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Author Topic: Ordered "Simple & Elegant Wallet" cards from Bobby Lee - Ballet  (Read 821 times)
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September 14, 2019, 05:35:22 PM
 #21

this method of creating a wallet only works for collectibles not an actual wallet. with a collectible the focus is mostly on uniqueness of the design and its looks so the security might not be the priority there.

for a wallet, to actually store funds and be secure the only way this could work is if they gave the option to the user to send them an encrypted key for them to print and then stick that scratchable on top of it. that simply eliminates any chance of them scamming anyone (unless user chooses 123 as their pass!)

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September 14, 2019, 05:53:38 PM
 #22

So, is this like an metal plated paper wallet? Honestly, it isn't very clear on your website. I suggest that you put a clear step-by-step on how your product works in the first page.

Something like:

1. You buy the wallet.
2. You do X.
3. Your coins are stored in Y.
4. Then you can spend by doing Z.

Everything isn't very user friendly at the moment (IMO).

Private keys are pre generated by the manufacturer. Very crazy IMO. I think it is a shitful wallet. OP shouldn't have rush to buy it, before he reads what is it all about...
You will receive a wallet with a pre generated private key, trusting that the manufacturer don't have them.

Take a look here, there was already some discussion in the forum about it.
https://bitcointalk.org/index.php?topic=5184005.msg52434130#msg52434130
To be fair this isn't 100% terrible, I very foolishly bought
 something similar from Bitswiss, and put a few bitcoin on it, they stayed for years and never went anywhere. They were legit and they even switched their focus and stopped selling wallets. Now this company, I don't know and would I do it again like that? No. I'd want to generate my own Private key and have some sort of scratch off sticker included.

I like the idea but it's clearly not safe.
Perhaps safe preloaded papers could work a bit like multisignature wallet. Other part of the card keys could be generated within the buyers computers when they receive the card. I guess it can be done safely with only the owners having access to the real keys?



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September 14, 2019, 06:27:05 PM
 #23

Why not enable new users new and easy way to generate their own keys?
and then you can call your wallet revolutionary...
Maybe some combination with app and card for this.

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September 14, 2019, 06:43:33 PM
 #24

The product is new, the site too, but it has to start somewhere, they can't earn their reputation in 1 month. Everyone deserves a chance. I doubt B. Lee is going to scam people

I doubt Bobby Lee is out to scam anyone -- doesn't mean I trust his company to generate my keys. Cheesy

It's such a silly model. What if the key generation process is compromised? It's a glorified paper wallet so best case scenario, you've got a $40 paper weight. Worst case scenario, your bitcoins are gone. Not to mention if it's ever physically compromised, it's incredibly easy for someone to recover your bitcoins.

Too much emphasis on ease of use at the cost of security is bad for the ecosystem.

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September 14, 2019, 08:06:38 PM
 #25

I agree about the generation of keys, it does make it sound suspicious. Even if the company's CEO is not trying to scam people, it could lead to a potential security breach, I guess. And how is this wallet unique, why is it the first multi-currency wallet? Nano Ledger supports 25 cryptocurrencies, and it's also offline. Plus, it already has a good reputation, it's very famous and considered one of the best wallets out there. And there are Crypto debit cards (though not issued by Ledger). Why is this weird form of the wallet being a card good? It makes it very visible that it's a Bitcoin wallet (on the photo, at least) which may attract the thieves, for instance.

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September 15, 2019, 10:07:59 AM
 #26

When viewed from the perspective of simplicity Ballet wallet certainly has its advantages, and may help to a greater adaptation of cryptocurrency. But on the other hand, it is not good to steer people in the wrong direction, stating that this is secure way of storing crypto.

We can say that Bobby Lee is an honest man and that he has good intentions, but he ignores the basic rule "Not your private keys, not your coins", and he can not be sure that someone will not abuse their position in the process of generating private keys.

Simplicity of using cryptocurrency is key for mass adoption, but safety must come first.

