How does SN feel about storing secrets in a safety deposit box? \ stacker news ~bitcoin

How does SN feel about storing secrets in a safety deposit box?

1090 sats \ 21 comments \ @elysia 3 Dec 2023 bitcoin

A bank safety deposit bank is all I'm aware of. Not sure if there are other solutions also.

69 sats \ 9 replies \ @DarthCoin 3 Dec 2023

Somewhere on those mountains I hide a BTC wallet... Go find it if you can. It's safer than any safe bank... Safety box in banks are a shitcoin.

Do you want other solution? here it is...

Do you want even more solutions? Read the fucking Darth's guides! https://darthcoin.substack.com/p/bitcoin-be-your-own-bank-think-like

11 sats \ 1 reply \ @Zepasta 3 Dec 2023

deleted by author

3 sats \ 0 replies \ @DarthCoin 3 Dec 2023

hahaha good observation. But what about if is hidden right under the bottle?

12 sats \ 0 replies \ @Natalia 3 Dec 2023

the best secret is often hiding in the pain side!

0 sats \ 1 reply \ @elysia OP 3 Dec 2023

I read, digest, and agree with your guides. What about storing this in a safety deposit box? Only store the grid, not the pattern. https://www.borderwallets.com/

0 sats \ 0 replies \ @DarthCoin 3 Dec 2023

yes borderwallet is cool

0 sats \ 3 replies \ @Taurus 3 Dec 2023

That day, inexplicably… the mountain collapsed in.

0 sats \ 2 replies \ @DarthCoin 3 Dec 2023

Probabilistically there are more chances that a rock will fall on your head on the street than a mountain to collapse. Also there, on that peak, is only one wallet, not all...

0 sats \ 1 reply \ @Taurus 3 Dec 2023

Nice one, many eggs many baskets haha but I was just joking ;)

1 sat \ 0 replies \ @DarthCoin 3 Dec 2023

read here more and pay attention to the details... https://darthcoin.substack.com/p/bitcoin-be-your-own-bank-think-like

36 sats \ 2 replies \ @Natalia 3 Dec 2023

safety deposit box

it's almost like telling others, hey all my important stuff are here, come get it 😂

70 sats \ 0 replies \ @davidw 3 Dec 2023

Haha exactly. And what’s worse is if they come for someone else’s they’ll likely come for yours too. Really should be called public deposit boxes, or just bank lockers.

Safety during times like this, is not in numbers amongst the crowd. Anyone storing in those boxes should expect that people are opening and reading the contents on a quarterly basis.

If storing a secret via that method, make it nothing more than a single multisig secret. With backups to boot. They have utility in that context perhaps.

10 sats \ 0 replies \ @Zepasta 3 Dec 2023

🎯😂

39 sats \ 0 replies \ @siggy47 3 Dec 2023

No thanks: https://www.latimes.com/california/story/2021-06-09/fbi-beverly-hills-safe-deposit-boxes-forfeiture-cash-jewelry

100 sats \ 2 replies \ @orthwyrm 3 Dec 2023

Good back-up schemes do not have single points of failure and require multiple secrets to spend funds (such as passphrases and multi-sig).

Ideally these secrets are spread across several different geographic locations. This helps to protect against theft. With a seed + passphrase you'd want three locations (x2 for seed, x1 for passphrase, passphrase memorized). For a 2-of-3 multisig you'd also need three locations for each signer.

The problem is that most people don't have access to three secure locations they can trust. You have your house, maybe a trusted family member... and then what?

Bury it in the woods? Then you need to trust your memory or store the coordinates somewhere. Encrypt it and store it on the cloud? Then you need to store the password somewhere. The problem irreducibly boils down to having access to enough trusted locations.

So I'll go against the grain here and say that I can see a place for custodians if one doesn't have access to many secure places to hide their secrets.

Some custodians are emerging to handle keys for multi-sig setups, such as Unchained, Casa, Nunchuk. I don't use these myself, but they look slick and I can see the appeal.

There are some concerns I have though:

They have access to the xPub quorum (privacy concern)
You can never know if the secret they hold has been breached

IMO that second point is the main distinction between Casa et al. and a safety deposit box at a bank. With the bank, you can store your secret in a tamper-proof bag. If you check it regularly (say every 6 months), you can monitor if the secret has been breached and move funds accordingly.

50 sats \ 1 reply \ @elysia OP 3 Dec 2023

What about storing this in a safety deposit box? Only store the grid, not the pattern. https://www.borderwallets.com/

0 sats \ 0 replies \ @orthwyrm 3 Dec 2023

I don't know too much about border wallets. My understanding is that it works like a 2-of-2 scheme where you need both the word grid and the pattern (memorized) to recover the seed.

In many respects it functions similarly to a seed + passphrase setup. But I think that the border wallet might make some trade-offs for improving accessibility at the expense of security, and that it's an "emergency use" sort of thing that shouldn't be considered as a long-term solution.

I'm not sure what a border wallet gives you over a seed + passphrase in this circumstance. Passphrases are commonly used, so I'd wager that their risks and mitigations are more thoroughly understood.

9 sats \ 1 reply \ @Gar 3 Dec 2023

I think it is just fine as part of a larger strategy. If it's a single point of failure in your setup then it's obviously a bad idea.

8 sats \ 0 replies \ @GlobalThreat 3 Dec 2023

bury them with engraved metal in a box.

0 sats \ 0 replies \ @Signal312 3 Dec 2023

I would suggest a hard NO on this.

I'm not able to find an original source on this, but I have read in a couple places that after Executive Order 6102 (making it mostly illegal in the US to own gold), you needed to have a federal agent present, in order to open your safety deposit box. The agent would check for gold in the box.

Here's a non-original source: https://dollarvigilante.com/shemitah-whitepaper/ "In the 1930s, when the US government last confiscated gold, you had to go to your safety deposit box with a federal agent who would check to make sure you did not store gold there. In the event that the government has reason to suspend or close banks, you may risk losing your valuables forever."

Anyone know of an original source on this?

0 sats \ 0 replies \ @Zepasta 3 Dec 2023

Don't trust any third party to safeguard your wealth or secrets. Trust no one.