5 sats \ 2 replies \ @frostdragon 31 Mar 2023 \ parent \ on: Stop pushing HWW and complex multisig setup to normies bitcoin
See my response to TheL0wner above, that addressed a lot of this. This is definitely a good conversation to have.
"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.
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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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