WARNING: The ideas in this post are still half-baked and the conclusions quite dangerous to experiment with if I'm wrong. I'm only sharing this now to get feedback about the concept and am not yet recommending anyone try to make a wallet this way for any reason.
From Chicken to Bacon
I was listening to today's video by Matthew Krater during lunch as I typically do just to catch some of his savagely droll humor. Someone was pretending that the Satoshi wallet was compromised, but all of the BIP39 words were somehow related to KFC. Krater used it as a springboard to discuss how that BIP works and when it came about. These thoughts brought me back to the "bacon" wallet. @newnym first told me about this 24 word BIP39 wallet that is nothing but the word bacon 24 times. Pretty neat, eh?
Like any normal person might do when first hearing about such a phenomenon, I've since devoted my life to studying the bacon wallet. As one might expect, it's covered in bots. People occasionally drop money to it's addresses (presumably while closing their eyes and making a wish), and it looks like it's gone in seconds. Duh. But, as Krater points out for any naive noobs, the bacon wallet would be insecure even if it's seed phrase wasn't known to the public. There's just too little entropy.
Border Wallets
Meanwhile...are you familiar with Border Wallets? Dude, it's so cool. The idea is that you have a fake BIP39 phrase that can create a spreadsheet. You also have a shape that you remember in your head. The combination of that shape and the spreadsheet reveals your actual keys. ...or something like that. It's pretty simple to do but harder to remember if you don't actually need it. I had fun learning the process but currently don't need that particular option for my security.
Border Wallet Alternatives
...but maybe you do. And maybe future me will too. So here's my thought. As awesome as border wallets are, what if the border guard is hip to Border Wallets? Well, you've got your passphrase too maybe. The amount of things to remember is mounting up. There needs to be enough alternatives to this that no one border guard could possibly have the time or inclination to learn them all.
Introducing the HALF BACON WALLET (TM)
This is what I'm hoping to get feedback for today. The premise of the half bacon wallet is that one first generates a truly random 12 word BIP39 phrase:
Obviously, don't use the one pictured, it's now compromised.
Then, you start all over with a 24 word phrase. The first 12 words are the original 12 phrase that was generated randomly. The remaining 12 words are all one word that you pick, as an example...bacon! It can be any word on the BIP39 list and this time, can actually be one that you pick that's easy to remember.
In the event that this doesn't generate a checksum, as it likely won't you start with word 13 and start replacing the last 12 words with the original 12 words as well, until you get a checksum. If you end up finishing with two identical sets and don't have a checksum, start replacing the original 12 words with your special word.
Obviously, don't use the one pictured, it's now compromised too.
This is what I had to do with the example list above. If, after all of that, you don't have a checksum, just generate a new random 12 word set. I tried this a couple of times and didn't have to go that far.
What's the point?
So now, if you're in a bind, you have a new way to carry your bitcoin in your head. The 12 word list is kept physically. It can be used as a decoy wallet with some funds. The one word serves as a second level passphrase. You keep it and potentially a passphrase in your head. The nice thing is that you don't even need to remember where your special word ends or begins. You just iterate the same process until you hit a valid checksum.
Change my Mind
The big question is, am I missing something about how entropy words in key generation? If so, please let me know ASAP! It seems to me that by having those 12 randomly generated words in their randomly generated order, that the organization around them shouldn't make the wallet less secure, but I'm also not the brightest bulb in the batch...
Entropy = or < any Bip39 12 word wallet50.0%
Entropy < any Bip39 12 word wallet50.0%
2 votes \ poll ended
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