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Given the transfer of ownership could just as well have occurred by transferring the private key of the address, these requirements are going to get pretty hard
by rainmaking 13y ago
Given the transfer of ownership could just as well have occurred by transferring the private key of the address, these requirements are going to get pretty hard to enforce.
- ikawe 13y agoI think that scenario is pretty unlikely for large exchanges. If someone gave me a copy of a private key, corresponding to some bitcoins, I wouldn't consider it payment, as they still have the private key as well (meaning they could still spend the bitcoins at any time). It's more like a "shared account" at that point.
- daemonize 13y agoNot if the private key is stored in a secure hardware token.
- Tortoise 13y agoCan you tell the difference between a secure hardware token and a fake secure hardware token? I suppose if you try to extract the secret key and the token destroys it, it's pretty secure. Of course, you just lost all your money. I can't think of a non-destructive test.
- donaldc 13y agoWould you be willing to bet $147M that someone hadn't figured out a way around that hardware security? I wouldn't..
- bigiain 13y agoHow does the key get into the token, and how do you know there wasn't a copy made before that?
- Beltiras 13y agoSIM card f.ex.
- pantaril 13y agoFor example Trezor hardware wallet ( http://www.bitcointrezor.com/ http://www.bitcointrezor.com/ ) generates its private key when it is first initialized. This way, the key never exists outside of the wallet.
- bigiain 13y agoNot sure that solves he upthread probem. If I give you a Treznor hardware wallet containing a private key to $150million worth of bitcoins - would you trust me not to have anther copy of that key? Or would you transfer them immediately to a wallet with a private key I could never possibly have known?
- nullc 13y agoTrezor supports exporting the key for backup purposes.