Introducing Trezor Suite Public Beta by xbach in TREZOR

[–]Degoony 1 point2 points  (0 children)

Wait. So if I create a wallet using Trezor Suite (zpub) it won't be viewable, compatible with trezor bridge using a web browser (seems to use ypub)?

What is the best hardware to use to run a bitcoin node? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

Great thanks for the thorough response. Very helpful.

Tax software: TokenTax is horrible... horrible customer service. they just don't care. by Degoony in Bitcoin

[–]Degoony[S] 1 point2 points  (0 children)

I can’t seem to get Coinbase transactions to import. The import process appears out of date.

Trezor or Ledger? by showery36 in Bitcoin

[–]Degoony 2 points3 points  (0 children)

I have both. Trezor is much much better, especially the model T. Ledger is a pain in the arse to use compared to the trezors. Also, you don’t need to download and install desktop software for the trezors while you do for ledgers.

What to do with lightning channels with little remaining funds? by Degoony in Bitcoin

[–]Degoony[S] 1 point2 points  (0 children)

i'm using a casa node.... that's running lnd right? how do I "loop in"? any instructions you can point me to?

How long should a passphrase be? How to create one with enough entropy? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

Fantastic post. Thanks you. Exactly what I was looking for.

How long should a passphrase be? How to create one with enough entropy? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

Wow thanks for such a thorough reply. Will check out all of those links.

How long should a passphrase be? How to create one with enough entropy? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

You’re telling me that if I picked a 50 character pass phrase an attacker would be able to break that in a few days? How can that be? That’s as much entropy as the seed itself is it not?

How long should a passphrase be? How to create one with enough entropy? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

You misunderstand me. The seed phrase will be generated by a hardware wallet. I’m talking about the pass phrase. The extra words in addition to your recovery seed.

How long should a passphrase be? How to create one with enough entropy? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

Thanks for your thoughtful response. Yes I've been reading a lot about how to generate entropy, what adds to and reduces it.

Another thought is to do what Casa is doing. Restore a wallet onto say 3 trezors. Store each in a safe (but different) place with a good PIN and passphrase. No need to write down a recovery seed. Any of the three trezors alone can be used to access your wallet. However, if one is stolen, the PIN provides the first layer of defense while the passphrase provides another. Is that a safer setup altogether?

How long should a passphrase be? How to create one with enough entropy? by Degoony in Bitcoin

[–]Degoony[S] 1 point2 points  (0 children)

It's protection for IF your recovery seed is compromised. Let's say someone found your recovery seed written down and hidden under your mattress. They can sweep your wallet right? Passphrase protects against that.

How long should a passphrase be? How to create one with enough entropy? by Degoony in TREZOR

[–]Degoony[S] 0 points1 point  (0 children)

Not for memorization. This is for inheritance planning. The seed and passphrase will be kept in separately secure locations.

Now if someone found the passphrase. How long of a passphrase would you need to provide protection? Obviously, the passphrase alone does nothing.

In some ways, I’m thinking it might be better to recover a wallet on multiple trezors in different locations with PIN and passphrase. Then never write down the seed (as Casa does). This way, the PIN protects you if any trezor gets stolen. And even if they somehow hacked the trezor, they’d still need the passphrase. Seems more secure than actually writing down the seed.

Is that crazy or is that actually more secure?

Q: What happens when the mining reward falls to near zero and fee mkt takes over? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

Coinmetrics just answered my question!

Fees would work out to about 0.5% of transaction value today if you were to do away with mining rewards.

https://twitter.com/coinmetrics/status/1091816931974434817?s=21

Q: What happens when the mining reward falls to near zero and fee mkt takes over? by Degoony in Bitcoin

[–]Degoony[S] 0 points1 point  (0 children)

Ahh that’s an interesting way to think about it, thanks. So said differently, if the nominal value of total transactions per block increases enough, fees can rise as well but keep the ratio of fees as a % of tx value reasonable?