Quote from: Dorky on August 09, 2017, 12:04:54 PM

Quote from: HCP on August 08, 2017, 05:18:59 AM

For added defense against the wrench attack, you simply create multiple different wallets with one address each... hand over the passphrase to the "exposed" 5 BTC and your dummy wallet.

That can be done with my method.

The bonus is that with a hardware wallet there is exactly ZERO evidence that these multiple wallets even exist... whereas, with your system of 20 different encrypted private keys and an attacker has hacked your email or found your USB/CD with the encrypted files... they can actually see all the different encrypted items in your inbox or on your CD etc. So, I'm not quite sure how you deny the existence of other keys/addresses?

If I encrypt 1 address, then encrypt another 1 separately, and store them both separately, will you be able to find the evidence of my other address if you are able to hack into one of them? You can't. But you just don't see this.

If the hacker can hack into my email and then hack my encrypted files, then there is nothing stopping them from hack every other people's, including your hardware wallet. Like I said, your argument is not objective. You keep assuming my method is a handicap and limited.

Let me say this to you:
Encrypting a paper wallet = encrypting a hardware wallet's recovery seeds/mnemonics/passphrases.
If only you can see this obvious truth...

Unless you say, "Well, there is no need to secure my recovery seeds/mnemonics/passphrases because I have 100% fail-safe brain memory."
In that case, I admit defeat.

Edit:
Or maybe I should be as specific as possible... just in case.
Digitally-encrypting or digitally-securing a paper wallet = digitally-encrypting or digitally-securing a hardware wallet's recovery seeds/mnemonics/passphrases.

The only difference with the former method is that I am 100% in control, don't need to do extra steps in securing/recovering the keys (like using a source code to derive the keys from the seeds), can customize the security to be as hardcore as I prefer, can do infinite backups, and don't need to spend more on any 3rd-party hardware.

Edit:
And please stop talking about dummy wallets.
In the future (or today?) hackers will know you will have a false seed standing by to trick them to a dummy wallet.
They will do far more than just accepting your dummy wallet.

Above it all, refer to Matthew 6:19-21. The Bible is right.

Paper wallets are hands down the best method of storing Bitcoin, it really surprises me that so called "experts" do not mention and promote them more considering how much theft and hacking goes on in this industry.

If everyone were to use paper wallets, I am convinced hackers would stop targeting these poor noobs as much given how easy it is these days. They just make a fake URL, use SEO to get a high rank and boom you make like $200,000 in a few days (I actually saw this happen right here on this forum).

The first thing all noobs should learn is how to make a paper wallet. It is so simple. Go to a site, generate your keys, write/print them, laminate or whatever, and then send Bitcoin to them and you can recover them on sites like Blockchain.info. There are just a few steps and the best part is it is like paper money which makes it easy for noobs to truly understand. This is opposed to hardware/software wallets which are a nightmare to setup for beginners.