Yes but newbs need to be aware of the tradeoffs: (1) you need at least two more secure locations to store backups; (2) you need fatter utxos to make up for the added weight of transactions when you spend which means you have to spend a lot of time consolidating safely or you will compromise your privacy; (3) you need to keep a single-sig cold wallet as well for medium term savings or fees will bite and because you don’t want to access the multisig too often or you may compromise the security of your multisig and because you don’t want to let receivers think you have a big stack; (4) you need to step up your opsec when you spend from the multisig as the tx combined with an IP or any other personal info leak can lead to a wrench attack; and, (5) you need to store multiple backups of the wallet because you and your heirs cannot just rely on the seed words to access funds.
I can’t wait for FROST, which would take care of many, but not all, of these tradeoffs.
aa / AncapAnon - Activate OP_GFY now!
npub18y…yf273
2024-06-19 06:28:58
in reply to nevent1q…vxyy
Author Public Key
npub18y94xdrnnst3mqkgflnus56x94mqw5m3sle2q627mcajj7jmnzxqdyf273Published at
2024-06-19 06:28:58Event JSON
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"created_at": 1718778538,
"kind": 1,
"tags": [
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"content": "Yes but newbs need to be aware of the tradeoffs: (1) you need at least two more secure locations to store backups; (2) you need fatter utxos to make up for the added weight of transactions when you spend which means you have to spend a lot of time consolidating safely or you will compromise your privacy; (3) you need to keep a single-sig cold wallet as well for medium term savings or fees will bite and because you don’t want to access the multisig too often or you may compromise the security of your multisig and because you don’t want to let receivers think you have a big stack; (4) you need to step up your opsec when you spend from the multisig as the tx combined with an IP or any other personal info leak can lead to a wrench attack; and, (5) you need to store multiple backups of the wallet because you and your heirs cannot just rely on the seed words to access funds. \n\nI can’t wait for FROST, which would take care of many, but not all, of these tradeoffs.",
"sig": "109429d03568257b55cf2883ec706183de6a4d8c726da0149fce2404f90406c197ca7bbb6b6571da31c96d2c93357a265127179824ddd4b0df0031588acc4b29"
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