Every bitcoiner needs privacy if they don’t want a gun in their face.
Cold storage protects your keys.
Not your face. Not your family. Not your location.
And if you’ve stacked anything worth noticing, you’re not paranoid.
You’re a walking payday.
Criminals don’t need to hack your wallet.
They just need to know you have one and where to find you.
https://untraceabledigitaldissident.com/why-every-bitcoiner-needs-operational-privacy/
"Todo bitcoiner precisa de privacidade se não quiser uma arma na cara.
O armazenamento a frio protege suas chaves.
Não seu rosto. Não sua família. Não sua localização.
E se você acumulou algo digno de nota, não é paranoico.
Você é um ganhador ambulante.
Criminosos não precisam hackear sua carteira.
Eles só precisam saber que você tem uma e onde encontrá-lo."
Why not just use Monero?
If some criminal knows you got a stack of monero they will do the exact same thing, don't think that criminals aren't interested in steal monero.
But they don't know how much they can get and if it is worth it. With a transparent ledger you out your and your family at risk.
I feel like criminals would be more interested in stealing XMR for the privacy advantage.
True, but being able to naively see someones balances and tx history simply by transacting with them definitely could incentivize criminals in targeting you if they know you own large amounts
If the IRS is offering about 5 #bitcoin bounty to crack #monero I think the other criminals won’t have it easy unless the monero fellow is showing off
They can't hold it back anymore..
💐💐💐
do you prefer multisig over a single sig + passphrase for storing life savings?
If you are a business or in a partnership multisig just makes sense.
But for "most" individuals it is probably overkill. I think most people are more at risk of locking themselves out of their wallet than a hack.
Especially since a single seed can become infinite backup wallets, saving wallets, for the kids wallets, decoy wallets all with just a different passphrase. If someone is threatening physical harm for your wallet then give it to them. They don't have to know about the other 20 ones you have.
I like that take and I certainly prefer the simplicity of single sig + passphrase over multisig.
However, while you can probably avoid a $5 wrench attack by using multiple passphrases, there are still a couple of things I worry about with single sig.
1) Bad entropy in the random number generator of your chosen hardware wallet
2) Some type of manufacturer attack. They 'preprogrammed' the hardware wallets to generate known seeds and will one day 'retirement' attack all of their wallets by sweeping everything.
3) Malicious firmware update
4) Supply chain attack on your hardware wallet while enroute to you
I think most of these attacks can be mitigated by using a 2/3 multi-vendor multisig. But I'm not sure any of them can be mitigated with confidence using a singlesig + passphrase.
Perhaps these are extremely low probability that they aren't worth worrying about or perhaps there is a way to mitigate using singlesig I'm not aware of...
Oh yeah, I also like multisig for inheritance.
Do you have any suggestions on good ways to do inheritance planning with single sig where you still have control over your funds while you're alive but your heir gets control once you pass?
There are several services for this. If you want to roll your own then tell your loved ones where the seed backup is hidden. Then have a Deadman email set up with your passphrase.
Thanks, I'll look into that.
Related to my prior response on the 4 attacks multisig may help combat, do you have any thoughts?
Also, is there a given dollar threshold at which you think it may be worth 'upgrading' to multisig even for an anon holder? Like say some guy has a 100k, 500k, 1 million dollars? At some point does the added complexity become worth the effort for (even if only slightly) better security?
There is no way I can answer that. There are just too many variables and it is going to depend on the person and their situation.
$1,000 is a fortune to some people while others spend $500k on a fun night in Vegas.
Perhaps it would be better if I rephrase.
If you are securing what to you is a fortune (however you define it), would you opt for the additional security (& complexity) of multisig, or as a non-public bitcoiner, would you feel comfortable with single sig + passphrase?
A single sig is plenty secure. Satoshi has a single sig and no one has hacked him.
Multi sig is intended to protect you if you lose one of the keys. For some people and certain situations that is good and they should use it. But multi sig increases the complexity. Most people are better off with one seed with multiple physical copies in different locations.
If you are air gapped your possibility of being hacked remotely is basically zero. The threat then becomes physical. Single sig + passphrase makes a two part secret. Don't keep them together for the evil maid.
Don't become a target by connecting your name and location to a stack. Have multiple wallets and UTXO's, obscure how much you have.
Fact; criminals hate getting mauled by dogs.
https://cdn.nostrcheck.me/5bf38dbc37c8148e3961ae45a9265da616c0129437a0dcfe225913cc259ec1ab.webp
INCREDIBLY important post.
I'm going to discuss this on my stream this morning.
Curious to know your thoughts on using encryption to store recovery phrase
Something like Superbacked.
I'd personally say something like a one time pad so you can keep it all analog never hurts. Basically turns your single sig backups into two part backup, in that you need to use both the pad you used to encrypt the seed phrase, as well as the ciphertext of the seedphrase, to recover the plaintext of the seedphrase.
Sort of clunky to implement, and requires a lot more hammering into steel, but avoids needing to rely on any sort of algorithmic cryptography that may or may not be as future proof as you really hope it will be.
You and SovereignMoney (https://www.youtube.com/watch?v=JJLr0rBO0XU) are the only guys talking about this obviously great encrpytion software. Why are so few bitcoiners aware of it? Is it because you need an extra air gapped laptop? I am very curious and will try superbacked as soon as I have such a computer.
But I still have questions:
- are the qr-codes safe enough to store them online? (icloud?)
- Is there any proof that these QR´s can´t be hacked?
- where can I buy a fresh and hardened no-wifi/no bluetooth laptop?
Thank you for your great work, Jor!!! You so much opened my eyes in Bitcoinspace. I learn a lot from you!
Greetings from Germany
