0 sats \ 27 replies \ @0330830bf9 OP 22 Nov 2023 \ on: Looking for a post discussing 2:2 vs 2:3 multisig cold storage bitcoin
One thing I have found is that 2:3 requires the xpubs for each key to be part of your backup...
Meaning 3 sets of 12 words PLUS a very long and non-readable string for each is a much more complicated storage/restore than two sets of 12 words.
If the biggest risk to your coin is you, then the complexity of 2:3 exacerbates this relative to a 2:2 that otherwise has most of the same benefits.
This has been resolved by https://seedhammer.com/. You only need two plates from the 2of3 to restore a wallet. One plate does not provide all the XPUB details so if anyone finds one plate your privacy is still protected.
reply
$678 bruuuuuh
You dont need any of that. Focus on stacking sats, don't waste your money on unecessary things. It feels like everyone in the bitcoin space is trying to sell over-priced products.
reply
Security budget likely increases with what you have to secure, for example:
- 100 USD of bitcoin: paper wallet
- 1k USD of bitcoin: HW wallet single sig
- 20k USD of bitcoin: multisig
- 100k USD of bitcoin: multisig with SeedHammer
-
100k of bitcoin: proper inheritance planning
reply
Keep on wasting sats on all of that useless hw wallets and over-priced steel stuff.
My "security budget" is SeedQRs printed on small pieces of paper that cost 2 cents. Come take my coins if you can.
@Darthcoin has a whole bitcoin on a JPG image that he posts regularly here aswell, and a seedphrase hidden somewhere on his substack blog. Go take his coins.
reply
I'm too paranoid printing my seed phrases.
Plus I don't have a printer, hate those things.
reply
You “print” the cards with a marker. They are just QR codes and work great with stateless, roll-your-own hardware wallets :)
reply
You only print the QR box, then you fill the spots with a market to generate your own SeedQR. See SeedSigner tutorial from @BTCsessions youtube channel.
reply
reply
Is it your cats?
reply
yes real ones
reply
If all cats didn't hate me, I'd cuddle the shit out of them at the very first instance I saw them. They seem super nice!
reply
deleted by author
reply
That sounds like just 3 copies of a single sig backup, probably bad.
reply
deleted by author
reply
This, I understand:
"When you add a passphrase to a seedphrase, it is essentially a new private key."
This, I don't understand:
"Using one seedphrase with three distinct passphrases is much, much more secure compared to using one seedphrase with just one passphrase"
When using one seed phrase with three distinct passphrases - at that point, aren't you creating 3 separate private keys?
reply
Yes.
- Seedphrase #1 + Passphrase #1
- Seedphrase #1 + Passphrase #2
- Seedphrase #1 + Passphrase #3
Its all different private keys.
reply
Very interesting, I'd like to see a deep dive write up on this. Wen @DarthCoin?
reply
What more guide than that simple explanation Onions gave you need?
Is literally this:
When you add a passphrase to a seedphrase, it is essentially a new private key.
reply
If I knew I wouldn't need it...
I may just have to fuck around with it on regtest a few different ways with different software to check for blindspots
reply
Why do you want to complicate your life with multisig?
Are you a big fucking company with multiple users that need the access to that wallet?
For a simple individual, is not really necessary man.
Keep it simple, damn it.
reply
I’m in this camp
Why would you complicate your lift with singlesig?
Are you an individual that doesn't want:
- Protection against a 'single point of failure.'
- Protection against loss/theft of private keys.
- Protection against 'evil maid' attacks.
- Protection against physical attacks.
- Protection against phishing.
- Protection against malware.
- Protection against supply chain attakcs
- Protection against non-standardized passphrases
- Inheritance planning
I've avoided it for a long time as seeing it as not worth the complexity...
But it invites disaster to trust any single chip or piece of software with your families future... And it would take a lifetime to audit a whole stack myself.
The check and balance of 2:2 puts the trust back on myself