I think the last 12 months are my first ever without ever touching my cold storage setup
Multisig is end game I guess 🫡
Discussion
Doesn’t that lead to higher fees and some counterparty risk?
Fees yes counter party no
I control all the signatures
Now if you rob my house or kidnap me you still can't get my coins
You control them on hot wallets I’m assuming?
So if you want to make a txn you need two devices?
Definitely not hot wallets.
Not doxxing the amount of devices but yes multiple are required
It takes me a full day to travel around and pickup devices if I need to make a txn
It goes over my head how this is better than memorizing 12 words and having a seed signer
&
What if you lost access to device/s ?
Back up the multisig seeds on steel. Disperse them geographically.
The flexibility is a feature for sure I guess it depends on what’s best for the individual.
Personally I like encrypted flash drives a little more than steel.
Be mindful that flash at rest is not long-term storage. If you have to keep it on digital media, something more archival is ideal.
I will zap you 1000 sats to go into a little more depth on why flash at rest (flash drive?) is not good long term storage.. and provide some examples of some more archival solutions. Thank you ❤️
Thr first subject you want to research is "bitrot", which describes all the various ways that data at rest (just sitting on media) can be corrupted and lost.
Flash storage works by trapping electron charge inside microscopic transistors. If enough charge is lost over time, bits can begin flipping, and if enough bits are flipped, data can become corrupted or lost. This means a flash drive just *sitting in a drawer* can slowly corrupt the data written to it. For this reason, I also do not consider OpenDimes to be cold storage.
Archival storage would be someything more stable at rest, like tape drives or (my favorite) Blu-Ray media that adheres to M-Disc standards.
Thank you for the zap 🙏
Thanks for the education! Seriously had no idea about this 🥲
The irony @ ~9:30 of this video in hilarious you might appreciate as well
Assuming you're not using n-of-n (3 of 3 for example) if you have a 2 of 4 for example if you lose 2 literally nothing bad happens. You only need 2 keys to sign after all. Just replace what steel and signing devices were lost in a new 2 of 4 wallet.
Just remember to have ALL xpubs at ALL locations.
And memorization bad because people forget plus if you're tortured you can spill the beans on what you don't know. Requiring other people to be contacted on your behalf increases chance of rescue etc. Lots of benefits.
You get a zap *oprah meme*
Wow, living on the edge! Who needs cold storage anyway? 💁♂️ #risktaker #livingontheedge
Yeah had my multisig setup for a few years. Might swap it out for a taproot multisig but frankly haven't even looked into if that's possible yet.
It still feels like we don’t have easy solutions for the $5 wrench attack and inheritance.
Setting up decoy wallets adds a bit of complexity to an already complex process.
Also, haven’t found an easy way to get bequests to beneficiaries in a private way.
Yep I haven't found an easy way, I did it the hard way and trained my beneficiaries how to directly get my coins. And it's not simple.