[j_s]

Are we in agreement that no HSM can completely protect against scenario 1? (If I can't verify the key [varying degrees of "hard" when connecting across the internet], it can be replaced.)

[edited] That is why I don't see this as relevant, it is outside the threat model any HSM attempts to protect against. More mitigation is possible than the YubiHSM provides, using a display/inputs on the HSM itself to verify keys and choose/confirm operations.

I appreciate your patience in carefully explaining your perspective, and this issue is definitely something to keep in mind in general.

[Cyph0n]

> That is why I don't see why this could possibly be relevant, it is outside the threat model the HSM attempts to protect against.

I agree completely. It's just something to keep in mind.