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908 sats \ 5 replies \ @sime 16 May 2023 \ on: Ledger is offering an ID-based key recovery service bitcoin
To me this looks like a hosted version of Shamir Secret Sharing. I get it that normies might find this comfortable.
But we as a community need to prioritise self sovereignty, and work hard on getting the message out there.
Spread your self soverign risk by using purpose built by tools like Shamir Secret Sharing.
https://trezor.io/learn/a/what-is-shamir-backup
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246 sats \ 2 replies \ @SirGalahodl 16 May 2023
Shamir Secret Sharing: "the secret cannot be revealed unless a quorum of the group acts together to pool their knowledge"
Guess what? The quorum does not include you.
Not only that, this is a KYC service that requires government-issued ID to use.
šŸš© Upload your keys to a trusted third party. šŸš© Submit government identification.
This goes against everything the bitcoin community has spent years building.
Might as well save yourself some trouble and use a custodial software wallet.
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20 sats \ 0 replies \ @deleted231216 16 May 2023
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0 sats \ 0 replies \ @fixthemoneyfixtheworld 16 May 2023
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0 sats \ 1 reply \ @nerd2ninja 16 May 2023
You know what Bitcoin has that works more securely than shamir secret sharing? Multi-sig. But shamir gets shilled by shitcoiners because shitcoins don't know how to multi-sig lol
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0 sats \ 0 replies \ @sime 19 May 2023
My experience with multisig is limited, but IMO SSS is easier than multisig.
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