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0 sats \ 6 replies \ @DarthCoin 25 Oct \ on: What are the reasons for not using a multisignature setup? bitcoin_beginners
Multisig primarily use case is for companies, where are more than one individual managing the company's funds.
For a simple stacker, even that is stashing large amounts, multisig is just adding more complexity for nothing to gain. You use multisig because you are not trusting yourself and your skills.
As I said multiple times: use the 3 levels stashing and on each level add multiple methods and wallets.
Base level HODL - large amounts, in cold simple wallets, not just one but multiple ones and with multiples good UTXOs. These wallets you do not touch them, are for long term, you only deposit through an xpub.
Medium level CACHE - where you have all IN / OUT txs, coin control, swaps, LN nodes and managing destinations (HODL and SPEND). Here you stash medium amount, in multiple wallets (desktop or mobile).
Top level SPEND - where you keep small amounts in mobile LN wallets, enough for spending in your day to day life.
More explained here: https://darth-coin.github.io/beginner/be-your-own-bank-en.html
btw here is an example of one my cold wallets:
write
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111 sats \ 5 replies \ @aliceandthewonderland OP 25 Oct
I get your point, but single sig is basically leaving a single point of failure, and this is a fact even with strong passphrases - an intruder can brute-force a passphrase within a week or a month. Having a multisig, along with geographically dispersed signers, gives you much stronger attack surfaces. In this way, it'd provide the security of being your own bank.
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10 sats \ 4 replies \ @DarthCoin 25 Oct
be my guest brute forcing that image.
single point of failure
Wrong. As I said, use multiple wallets NOT just one with all your stash. Using a single wallet is really dumb.
See the 12 peaks in this image? Each one contain a word. Good luck finding them. And no multisig used. Just simple 12 words.
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0 sats \ 3 replies \ @aliceandthewonderland OP 25 Oct
that seems challenging tho. will use chatgpt to find out brute forcing the image.
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20 sats \ 2 replies \ @DarthCoin 25 Oct
will use chatgpt
No wonder why you use multisig... Do you use shitGPT also to ask how to fry an egg?
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0 sats \ 1 reply \ @aliceandthewonderland OP 25 Oct
shitGPT
that's funny
I appreciate you sharing the link "https://darth-coin.github.io/beginner/be-your-own-bank-en.html". will definitely take a look to gain more insight.
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10 sats \ 0 replies \ @DarthCoin 25 Oct
Is not funny. Is true and is really sad that people fall for this crap.
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