BITCOIN

[VegasMichael]

I wonder how many in California may have lost their cryptocurrency private key in the fires.

 

[98SVTContour98]

I wonder how many in California may have lost their cryptocurrency private key in the fires.

terrifying thought

 

[98SVTContour98]

I wonder how many in California may have lost their cryptocurrency private key in the fires.

it's why solutions are here now regarding Multi-Sig setups.

It requires multiple signatures to complete a transaction, which protects you against wrench attacks, fire, flood, loss of keys basically.

I haven't pulled the trigger yet on it but am thinking more and more about doing it, at least for a potion of my stack.

 

[98 svt]

I wonder how many in California may have lost their cryptocurrency private key in the fires.

Grandmother Loses Her House and Bitcoin Private Key in LA Fires - Airdrop Alert

As Bitcoin’s price takes a sharp downturn, the people of LA are facing a different kind of fire, some even lost their BTC in the LA fires

airdropalert.com

 

[VegasMichael]

it's why solutions are here now regarding Multi-Sig setups.

It requires multiple signatures to complete a transaction, which protects you against wrench attacks, fire, flood, loss of keys basically.

I haven't pulled the trigger yet on it but am thinking more and more about doing it, at least for a potion of my stack.

Doesn't that mean more than one person would have access to the account?
And if you lost your key how would you get access even if another party or two has their key if it's multi-sig?

 

[Weather Man]

it's why solutions are here now regarding Multi-Sig setups.

It requires multiple signatures to complete a transaction, which protects you against wrench attacks, fire, flood, loss of keys basically.

I haven't pulled the trigger yet on it but am thinking more and more about doing it, at least for a potion of my stack.

It's a good idea, but how many regular folks would do it?

 

[98SVTContour98]

Doesn't that mean more than one person would have access to the account?
And if you lost your key how would you get access even if another party or two has their key if it's multi-sig?

sort of.

one option is: You hold two keys, a spouse holds one key, and a company hold two keys.

It would take 3 keys to move coins.

So you/wife combine to move coins, wife/company or you/company.

Usually the keys are in all in separate locations as well. It is designed specifically so that it is very hard to make moves.


If you lose two of your keys, you can still move coins b/c the company has two keys left/wife has key left, etc.

here is a new company that popped up that's doing it:

x.com

x.com

 

[98SVTContour98]

It's a good idea, but how many regular folks would do it?

really early on at the moment, but this space is currently designed for companies that hold bitcoin or OG bitcoiners with large stacks of coins.

 

[VegasMichael]

sort of.

one option is: You hold two keys, a spouse holds one key, and a company hold two keys.

It would take 3 keys to move coins.

So you/wife combine to move coins, wife/company or you/company.

Usually the keys are in all in separate locations as well. It is designed specifically so that it is very hard to make moves.


If you lose two of your keys, you can still move coins b/c the company has two keys left/wife has key left, etc.

That's placing a LOT of trust in three other entities. Don't piss your wife off!

I would take my chances with just one key. Maybe rent a few safe deposit boxes around town and put the key in each.

 

[98SVTContour98]

That's placing a LOT of trust in three other entities. Don't piss your wife off!

I would take my chances with just one key. Maybe rent a few safe deposit boxes around town and put the key in each.

then you are putting your trust in the banks! all the govt has to do is get a warrant and then they have your keys.

multisig is a trade off: wrench attacks/lost keys vs lose autonomy to move coins when you want.

I may end up doing multisig for some of my coins and keep some coins in my head.

 

[98SVTContour98]

That's placing a LOT of trust in three other entities. Don't piss your wife off!

I would take my chances with just one key. Maybe rent a few safe deposit boxes around town and put the key in each.

then you are putting your trust in the banks! all the govt has to do is get a warrant and then they have your keys.

multisig is a trade off: wrench attacks/lost keys vs lose autonomy to move coins when you want.

I may end up doing multisig for some of my coins and keep some coins in my head.

I do like that the AnchorWatch company has time vaults programed (the bitcoin code allows it) to where even if Anchor went out of business, after the 180days or 365 days expires, your coin auto-unlock off of their multisig requirements and back to where it only needs your keys to move the coins!

 

[jvandy50]

then you are putting your trust in the banks! all the govt has to do is get a warrant and then they have your keys.

multisig is a trade off: wrench attacks/lost keys vs lose autonomy to move coins when you want.

I may end up doing multisig for some of my coins and keep some coins in my head.

I would never wish this on anyone(well maybe a couple but not you), but a CVA or TBI from a wreck or some other injury and they’re lost correct?

 

[98SVTContour98]

I would never wish this on anyone(well maybe a couple but not you), but a CVA or TBI from a wreck or some other injury and they’re lost correct?

yes, if it's only truly in your head and you lose your signing device (ledger, trezor, etc), then they are lost.

What i meant by in my heads was just the traditional signing device plus seed phrase.

 

[VegasMichael]

then you are putting your trust in the banks! all the govt has to do is get a warrant and then they have your keys.

multisig is a trade off: wrench attacks/lost keys vs lose autonomy to move coins when you want.

I may end up doing multisig for some of my coins and keep some coins in my head.

Why would the gubbermint be interested in my safe deposit boxes?

 

[q6543]

This has been the most boring bull cycle, and frankly I do not like all the experts on X pretending it’s as simple as Q1/ or Q3, grab your 200 k plus and move to the side…

Something is going to be different, waaaaay too many people are on the same side of the boat with this trade as it sits.

I’m just DCA but can’t help but notice

 

[98SVTContour98]

Why would the gubbermint be interested in my safe deposit boxes?

any number of reasons, it may be less of a chance than a wrench attack, but there's still a chance.

In Canada, the trucker protest had the govt seizing everyone's coinbase accounts/bank accounts etc. Imagine Kamala won and anyone who donated to Trump was a terrorist...i could def see something like that happening.

 

[q6543]

.

 

[jvandy50]

This has been the most boring bull cycle, and frankly I do not like all the experts on X pretending it’s as simple as Q1/ or Q3, grab your 200 k plus and move to the side…

Something is going to be different, waaaaay too many people are on the same side of the boat with this trade as it sits.

I’m just DCA but can’t help but notice

Would they do that to the boomers they just opened up all those ETFs for? Meh probably

And would they allow poopinmybutt69 to become Uber wealthy? Meh probably not

I agree it seems like too much of a layup. The way I chart stuff, it's turning down on most time frames and we have the weekly and 50D EMA on the daily it's just BARELY holding.

A bounce would be nice

 

[98SVTContour98]

major announcement!

I bought more Bitcoin today

Hoping we keep dumping

 

[mysticsvt]

major announcement!

I bought more Bitcoin today

Hoping we keep dumping

That's the spirit!!!