Pretty fucking wild how you can set up a geographically separated MultiSig wallet & walk around care free with fuck you money - inaccessible to everyone but you.
3of5 is equal parts security & redundancy
2of3 is convenience trading off redundancy
SingleSig is convenience trading off security
The problem with lack of redundancy is you need to solve for it, giving you multiple secrets to hide anyways.
SeedXOR makes single sig great again
obviously you don’t have the redundancy of multisig with seedXOR though
make extra copies of each key to solve for redundancy.
Location 1: keys A and B
Location 2: keys B and C
Location 3: keys A and C
Any single location can be compromised and I can still recover funds with remaining two. Also I can load each individual private key with a small honey pot and set them up as watch wallets to give me notification that someone has found one of my parts and accessed the funds.
I like it. Why over multisig though where you don’t have to bother with the duplication? I like using SeedXOR to have a master seed that multiple seeds can be restored from
Prior to taproot, single sig fees were cheaper, and one could distinguish single sig addresses from multisig which kind of defeated plausible deniability.
I’ll keep hitting you with a wrench until we find all m-of-n.
After smashing 24 seed words x 6 sets… I’m going to need some incentive or incident to change. That’s probably the biggest downside. 6 backups is a lot to hammer into washers.
at the time, I told my girl, “this is why they call it proof of work”
Also, the wallet that all 3 keys combine to reveal, that can also be a dummy wallet that you can preload with a honey pot, and then add a 25th word passphrase for your REAL wallet.
Now we got SeedXOR + 25th word with 4 alarms at 3 locations for 2 “levels” of wallets.
I did use multisig beforehand, but i geeked when I found out about SeedXOR. Again, taproot probably changes things a bit, but I haven’t looked at that yet.
😂 I empathise with the hammering. My neighbours must wonder wtf I’m up to.
Yeah. It’s complicated. My paranoia would be the complexity it adds to inheritance planning. Building a dead man switch explaining a multisig quorum when the signing devices are already configured in their distributed location is … way easier 😅
True. Giving a key to a lawyer, one to a husband/wife, and keeping one for yourself is 100x easier to inherit than giving someone a worksheet and saying “do math”
My keys will most likely go to the grave with me, but I’m pestering #[4] and #[5] to add SeedXOR every once in a while. Will be amazing. Like super amazing.
I love SeedXOR but I basically just use it so I have to do less hammering for lower value seeds. 1 backup = 3 seeds for eg, rather than as an alternative to multisig - which is kind of how it’s mostly positioned it seems
SeedXOR doesn’t mean less hammering but more. I recommend checking out SeedXOR.com
Also, SeedXOR is to use multiple private keys to “add” together to reveal another private wallet. I don’t think you should use it the other way where you keep one wallet and try to “subtract” out the other wallets.
It’s a way to protect one and not for backing up multiples from one wallet.
The idea is you want to secure a single sig wallet, we will simplify it as the number of 200. Then we can form 2-4 other wallets that “add” together to form 200. There’s many, many, many possible combinations of numbers that add up to form 200.
1+199
2+198
1+2+197
And so on
Pick any three to create your SeedXOR backup.
If you only backup 200 expecting to restore wallets from it reversing the SeedXOR process, you most likely won’t get the same sets you did the first time.
This is assuming there’s only 200 private keys, and in reality I’m pretty sure you will never recreate the same set.
