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Cold Storage Solutions?

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  • heunland

    @prismicide @heunland

    ...and that's exactly what we did. A first security report has been done to Trezor team and that's why Nicolas Bacca (co-founder of PRISMicide and founder of BTChip) is credited on the satoshi labs security web page you gave :) Trezor acknowledged this first "hmm...problem" and made a first patch for that. So if you got a Trezor device, update your fimware, we can't say more for now.

    Thank you for submitting your security report to Trezor. As you mentioned, the Trezor team is already addressing the problem with a patch, has awarded Nicolas a bounty for finding the bug and keeps encouraging people to independently test their product and submit any other security problems they might find. So I don´t know why you still disqualify their product, while they appear to be making every effort to find and patch any possible security issues.

    No device can be expected to be perfect and unhackable, the important thing is that procedures are in place to detect any potential problems preferrably before they can cause damage and take corrective measures immediately. I believe Trezor is doing just that.

    Disclaimer: I am not employed by SatoshiLabs or in any other way connected to that company, other than having ordered one of their Trezor devices. Of course I will make sure to update the firmware to the latest version as soon as it arrives.

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  • PRISMicide

    You are right about most of the points and I can't discuss this further.

    Trezor is a nice project and a great step, but I still urge people to use real Secure Elements (like smart cards) to avoid many security issues inside hardware wallets, there is no need to try reinventing bad wheels. Case closed for now...

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  • soccruo

    I have put some btc in cold storage using a linux live cd disconnected from internet and I saved the wallet.dat on several usb drives. I think this is the easiest method.

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  • CoinAdd1ct

    I would like to get this thread back to it's original purpose. What cold storage solution do YOU use, and why? :)

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  • heunland

    @skandranon, ATM I am using a BIP38 encrypted paper wallet I generated offline using bitaddress.org with copies distributed in several different safe places. Also I have a woodwallet with BIP38 encrypted private key from woodwallets.io. I got it as a perk for a crowdfunding campaign I contributed to a while back. But I need a way to easily and safely generate more paperwallets (mostly in order to hand these out to potential future bitcoin users I am trying to convert), so I ordered a Mycelium Entropy USB device from a crowdfunding campaign on indiegogo at https://www.indiegogo.com/projects/mycelium-entropy/x/4206576. With the Entropy you can just print out paper wallets directly from an offline printer without connecting it to a computer. This campaign is still running for another 17 days so you can get one still for $40 if you´re interested. Also I decided to order a Trezor a few days ago which I already discussed at length in my previous posts.

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  • jamesmm

    After watching the most recent episode of Dark News (eps 021) I think I have my new cold storage solution. ( https://www.youtube.com/watch?v=nuIDZUjJKrI )

    Here's the basic steps:

    1. Generate Paper Wallets using Ubuntu Live Boot and BitAddress.org on a USB drive
    2. Save Paper Wallets as jpeg probably (or your favorite file type)
    3. Encrypt paper wallet files with Truecrypt (this is the part I need to figure out, install Truecrypt from USB)
    4. Store encrypted files on USB and/or online storage

    I do see some issues, such as would need to duplicate the USB drive holding the encrypted files, in case something happens to the original. Want to make sure not to save paper wallets to a hard drive before encrypting. IDK, do you guys see any others?


    If you like this and/or it was helpful: like the post or use me as your referral if you don't have one already. Thanks!

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  • Myshadow

    I currently Use an Armoury paper wallet created from an offline TAILS CD.

    Been looking into their multisig lockbox, but I don't think i'm at that level of paranoia yet... though i'm sure at some point i'll get there :P

    I thought the Below products looked pretty good for secure cold storage...

    https://www.cryobit.co/cold-storage-products/cryo-card/

    http://bitcoinfiresafe.com/products/4-classic-safe-1783

    but then how do you secure your password?!

    http://passguardian.com/#about

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  • Myshadow

    @jamesmm After watching the most recent episode of Dark News (eps 021) I think I have my new cold storage solution. ( https://www.youtube.com/watch?v=nuIDZUjJKrI )

    Here's the basic steps:

    1. Generate Paper Wallets using Ubuntu Live Boot and BitAddress.org on a USB drive
    2. Save Paper Wallets as jpeg probably (or your favorite file type)
    3. Encrypt paper wallet files with Truecrypt (this is the part I need to figure out, install Truecrypt from USB)
    4. Store encrypted files on USB and/or online storage

    I do see some issues, such as would need to duplicate the USB drive holding the encrypted files, in case something happens to the original. Want to make sure not to save paper wallets to a hard drive before encrypting. IDK, do you guys see any others?


    If you like this and/or it was helpful: like the post or use me as your referral if you don't have one already. Thanks!

    Although this process should indeed make a paper wallet somewhat secure, it seems security via obscurity somewhat and a bit convoluted and reliant on third party and flawed software (http://en.wikipedia.org/wiki/TrueCrypt#End_of_life_announcement)

    Paper Wallets are secure if you do it offline and someone doesn't physically get a hold of them without going through to all that effort.

    If you're worried about someone getting a hold of your paper wallet, then encrypt the private key via BIP38 instead of making a picture of it and encrypting with truecrypt which is known to have security issues. you can keep it wherever you want then, QR code, JPEG, .txt file, paper, Steel tablet, wooden carving, dropbox, google drive, you name it. You just have to keep your passphrase secure... and make sure that you have a secure passphrase to begin with!

    http://passguardian.com/#about

    Seems like a good way to secure your obnoxiously hard to remember passphrase for the ultra paranoid.

    which you should then keep in separate corners of the world... ;)

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  • Rob

    The majority of my bitcoin is held on paper wallets put in safe places (using the generally recommended ways of booting from a linux CD). No Bip38 or anything else fancy. Not saying it's the greatest, but it's the answer to the question. The balance of my Bitcoin, for active use, is spread around various place.

    Note that I'm working with a company that is about to bring a number of cold wallet solutions to market, including laser imaged cards (as have been referenced) as well as CNC-engraved products. I have a sense that the laser imaged metal cards that are being offered may not fair as well in a fire as they are hyped, but I have no proof of that. I think a CNC-engraved, high-melting-point metal seems much more reliable to still be readable after a fire. But I also don't think I've seen any proof the image is retained after a fire (if you have, I'd love to be better informed).

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  • deweller

    I'll pop in and drop this link:

    http://letstalkbitcoin.com/blog/post/secure-ltbcoin-paper-wallet

    I wrote up a set of specific instructions for anyone looking to store LTBcoin in an offline paper wallet.

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