Ok.. he was a drug dealer... but check that XMR s**t...

[Marie Manila]

You don't even have to set up the HW wallet. You just have to store the seed somewhere. Ideally your memory + a couple of places.

This is basically true, but if the seed backup is found, then the finder has access to the coins. Even if another password has been set, this can potentially be brute forced.
I think it is more difficult to crack a hardware wallet if it gets found.

And your friend can not make a copy of your wallet (seed).

 

[0xDEADBEEF]

but if the seed backup is found, then the finder has access to the coins.

https://en.bitcoin.it/wiki/Brainwallet

 

[void]

https://en.bitcoin.it/wiki/Brainwallet

my favorite wallet, fantastic price tag, in the beginning the user experience is a bit awkward and it hurts a little bit but then works flawlessly
the only problem is signing transactions, I'm tweaking the factory source code to come up with a patch for that but so far not much of a progress