My single key that doesn't even exist on an electronic device and has never been on one that's touched the internet. The single key that can only be constructed with the seed words etched in titanium and kept in my personal safe. That would be one hell of a security breach.
Discussion
Also valid. I appreciate the reminder to consider probabilities while assigning or forgoing redundancies.
It's not that I think multisig isn't a great technology or something that fortifies Bitcoin. But the truth is the vast majority of coins are lost to self rugging. That is a fact. I just want people to understand when it's necessary. Antonopolis explains it very well in the video I linked as well. Most people simply do not need it and have a misconception that it's inherently more secure when it's really not.
If someone points a gun to your family are you not going to open the safe?
A multi sig such as a 2 of 4 or 3 of 5 poses a greater challenge for an attacker to overcome as he now has to drive you to a second or third location to get the other keys, and it gives the user margin of error as he can afford to lose access to 2 keys and still be able to recover the funds. With a single key, while it works just fine in a lot of cases one most likely will either keep the seed and/or signing device at home where it is easy for an attacker to coerce you into giving up your key, or at a safety deposit box or similar location where a third party might be coerced by the state to give them access to your stuff (seed).
Granted not everyone is at risk of a physical attack depending on where you live and your lifestyle.
But when you have a large portion of your net worth in bitcoin I would think twice before having a single point of failure. That is why I said I hope everyone doing that carries a gun and is able to fight back against a physical attacker.
It was true in the past that a multisig was not user friendly for beginners, and many ppl lost coins because they fucked up something. That problem has been solved with collaborative multisig products like those offered by Casa, Unchained, Nunchuk, and others.
If you’re not already doing this I recommend you SEED XOR your key and implement a login countdown of at least 24hrs on your signing device if it happens to be a coldcard.
Sir ... I live in the United States. If someone points a gun at me or my family, I shoot them.
Seems like you have it all figured out. Carry on sir.
For everyone else that is not a trained killer, they might benefit from the points I made.
https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md
Multiple single sig > a single multisig...
Secondly I won't waste my time with how ridiculous your scenario is. Multi sig won't help.
You can't lose any of the keys. If you have a 2 of 3 multisig, you need 2 private keys and 3 public keys to sign the transaction. If you don't have backups of the seed phrase for all 3 keys, your funds are gone forever. You're literally arguing about shit you don't even know how it works. I'm so done with the convos man. Anyone else reading, dyor. Don't believe Dre, because if you just think you know what you're talking about and are so arrogant you can't be bothered to humble yourself and listen to what someone else has to say, you can lose access to all your wealth as a result of your own hubris.
You're much better off with a decoy wallet than a multisig solution. But you admire complexity. There's a famous quote about that in computer science.
If you don't want one single point of failure, you need multiple wallets, not multiple signatures. One multisig wallet is still a one point of failure.