No, it doesn’t lock up, but each time you enter a wrong PIN, the wait time increases by a power of 2. See this FAQ on brute forcing the Trezor PIN.
@mav interesting point regarding simplicity vs. complexity.
I have several forms of coin currently on Bittrex, and am desiring to hold them long-term as investments.
What is the simplest and easiest way for a novice like myself to store these various coins in cold storage so that I can easily retrieve them in the future and ‘cash out’ if need be?
Best combination of security and simplicity is hardware wallets
Does anyone know if the Ledger Blue can hold MAID?
According to their support page, they don’t support it natively.
Just a note in this thread to highlight that Omni are working on TREZOR support:
Progress can be followed in their weekly blog updates.
@DavidMc0 please don’t double post, but rather link to your other post. I just replied to your post, but then I have to reply here too otherwise some might miss my comment
It seems that the TREZOR wallet is going to provide auto login to omniwallet and use it for message signing.
I’ve edited the other post to point here, as it’s more relevant to this thread than the price thread.
I guess it’ll be similar to the offline signing for Armory, but using TREZOR for the signing. Will be interesting to see what ‘auto login’ looks like.
The more options the better - I hope Ledger & Electrum are next.
This Trezor news is very good but is it still ok to store MAID in offline paper wallets? Are both routes completely secure or is Trezor much safer?
Most definitely as long as you have securely kept a copy of the private keys (as you should do with any wallet you use)
No good at the moment for MAID since omni support doesn’t exist on Trezor yet. But once it is working properly for MAID then many say it is as safe as a paper wallet but you can do transactions with it too
There are 3 main aspects to safely using paper wallets; offline generation, offline storage (a given), and offline transaction signing. The last is the most difficult and inconvenient. Hardware wallets look after all 3 of these things provided that they support the coin you are storing.
Oh man I don’t even know what offline transaction signing is. Can you explain that to me? I have safely stored MAID in offline paper wallets and wrote down the private keys. How do I solve this offline transaction signing step without using Trezor?
Thank you Neo for easing my worries yet again
Ok, this might be a long post. I guess the first thing to understand is private keys. A private key is just a number. This number goes through some math and ends up being an address. Anyone can send coins to the address, but only someone with knowledge of the private key can send coins from the address. This is done by creating a transaction and the signing it with the private key. A transaction is like ‘send coins from address A to address B’. Signing is a cryptographic operation and it does not reveal the private key. So the tricky part with paper wallets is keeping this key hidden all the time, but still doing the signing. Think about what happens if you import your private key from the paper wallet into a compromised computer that is connected to the internet. You are then in a race with an attacker to send the coins somewhere. There is info here [Omnicore wallet - the most secure wallet for your Maidsafecoins] on how to use Amory to do all this on an offline computer and then use the Omni web wallet to broadcast the transaction.
Wow very glad you explained this to me! Thank you very much! I always knew I’d have an issue when I was ready to send my coins but just didn’t know the terminology. And more importantly how to handle it! I’ll become familiar with this link/armory and also look at Trezor when it comes out.
Finally, this has changed recently: since Trezor firmware 1.5.2, the device is wiped after 16 wrong pins (in addition to the doubling of delay after each attempt). See this change log
I use CoolWallet for Cold Storage of BTC. I also recently bought a KeepKey as my second Cold Storage device as they were out of stock for months, then recently were available again.
I store my BCH on KK and plan to use it for my other alt coins including my MAID and MONERO, as KK was recently purchased by ShapeShift Exchange who support dozens of alt coins, and plan to add them to KK
aha , it is a good idea.