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0 sats \ 0 replies \ @Max_Maxi 11 Jul \ on: Donald Trump will be present at Bitcoin Conference in Nashville 2024 bitcoin
Will turn off a lot of people to Bitcoin.
Trump is verifiably full of shit again and again. Pathological liar does not even begin to describe him properly. 100% pandering for votes. He does not give a shit about Bitcoin or your rights.
@hugohanoi Any update on Taproot multisig being launched? Your comment above was over a year ago, so curious if this is any closer to fruition? Thx
I think the fundamental use case, and who the users of this type of product would be, is largely missed in this discussion thread, so far.
These third-party, collaborative, multi-sig solutions, that feature Inheritance plans (like Casa, Nunchuk, Unchained, etc), are primarily for less technically-savvy Bitcoin HODLers (unlike those on Stacker News who largely understand Bitcoin).
While the primary HODLer themselves may be able to intelligently protect and access their Bitcoin, their heirs may be clueless. So instead of risking loss, these third-parties offer a way to pass on the Bitcoin via solutions that are very easy to execute by the less tech-savvy heirs.
And, they are 2-of-3 so the custody partner never relinquishes control to the third party.
While nothing is perfect, it seems these companies understand their customers want to mitigate counter-party risk, while also giving their heirs an easy way to access their Bitcoin upon their demise.
Fantastic. Thank you Hugo for the more in-depth answer.
I think your overall solution is very well thought out., and applaud you for your efforts.
I’d also encourage you to add more of this info to your website, to allow potential clients of Nunchuk to have a more complete picture, as this should only serve to have people gain more confidence in what you’ve built.
@hugohanoi Are you able to provide a bit more info here?
When Claimant puts in Magic Words and Backup Password from Tapsigner to unlock, and does this in the Nunchuk app, how does this not potentially give Nunchuk access to this key and your key (giving you 2 of 3)?
Just want to be completely clear on this and appreciate your time.
Got it.
So it’s the Claimant unlocking their Tapigner locally, signing a PSBT, then Nunchuk adding its key to comprise the 2 of 3 for transfer of fund and initiate the send?
Essentially the same process as if you signed a “normal” with your recovery key, along with one signature from your client from one of their keys, to make a transfer.
This makes sense.
Thanks for the transparency and education about your product Hugo!
@hugohanoi Question about security.
I understand with Honey Badger that Nunchuk keeps 1 of 3 keys. But at time of inheritance, with proper authentication, you will unencrypted/unlock the Tapsigner Inheritance key, which you also hold, as well.
It seems that at that time (but only at that time), you will possess two keys, which essentially gives Nunchuk complete control over the multisig wallet and it’s funds (as you will then have 2 keys in a 2 of 4 set up).
So to be clear, at that time, there is at least some counterparty risk, and trust required, that you/Nunchuk will dutifully fulfill your obligation and transfer the funds to the Inheritor, as at that time your are in control. Is that correct?
If so, anything one can do to mitigate that risk, or is that just something that a user of your service would need to be comfortable with?
I like the overall elegance of your solution, but want to be crystal clear on any risks that might exist. Thanks for responding!
Always been my favorite argument for buying Bitcoin: getting a piece of the base layer, like owning a piece of the Internet. Brilliant.
The concept of being able to own a piece of the network/protocol layer, buy owning Bitcoin has always been the most compelling thing for me.
With the Internet, you could only own stocks, etc. of businesses created on top of the network layer, and not the network itself.
While companies can be valuable, I’d prefer to own a piece of the “land” they are built on.