I have a Yubikey NEO being used as a smartcard. If someone steals my yubikey, it's not possible to extract keys from the yubikey. As long as the keys are backed up, that's not a disaster. Good!
I want to understand how important are the user pin and the admin pin. If someone learns the user pin, they can impersonate me by signing/encrypting documents using the keys on the card, even if it is 'borrowed'. If someone learns the admin pin, they can reset the user pin and use it (although that would be pretty obvious, because the old user pin would no longer work). And they can reset the whole yubikey (but that's not a special problem if the keys are backed up).
But it sounds like you can't really do any more damage with the admin pin than you can with the user pin. Is that correct? Is there anything else you can do with the admin pin?
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