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0 sats \ 5 replies \ @frostdragon 21 Aug 2022 \ parent \ on: Encrypting and Embedding Your Seed Phrase? bitcoin
The point of metal plates w/ 2 of 3 multisig is not that it’s 100% impossible to find a metal place, but that if one is found, you have enough time to transfer your bitcoin to a new wallet before another can be found.
This is further strengthened with collaborative custody multisig vaults via companies like Unchained.
Having two metal plates in different locations (ideally hours apart) isn’t a perfect solution, but it means a thief has to physically travel to two locations and spend hours trying to find two needles in haystacks without any leads and without your knowledge.
Keeping a digital backup does nothing to improve your security - it only reduces it. Hacking your computer can be done without your knowledge, and there are plenty of forensic techniques (many of which are automated and take seconds) a hacker can use to sniff out your seed.
Solo thieves aren't the only attack vector. There's also federal agencies, etc. to consider. You're ignoring these considerations to avoid admitting any possible need for any trade off.
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I know the point is not to make it impossible. But with the decreased threat of theft comes the increased threat that you will not be able to retrieve your coins. You're ignoring the trade off.
Option A is more secure at the expense of accessibility. Option B is more accessible at the expense of security.
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Unchained solved the accessibility problem without sacrificing security.
But regardless, why do you think option B is better in the case of governments trying to confiscate bitcoin?
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For me personally, I have a good chance of escaping the country.
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Hope that includes the NSA
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