New epoch: reassess your security model \ stacker news ~security

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1265 sats \ 6 comments \ @redlight_pleb 29 Aug security

One of the many paradigm shifts that comes with Bitcoin is accepting the risk of being your own bank. In rather a nonchalant fashion I took this responsibility on - coldcard, sparrow referencing my node. Thought that was pretty good. However… another epoch : another assessment of your security and risk model.

I have just recently felt the weight of this more fully. This is the first epoch I will have been fully apart of, as such a dawning realisation that net worth is going to change ( potentially drastically for some ) Thoughts such as:

if I died tomorrow , no one could access my btc. (What a wonderful feature of this technology! … but what if I want it to be accessible to family etc. )
How do I remove single point of failures
If a earthquake/tsunami type event was to happen, what redundancies for your private keys are in place
Severe injury helping you forget your setup/process

I reckon keys will come under attack more as we go along and falling into complacency over how easy it is to look after your private keys will cost.

By under attack beyond the classic (and not to be scoffed at) Government , natural disasters destroying signing devices , opportunistic individuals. I am meaning mishandling of your keys due to negligence- not practicing using your hww, not knowing how to restore your wallets.

Every first quarter of the following epoch will be a perfect time to reassess your security/redundancy/futureproof/ planning - before even the bull run. A separate multi-sig partner that could be deemed expensive may just become pretty cheap.

Not your keys , not your coins. Much love plebs.

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21 sats \ 2 replies \ @Fabs 29 Aug

Honest tip: Don't stress about it too much, and don't overcomplicate things.

21 sats \ 1 reply \ @redlight_pleb OP 29 Aug

Honestly: probably needed this more than you know. Ty

21 sats \ 0 replies \ @Fabs 29 Aug

Buy a solid hww and tell your mom about it, done.

132 sats \ 1 reply \ @mdominicorobin24 29 Aug

Answer to first question.

Smart Contract is your best choice. You can program your last will and testament. Besides 12 word mnemonic and 24 word mnemonic for BIP39 and Electrum is your choice.

Answer to second question.

Electrum word mnemonic and BIP 39 word mnemonic may have differences but there is no such thing a single point of failure if you keep multiple copies of your mnemonic.

Answer to third question.

Hard copy your mnemonic into metal slugs. Keep it in high places covered by soil like a time capsule while you are hiking so that only you will know where it is.

Answer to fourth question.

Half of your crypto assets should be given to people you trust using multi signature escrow system they are the ones whom will remind you if you suffer from Temporary Global Amnesia. Besides TGA is but temporary. So don't worry. The TGA in movies are unrealistic.

21 sats \ 0 replies \ @redlight_pleb OP 29 Aug

Thanks so much for this thorough response, lots to think about and implement going forward!

21 sats \ 0 replies \ @gundam007 29 Aug freebie

Sparrow wallet is not something that you will lose when something happens to your computing machine. It is not the Sparrow wallet that holds your Bitcoin it is the Bitcoin network that holds your Bitcoin. Which is why you don't really need to worry about your "set-up". It is not your " set-up" that holds your Bitcoin. Again it is the Bitcoin Network. The only reason you need to keep your private keys is the fact that someone who pretends not to know anything about Bitcoin happens to be your friend and he or she is loitering around your loft. Trying to see if you are careless.