The feeling of being self-sovereign
673 sats \ 15 comments \ @suidoc 26 Oct 2022 bitcoin freebie
Just a little story.
I have slowly been moving my sats off exchanges. The first time I did it, I was really nervous. I was used to trusting a third party to retrieve my funds in case I lost the password. That is how the world works today for the most part isn’t it?
Moving those sats off the exchanges made me nervous but very excited at the same time. As I moved more sats off exchanges I got more confident being in complete control of my own wealth. This is an amazing feeling, I Bitcoin does indeed incentivize me to keep stacking and always moving those hard earnings into my own possession.
Now as my confidence has grown I have finally created my first 2/3 multisig wallet. I feel the nervousness again because this is, once again, very new to me. Moving those sats into the multisig wallet was nerve wrecking and exciting at the same time.
Now I am confident that my hard earned labor will be of benefit to my family for the future generations without worrying about evil entities slowly draining the value of that past labor.
Bitcoin is truly amazing and I wish for everyone to experience the same feeling as I have gotten throughout the past couple of years learning about Bitcoin.
Guess I went on a rant, but I am really grateful for all of you spending your scarce time teaching individuals like me how to become self-sovereign.
Bitcoin already has and will do great things for our future.
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513 sats \ 7 replies \ @ln123 26 Oct 2022
Well done!
Care to share your multisig setup and inheritance strategy? Did you use different manufacturers? Are all signatories people you know?
Do they use their regular key to sign, or does everyone have a specific key for the multisig?
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358 sats \ 6 replies \ @suidoc OP 27 Oct 2022 freebie
I am still in the process of deciding the best strategy. What I've done so far is basically just generating 3 different keys and engraved it into 3 different metal cards.
As I see it, I have a couple of options, but I would love to hear anyones elses opinion on what would be safest.
#1 Making use of a third party like Casa or Unchained Capital. As I see it, there is a lot of benefits of using a third party custodial like one of those, as they can help on the technical side of the stuff, in case I decide to provide the last key to my wife, kid or other trusted family/friend.
A small drawdown is that it is still a relatively new space, so who knows how these custodials will be in the future and whether they could have their keys seized. This would not have a huge impact, only in the case one of the other 2 keys are lost - which has to happen rather simultaneously.
#2 Only make use of trusted family members or friends. I like this option, but at the same time I am also a bit in doubt of the attack surface. Anyone who would know my whereabouts would be able to make a coordinated attack on obtaining the keys from myself, and the relatives having the keys. However, this also somewhat applies to the first option.
Another drawdown to option #2 is it also comes with a great responsibility of the family member and/or friend. Losing the key could wipe out all the savings in case this is not communicated and quickly fixed by moving the sats to a new key.
#3 Last option I can think of is keeping all 3 keys, but in different places (bank deposits, vault at home, somewhere in the woods etc.) and let my relatives (kid and wife) know about one of the places, while having a friend or paid third party knowing of another key (like in a bank vault).
I haven't decided which of the 3 options to go with, as they all have their pros and cons, so I would love to hear what thoughts you may have.
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10 sats \ 5 replies \ @ln123 27 Oct 2022
The custodial key does have many practical benefits as you mention, another of the drawbacks though is that every signer will also know your balance and history of transactions. So you lose some privacy..
This is definitely a hot topic that deserves more discussion.
In creating your multisig, what was the cost of the transaction? Was it significantly more than a regular (single-sig) transaction?
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187 sats \ 4 replies \ @suidoc OP 28 Oct 2022 freebie
I did not think about the privacy part and I believe that to be a very real concern. We see from time to time major companies having their data compromised and essentially if your single key gets in the hand of other people, they would be able to track all of your transactions - and not just the ones you make moving forward but every single transaction from the past too. Thank you for that point!
The transaction to the multisig costed me 158 sats while sending from my multisig costed me 368 sats, so it is quite a jump in fees (x2.3 increase). These may vary as I get more UTXOs unto the wallet. But I think the benefits are worth the extra costs as the base costs is quite low as long as you don't send small amounts at a time.
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0 sats \ 3 replies \ @ln123 28 Oct 2022
368 sats? Are you sure? Maybe you meant 3680 sats?
Are you handling the saving / sharing of the metadata (signing data) yourself, or does your multi-sig app handle it for you?
As I understand, you need to have the details of ALL the signators to enable each signature
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3 sats \ 2 replies \ @suidoc OP 28 Oct 2022
I do indeed mean 368 sats - have you experienced higher costs? Right now I am in possession of all 3 keys of my 2 of 3 multisig, so I am signing the transaction myself. I ran a similar transaction on testnet before setting up on mainnet. Here the fees are 200 sats. https://mempool.space/testnet/tx/be7cd5c8dfd905c40fbe352901c1d1e48ce6fa529b2b346f8a5664467efa3e00
With a 2 of 3 multisig wallet you would only need 2 of the 3 keys to succesfully sign a transaction.
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0 sats \ 1 reply \ @ln123 28 Oct 2022
Wow! On-chain transactions are super cheap right now!
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3 sats \ 0 replies \ @suidoc OP 28 Oct 2022
Well it depends on how much you want to pay pr. byte. Since I am moving sats between savings, I would never pay more than 1sat/byte.
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37 sats \ 1 reply \ @SatRat 27 Oct 2022
The idea of creating value, security, and sovereignty for my children and their children is what has given me the hope that I had lost years ago.
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331 sats \ 0 replies \ @suidoc OP 27 Oct 2022 freebie
Exactly this. It ensures that we can safely pass down our inheritance to whoever we choose without any corrupt government eating away our spend energy. Keep it up!
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15 sats \ 1 reply \ @godlikeXi 27 Oct 2022
I'm grateful for this tech and this community.
We are Satoshi. Eff CW.
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1 sat \ 0 replies \ @go 27 Oct 2022
We are Satoshi for sure
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0 sats \ 0 replies \ @selfish_gene 27 Oct 2022
делай перевод каждый день. и все будет норм..
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0 sats \ 1 reply \ @Atreus 26 Oct 2022
What the hell is a bank?
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0 sats \ 0 replies \ @faithandcredit 27 Oct 2022
It's supposed to be the opposite of a criminal :)
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