Can someone explain to me how this improves the security of GreenAddress. As I am new to BTChip and GreenAddress.
Process to use GreenAddress/BTChip
a) The GreenAddress seed is generated on the live machine.
b) I store a backup of the seed and notedown PIN
c) A copy of the seed is written to the BTChip
d) BTChip is able to sign transactions
e) However, the GreenAddress login can easily be done using the PIN. (without the need for a seed or BTChip). So, I assume the Green address seed is being stored somewhere on my PC.
f) Even if you were to use the BTChip for login. The mnemonic can be easily accessed from the Green address GUI, once the login is accomplished. If it can be accessed using the GUI, I assume the malware can access it as well.