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10 sats \ 1 reply \ @takaponka OP 31 Mar 2023 \ parent \ on: Stop pushing HWW and complex multisig setup to normies bitcoin
"They have to, that's the only way bitcoin survives without everyone losing their money all the time. The only good practice is air-gapping your wallet"
I don't agree with this statement. So only good practice is airgapped or multisig or both ?
It's a good conversation indeed !
For now the 7M BTC lost are due to :
- human errors (loose single sig private key, in the case or you don't even understand singlesig multisig won't save you)
- attacks that requires human error (SE, phishing)
Always human errors involved, if they exist with singlesig I don't even imagine the amount of learning and education not to have more with multisig.
So I'm not persuaded that all users with multisig/HWW solution would have reduced these losses. For me it's absolutely necessary when people know that you or your entity has big funds.
There are no real numbers on this, but…
A lot of people lost their bitcoin by:
- losing a HWW
- losing a passphrase to a HWW, thinking it was similar to a website password
- trying to make single-sig too complicate because they recognize it‘s a fragile setup
Collaborative custody multisig w/ unchained / referencing their step by step resources avoids ALL of that. W/ multisig, there’s no need to make anything complicated, and no single points of failure means no human error is going to result in loss in loss of funds all of a sudden. If you make a mistake, it’s really easy to fix it and move your bitcoin to a new wallet.
Secure single-sig is WAY more complicated and fragile than multisig
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