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September 15, 2019, 12:06:26 PM
 #27

Hi everyone,

From Jessie tg Ballet Admin t.me/BalletCrypto:

Question:
"How is the seed phrase on the card is generated? How can I be sure that nobody saw it while manufacturing?"

"Jessie, [14.09.19 12:58]
Hi. The short answer is the wallet passphrase is generated in an offline computer in USA while the encrypted private key is generated in China. No single factory worker or employee can come into contact with both info.

Jessie, [14.09.19 13:00]
We adopt industry first practice called 2-factor key generation. It’s actually a very complicated process that involves international shipping and manufacturing. To learn more about it, please visit www.balletcrypto.com/2FKG."

Source: https://t.me/BalletCrypto


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September 15, 2019, 01:04:20 PM
 #28

uhm , how can you trust a hardware wallet with pregenerated keys that you can't change?
maybe I'm missing something but if you do not control the keys- you do not control the money as simple as it gets
and maybe this topic should be in some other thread  as well
while the idea of a solid material wallet that you can carry like a credit card sounds like fun , I picture cold wallets more of a "keep it safely home"
I'm sure they will be selling it allright, but I'm not going to be one of the customers for sure

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September 15, 2019, 06:38:37 PM
Last edit: September 19, 2019, 09:25:40 PM by Jcga
 #29

@TryNinja @Bitmover @Lucius @franky1

you need to be crypto swag and follow the trend lol.

Yes, the keys are pre-generated but hey, in the earlier days when we discovered Bitcoin, weren't we using a web wallet and alike, a place where we needed to trust a company with our keys? Coinbase for example.

The product is new, the site too, but it has to start somewhere, they can't earn their reputation in 1 month. Everyone deserves a chance. I doubt B. Lee is going to scam people

I wouldn't use it to store my vault but you know, we all have different wallets for different purposes. For example, you can create a wallet that you only use for your shopping online, another to pay the escort girls and so on. You usually keep a minimum on it, just enough to pay 1 or 2 shots.
It's the type of card I would use as an alternative wallet for this.


I don't remember who talked about the price but I think the price is decent. If you compare with a similar website, ColdKey is at $35 and Satochip $25

+1



Thanks to you @LeGaulois, ordered 2 "Genesis Edition Coldkey" cards from www.coldkey.eu, ultra sexy too hahaha
"Coldkeys are physical secure cold storage wallets for crypto-currencies".

"This is the first Coldkey public release.
It has been specially created to commemorate the birth of Coldkey.
The Genesis Edition is composed of 250 serialized cold storage wallets.
You can choose if you want Regular Coldkeys. Or maybe you prefer an Anon Coldkey?"

Yogg's thread : "Welcome to the Coldkey™ Genesis Edition pre-order and sales thread!"
http://bitcointalk.org/index.php?topic=5132621.0








Seen that!
"The very first serial numbers of our new loaded Coldkeys are in auction on bitcointalk : http://bitcointalk.org/index.php?topic=5179709.0" Sold out.


Source: http://twitter.com/ColdkeyCards/status/1167096835913244672



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September 16, 2019, 10:39:34 AM
 #30

wow 2x kickstarter's backers in 48 hours...



source: kickstarter.com/projects/balletcrypto/ballet-cryptocurrency-hardware-wallet



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September 17, 2019, 09:28:42 AM
 #31

"Ballet is a Multicurrency Non-electronic Crypto Hardware Wallet"



Source: https://cryptomining-blog.com/



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September 18, 2019, 02:21:55 PM
 #32

Smiley Hi everyone,

Question:
"Bobbyclee just watched your BalletCrypto video (youtube.com/watch?v=jxP2KIdn_FQ), cool concept,
in the video you explained that the private key and BIP38 passphrase are never known by the same people,
if that is true how do you derive the public key?"That’s precisely the beauty of #BIP38!"

