Why wouldn't you just backup your seed phrase, instead of having multiple signatures? I don't see how this makes any sense for a single signer.
Unchained vault like I’ve told you multiple times. Maybe you’re confusing ledger’s btc capabilities with other crypto, of which I’ll admit to not knowing a damn thing about storage. But using ledgers to set up a multisig vault has been a thing for far longer than late last year. I literally did it in 2020.
This is getting old. The November 2021 Ledger update substantially changed the way you interacted within the BTC app, specifically in regards to multisig. The same experience changed for people on the Ethereum side. My "setup" in the way that I interact with NFTs, BTC, ETH, and any crypto on ledger has changed quite a bit over the past two years. How yours hasn't, and why you go about doing things the way you do, DO NOT MAKE SENSE.
Unchained has been compatible with Trezor and ledger since it launched in like March 2019. It is hilarious that you think some Nov 2021 update enabled multisig on ledger with unchained. And you’re trying to tell that to a person who has literally been doing it for 1.5 years before Nov 2021. It’s insanity.
Yes, it's insane that a product has software updates that could make things easier or patch a bug or vulnerability.
To say that your setup hasn't changed, that the way you confirm or view transactions in Ledger OR BEING ABLE TO USE LEDGER LIVE with multi-sig has absolutely changed in the past year. Two years ago you needed another third-party cold wallet. So which one did you use?
Since the beginning of any unchained vault, i have been able to use ledger as a hardware wallet to act as a 2 of 3 key setup. Any statements otherwise are incorrect. If you want to argue that ledger live as an app has updates that change the way you can do certain multi-sig things, have at it. That's not remotely what I've taken a position on.
The reason(s) for user having a multi-sig setup IS unnecessary. The way he's described his setup and how he uses 3 separate hardware wallets to use multi-sig is also unnecessary, and there are big gaps and flaws in the way he's saying it works. Which leads me to believe he's lying about his setup. But I can get why 99% of you can't grasp this. Whew! I could continue to bore you all with this and document the actual steps it would take for him to purchase or confirm a single transaction. The setup for ONE person and all the devices he's using does not make sense and the UX/UI and software have absolutely changed since November of last year. This guy has been clamoring for someone to have an actual discussion with him about inflation and shit, but he picked the wrong topic this time. He's lying. I specifically don't think he has 3 ledgers and 3 separate hardware keys tied to the multi-sig vault. That's like having an underground lair with sharks with laser beams on their heads in your basement to protect your 1980s topps set. If multi-sig is so necessary then it's really obvious why the world is not ready for crypto.
I did over 50k blockchain tx last year, I am well informed on how it functions. When you have millions in wallets I can assure you it’s a best practice to use a multi sig. To your last point, I agree.
I absolutely disagree with using a service like Unchained to escrow your crypto for one person. My wallet = my keys = my problem. The security benefits are negligible for one person with multi-sig AND a hardware wallet. And if you're getting phised and having your keys compromised, I promise if I can get 1 of your keys I can get 2 or 3. That was the reason I asked clarifying questions to user, like do you use one laptop or not? Security flaw in his workflow, among other gaps in the way he described his setup. And then continued to attack and question my knowledge on the subject in the process. A cold hardware wallet is sufficient enough to hold any amount of crypto for long term for one person. A secondary hardware wallet is ideally used to buy/sell or transfer to/from exchanges. And as I'm sure you know, always check permissions and revoke any approvals, and don't click suspicious links. Nobody can access the cold wallet unless they have the private key or have access to the Ledger device. There are safer and better ways to accomplish the same thing multi-sig can do that do not cost a vault fee or use another product to verify and protect my wallet(s). Imagine having to access 2 ledger devices to confirm all 50k transactions you just described. It's not necessary. Work smarter, not harder.
Penguin The Duck you're dying on a strange hill, nothing wrong with a multi-sig for one person especially if they have a large balance
Replying to someone else that knows what they are talking about and disagreeing on a topic does not equal to dying on a strange hill IMO. It's a conversation, unlike the nonsense that went on with user. I'm not the only one on the hill my guy
This really isn't complicated. But it's dumb as fuck to think I'd lie about storing 7 figures of btc that I don't intend to touch for a decade+ in what I view to be the most secure way. Yes I want an underground lair with sharks to be able to move any amount of btc in cold storage. It doesn't take 3 ledgers (which you'd know if you weren't ignorant of how this works). It takes 2. There is no vault fee (again you'd know that if you weren't uninformed). And here's some proof since you're being such a supreme dipshit about all of this.
