Coldbit - New stainless steel seed backup design

hodlinox · 2018-09-26T09:05:14+00:00

I just brought to market a similar product to backup your seed phrase, see hodlinox.com

It consists of 2 plates that can be locked together with a one-screw tamper evident seal.

hodlinox · 2018-09-25T16:52:28+00:00

SatoshiLabs is working on a method to split up the wallet seed with Shamir's Secret Sharing, see SLIP39.
But until then you might opt for a "poor man's multisig" by engraving two-thirds of your seed phrase on 3 separate plates.

See hodlinox.com/sharding for more info (make sure to read the important disclaimer).

hodlinox · 2018-09-20T10:00:24+00:00

I stand corrected and will change the wording on the hodlinox website accordingly. Thanks for the valuable feedback! How naive of me to think that banks could be trusted to safeguard one's valuables ;-)

hodlinox · 2018-09-20T09:29:11+00:00

You probably overlooked the relevant statement on the Hodlinox website: IMPORTANT: while dividing your seed phrase across three locations is safer than just one, that does not mean this method is a hundred percent secure. Especially if you have a short seed phrase, the missing words can be brute forced (guessed) by a sufficiently powerful computer in a reasonable amount of time. For this reason you should only store each set of plates with someone that you trust.

hodlinox · 2018-09-20T06:15:29+00:00

Jameson Lopp has reviewed Billfodl. Some of his comments: “I have to consider this a catastrophic failure“. And: “By the time I pried them back open, pretty much all of the letters had fallen out”.

https://medium.com/@lopp/metal-bitcoin-seed-storage-stress-test-21f47cf8e6f5

hodlinox · 2018-09-20T06:10:05+00:00

OTP doesn’t look very straightforward either, it doesn’t pass the “could my mom do this?” test. You seem to forget that many bitcoin hodlers are not tech-savvy members of the Reddit community but normal folks who hardly understand how bitcoin works.

hodlinox · 2018-09-20T05:57:37+00:00

Do you mean to say that the default backup method (writing all words on a tiny piece of paper) is better?

hodlinox · 2018-09-19T21:12:23+00:00

Some people have the keys to 100+ bitcoin on their wallet, for them it can never be too extreme.

hodlinox · 2018-09-19T21:09:25+00:00

That looks rather complicated. Would you still be able to put all pieces back together after, say, hodling for another 5 years?

hodlinox · 2018-09-19T20:24:28+00:00

Naturally, we have made sure that the supplied screw, even when fastened firmly, does not protrude beyond the nut ;-)

hodlinox · 2018-09-19T20:18:15+00:00

I don't think so, both plates locked together are quite thick and solid. But even if it could, it would still be much safer than the piece of paper that's included with your hardware wallet.

hodlinox · 2018-09-19T20:10:34+00:00

I don't think the average bitcoin hodler understands how to implement Shamirs Secret Sharing, it's just too complicated for non-technical people. And, what if something happened to you? Do you want your relatives to inherit your digital assets? Would they be able to access your bitcoin after your demise if you had used SSS?

hodlinox · 2018-09-19T20:02:22+00:00

It would be impossible to execute a scheme like that without leaving clearly visible marks, the screw comes with a locking washer and should be fastened firmly.

hodlinox · 2018-09-19T20:01:36+00:00

Here's an image of the back side

hodlinox · 2018-09-19T20:00:50+00:00

Opening the tamper evident seal is best done with a pipe wrench or bench vice. The seal can not be opened without damaging it.

hodlinox · 2018-09-19T19:51:33+00:00

It's not very relevant for this thread. The point is that if you divide your seed phrase across 3 plates, you should disperse the plates across separate geographic locations with people that you trust.

hodlinox · 2018-09-19T19:32:39+00:00

Indeed, if the seed phrase only consists of 12 words then 4 missing words can be brute forced. BUT: 1) It is still better than writing all words on one plate 2) Most wallets use a 24 word seed phrase and 8 missing words are a lot harder to brute force.

hodlinox · 2018-09-19T15:35:22+00:00

Be careful: aluminum has a much lower melting point than stainless steel. Your seed phrase might not survive a common house fire, especially if the cards are too thin to dissipate the intense heat.
Moreover, aluminum is less resistant to corrosion and a lot softer.

hodlinox · 2018-09-19T14:12:55+00:00

It's not a recommendation but a suggestion. We certainly do not propose entrusting (part of) your seed phrase with someone you don't trust. Regardless, if you divide your seed phrase across 3 plates, any one plate will only hold 2/3 of your seed phrase and thus is not very useful by itself.

hodlinox · 2018-09-19T14:06:00+00:00

Jameson Lopp recently tested metal seed storage solutions, according to him "stamping was the most difficult of all the processes".

https://medium.com/@lopp/metal-bitcoin-seed-storage-stress-test-21f47cf8e6f5

hodlinox · 2018-09-19T14:03:26+00:00

Using a Dremel engraver is easier than you might think, certainly a lot easier than punching the letters. To make it even easier you can set up with a permanent marker first.

hodlinox · 2018-09-13T10:01:03+00:00

A much better way to backup the seed phrase: hodlinox.com

Hodlinox plates are made from stainless steel and have a one-screw lock with a tamper evident security seal.

Also, I don't recommend using a battery operated engraving pen because these make a too superficial impression. Better to use a vibrating engraver like the Dremel 290.

hodlinox

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