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0 sats \ 0 replies \ @nerd2ninja 20 Dec \ on: Executive Order on Creating a New Global Currency (draft, do not disseminate) bitcoin
"Trumpbitcoin"
Nah, this isn't real lol.
That's all well and good. Was there anything about small business loans to help boost national productivity? IMF deals typically promote foreign business growth in country rather than local business growth. Was there anything about education? A good democracy promotes education because again that will make them more productive and increase the GDP of the country.
$1.4 Billion dollar loan.
They buy $1 Million dollars of Bitcoin with it.
Not quite the Saylor play to say the least. Still raises the question to me of what is it they're using the money for? (Please don't be Bitcoin city, that thing is a bad idea lmao)
See I can reason through guides and say to myself "These are great suggestions" and then if anything is missing, I'll just go "Oh this other guide suggested this" and implement that as well.
You can make a watch-only wallet.
So for example, Glacier protocol suggests going to blockstream.info (https://glacierprotocol.org/docs/check-balance/overview/) to check your wallet balance. Which is insane. Just make a watch only wallet and don't dox your whole stack to a company lol. Right, so I would then follow probably the sparrow guide on connecting to Bitcoin core and setting up electrum and all of that stuff.
431 sats \ 0 replies \ @nerd2ninja 20 Dec \ parent \ on: How to conceptualise multisig? bitcoin_beginners
they each contribute the seed they already have
Do not share your seed phrase. Do not! Instead, the xpub should be shared. Download sparrow, create a multi-sig wallet and it will be immediately clear what I'm talking about.
now they have an extra multisig / shared wallet on top of their own solo wallet that they can still control as normal?
Yes, they would have a wallet that's single sig and a wallet that's multi-sig with different Bitcoin addresses. If you download sparrow wallet and create a single sig seed phrase for one script type and then create a new wallet, import the seed phrase and use the multi-sig script type, you will see different Bitcoin addresses and see what I'm talking about.
31 sats \ 2 replies \ @nerd2ninja 19 Dec \ parent \ on: How to conceptualise multisig? bitcoin_beginners
There's no reason you couldn't use the same seed phrase, but after you exchange xpubs, it will be a completely different wallet.
No, when you're in debt for a money that you can print yourself, its meaningless. The debt is just a feel good way to print money without much objection (vs printing it without a debt) When you're in debt and must pay in a foreign countries currency its not the same situation at all.
I am surprised because El Salvador held its Bitcoin through a bear market and now that Bitcoin's price is a little high they completely sold out? Its crazy. I don't think they're desperate for the money, I think they just saw a lot of money and lost their minds.
What I'm seeing so far doesn't require El Salvador to sell its Bitcoin though or prevent it from buying more, so many they're trying to pull a Michael Saylor and go into debt to buy more Bitcoin or something (lel if that's the case)
Use Sparrow or Liana wallet and you will understand it better.
Its actually pretty simple to think about.
1 of 3 (just an example. One of the 3 keys available needs to sign)
2-of-5 (2 of the 5 keys that exist need to sign)
Multi-signature flow uses PSBT files a lot. You may be familiar with PSBT files if you use an airgapped signing device (as opposed to a USB or bluetooth signing device).
When the PSBT file is signed with one of the available signatures, you take the partially signed bitcoin transaction file (PSBT file) and send it to the next person to sign.
Multi-signature requires multiple signatures, not multiple people
Multi-signature as 2FA
So in this way, you can think of it like 2FA (two factor authentication). One device signs, but you need another device to sign. The most simplistic example of this, is the bitkey. The Bitkey is an airgapped signing device, but the wallet people make with the bitkey is NOT cold storage. This is because 2 of the 3 available keys are required to sign. 1 key is in the app (on the phone), one key is with the company, and the 3rd key is on the signing device. So in this way, the bitkey is a 2FA solution, not a cold storage solution.