I said above it only takes 2 of 3. The way you described your setup not changing for two years still tells me you’re lying. It’s okay that nobody understands this. Since you have a nano S then there’s a missing piece you needed to complete the workflow chain to use ledger and unchained up until recently. It was a major change.
And lol at discussing security and hardware wallets being a strange hill to die on giving the current climate in crypto this year. The first thing anyone should do before buying any crypto is buy a hardware wallet. Nobody ITT needs a multisig to keep their crypto safe. Start using that ledger asap
You're so painfully ignorant about how this works. And literally nothing about my setup has changed since I've started. I have to do a key check every 90 days and I update ledger software. The end.
Buddy… you got me on the vault fee, because you’re right this is so ignorant and unnecessary that I don’t need to be familiar with multisig for one party
Getting phished and losing 1 key = potentially losing everything you store on that key. Multisig = absolutely nothing happens. The same person would need to have access to my second key, my unchained login, my phone for 2FA, and a fucking video of me approving a transaction to move literally any amount of my btc out of a vault. Describing that difference as negligible for people storing 6 or 7 figures is.....something.
All of that absolutely seems unnecessary. The average user here doesn’t need the vault with the sharks. There are still gaps in describing your setup but thanks for using a hardware wallet as that additional layer of security. Sounds like the class has 3 options Leave crypto on an exchange or hot wallet Use a hardware wallet Or consult user on this excessive setup a single cold hardware wallet that has never been connected to any sites cannot be compromised via phishing links. Same security measure without the flaming hoops and hurdles
You keep making this weird subjective judgment as to what level of security for someone is "necessary." Storing any substantial amount of money on a single hardware wallet would be fucking terrifying to me. Whether it's phishing, losing your recovery phrase, getting robbed, etc., it is entirely possible and quite easy for someone to lose 1 key. In your world when that happens, well shit better luck next time but the crypto is gone forever. In my world, that's not the case. You've ranked the 3 levels of security correctly. And people can decide their own approach without you posting false stuff about multisig or acting like the step between 1 hardware wallet and .....gasp.....2 hardware wallets is some massive jump for someone who just wants to store btc without moving it.
You keep making these weird subjective claims like there aren’t multiple options to store your keys offline. Oh no, I lose a copy I have a backup like you have another wallet. It’s essentially the same concept. The differences are still negligible, you just want to argue to argue. The real point is everyone here should use a hardware wallet, at minimum. Is it the end for real this time? (Probably not)
I'll stop posting on the topic when you stop making wrong statements. If someone gets access to 1 key that stores your crypto, it doesn't matter how many backups you have stored offline or otherwise. It's gone. The end. If for whatever reason you lose your own wallet and recovery phrase/backup, it's gone as well. Multisig eliminates that single point of failure and requires you to lose 2 keys (in a 2 of 3 setup) or 3 keys (in a 3 of 5 setup) to lose your crypto. So yes we agree that everyone should use a hardware wallet at a minimum. And there are reasons to use a more secure multisig setup.
Ha cool. Send me your recovery phrase. Won't take too long for me to move those funds to another wallet.
Thanks for telling me what I mean. The irony is that when this thread gets personal the spider man pointing meme could be used after nearly every post. It’s a little amusing but I wouldn’t say comedic.
I think only 1 of the 2 parties involved in the shitposting gets the meme reference. The other is too focused on pointing that finger, and if you keep replying to it, you're in for a long day.
You had southside telling you he did 50k transactions last year and supporting multisig…but yes you’re definitely the one who gets what’s going on when it comes to multisig.
For the last time, 99% of the people ITT do not need multi-sig. Some probably have their keys stored on their laptop. Most do not use a hardware wallet. I absolutely do not get what's going on with multi-sig because again I find it unnecessary and redundant for one person. I layed out my option instead. There you go pointing that finger. Ironic? Absolutely.