Nostr Web Client

The only reason I don't agree, is because I think a distributed multisig setup is a lot to ask of someone who just bought their first 100k sats.

Like anything in Bitcoin, security should be a journey that grows as your gain conviction.

This isn't to say that I didn't set up a distributed multisig for my early sats, but I think it's a bit to ask of someone who is brand new.

Anyone who holds >5% of their net worth in sats, and has been here for over a year should definitely be exploring multisig though.

Guy Swann 1y ago

Holding a smaller amount wouldn’t be about distributed multisig, it would be about service based multisig.

I’m not saying there is one size or one setup, I’m saying that the various levels of security and self custody should be met with different kinds of multisig.

In the case of someone who just bought 100k sats, maybe it’s a 2/3 with their phone, their spouse (or another device), and the wallet provider?

——

I just think the design mentality should be “so what multisig would be best for this user’s situation and skill level?” 🤔

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Discussion

pup 1y ago

This is the correct take.

Multisig everything, but solve for the difficulty on the design side.

As a non-dev, I often overlook the "just make it better" solution. Lol.

pup 1y ago

I'm not sure if it would be profitable from a business perspective, but I'd like to see different multisig-as-a-service models.

Imagine a Bitkey-esque solution, but where instead of needing to buy a new hardware device, Bitkey holds a key, the app on your phone holds a key, and a trusted contact holds a third.

Imagine if exchanges embraced multisig for their clients, but in a shared custody model that didn't require new entrants to the space to purchase new hardware...

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High Heel King 1y ago

That's why bitkey is great for newbs, especially if they're stacking in size

Judge Hardcase 1y ago

I think when someone just bought their first 100k sats is the best time to teach "ultimately, you're responsible for protecting your keys". Conversely, "Don't worry. If you screw up, your spouse might be able to bail you out." seems like the beginning of forming bad habits.

Guy Swann 1y ago

I think that's a little like saying that using training wheels is setting people up for not being able to ride a bike.

I think making the presumption that learning and taking responsibility aren't incremental processes (when i think there's ample evidence that it is like any other learning process) is a great way to just get a lot of people to be too afraid to take the first step, imo.

Judge Hardcase 1y ago

Hmmm.. I'm not sure that relying on shared custody does much to teach self custody. Using training wheels does in fact teach balance to ride a bike.

Regardless, if I don't want people too afraid to take the first step, I'm suggesting something like a singlesig wallet app on the phone they likely already own; not purchasing at least a 2nd signing device (either for themself and/or their spouse) in addition to having to sign up for some sort of assisted custody wallet service. Remember, the premise here is that we're only talking about a mere 100k sats at first. I think most newbies on the fence about dabbling in so little would be completely turned off by any relatively significant additional investment and enrollment process just to do so.

Learning can certainly be an incremental process. That process ought to be learn singlesig; then you can learn multisig, imo.