S15 E61: Polto & Darko on Self Custody Pro Tips
Update: 2024-10-28
Description
Time stamps:
Introducing Polto & Darko (00:00:50 )
Top Hardware Wallets (00:01:33 )
Trade-offs in Multi-Signature Wallets (00:02:06 )
Importance of Secure Elements (00:03:25 )
Passphrase Usage and Security (00:04:37 )
Confusion Around Passphrases (00:06:06 )
Backing Up Passphrases (00:07:14 )
BIP 39 and Passphrase Features (00:08:02 )
Derivation of Wallet Addresses (00:09:39 )
Standardization of HD Wallets (00:10:01 )
Best Practices for Backups (00:11:19 )
Verifying Recovery Procedures (00:12:06 )
User Experiences with Backups (00:12:57 )
Full Node Users (00:15:31 )
Historical Context of Hardware Wallets (00:17:15 )
Trade-offs in Hardware Wallet Design (00:18:15 )
Open Source Developments (00:20:35 )
Secure Elements and Verification Concerns (00:22:43 )
Understanding Secure Elements in Wallets (00:22:48 )
Ledger Wallet Features (00:24:08 )
Using Seed Signer with Satochip Smart Cards (00:24:41 )
Open Source Secure Element Development (00:25:53 )
Challenges in Hardware Wallet Evolution (00:26:38 )
Miniscript Support in Hardware Wallets (00:27:30 )
Complexity of Multi-Signature Setups (00:28:45 )
Standardization in Multi-Sig Wallets (00:29:46 )
Experimental Nature of Taproot Mini Script (00:30:45 )
Using Phones as Signing Devices (00:32:12 )
Security of Bitcoin-Only Wallets (00:34:38 )
Attack Surfaces in Multi-Coin Wallets (00:35:06 )
Specter DIY vs Other DIY Wallets (00:39:10 )
Entropy Modification in Seed Generation (00:40:04 )
Trust Assumptions in Proprietary Devices (00:42:30 )
Limitations of the Passport Wallet (00:43:50 )
Introduction to Specter DIY Wallet (00:46:14 )
Pricing of Specter DIY (00:46:43 )
Development of Secure Element Boards (00:47:02 )
Client Consultation for Bitcoin Security (00:48:03 )
Multi-Signature Wallet Recommendations (00:48:30 )
Considerations for Children Inheriting Bitcoin (00:50:21 )
Using Liana for Bitcoin Management (00:51:00 )
Risks of Pre-Signed Transactions (00:52:43 )
Adapting to the Bitcoin Network (00:53:00 )
ETF vs. Self-Custody (00:53:25 )
Role of Co-Signers in Multi-Signature Wallets (00:53:58 )
Future of Bitcoin and Exciting Innovations (00:57:59 )
Concerns About Drivechains (00:58:45 )
Consensus Mechanisms in Bitcoin (01:00:33 )
User Activated Soft Forks (01:02:42 )
Key Rotation in Multi-Signature Wallets (01:06:00 )
Emerging Solutions in Multi-Signature Technology (01:06:41 )
SLIP39 and Shamir Secret Sharing (01:08:05 )
Shamir Secret Sharing Implementation (01:09:16 )
Multi-Sig vs. Shamir (01:10:44 )
Importance of Multi-Sig (01:12:01 )
3-2-1 Backup Strategy (01:13:20 )
Tamper Evident Storage (01:14:15 )
Annual Backup Verification (01:15:24 )
Using Passphrases with Multi-Sig (01:16:14 )
Backup Complexity Risks (01:17:12 )
Traveling with Backups (01:19:43 )
Customs and Crypto Assets (01:22:08 )
Workshops on Multi-Sig (01:25:14 )
Node Importance in Bitcoin (01:25:53 )
Hardware Wallet Recommendations (01:26:51 )
Blockstream Green Discussion (01:29:07 )
Trusted Co-Signers Network (01:31:27 )
Legal Restrictions in Switzerland (01:31:37 )
Contacting FINMA (01:32:08 )
Frustrations with Regulatory Definitions (01:32:50 )
Backup Principles (01:33:49 )
Closing Remarks (01:34:12 )
Recaping the Best Practices for Bitcoin Storage (01:34:26 )
