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RE: Lessons from the TREZOR Hack
I missed this so sorry for commenting late but I see you make great content. Even the picture linked to an earlier post, neat.
On to my main question:
Do you think you could have multiple private keys, one for big transactions which you'd keep secure in a hardware wallet and one for daily transactions?
Sort of like you would have daily spending limits on your credit or debit card but with private keys. The same way there are IRL keys which open multiple doors. One part has an entry to the hall of the building and one is more private and is for your apartment.
You certainly could, but I'd recommend first considering what you're gaining or losing by doing this.
In my opinion, the most important thing for people is to understand their own personal "system". If you have everything in a hardware wallet, and that's the only place you store your crypto, then you understand that protecting that one seed phrase is the only thing you have to be sure about in your system. It's very simple.
However, once you start splitting up funds across multiple types of storage, all with their own risks, you start to introduce a lot of complexity to your system. So, if you want to spit your funds (for organization, safety, convenience, or whatever reason), the most important thing is to plan, verify, and execute properly. Don't try to mush all the different wallets you've been using together and hope it all creates a cohesive system. Start fresh, and plan it all out first.
The last thing you want is to introduce complexity when you're not gaining any security of organizational benefits. If you have 300 addresses, but they are all stored in the same way, then you're only hurting yourself.
Right, well to make it more concrete, I think one should approach this as having a savings account which is on a hardware wallet or USB key with private keys split on multiple locations maybe. Then I'd have a few of those according to the funds or hide them using steganography in innocent pictures of my kids for example.
It's interesting that you mentioned steganography. I wrote a short paper in university about encoding images within other images and how this could be used for any arbitrary data. I uploaded it here if you want to check it out. I think I'll actually make a steemit post out of it and upload the code so that people can do it themselves.
That would be really cool
but unfortunately the link is not workingsorry I misread, downloaded it now! And who knows, maybe the future on how to effectively conceal your private keys!Also posted at https://steemit.com/cryptocurrency/@tomshwom/hiding-information-in-plain-sight if anybody else wants to read it without having to download anything.
Great, maybe this will be good seed for a project? Sort of to hide your keys?