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20 sats \ 3 replies \ @kepford 1 Oct \ parent \ on: What about Bitcoin are you too embarrassed to admit you still don't understand? bitcoin
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.
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.
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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.
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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
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