So break into a locked iPhone is a hack according to @officialmcafee . But not a hack for a #Bitfi wallet...
Could you tell me @Bitfi6 what's the difference?pic.twitter.com/7j88WbOfPK
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So break into a locked iPhone is a hack according to @officialmcafee . But not a hack for a #Bitfi wallet...
Could you tell me @Bitfi6 what's the difference?pic.twitter.com/7j88WbOfPK
Yes sir. If you get access to the iPhone you will get all of that individuals personal information. But if you get inside Bitfi, there is absolutely nothing on it (except the operating system). You can leave Bitfi in the middle of the street and no one can get a penny out of it.
So basically Bitfi wallet is an app, right?
The Bitfi wallet is a combination of a device that runs an algorithm to calculate your private keys from your phrase and a Dashboard where you view and manage all your assets.
So the "unhackability" component of your product is actually the unhackability of the blockchain, the cryptographic element. Right? Nothing much to do with Bitfi?
That’s sort of correct. Basically to hack Bitfi wallet you have to attack the blockchain itself. Now man in middle attack is another attack vector and we are waiting to see if someone can demonstrate that hack. In which case we have a patch for it that would go out immediately
Why isn't the patch going out proactively?
Sir, because it will slow down our customers devices. At this time we have no evidence that someone can accomplish a MITM attack and so we should not do this unless necessary.
Why not give users a setting to choose between speed and security? I know which I'd pick.
At this time we have no reason to believe that there’s lack of security. We have to approach things in methodical way. If we don’t see weakness there no need to fix something that isn’t broken. But we cannot underestimate infosek community as they might know something we don’t.
Could you describe how your patch will work?
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