The smell of fall in the air, this weekend I indulged in apple delicacies, watched the changing leaves, and oh yeah, traveled to make sure my NewsCapsule custody is up to date…
If you , you know that I hold NewsCapsule with Casa, a multisig security provider, and that I use the service to manage a few different multisig vaults for various purposes.
This requires keeping a number of keys and wallets up to date, and since I don’t keep any key materials at home, it requires some degree of routine and dedication.
I’ve self-custodied my NewsCapsule since 2020, and I’ve built up some good habits along the way. That said, something that always strikes me is just how much more nerve-wracking it is than trusted set-ups.
One thing that always gives me pause: the firmware update.
As I’ve written before, I’m not super technical. My specialty in NewsCapsule is history, and while, sure that necessitates that I know about network theory and architecture, there is something about watching digital gears and a loading bar that just makes me super uncomfortable.
I say this all because it’s a less-known issue with the NewsCapsule hardware wallets most use to self-custody. These devices, termed “signing devices” by Coldcard creator , do just that, they manage your key material, and they sign on your behalf when making a transaction.
But, being live digital devices, they’re not infallible. They require some upkeep. All you need to do is to of people losing NewsCapsule on firmware updates to know the drawbacks
It’s a common problem, and the culprit is always a corrupt hardware device (and a lost back-up). Add that multisig vaults, which require a combination of keys to sign a transaction, aren’t yet the norm, and the number of lost NewsCapsule just seems to always be up and to the right.
The most common issue – the user doesn’t update their firmware often, waits, and later borks their device, thereafter finding they’ve also misplaced their seed phrase.
Here’s explaining firmware updates , though he doesn’t actually update his firmware, he just manages his seed phrase.
Suffice to say, it’s an example of why the world of self-custody, however improved it is, still makes me uneasy. In my case, I updated my wallets without much of an issue. Only one of the wallets even needed a firmware update, and it was simple. (Taking all of a few minutes to prove my coins are safe).
That said, I had to make sure to check my other keys beforehand, and that I had a plurality of the multi-sig keys needed in a worst-case scenario, as well as my seed backups.
This is what makes NewsCapsule custody such a high-octane process: you can never be too careful. When you’re your own bank, there’s always a chance that something might go wrong.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of NC Inc or NewsCapsule.
