Good Morning Nostr 🧡⚡
You might feel like a super hacker man with your secure self sovereign geographically distributed multisig setup. But I can assure you your wife likely won't if you unfortunately find yourself on the wrong end of a bus.
Inheritance matters. Keep it simple stupid.
The recent push for 'multisig the standard' is a dangerous one, but the reasons for which are pretty obvious for anyone with a shred of critical thinking 😆
What are your thoughts?
#AskNostr
GM ☕️☀️ you are right but i think it is important to explain to your potential heirs your method of custody and let them practice transactions.
100% and that's kinda my point. Which is easier for them to deal with?
for me it is a tradeoff.
"single sig" is easier to use for beginners but I think a good multisig setup is not so much more complicated.
it is important that our families do not remain beginners in the topic of self custody! 🫂🧡
This. We like to overengineer solutions yet most of the time a simple one would be much better. Recovery paths are important also in situations where you are still alive but dont remember, have travel restrictions etc
🔥
Good Morning ☕
Bring back the old treasure map scenario and send them on an old fashioned treasure hunt .. honestly, I think they'll feel much more appreciative of the efforts involved in protecting their inheritance .. 🤙🏼
Agreed.
Different people.
Different comfort level.
Different tech savvy.
Different threat model.
Know the differences and act accordingly.
🔥
Uncle Jim fixes this.
Does anyone know of an uncle Jim guide?
I personally I would feel comfortable with my own bitcoin (unfortunately I lost it all in a watersport related incident) but I would be hesitant to say let friends and family connect to my lightning node.
But I also think that uncle Jim supporting families, smaller social groups and small business has got to play a big roll in wider decentralised Bitcoin adoption.
#plebchain #bitcoin #lightning
How do you mean?
Agreed. This is a good reminder to write detailed instructions of how to access funds. I know everyone worries about “baddies” getting their corn, but let’s not forget the non-tech “goodies” we love. A fireproof safe can do wonders.
Gm even though I’m about to sleep 🤙
What would you suggest? A ledger?
Absolutely not. Completely closed source and has the ability to share the seed outside of the device.
I recommend Passport by Foundation. Full disclosure, I work there.
Morning
In my opinion this all boils down to ego and bitcoiners not working on themselves. This mindset of always having to one up each other by being billy big bollocks that has the most secure set up is only hiddering adoption.
People underestimate 12 words and a strong passphrase, doing a quarterly run through of their back up protocol and confidently knowing how to sweep funds.
The space really lacks empathy for others that are totally new to becoming sovereign...and we must do better.
It’s a tough one. I love the simplicity/mobility of 12 words and a pass phrase.
But also have some fear of hardware manufacturers sneaking in a malicious update, not generating truly random private keys, and of a $5 wrench given all the leaks/hacks of bitcoiners personal info over the years.
Ended up with a multisig but may transition back, it’s a coin toss in my head
100%!!
Simply give your wife a 12/24 test seed (nothing else) and ask her to recover this wallet.
You will be suprised 🤪
When are you implementing BIP85? I would see this as a great in between. Be able to guide your family and loved ones as the level of last defense. Plus having the ability to manage all your devices under one master seed. Plus with adding a passphrase and geographically distribute them you have a better security as just the 12 or 24 words? Am I missing something?
And in terms of inheritance involve your family early on. Write a will or a guide where the things are stored and what. How to access it. Play it through with your family to even out the missing parts in the guide. Give it into a sealed envelope and store it in your safe or at an attorney.
Very true. Not keeping it simple increases the probability of losing your funds. I think we ourselves are the greatest threat factor.
I find the multiple backups difficult. If you have kyc bitcoin and non-kyc bitcoin e.g. on different hardware wallets, including a passphrase and 2 backups of everything, rhen you need to backup 8 pieces of information of 8 locations. That's too much. How arw you dealing with this?
You could have everything on a single hardware wallet and segregate via accounts. That would halve your backup requirements.
It doesn't matter for privcy to keep kyc and non-kyc bitcoin on the same hardware wallet seggregated via accounts?
Nope. The account structure means that they can't be spent together easily. The only privacy risk is seed being compromised, but at that stage you've got bigger problems!
I like to keep things simple. 🤙
This is one of the biggest issues. We still don’t have a hodl solution that is simple, private, secure, and provides inheritance.
Multisig should def not be the standard.
I’m a big fan of the single seed, multi location backup schemes:
https://github.com/openoms/bitcoin-tutorials/blob/master/backups/README.md
Coldcard method works with Passport too ;)