Bobby Lee:
"Using that well proven industry standard, we are able to generate the proper deposit address without ever digitally
combining the encrypted private key with the decryption passphrase. It’s elliptic curve cryptography in BIP38, it’s magical."



Source: twitter.com/bobbyclee/status/1174215666603368449



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September 19, 2019, 01:52:10 PM
 #33

Smiley Charlie Shrem in da house!

"Just got my pre-production sample of the @BalletCrypto wallet, excited to try it out!

Listen to CEO @bobbyclee and I talk about OG crypto stories from the early days
and his new wallet at http://UntoldStories.com"


Source: twitter.com/CharlieShrem/status/1174300190351777792

Bobby Lee: twitter.com/bobbyclee
Ballet: twitter.com/BalletCrypto
Ballet Telegram Group: t.me/BalletCrypto
Ballet Shop: store.balletcrypto.com


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September 19, 2019, 08:55:29 PM
 #34

This Ballet card looks so slick, like a Black Card or something. The aesthetic is probably pretty attractive to mainstream folks, coming from the age of credit cards.

It's a damn shame because this is all going to end in tears.

I hate watching the industry move backwards. This "cold storage with third party generated keys" model reminds of me of Binance's "DEX" where you "hold your own private keys" to tokenized assets on a permissioned blockchain. Roll Eyes

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September 19, 2019, 09:00:47 PM
 #35

...
I am not saying that the CEO of the company is planning to rob its clients. But a dishonest employee, for example. There are too many possible leaks with a pre generated private key. There is no reason to PAY to be exposed to get risk.
...
Or, CEO (I don't know if he really wants to scam or not but why not... crypto is about you don't trust anyone...) will just help an employee to copy the keys and they will share the bitcoins in the end...
So it's not himself directly, but nearly...
I won't buy this wallet despite of the "ultra sexy" design and the heavy marketing stuff... Bitcoin is about the trustless environment, this card is just against the basics of bitcoin...
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September 20, 2019, 01:20:49 PM
 #36

I do not see much point in such cards
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September 22, 2019, 10:44:00 PM
 #37

...
I am not saying that the CEO of the company is planning to rob its clients. But a dishonest employee, for example. There are too many possible leaks with a pre generated private key. There is no reason to PAY to be exposed to get risk.
...
Or, CEO (I don't know if he really wants to scam or not but why not... crypto is about you don't trust anyone...) will just help an employee to copy the keys and they will share the bitcoins in the end...
So it's not himself directly, but nearly...
I won't buy this wallet despite of the "ultra sexy" design and the heavy marketing stuff... Bitcoin is about the trustless environment, ...


"this card is just against the basics of bitcoin"  Shocked
Hi bitart, please have a look for instance at LeGaulois post on page 1.
I like the idea of supporting promising pretty cool projets, I do believe there is room for "Offline Cold Storage Hardware Wallet" and loaded physicals.
Plus lol, aren't they beautifull crypto goods to collect for the pleasure of it Wink


Source: twitter.com/bobbyclee/status/1175102392838193152


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September 23, 2019, 03:05:59 PM
 #38

"Live video podcast interview tomorrow, at GBCLive!
We will talk about Bitcoin, and why it’s revolutionary. Please tune in and join us!"



Source: twitter.com/bobbyclee/status/1176068619286892545



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September 24, 2019, 09:46:04 AM
 #39

Very strange system, would not like to use something like that
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September 24, 2019, 08:33:54 PM
 #40

...
Plus lol, aren't they beautifull crypto goods to collect for the pleasure of it Wink
...
That's the only reason why I would consider to buy that card but won't use it for the original purpose to store any coins on it, because of the above mentioned things...
The card is pretty cool looking but that's all, you can't stop the greed, if this card becomes widespread among people, sometime an employee of the company will realize how much bitcoins are loaded to the cards and their system is developed by humans, and humans are greedy... They will find a way to take some bitcoins, not all bitcoins of course, but that's the way life is...
So it will remain a fancy collectible thing for bitcoin lovers Smiley
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