$3,438.77 -1.89%
BTC · 27w

Cold Storage Idea Preface: This is a TEST wallet! There are no bitcoins stored here, no will there ever be! \(or if there are, they weren't mine!\) TLDR: Scrambled the order of the 24 words using a password, stamped onto 22 GA weldable steel plate. What could go wrong? I feel like I'm overlooking something fairly simple that makes this insecure. So, I recently got a Ledger Nano S, and have had plenty of time to explore it, generate several wallets \(including adding a 25th word for extra security\), add them as watch\-only addresses into Electrum, or use the Nano S with Electrum to send/receive funds. I feel pretty confident I know what I'm doing, but wanted your opinions on how I should handle long\-term key storage. The idea thats been floating around my head for a while has been to stamp it out in metal \(I know a few companies offer "build\-it\-yourself" setups, but I wanted something a bit cheaper\). This is the result of my experiment. "But wait!" I hear you say, "you've just posted your private keys onto the internet! Oh noes! You fool!" Except that I'm sure this sequence of words will be plugged into a handful of wallets to see whats up, only to find out that it doesn't work. Thats because the order of the words is encoded \(and no, the upside down A in WASTE is not a clue \- that was completely unintentional\). The idea I have is that even listing out all 24 words, assuming they're in some unknown order, that creates a 24! number of possible combinations, which is 6.2e23 possible combinations. For perspective, there are 1.5e48 possible public keys, 7.9e28 private keys, and 9.2e18 grains of sand on the Earth. Needless to say, the random order seems secure enough, provided one can unrandomize the order. To do this, I've selected a fairly simple shift cipher, using a word hopefully only known to the end user \- which is the weakest part of the system. However, since this is meant as a fairly secure long\-term storage mechanism for people...
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The Bullish Case for Bitcoin with Vijay Boyapati

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