlogger not an owner the
Bitcoin watch.
the Franck Muller brand, one of the branded products for rich people. The price must be very expensive, then related wallet there is a mobile
phone with a balance of 2422 BTC which has been proven to be one of MtGox's adresses. It could be a superblondie vlogger not an owner the
Bitcoin watch.
It looks like VIP deice but actually useless. Smart watches are just better
For those that are suggesting that this is a physical security risk, well so is wearing a traditional Rolex or other big name watch brand.
*snip*
*snip*
True. But assuming if you own a good sum of bitcoin, I'd argue that wearing such Bitcoin watch could be far devastating than wearing a Rolex. Doing a $5 wrench attack on a bitcoin holder is going to be much more effective than doing such an attack on a typical rich dude because it's going to be far harder to get away with stealing money via bank transfer or something lol compared to a simple bitcoin transaction.
Same, If I'm the culprit I would definitely choose the watch with a QR code in it, cause I know I will not only get the watch itself but the money inside it too. The watch could only be a bonus. Well I don't think I would be able to wear a watch like that outside. I'm just that scared specially having some past experiences. If they could've improve this innovation, or make it somehow safe, it'll be interesting.
Well, I think its a success in promoting the business of the watch creator, or maybe in promoting bitcoin as well. Specially to those who haven't heard of it before.
There's no safety if there is a thief watching you and recognize the value of what you are wearing. I don't think wearing this for your everyday life is practical. But if you are just wearing a cheap watch and the amount of bitcoin you have is only small just for immediate purchases, that would be better. But if it is the same as what the OP posted, it is more of collector's item and not for daily use.
For those that are suggesting that this is a physical security risk, well so is wearing a traditional Rolex or other big name watch brand.
*snip*
*snip*
True. But assuming if you own a good sum of bitcoin, I'd argue that wearing such Bitcoin watch could be far devastating than wearing a Rolex. Doing a $5 wrench attack on a bitcoin holder is going to be much more effective than doing such an attack on a typical rich dude because it's going to be far harder to get away with stealing money via bank transfer or something lol compared to a simple bitcoin transaction.
Same, If I'm the culprit I would definitely choose the watch with a QR code in it, cause I know I will not only get the watch itself but the money inside it too. The watch could only be a bonus. Well I don't think I would be able to wear a watch like that outside. I'm just that scared specially having some past experiences. If they could've improve this innovation, or make it somehow safe, it'll be interesting.
Well, I think its a success in promoting the business of the watch creator, or maybe in promoting bitcoin as well. Specially to those who haven't heard of it before.
The watch seems to be a good idea along the lines of physical coins and other such merchandise that is popular amongst bitcoiners. The article says that a maximum of 500 of each men's and women's version were to be sold so its kindda exclusive. It comes with a sealed USB that contains the private key. Now, for all the fear about the watch being stolen, they could probably have different addresses for the cold storage and the watch.
In case you want to actually have a payment method from the watch itself, the scan address could be some kind of small LCD surface that can be changed as per user's choice. How hard or feasible would it be to accommodate a small LCD surface is a question for the designers. Though, these days, displays come in all sizes. Any such wearable device shouldn't have a fixed address anyways.
The watches themselves are beautiful. If i was an old crypto hodler with BTC to shell out, I'd buy one. Though with the features i mentioned above.
In case you want to actually have a payment method from the watch itself, the scan address could be some kind of small LCD surface that can be changed as per user's choice. How hard or feasible would it be to accommodate a small LCD surface is a question for the designers. Though, these days, displays come in all sizes. Any such wearable device shouldn't have a fixed address anyways.
The watches themselves are beautiful. If i was an old crypto hodler with BTC to shell out, I'd buy one. Though with the features i mentioned above.
I don't think that there would be many people who will use etch to store their assets, it would be so risky for you if you are wearing a watch like that, imagine if all people know about bitcoin or know things about that watch, they will become so interested with it, they will try to steal it from you thinking that you have stored all your money on that watch. Snatchers or thieves will focus on you especially if they see you wearing it in public, you shouldn't do that, you have to be careful with all your money, a crypto wallet is really important, better to choose e safest and secured wallet.
The watch is so good, I like the design and the color combination it has but I don't think that it would be safer for you to wear that kind of watch in public, you are inviting snatchers by wearing that kind of watch, it is not that so safe compared to other wallet storage, the watch can be damaged so easily because you are wearing it, we cant say that it is safe on you. If I am holding that kind of money I wouldn't store it in that kind of watch because there are so many cons of using it. A hardware wallet is still the best wallet for me. Do not store your money on your watch, you can wear it but don't store on it.
The watch itself has some outstanding design and I think this one is not that cheap to begin with. of course, it should be own by the whales out there if they want to. but they should not wear this kind of watch every day because as someone says in his post, this could attract criminals to plan how to get his Bitcoin. we are not new to this kind of incidence as we can see there are lots of victims out there who fell to the hands of evil people as soon as they found out that the man has something on his wallet. you can read it here if you don't believe me: https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md
If I am not mistaken, the girl in the video isn't really the owner of the watch as it was clipped in the end that she jokes to steal the watch from the owner. Any way, I wonder why they put the QR code of the bitcoin address to the watch, maybe for easier transaction from outside to inside, but this makes the owner of the watch more vulnerable for why? if someone could see the address, they could scan it and see how much bitcoin is inside, it will further attract attention for snatchers to take the watch. Though, for the purpose of transaction, you will not really show your watch to anybody knowing that they will scan it for no reasons.
That's something interesting, and to the growing crypto community more and more innovative products are in need for future growth. I see the bitcoin watch to be one such product, maybe in future these watches can play a big role in the process of inheriting bitcoin. The person who receives it will get the access to the entire wallet balance. Till date lots and lots of funds have gone unused as the funds weren't inherited.
For those that are suggesting that this is a physical security risk, well so is wearing a traditional Rolex or other big name watch brand.
*snip*
*snip*
True. But assuming if you own a good sum of bitcoin, I'd argue that wearing such Bitcoin watch could be far devastating than wearing a Rolex. Doing a $5 wrench attack on a bitcoin holder is going to be much more effective than doing such an attack on a typical rich dude because it's going to be far harder to get away with stealing money via bank transfer or something lol compared to a simple bitcoin transaction.
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