NVK on Stolen Bitcoin Keys, Privacy, Coin Mixers and Seed Phrase Tips
Nov 18, 2023
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NVK, co-founder of Coinkite and builder of Bitcoin security hardware, talks about stolen Bitcoin keys, privacy, coin mixers, and seed phrase tips. They discuss the risks of compromised seed phrases using password managers, the importance of self-custody and secure storage methods for seed phrases. They explore privacy tools and coin mixers, and discuss the features of the Cold Card queue, a new version of a hardware wallet. They also touch on Satslink, a device for Bitcoin coordination and the importance of privacy and self-custody in Bitcoin.
Secure seed storage is crucial for Bitcoin; hardware wallets like ColdCard offer more protection than computers or password managers.
Privacy in Bitcoin transactions is important, but regulatory challenges exist around the use of coin mixers.
Deep dives
Importance of Self Custody and Secure Seed Storage
The podcast emphasized the importance of self custody and secure seed storage for Bitcoin. It highlighted the risks associated with storing seed phrases on computers or password managers, as they are susceptible to hacking and data loss. Hardware wallets, such as the ColdCard, were recommended for secure storage. Storing seed phrases on metal plates and keeping them in a safe was also suggested as a secure option.
Recording Keystrokes and Security
The podcast discussed the risks of recording keystrokes and the potential for keyloggers to compromise the security of Bitcoin accounts. It was advised to be cautious of installing software from the internet and to use secure hardware wallets like the ColdCard. The ColdCard was praised for its security measures, including protection against keyloggers and a feature called keybed scramble that prevents recording of keystrokes by cameras.
Privacy Tools and Coin Mixers
The podcast addressed the importance of privacy in Bitcoin transactions and the challenges brought by regulators. It discussed the use of privacy tools like coin mixers, such as Samurai, Wasabi, and JoinMarket. While these tools can provide privacy, it was cautioned that improper handling of transactions could lead to de-anonymization. It was emphasized that privacy should be a human right, but the legal and regulatory landscape surrounding privacy tools remains complex and uncertain.
In this episode we discuss the recent theft of Bitcoin because of compromised seed phrases using password managers, privacy and coin mixing, and self-custody tips. NVK is a co-founder of Coinkite, a builder of Bitcoin security hardware and other devices, including OpenDime, the Coldcard Wallet, and the BlockClock. The Brazilian-born Canadian previously was co-founder of Ripe Apps, the VP of Product at Method:CRM, and Chief Product Officer at Quandl.
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