Why use a passphrase with more than 128 bits of entropy?
- To forget about the stupid market for hardware wallets with secure elements.
- So you don't have to worry if your seed is stolen.
"Politicians are thieves and bastards" has an entropy of 205.
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A passphrase is still a multi-signature, but much easier to manage, and you should treat its backup in the same way as a multi-signature.
Multi-signatures are overrated and passphrases are underrated.
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Point of multisig isn't to increase cryptographic entropy to reduce brute force of a single device. It's to distribute signatures amongst multiple devices in different geolocations and under different custodians ideally. This makes it such that multiple different devices have to be compromised for your UTXOs to move. It's an inherently different threat model than just creating a longer passphrase. You can have a 48 word seed phrase as your passphrase and have identical vulnerability to a wrench attack than if it were just a 12 word seed.
A passphrase is not a multisignature. It's a single signature that's encoded by the concatenation of the seed phrase plus the passphrase hashed into whatever the encoding algorithm is.
Please please please do your research idk why you consistently make giant errors in your "advice".
If seed phrase not important why make it so much entropy. Seed phrase long passphrase short (multi words but still memorable) makes more sense
Where am I saying that the seed is unimportant?
My apologies my friend, the part saying we don’t have to worry about seeds got stolen gave me that impression. We definitely should worry if seeds got exposed whether we use passphrase or not.
Don't worry 😂, you're right that it's poorly worded. What I meant to say is that if you don't have a passphrase and someone steals your seed, it's game over.
A strong passphrase of more than 128 bits completely mitigates this. Obviously, you'll have to change your seed.
I agree passphrase is underrated, everyone should use un-passphrased wallet as a fake account and leave some shitcoins there.
