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0 sats \ 6 replies \ @79c9095526 30 Sep \ parent \ on: What about Bitcoin are you too embarrassed to admit you still don't understand? bitcoin

Unrelated to what you said, but do you have thoughts on singlesig vs. multisig, particularly when considering having heirs who don't understand bitcoin?

I checked out your site but didn't see that topic addressed, but I may have missed it.

20 sats \ 3 replies \ @kepford 1 Oct

Unless you are holding insane amounts of bitcoin I don't see multisig as a good option. Its great that it exists but unless you are holding bitcoin in a company where you have partners and you can't afford to trust your partners single sig is the way.

0 sats \ 1 reply \ @Scoresby 1 Oct

I like multisig for many reasons, but the wrench attack deterrent (if it can be called that) is most top of mind.

If most people used geographically distributed multisigs, wrench attacks would have low returns.

Most people don't right now, but I still have a sense of peace knowing that my keys are spread out and natural disasters or burglaries are not able to compromise my stack.

A multisig is as close as you can get to having no single point of failure.

102 sats \ 0 replies \ @79c9095526 2 Oct

Agreed. With all of the databases of exchanges and hardware wallet companies, many bitcoiners' names and addresses are readily available for purchase. There are already plenty of wrench attacks happening but as bitcoin price continues to rise, those attacks will likely only increase.

I do like the inheritance benefits of multisig as well, where I can give my heir a key but not full control of my stack today while I'm alive.

0 sats \ 0 replies \ @79c9095526 1 Oct

I appreciate that.

On the inheritance front, do you simply give your heir(s) the single sig key + passphrase while you are alive right now? Or do you have any other interesting ways of dealing with inheritance?

Any concerns about some type of 'retirement' attack where the hardware wallet manufacturer essentially preprogrammed a seed into the wallet and is waiting until some day to sweep all funds?

Perhaps I'm just being too paranoid, I had got into multisig after reading/listening to Michael Flaxman talk about the benefits: https://btcguide.github.io/why-multisig

0 sats \ 1 reply \ @DarthCoin 1 Oct

I like to keep things simple. I see multisig useful for a company's financial department, where the spending funds must be approved by multiple signers.

For my heirs... If they were not capable to get the sats from me while I am alive... it means they do not deserve my sats.

In fam:ly each member should have its own wallets and a LN node managed by the most knowleageable and distribute the spending budgets. Same node could be used also for common expenses. Compartimeluze as much as you can.

20 sats \ 0 replies \ @kepford 1 Oct

If they don't get bitcoin... they need to learn now, not after you die. I agree with Darth here. Teach them by helping them create wallets. If you have a lightning node set up wallets for each of them. I have done this with my family but they still have a lot of work to do. I think they could do it if something happened to me though.