Multi-signature as hardened security
On the other end of the spectrum is geographically distributed key storage. In this set-up, physical access to multiple locations is required to spend the life savings or whatever it may be. Glacier protocol guide explains the reason someone may want to do this:
Multisignature security protects against the following scenarios:
Theft: Even if somebody physically breaks into a safe, any one key is not enough to steal the money. Loss: If a key is destroyed or simply misplaced, you can recover your money using the remaining keys. Betrayal: You may want to entrust one or more signatories with keys to facilitate access to your funds when you are dead or incapacitated. With multisignature security, entrusting them with a key will not enable them to steal your funds (unless they steal additional key(s), or collude with another signatory).
Multi-signature as collaborative custody
It may be the case that you don't want to be the sole custodian for your own funds. There are many reasons for this. A company or nation state for example should not have 1 person who can make spending decisions. Very often collaborative custody is used as a hand holding option to get people to learn self-custody, while still in reality having a custodian (bitcoin beach wallet when it existed was this kind of training wheels). Anchorwatch wants people to use this kind of multi-signature scheme for "self-custody insurance" From my understanding though anchorwatch will allow many different types of multi-signature arrangements including collaborate custody and multi-signature as inheritance (I'll allow them to explain themselves more, but point is don't get too caught up in that example).
One could also use this kind of collaborative custody the way one would use a joint bank account. For spouses, for event savings (like saving up for a family gathering in which the family collaboratively custodies the funds) Theya wallet is probably the most user friendly software that would allow for this usecase: https://www.theya.us/
The glacier protocol suggests a version of collaborative custody (given the user accepts the risk trade offs) wherein the user can spend at all times, but multiple friends or family members must collude to spend.
Multi-signature as inheritance
For this kind of multi-signature, even a 1-of-2 is reasonable. But why have a 1 of 2 instead of just sharing one key? Because in this setup, the key that the inheritance recipient holds, can not be used until a specified amount of time has passed.
Liana wallet is the user friendly program for setting something like this up:
https://wizardsardine.com/liana/
Key exchange
To create a multi-sig wallet with other people, you do not need to see each others private keys or seed phrases. You only need to share each others xpubs (and use the same derivation paths). This information is used to view the wallet balance, while the private key or seed phrase is used to sign.
Hope this helps.
I have been saying the past month I think "Hey why can't we sign software with signing devices?"
I like the idea of a multi-purpose signing device, but I think they added a lot of code bloat to this thing in particular. That codebase is not going to be easy to maintain.
So yeah, there's an idea there that I like, there's stuff that I don't like and then there's the ugly.
And man I wish the dumb marketing department didn't miscommunicate security. Encrypted bluetooth does not have the security of an airgap. Yes its good to have a key exchange before communicating wirelessly, but if one of those devices is not airgapped, the key that was exchanged could be exfiltrated.
CUSF will be the greatest example of why a miner activated soft fork is not an actual activation.
Why can't you just undo soft forks? Because nodes enforce the rules of soft forks and undoing those rules would require everyone to coordinate i.e. a hard fork.
But what if nodes aren't enforcing a soft forks rules? Well then it could be undone easily by the miner coordination.
I don't quite understand why Bitcoiners (since we're on SN) would care about revolut other than to laugh at it.
If it's the case that
"My abula doesn't know how to use Bitcoin"
Dawg, you're literally giving her money. They can figure it out. They can accept a little difficulty on the recieving end to make your life easier
will governments even let that happen?
Who said we were asking for permission?
Sorry I gotta write more, but yeah look at all your shitcoins and know if the government banned them, they would go away, but Bitcoin (which has been banned in many countries) persists
Bitcoin magazine constantly trying to frame the narrative to look like anything other than Bitcoiners trying to defend their fellow man from the propagation of scams as they have been doing year after year.
I'm going to search up a good resource for you to be able to quickly share about corporate spying. Cyber punk dystopian media are your friend in providing pushback.
This may be a good starting point:
https://www.youtube.com/watch?v=E6LsfnBmdnk&list=PLC2233C191A464B26