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The purpose is to make it easier to memorize a seed phrase, temporarily or in case you need to, for instance, cross borders without any evidence of bitcoin.
A portable wallet that you don't want to store on any physical media, but only in your memory, and only for a short amount of time. Example: You need to flee your home country with your life savings, and you don't want your private keys to be on your computer or any hardware wallets on your person. You can commit your easywallet to memory, transfer your life savings into the easywallet for temporary storage, then once you are in a safe place you can transfer the funds from the easywallet into a more secure traditional wallet.
Basically, what you have is a publicly known repeated 12 word BIP39 seed phrase (for example, action action action action action action action action action action action action), and then a private, memorized 7 word passphrase.
So, you're not getting ANY entropy from your seed phrase, you're getting it all from the 7 word passphrase.
The theory is that 7 words (properly random words from the BIP 39 word list, though the OP uses the Electrum word list) give enough entropy for temporary use. A quote:
This will give us a passphrase with 90 bits of entropy. Coldbit estimates a passphrase of this strength will take an "infinite" amount of time to crack even on the most advanced passphrase cracking computers that could theoretically be invented.
I'm working on new exercises for my book MORE Bitcoin, Hand-On! (my previous book Bitcoin, Hand-On! is available here - https://www.amazon.com/dp/B0F4SZSCH8).
And I'm thinking of making this one of the exercises. With the appropriate caveats, I think it would be great to learn more about entropy, and about some of the options that are out there.
32 sats \ 4 replies \ @Angie 12h
Esto me recuerda a un viejo amigo tenía una contraseña repetida y fácil en su móvil para todo,le dije que no pusiera 1111... en todo y mucho menos que lo hiciera delante de otros, cometió el error de hacerlo delante de mi, no me costó su amistad pero aprendió la lección, poner la misma frase me parece absurdo y solo la última palabra diferente, no se mucho de contraseñas ni soy un hacker de la tecnología pero por nada del mundo se me ocurre hacer esto. Éxitos para los atrevidos.
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The whole point is that the seed phrase provides ZERO entropy. Those phrases (all the no entropy ones, like "action" repeated 12 times) are constantly scanned, and if anyone were to put bitcoin onto one of the addresses linked to the private key associated with that seed phrase, it would immediately be swept away.
You can actually restore that seed phrase into Sparrow, just for fun, and see all the transaction on it. I guess people accidentally (?) send sats to an address associated with that key. And...immediately it's swept away.
However, with the seed phrase AND the passphrase, you have a different private key. And that private key will have much better entropy. Not as good as 12 words, but good enough for a lot of purposes.
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0 sats \ 0 replies \ @anon 6h
Be careful with your calculations. Each bip 39 word adds 11 bits of entropy so 7 words would add 77 bits.
If you were using the EFF long diceware wordlist... 7 words is ~90bits. And 8 words is over 100 iirc. Even a small increase in entropy is an exponential increase in security so more is better.
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0 sats \ 1 reply \ @Angie 11h
Bien gracias
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0 sats \ 0 replies \ @Angie 2h
La idea se ve maravillosa, solo habría que ver si funciona para todo el planeta y si se pueden usar palabras comunes es decir la que uno desee y que lleve la letra Ñ garantiza mejor seguridad.
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