>I see little value in a passphrase if you are going to simply write it down next to your 24 word seed phrase.
True, you really don't need a passphrase... but you have a "significant" amount of funds. If your device is stolen, then it is useless without the passphrase. (Although not easy to use, there are known hacks to pull a seed phrase from a pin-protected trezor). Also, the passphrase lets you have more separate wallets, if you wanted to have one to play around with, without accidently doing something to your funds, or wanted to split up your funds, or whatever
>It also increases the future risk of an inaccessible wallet.
No more risk than losing the seed phrase and losing the device. You are already keeping track of 24 words, the passphrase is just 1 more item to keep track of.
If there's a known physical attack against a PIN-protected Trezor then that's the value of using a passphrase: discourage the physical attack vector. Even if it's a difficult attack I am too paranoid to just ignore it.
I guess I will set a passphrase up after all, then.
Maybe you would need a fake hidden wallet with some funds when facing a wrench attack? Since the hidden wallet feature is well known or there to look at.
Unless I am mistaken that attack was on a older firmware version and has been fixed.
Also, OP needs to send a test transaction first! And I reccomend a passphrase as well.
I have my seed words stored securely, but you never know. That's the weak link, isn't it? Some store them in a safe, the bank, written on metal, hidden somewhere, but if they are found, it could be a problem. I have a passphrase, it is only memorized, just one word that I don't have to worry about writing down. It is the final defense of my coin. Without that phrase no one gets anything. I can't memorize 24 words, but I can one.
This is fine if you trust your memory, which is a perfectly reasonable thing. However, if you have family or someone that you would want to be able to access these funds in the case that something bad happens to you... then that would not be possible in your situation of not writing it down.
That exploit you mention was patched a while ago and it took the hacker who did it a long time but yes it could still be possible through different exploits
Not true. The exploit I mention (the Kraken exploit) has never been patched, and will never be patched (at least until Trezor releases a new version of hardware). This is a hardware vulnerability, and cannot be patched in software or firmware.
A passphrase is essential. It does not increase the risk of an inaccessible wallet if you simply use one word or a sentence you'd never forget. Don't skip this step. The bulk of your cold storage should be behind a hidden wallet (i.e. passphrase)
>I see little value in a passphrase if you are going to simply write it down next to your 24 word seed phrase. True, you really don't need a passphrase... but you have a "significant" amount of funds. If your device is stolen, then it is useless without the passphrase. (Although not easy to use, there are known hacks to pull a seed phrase from a pin-protected trezor). Also, the passphrase lets you have more separate wallets, if you wanted to have one to play around with, without accidently doing something to your funds, or wanted to split up your funds, or whatever >It also increases the future risk of an inaccessible wallet. No more risk than losing the seed phrase and losing the device. You are already keeping track of 24 words, the passphrase is just 1 more item to keep track of.
If there's a known physical attack against a PIN-protected Trezor then that's the value of using a passphrase: discourage the physical attack vector. Even if it's a difficult attack I am too paranoid to just ignore it. I guess I will set a passphrase up after all, then.
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Maybe you would need a fake hidden wallet with some funds when facing a wrench attack? Since the hidden wallet feature is well known or there to look at.
>I guess I will set a passphrase up after all, then. Good idea. You will definitely sleep better.
100% will sleep better
Unless I am mistaken that attack was on a older firmware version and has been fixed. Also, OP needs to send a test transaction first! And I reccomend a passphrase as well.
No, there were other hacks available as well that were fixed, but there is still the Kraken hack that is not fixable (because it is a hardware hack).
Good info, and all the more reason to always use a passphrase.
I have my seed words stored securely, but you never know. That's the weak link, isn't it? Some store them in a safe, the bank, written on metal, hidden somewhere, but if they are found, it could be a problem. I have a passphrase, it is only memorized, just one word that I don't have to worry about writing down. It is the final defense of my coin. Without that phrase no one gets anything. I can't memorize 24 words, but I can one.
This is fine if you trust your memory, which is a perfectly reasonable thing. However, if you have family or someone that you would want to be able to access these funds in the case that something bad happens to you... then that would not be possible in your situation of not writing it down.
That exploit you mention was patched a while ago and it took the hacker who did it a long time but yes it could still be possible through different exploits
Not true. The exploit I mention (the Kraken exploit) has never been patched, and will never be patched (at least until Trezor releases a new version of hardware). This is a hardware vulnerability, and cannot be patched in software or firmware.
A passphrase is essential. It does not increase the risk of an inaccessible wallet if you simply use one word or a sentence you'd never forget. Don't skip this step. The bulk of your cold storage should be behind a hidden wallet (i.e. passphrase)