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Bitpiggys Opendime

🔍 Last analysed 11th November 2022 . Plain Keys when spending Not functioning anymore
16th July 2019

This product eventually requires sharing private key material.

As part of our Methodology, we ask:

Does the device hide your keys from other devices at all time?

If the answer is "no", we mark it as "Plain Keys when spending".

These devices keep the user’s private key sealed until the seal is broken or removed.

In order for a transfer to commence, the private keys have to be brought onto a different system that might not be secure.

There are many viruses known to look for Bitcoin private keys in memory or hard drives.

While this aspect should not leave room for major exit scams, the handling of such devices is delicate and prone to loss of funds to hackers.

To redeem your funds safely, create your transaction on an offline machine and verify the signed transaction on a different machine before broadcasting it.

But we also ask:

Is the product still supported by the still existing provider?

If the answer is "no", we mark it as "Not functioning anymore".

Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.

Help spread awareness for build reproducibility

Please help us spread the word discussing build reproducibility with Bitpiggys Opendime  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

What is a bearer token?

Bearer tokens are meant to be passed on from one user to another similar to cash or a banking check. Unlike hardware wallets, this comes with an enormous "supply chain" risk if the token gets handed from user to user anonymously - all bearer past and present have plausible deniability if the funds move. We used to categorize bearer tokens as hardware wallets, but decided that they deserved an altogether different category. Generally, bearer tokens require these attributes:

  • Secure initial setup
  • Tamper evidence
  • Balance check without revealing private keys
  • Small size
  • Low unit price
and either of these applies:
  • Somebody has a backup and needs to be trusted.
  • Nobody has a backup and funds are destroyed if the token is lost or damaged.

The Analysis 

Product Description

The actual product was meant as an educational tool for parents and their children. Children could put real fiat coins as well as scan Bitcoin satoshis via printed QR codes with the public keys. Once the user wants to transfer funds, the private key is then accessed through the accompanying Opendime Plain Keys .

Analysis

The product’s website bitpiggys.com now redirects to shamory.com. Though the actual piggy bank is no longer for sale, acquiring an Opendime is still possible. The same verdict of “sealed-plainkeys” given to Opendime, is applied.

(dg)