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0 sats \ 0 replies \ @BitcoinHandsOn OP 5 Nov \ parent \ on: For individuals - split seed phrase, seed phrase and passphrase, or multisig? bitcoin
I agree on this.
Just wondering if something LESS complex than multisig can be a step between single sig and multisig, specifically for individual users.
So, is that like having a 24 word seed phrase, then you split it into 3 parts - one with say the first 8 and the last 8, the other with the middle 8 and the last 8, and the third with the first and middle 8, that type of thing?
(never mind, I did a little research on Shamir's Secret Sharing. seems very different).
Here's my thoughts on it:
- This is only valuable for a very cold storage situation - your stash that you want to keep safe, and (almost) never spend from
- It's an upgrade from single sig, in terms of resistance to violent theft. If you're keeping your seed phrase in your house, and someone breaks in and threatens you, you may give it up. If you have to actually go to another location, you're more resistant to this kind of attack
- Multisig is better, but much more difficult than just splitting the seed. Splitting the seed makes intuitive sense. Multisig does not. People who are knowledgeable about bitcoin often have a hard time putting themselves into the mind of a beginner - or even an intermediate user.
- Each "site" (location that you're keeping the secret) would have a backup. Like, you'd have a hardware wallet, and steel backup.
I'm not saying that splitting your seed, or doing a seed phrase/pass phrase as written up above is THE BEST security, better than multisig.
But, it really does seem that it might be a good step, between single sig and multisig.
I'm definitely interested in people's feedback, though. Maybe check out the video from above, see what you think.
Multisig is definitely the solution everyone points to, and I know it's a good solution in many cases.
But I'd love to hear some more about how exactly something that is a WHOLE LOT more simple and accessible to people (the first 2 options I list, geographically splitting either a 24 word seed phrase, or a seed phrase/passphrase), is such a bad idea, if you want to upgrade from standard single sig. I don't understand what's wrong with it, if you have some redundancy.
Also here's an interesting video - https://www.youtube.com/watch?v=7BAg5h4Lf2o - it's an interview with Peter Kroll, inventor of the paper wallet. He has a new setup now, that he's teaching, with 4 levels.
level 1 - custodial lighting wallet
level 2 - self custody bitcoin, in something like blue wallet, on phone, and steel seed phrase backup somewhere in house
level 3 - new phone, always cold, no sim card, no email except decoy always turned off for cold storage with blue wallet , hide cold phone in home, also steel seed phrase backup at home
level 4 - 2 of 2 multisig in Blue Wallet. Get another phone, same setup. Both phones have to authorize in order to sign. This phone, with steel backup, is given to family member. Another backup of seed B is in bank safety deposit box.
He's also not a fan of hardware wallets.
You're not quite the only one! But yes, there aren't not many of us.
And actually I created this login to occasionally talk about my book Bitcoin Hands On (https://www.amazon.com/dp/B0F4SZSCH8), it's not my main account.
I don't think so, I think I had a different amount. Also I show no sent transactions, in Dana.
But I've received 2 more transactions - were they from you? Or maybe the faucets worked, eventually?
And...just now I was able to apparently successfully send you 8000 signet sats, and then another 2000, so I'm not currently able to reproduce the error.
I tried sending some back to you twice.
First time, got a message, I clicked past it, but it was an error message that had the word "panicked".
Second time I got the message "failed to broadcast transaction, probably unable to connect to Tor peers". Got that another time after trying to hit Send button.
Then again got the panick message, full message - "task 352 panicked with message "called 'result::unwrap() on an Err value: RecvError".
Tried as well here - https://silentpayments.dev/faucet/signet/
I didn't get a message, but it doesn't look like I received anything either.
I installed Dana Wallet and would like to receive some signet, but with this address that I got from the app:
tsp1qqf0pgzqf3e50u4hawhc68j2n05jdyryaul0c2kk3hgcekkkay5cdwqc5tw55zr6wthrpt2z2na5pt29mdalk94fyskkj78jrd9yrhhrwqyc74nnw
I get the message "please match the requested format" on https://signet257.bublina.eu.org/
@Scoresby is right. It's difficult to search for and very generic sounding.
Some ideas:
Lighthouse Bitcoin Wallet
Nest Bitcoin Wallet
Shield Bitcoin Wallet
Fortress Bitcoin Wallet
Haven Bitcoin Wallet
Looks cool, I'm going to play with it.
You require hardware signers. Can you use a mocked up hardware signer (say, Blue Wallet on a phone?) Just for test purposes?
Or would there be another way that someone who didn't have a hardware wallet could use it?
So before you changed the gap limit, the address showed up in the list of addresses, but it showed up with zero sats?
In Sparrow, do you see the same exact address in your wallet?
Are you definitely connected, in Sparrow? That means the little slider in the bottom right needs to be either green or yellow, not gray.
Do you like this better than, say, Gemini? I did a comparison between Gemini and Google Translate, Gemini seemed better.
I just did a test of one chapter, in Gemini vs Google translate. I translated into German, which I have some understanding of.
Initial thoughts - Gemini is better. It keeps some of the phrases (like self-custody) in English, which is better (Google Translate does not).
It's amazing how much English is currently used in German - much more than 20 years ago. Sometimes it seems like a good chunk of the words are in English.
I will try this in DeepL as well.