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0 sats \ 14 replies \ @0330830bf9 OP 22 Nov 2023 \ parent \ on: Looking for a post discussing 2:2 vs 2:3 multisig cold storage bitcoin
That sounds like just 3 copies of a single sig backup, probably bad.
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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?
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Yes.
- Seedphrase #1 + Passphrase #1
- Seedphrase #1 + Passphrase #2
- Seedphrase #1 + Passphrase #3
Its all different private keys.
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Very interesting, I'd like to see a deep dive write up on this. Wen @DarthCoin?
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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.
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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
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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.
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I’m in this camp
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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
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I am a simple man, using simple solutions, that I know how to manage them.
Access to my stash will be only one person and that is me.
I am not afraid of any of those you mentioned because I know how to avoid those situations.
Yes, not every other user could do that. But complicating things more than is necessary is not the best way.
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100% agree. But people should know their own limitations, and that is definitely not the case in the bitcoin space, unfortunately. You might be an expert, but ~80% of people are not and might make a critical mistake sooner or later.
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
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Please try hacking this
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non-sequitur