Introducing Polto & Darko (00:00:50 )
Top Hardware Wallets (00:01:33 )
Trade-offs in Multi-Signature Wallets (00:02:06 )
Importance of Secure Elements (00:03:25 )
Passphrase Usage and Security (00:04:37 )
Confusion Around Passphrases (00:06:06 )
Backing Up Passphrases (00:07:14 )
BIP 39 and Passphrase Features (00:08:02 )
Derivation of Wallet Addresses (00:09:39 )
Standardization of HD Wallets (00:10:01 )
Best Practices for Backups (00:11:19 )
Verifying Recovery Procedures (00:12:06 )
User Experiences with Backups (00:12:57 )
Full Node Users (00:15:31 )
Historical Context of Hardware Wallets (00:17:15 )
Trade-offs in Hardware Wallet Design (00:18:15 )
Open Source Developments (00:20:35 )
Secure Elements and Verification Concerns (00:22:43 )
Understanding Secure Elements in Wallets (00:22:48 )
Ledger Wallet Features (00:24:08 )
Using Seed Signer with Satochip Smart Cards (00:24:41 )
Open Source Secure Element Development (00:25:53 )
Challenges in Hardware Wallet Evolution (00:26:38 )
Miniscript Support in Hardware Wallets (00:27:30 )
Complexity of Multi-Signature Setups (00:28:45 )
Standardization in Multi-Sig Wallets (00:29:46 )
Experimental Nature of Taproot Mini Script (00:30:45 )
Using Phones as Signing Devices (00:32:12 )
Security of Bitcoin-Only Wallets (00:34:38 )
Attack Surfaces in Multi-Coin Wallets (00:35:06 )
Specter DIY vs Other DIY Wallets (00:39:10 )
Entropy Modification in Seed Generation (00:40:04 )
Trust Assumptions in Proprietary Devices (00:42:30 )
Limitations of the Passport Wallet (00:43:50 )
Introduction to Specter DIY Wallet (00:46:14 )
Pricing of Specter DIY (00:46:43 )
Development of Secure Element Boards (00:47:02 )
Client Consultation for Bitcoin Security (00:48:03 )
Multi-Signature Wallet Recommendations (00:48:30 )
Considerations for Children Inheriting Bitcoin (00:50:21 )
Using Liana for Bitcoin Management (00:51:00 )
Risks of Pre-Signed Transactions (00:52:43 )
Adapting to the Bitcoin Network (00:53:00 )
ETF vs. Self-Custody (00:53:25 )
Role of Co-Signers in Multi-Signature Wallets (00:53:58 )
Future of Bitcoin and Exciting Innovations (00:57:59 )
Concerns About Drivechains (00:58:45 )
Consensus Mechanisms in Bitcoin (01:00:33 )
User Activated Soft Forks (01:02:42 )
Key Rotation in Multi-Signature Wallets (01:06:00 )
Emerging Solutions in Multi-Signature Technology (01:06:41 )
SLIP39 and Shamir Secret Sharing (01:08:05 )
Shamir Secret Sharing Implementation (01:09:16 )
Multi-Sig vs. Shamir (01:10:44 )
Importance of Multi-Sig (01:12:01 )
3-2-1 Backup Strategy (01:13:20 )
Tamper Evident Storage (01:14:15 )
Annual Backup Verification (01:15:24 )
Using Passphrases with Multi-Sig (01:16:14 )
Backup Complexity Risks (01:17:12 )
Traveling with Backups (01:19:43 )
Customs and Crypto Assets (01:22:08 )
Workshops on Multi-Sig (01:25:14 )
Node Importance in Bitcoin (01:25:53 )
Hardware Wallet Recommendations (01:26:51 )
Blockstream Green Discussion (01:29:07 )
Trusted Co-Signers Network (01:31:27 )
Legal Restrictions in Switzerland (01:31:37 )
Contacting FINMA (01:32:08 )
Frustrations with Regulatory Definitions (01:32:50 )
Backup Principles (01:33:49 )
Closing Remarks (01:34:12 )
Recaping the Best Practices for Bitcoin Storage (01:34:26 )
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