I would say I have used WinRar for many several years and it never disappoint me, not even once.
I'm sure there were people saying similar things about Mt. Gox... and Bitfinex... and right before all their coins/$$$/data disappeared.Quote
And thank you for bringing up that $5 wrench attack because I came across such argument while writing my article.
Here's the thing, can anyone using hardware wallet be safe from the "$5 wrench attack"?
Here's an honest + objective answer... NO.
Actually, they can be safer than you... because the hardware wallet gives them the safety of "plausible deniability". You can create "dummy" wallets with "small amounts" of bitcoin... say 1-10% of your total holdings. If someone threatens you, you give them the password to the dummy wallet... they find your coins and think "Job done"... meanwhile your 90-99% of actual holdings are safely stored in a hidden wallet that they can't possible know or prove exists... rendering a $5 wrench attack nullified for a relatively minor cost.Here's the thing, can anyone using hardware wallet be safe from the "$5 wrench attack"?
Here's an honest + objective answer... NO.
Whereas, with your method, they'll keep hitting until they get the password (or passwords in the case of multiple encryption) that decrypts it correctly.
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And is it better to use my approach vs hardware wallet? Yes.
See... I was going to let the "Saying no procedure is 100% safe sounds like speculation to me" slide... but now you're just coming off as a little bit arrogant."Saying your procedure is 100% safe sounds like arrogance to me"
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Why? Using hardware wallet is a physical dead giveaway that you have bitcoin and/or other cryptocurrencies.
Using digitally-encrypted private keys that I suggested is not, unless you try to brag and boost that you are rich because you have plenty of cryptocurrencies, in which case you are the security risk, not my approach.
No, you just used a very public forum like Steemit to declare to the entire world that you use Crypto... and how you choose to store them. Guessing you trust them more than hardware wallet devs/manufacturers too... so I'm sure your IP address is safe when them. Using digitally-encrypted private keys that I suggested is not, unless you try to brag and boost that you are rich because you have plenty of cryptocurrencies, in which case you are the security risk, not my approach.
I'm not declaring that hardware wallets are 100% safe, or the only answer to everyone's crypto storage needs... there are still attack vectors that exist (no solution is 100% secure). What they are is safer than using just a software wallet on a desktop PC/tablet/mobile device... and more convenient than locking everything away on paper wallets in secure storage (or triple encrypted, digitally stored private keys)...
But hey, like I said... Horses for courses... you've got a system that works for you, so that's great. Is it "better" than a hardware wallet? A viable alternative sure, but better? I'd say that is somewhat debatable and likely dependent on the use case(s) of a given person...