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RE: VLOG 196: HARDWARE WALLETS ARE SCAMS
Wrong. If you are storing more than a few thousand dollars in crypto assets, they are definitely the smartest way to keep your keys safe.
A hardware wallet simply stores your private keys on a secure hardware device. Unless you are keeping the only copy of your private key on a piece of paper. Nothing is more secure.
The whole point is the private keys don't leave the device.
They are immune to viruses or anything along those lines. The keys can not be removed from the secure element. Even if you use a paper wallet to keep your private keys, you have to import them into software at some point.
Even if you break your hardware wallet, and you have the key phrase you are completely secure. You lost your money because you failed to have a recovery method. Keeping your BTC on your offline computer
Your also not including the fact that at least for the trezor, it has an on board real random number generator chip. This ensures that the signatures do not expose your private keys. Most software uses a psudo random number generator, which has caused many people to lose coins and causes people to generate keys that sometimes already have crypto on it! To date no one has hacked the coins from a Trezor device when used properly. It offers more redundancy then a simple paper wallet as well, especially if you use a safe deposit box.
Well yeah mostly.
There is no such thing as a real random number generator.
Followed ya. You know what your talking about. Need more of that on steem.
So following this logic wouldn't it be just as fair to say, "I lost my bitcoin private key - bitcoin is a scam." -
They are not a scam.