S15 E61: Polto & Darko on Self Custody Pro Tips

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)