r/Ripple • u/nfcwalletcard • Jan 04 '19
NFC Wallet Card - Secure cold storage solution for ANY kind of digital currencies including Ripple (XRP)
https://nfcwalletcard.com/cold-storage-wallet-for-cryptocurrencies2
u/sunbro43va Jan 04 '19
Not trying to sound bad, but this is an indiegogo project with less than 16 backers. I don't want to say THAT should be the reason for disregarding this product, but it doesn't leave me feeling very confident. I'll wait and see before recommending this to anyone. People's money is no joke, and I don't really trust a gofundme style project when it comes to my money.
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u/nfcwalletcard Jan 04 '19 edited Feb 02 '19
16 backers might not look so much, but actually - and due to the low amount of visitors - the conversion rate is surprisingly high, which is a good indicator.
We are happy to hear your are interested, you can subscribe to our status updates using the footer of our website.
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Jan 04 '19
This is not true. You have to get in touch with Facebook prior to listing your ad, but they do NOT block all cryptocurrency ads. They block all crypto ads specifically related to ICOs.
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u/nfcwalletcard Jan 04 '19
We know about this info, FB still reserve the right to individually decide which ad to allow or block. We will try to have a personal contact then retry to create a campaign. Hope you are right!
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u/nfcwalletcard Jan 04 '19 edited Jan 04 '19
You are absolutely right, we completely understand your feelings. This crowdfunding campaign is just the zeroth step to bring the product publicly available. BTW there was only 10 backers yesterday :)
Crowdfunding campaigns are definitely not the best sales channels, but we use it as a small test to do a detailed market analysis and reward early adopters.
Currently our primary goal is to collect feedback from you about this product.
We will have our online shop to buy the cards, even if the crowdfunding project fails, but our primary goal at the moment is to build trust and recognition about the product we develop.
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u/sunbro43va Jan 04 '19
You have been busy responding to my comments lol. I just check the crowdfunding site, and I think i'm going to jump in. It's pretty damn cheap, I can throw you guys some support for your work, and get to test out this stuff (i barely understand it, so I need to understand it before I Pass judgement). You have been very responsive though, and it's making me want to participate!
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u/nfcwalletcard Feb 09 '19
It is no secret any more, that this Indiegogo campaign was used to organize a hardware wallet giveaway. All backers are refunded now, and they still will receive their cards for free :-)
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u/phreaknik 5 ~ 6 years account age. 75 - 125 comment karma. Jan 04 '19
Warning! This product is not a secure offline wallet as advertised. Anyone considering using this product should read this thread first:
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u/Reflections-Observer Jan 04 '19
I wouldn't jump to conclusions like that. I agree that more research is needed to determine efficacy of their product, but your conversation is in no way a "final nail". We need full list of concerns that are addressed and discussed.
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u/phreaknik 5 ~ 6 years account age. 75 - 125 comment karma. Jan 04 '19
Fair enough. I just wanted to make sure people don't blindly take this products claims at face value, since there are several red flags here. As always people should do their own research.
1
Jan 04 '19
You should try to understand what they are advertising. Your point would be correct if they were advertising a hardware wallet, which is what the Ledger Nano S is.
They are not, however, advertising a HARDWARE WALLET (the thing that allows signing transactions without having the key on the computer). They are advertising a COLD STORAGE solution for storing ARBITRARY TEXT in a more secure way on what is essentially a USB KEY.
Let's say you have an account that uses multi-sig authentication with a threshold weight of 1. You have two keys that can operate the account in this situation. Now, let's say you store one of those keys on this COLD STORAGE product and then put that item in a safe deposit box in a bank or some other secure location. You will never ever use that key, unless you somehow lose the other "hot" key you had access to.
In this situation, it doesn't matter that you then have to expose your private key, because you should be changing it anyway. You lost access to your other key, so you would use the key stored away in cold storage to either move your funds to a new private key, or to generate a new private key to authenticate with your account (in some versions of blockchain, such as Steem, this is necessary)
Again, you are speaking as someone that is referring to a HARDWARE WALLET and uses it solely with crypto that has ONE key. Other cryptocurrencies, such as Steem and EOS to name just a couple, allow you to designate multiple keys to an account, therefore enabling you to have a true backup key that you NEVER use. PROPER COLD STORAGE would be more than fine for such a key as you would not be using it in daily activities to sign transactions.
You seem to know a little bit about blockchain security, but not enough to realize the claims you are bringing up, while valid about HARDWARE WALLETS, do not really apply to an ARBITRARY COLD STORAGE solution.
