trezor-firmware VS slips

https://trezor.io/ - Easy to use, no matter how new in Bitcoin you're.

Added (November 2021): https://github.com/trezor/trezor-firmware/pull/1903

Next thing to have is a hard wallet if you haven’t already like a Ledger or a Trezor and let it sit there. That’s the safest thing to do! Also, there’s always been a risk of KYC (Know Your Customer) on CEXes as mentioned several times. This was all meant to be decentralized and keep our identity under wraps and retain that anonymity that crypto was originally designed for… and you get a hold of your keys.

https://trezor.io/ - Easy to use, no matter how new in Bitcoin you're.

where "x.y.z" is the VERSION of trezor (aka TrezorCTL) you are trying to install. See the version history when picking a version. "Oldest" is not necessarily "best". You'll want to pick a version that was released around the same time your Trezor-1 was last updated.

I've purchased a Trezor model T from what I believe is the official Trezor website (https://trezor.io/). Is it rational for me to have a slight fear that it isn't a legit trezor and maybe the chip is compromised, possibly being able to send off my seed to an unknown party?

The official SLIP-0039 standard itself confirms it is not possible to convert this mnemonic type to BIP-0039. Down in Section 9 "Compatibility with BIP-039":

For anybody new or returning to SSS, check out SLIP-0039: https://github.com/satoshilabs/slips/blob/master/slip-0039.m...

One of the big downsides of SSS is that it’s very raw and you have to do a lot of legwork to make it actually useable. It’s rightfully criticized for this and the argument follows the don’t roll your own crypto vein.

SLIP39 solves this by formalizing a protocol for handling SSS splits built atop standards for crypto key serialization (BIP-39). SlIP shards are unique on each generation so parties with the same underlying SSS shard can’t compare mnemonics, they’re mnemonically serialized, and have a checksum and group index metadata which makes a more sane UX possible when combining.

Well every wallet chose to solve this problem independently. Trezor proposed a new standard called SLIP10 to do BIP44 type operations coins that did not use secp256k1. Problem is, there are very few utilities I've found that will do SLIP10 derivations.

Checkout the SLIPs repo (https://github.com/satoshilabs/slips.git) and modify testvectors.py. We are going to replace the curvenames and last four show_testvectors lines with the following:

They use an open source algorithm which is documented here. Anyone can verify it and the recovery outside of a Trezor hw-wallet is possible if required.

It will be using SLIP-39, like Trezor and Electrum, or a Ledger rewrite of it. All the language about shards is straight from the SLIP39 spec.

This was all done with the SLIP-14 seed using the passphrase coinjoin if you want to follow along.

With the introduction of the new Coinjoin feature in the latest release of firmware and software, I had the need to dump some of my taproot derivations. Although blockbook can do this fine using descriptors in place of xpubs for taproot accounts, it fails on Coinjoin accounts. This is likely because SLIP-25 as 6 deep derivations while BIP-86 uses a standard derivation depth of 5.

The recovery of Coinjoin accounts is described here. Accessing them outside of Trezor Suite will 100% destroy all privacy obtained since Suite is the only keeper of the anonymity set for each UTXO. Using your CJ coins outside of Suite may also erode the privacy of previous transactions using your Suite Private coins as well.