How secure is this wallet?
https://ift.tt/EeMpI4j
This whole thing sounds like an incredibly bad idea. Yes, the production quality of it looks pretty good, but it has a number of major flaws.
– The private key is generated by the manufacturer. How do you know that they didn’t store a copy of it? They claim that the process is fully automatic and audited. But audited by who? And an audit is only a reflection of the state of things at the time the audit was done. Nothing is stopping them from changing their production system after the audit. Or for someone to simply walk into the production line and snap a few pictures of the exposed private keys.
– On that subject. Suppose you do trust that the production is secure. There’s a metal sticker covering the private key, but as far as I can tell from the video and the rest of the page, this sticker isn’t a tamper-evident sticker. You can remove it and reapply it without it being obvious that this was done. So even if the production process is secure, someone could simply peek behind the sticker, copy the private key and replace the sticker.
– Single use only. The wallet just gives you a single address and that’s it. It’s only useful for long term holding (which is a great thing to do, but anyway). As soon as you spend your coins, the wallet is rendered useless because spending the coins requires exposing your private key to an online device.
– And finally: The price. I get that small quantities are more expensive to produce than large ones, but still. This thing costs 79 Euro at the cheapest Kickstarter tier that’s still available and that’s apparently a 11% discount on final retail price. For that money, you can get fully functional hardware wallets from Ledger, Trezor and the likes.
Cryptocurrency