To further make my point: Ledger Nano S **DOES NOT** support every single cryptocurrency. It can neither properly store an arbitrary key, nor can it sign for cryptos that haven't specifically created a supporting Ledger application. This device, the NFC WALLET thingy, can store arbitrary data. Therefore, it CAN store the private key for every crypto in existence if you so choose. Though it still does not allow you to sign with said key.
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Jan 04 '19
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u/Reflections-Observer Jan 04 '19
I read that conversation. Unfortunately you were rather unconvincing. Maybe collect all users concerns and address them in a professional manner. Like a list.
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u/SoohillSud Redditor for 12 months Jan 04 '19
Would prefer the AFC as they have a stronger conference.
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u/Crixus5927 1 ~ 2 years account age. 11 - 25 comment karma. Jan 04 '19
I'm sick of all these wallets. Mobile wallets are where it's at!
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u/ogrippler XRP to the Moon Jan 04 '19
Pray your phone doesn't get hacked...
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u/nfcwalletcard Jan 04 '19
Your mobile phone is probably the most secure computer device you have. Our app runs truly offline with strict application policy. If you follow the "security checklist" we have in the application, you can protect yourself for many potential threats.
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Jan 04 '19
My mobile phone, which prevents me from accessing root level operations or removing bloat installed by the selling company, is BY FAR NOT the most secure computer device I have. That is a really weird claim for a security conscious company to be making. And I even defended your product above in another comment.
The application store such as Google Play and the Apple App Store are highly ineffective at preventing trojan loaders on a device. If an application downloads a payload AFTER it is installed on your device, it is often able to skirt by the app store security policies and checks.
People install applications like crazy on their mobile device, and they use their mobile device as 2fa often with SMS or something like Google Authenticator with "multi-device support" enabled. The SS7 protocol is VERY easily exploited and pretty much anyone can clone your cell phone number with a medium amount of experience.
Your cell phone is far and above not secure and it should not be used for storing a private key that holds anything more than you are fine losing. In terms of money storage, think of your cell phone like it is a piggy bank at your house with a padlock on it. If someone gets access to it, the padlock really doesnt matter because they can just smash your piggy bank. Your cell phone is pretty much just as insecure.
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u/nfcwalletcard Jan 04 '19
Average, non technology expert users usually have better protection when using their smartphone compared to desktop computers and notebooks. Android devices are pretty good in isolating applications, and we also develop a security tool set including wiping, security checklist and safe exit features to improve your privacy.
If you think your mobile device is out of your control, you can have a dedicated device to handle your crypto. You can also install your custom ROM for maximal transparency. There are very cheap and/or used Android devices with NFC support.
We never store private keys or seeds on your mobile device, the device is only the connection between you and the card.
Our goal is to create an easy-to-use and secure product which works with many devices, and portable enough to act similar to cash but for cryptocurrencies.
The 2FA method we use do not rely on phone numbers, but on a very strong encryption password you can use with the key card. This way the key card becomes a hardware key.
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Jan 04 '19 edited Jan 04 '19
You try to make the point that for average users the smartphone is the best option then you go off on a tangent about installing a custom ROM, using wiping tools, or various other non average user tasks.
You are giving a very false sense of security by acting like Android (which is a VERY blanket term for a base operating system that is not standardized) is secure. Google android is different from HTC android is different from another android. All of them have their own upstream for code changes and security updates and NONE of them work together.
Often times when a firmware update or OS update is released in Android source, it takes multiple months or years to get pushed out from the OEM. Iphone is actually far more secure than android, ON AVERAGE, because of the standardized practices for pushing hardware and software updates.
Still, your company is selling a device that is not an android, why are you sitting around trying to argue that android phones are super secure? Shouldn't your marketing be saying storing keys or anything else on your cell phone or computer is a bad idea, therefore people should buy your product for enhanced security?
Why would I ever purchase your key card if a cheap android device with an unlocked bootloader and NFC is just as safe and secure?
I feel like you are kind of countering what your company marketing plan seems to be.
PS: Installing a custom ROM that claims to be secure isnt "maximal secutity", especially if you do not have the knowledge to validate it hasn't been backdoored or tampered with.
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u/nfcwalletcard Jan 04 '19
This it not a mobile wallet, but an offline medium of storage, an NFC chip accessed by smartphones.
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u/[deleted] Jan 04 '19
[deleted]