Replying to Avatar HODL

You’re not a Bitcoiner until you…

Buy Bitcoin.

But then you’re like wait, I need to get these coins off the exchange.

So you get a hardware wallet.

But then you’re like wait, this is a ledger.

So you get a cold card.

But then you’re like wait, it isn’t using a passphrase.

So you use a passphrase.

But then you’re like wait this isn’t multisig and multisig would be better.

So you buy 4 more coldcards and set up a multisig.

But then you’re like wait I can’t just do coldcards I have to guard against supply chain attacks.

So you buy a ledger again and probably a bitbox too.

But then you’re like wait, I haven’t geographically distributed these.

So you disperse them throughout the country.

But then you’re like wait, what about jurisdictional risk?

So you disperse them to multiple countries.

But then you’re like wait, what if I was tracked as I was placing the hardware wallets?

So you…

There’s actually no end.

It just keeps going like that forever.

Congrats you’re a Bitcoiner now lol 😂
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Catcher 1y ago 💬 1

I think you can actually stop right before multisig, but you need to squeeze transactions somewhere and lightning node

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Wenze 1y ago 💬 2

Why? I think the problem is exactly that people stop just before that!

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Catcher 1y ago 💬 2

I don't believe multisig and mass adoption go hand in hand:)

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GrumpyGardener 1y ago 💬 2

Agreed. I think it leads to lost keys and ultimately inaccessible corn. Collaborative companies like Casa have a role on that space, but multi-sig as a whole is difficult for your average user to do right.

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Wenze 1y ago

So what do you see as a solution for the average user then? If they can't manage a key then single-sig is out of the questions. Leave it on exchanges?

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GrumpyGardener 1y ago

I think a hardware wallet with a secret passphrase is the best self custody solution for most. Jade is excellent for this. They need their device and a pin. Same set up asost bank accounts... You have your debit card and your pin.

And it's not about managing a single key, it's about managing multiple keys. First off, the concept scares most away and I think the complexity increases the chance of failure.

For some, custodial solutions will be the best whether the Bitcoin community wants to accept that or not. People want simple.

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Wenze 1y ago

I don't believe that the base layer will be used for mass adoption. I do think that the ones that er using the base layer will have significant amounts of purchasing power that it warrants a proper security model such as multisig.

Also, multisig configurations have come a long way and are now much easier to set-up, especially with collaborative custody models.

I would rather have less people using Bitcoin and properly securing it then a lot staying with exchanges or getting lost due to security mismanagement.

Let's see what the developers can bring us in the coming years/decades to improve custody solutions :).

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GrumpyGardener 1y ago

I agree with all that.