Post
Topic
Board Bitcoin Discussion
Re: 3 seed words + passphrase
by
bitmover
on 20/09/2020, 12:32:31 UTC
1- losing it
2- confiscating it by government
3- robbed by nagger
4- forgetting where you stored seed phrase
5- not easy to cross board and can be confiscated by airport police officers.
6- extracted by hackers if they get access to your hardware wallet for a few minutes https://blog.kraken.com/post/3662/kraken-identifies-critical-flaw-in-trezor-hardware-wallets/
7- Government seize your hardware wallet and extract your seed phrase. So easy to extract your seed https://donjon.ledger.com/Unfixable-Key-Extraction-Attack-on-Trezor/
I don't think any of these are real weaknesses of BIP39. Points 1 through 4 are essentially "You lose access to it by some means or other". This is entirely preventable by making multiple back ups, and one of your back ups being stolen won't immediately lead to loss of your coins as long as you are using a long and random passphrase. Point 5 is easily negated by storing it in a way that TSA agents don't know what it is, or memorizing the 12 seeds for the brief duration of crossing the border. Points 6 and 7 are nothing to do with BIP39, but to do with the Trezor wallet, and are entirely negated by using a passphrase.


I agree. Hide it from airport police officers is very easy. Just write some of the words in your cell phone and memorize one or two of those words. Or just underline your 24/12 words in a book, something like that. Just to get past the airport police officers.

BIP39 is a very intelligent and resilient system imo. You can easily hide, backup, store, etc.