pull down to refresh
343 sats \ 7 replies \ @justin_shocknet 16 Feb \ on: What if wallet makers go bust? bitcoin_beginners
Do you consider Bitcoin Core a wallet? Do you have these same concerns with core?
Seed phrases are an open protocol (a dangerous and bad UX that wallets should stop using, Core doesn't use it for good reason, but thats a separate discussion). Therefore individual wallet projects don't matter, because you're using a protocol.
If you're in a position where you're entirely trusting the wallet publisher to stay operational and push updates, then you may as well be trusting a custodial service with your coin.
reply
The main objections are listed here: https://github.com/bitcoin/bips/wiki/Comments:BIP-0039
reply
Thats a good reference but not what I'm talking about, I'm talking about meeting the end user
As for alternatives, what Bitcoin Core does is simply encrypt a dat file... that eliminates most of the stupid ways people lose coin with seed phrases. The people that will forget or fumble an encryption string or fail to backup the file will also fuck up a seed phrase. Compromised devices are a problem no matter what software you use.
reply
Compromised devices are a problem no matter what software you use.
Exactly! And truly securing a device is mostly recurring, time intensive, sometimes high pressure work.
There's definitely something to be said for a security mechanism with less attack surface than your average zero-policy win11 device, but BIP39 offers no security at all in its currently most-deployed form: it is just cleartext. A long-form password to a weakly hashed brainwallet basically (remember those?)
reply
Yea and I think that's why the HWW cash grab works so well. Setting up a secure device can sound like a daunting task and HWW vendors are happy to sell the self-custody equivalent of a weight-loss pill to users that don't understand the trade-offs (side-effects)
reply
Do you consider Bitcoin Core a wallet? Do you have these same concerns with core?
No because it's unrealistic.
But in theory yes it could have happened in the early days.
If you're in a position where you're entirely trusting the wallet publisher to stay operational and push updates, then you may as well be trusting a custodial service with your coin.
no? what kind of stupid coparison is this 🤣🤣. one can move to a different wallet + literally all other properties of Bitcoin
reply
No because it's unrealistic.
What do you mean? Lots of people use it directly, and effectively every other wallet app is just an abstraction over it.
in theory
lol wtf are you talking about?
one can move
So why are you worried about wallet makers? You seem very confused.
reply