SeedxOR makes me nervous, but yes multisig is A+ #1, but you really have to plan that out carefully in advance or get rekt.
Discussion
Yeah you need a solid plan and to really think about how you can still recover funds if multiple backups are compromised.
I love rabbit hole discussions.
What do y’all recommend when it comes to multi-sig backup with long-term cold storage? Especially when it comes to different locations for each seed backups?
Personally I never thought about using a loaded signing device as a backup.
Would having one loaded signing device (locked with a sophisticated pin) for each part of the multi-sig at a different location (such as a safety deposit box) be considered a good backup option?
That way, instead of having one set of the multiple metal plates stored in a safety deposit box, you’d have a secured hardware device locked with an alphanumeric passcode.
Obviously you’d still have set of metal plates secured some other place to create more redundancies in case of potential compromises.
What do y’all think?
I think nostr:nprofile1qy08wumn8ghj7mn0wd68yttsw43zuam9d3kx7unyv4ezumn9wshszfnhwden5te0dehhxarj94ex2mrp0yh8q6rfd35hqcmjd9ehg6tpdehjucm0d5hsqg866e2qere062sk5fwsmqkajhfm44ufp4p4695ssj9q5a7j3qaygunq2hud article here talking about multisig distribution
Interesting. Thanks for the recommendation!
This is great, thanks for sharing 💜🫂
It’s all tradeoffs. You can have 3 devices and 3 seed backups. That’s good redundancy but it’s more complex because now you need 6 different locations to keep track of. If you can secure those spots, then yeah I think it’s worth it. But you have to keep in mind certain risks. For example, let’s say you lose a backup seed and the same signing device that held that seed. Now you have two backups and two signing devices left. But since you need all 3 seeds to recover your funds, you essentially lost everything. You can backup the multisig wallet so that you can still recover the funds with only two of the three keys. But you’d need to keep that file secure somewhere separately as well. So you can see that it can get quite complex. It’s all tradeoffs.