Andreas Clarifies: When is Multisig the RIGHT tool to use for your bitcoin security? (January 2024)
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- čas přidán 29. 08. 2024
- There has been a lot of misunderstanding when it comes to multisig. When it's a good idea to use and when it's not. Like any tool, in the right hands it becomes an excellent way to achieve your goals; in the wrong hands, using it can lead to disaster.
In this video, Andreas clarifies when it's a good idea, and a not so good idea, for you to use multisig as part of your bitcoin and cryptoasset security system. If you're watching this video, you might also be interested in the Path to Self Custody workshop bundle which includes a hands-on demonstration of how to set up, test, use, and restore a hardware wallet. Andreas' workshops come with a 14 day money back guarantee, so you can try it without risk -- this might just be the LEAST risky thing in bitcoin! See the full course content: aantonop.com/w...
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“Let’s call the CEO Sam for example”
😂😂😂
FTX anyone?? Nice one AA
hmmm I coulnd catch this reference if it was at all
In other words, don't overcomplicate things. 😊 Thanks for clarification.
I missed you. Thanks for returning.
You're a good man, thank you for your educational content!
We miss you, Andreas! I respect your decision to have more a closed community of those who support and encourage your work. But golly gosh, it’d be great entertainment for all to see you duel it out with other people. Your intolerance of malicious state actors is inspiring! But from a personal health standpoint what you’re doing is probably the wisest! All the best fine sir.
Thank you for originally Orange-pilling me back from your JRE appearances.
Miss you Andreas
Multisig is so powerful that you need to learn how to use it before saving funds in there or you can lose it all
lose*
Excellent information thanks
wish you more energy, more time, more motivation and power. decade has gone and when i look back in bitcoin culture, its hard to find a teacher like you.
Thanks for clarifying.
Excellent educational content and video!!! More on where to learn and become an expert on multisig please.✌️😎👍👍👍👍👍👍👍👍👍👍
Big fan sir. Thanks for explaining the true meaning of decentralization.
Thank you very much. Another perfect tidbit to help out. 😌
You’re welcome 😊
Amazing explanation. Thanks!
lol... the Sam and his girlfriend example.
I'd love to hear your dissection of the method dashjr used to secure his bitcoin (which were subsequently allegedly lost to a hack). Sounded like the most unnecessarily complex method ever.
I love the last metaphor @aantonop uses to warn against a non-expert trying to use 2/3 multisig where all three seeds are his own and without expert supervision: "Don't go for the big boss until you've leveled up."
Anton and Michael Saylor both bring a certain value to me that is quite rare: A strong ability to use metaphors to clearly express concepts that are new to me. Sometimes their concepts are so good that they help me better commit to, remember or start practicing a concept that I may have already understood or agreed with on some level for months, but hadn't yet transformed into action.
Excellent, keep up the good reporting, 👍👍
"Dont go for the big boss until you've leveled up"
As simple as that.
Andreas "Greek Bitcoin Legend" Antonopoulos.
Multisig isn’t that hard, but yes, you need to understand everything, and use good software that has developer support and follows best practices and current standards.
So I agree, level up your knowledge, start with single sig hardware wallet and seed plate backup.
One thing about shared custody multisig with companies like Unchained or Casa, they are a good option, but understand that you sacrifice privacy.
Which is basically the only downside there, but a tough one for me personally.
Just got setup with 2/3 multi sig today for sparrow wallet on Linux. I was under the impression that I didn't need to backup the xpubs, master fingerprint, and derivation path since I could generate that same info just by having the seed phrases secured. I thought as long as I have the seed phrases , I can always generate that same info that will take me to my wallet.
Yes, I am also struggling with this exact question. I have and expect to be able to access at least 2 of my 3 seeds in the event if a lost or compromised wallet. But it sounds like I'm unable to re-create and sign a transaction with only 2 seeds without the third public key?!
However, as you suggested, we should be able to recreate the xpub from the seed?! I guess the problem is if you only have access to two seeds... The third xpub is still required for recovery?
@dgholt1980 correct. You eithet need the 3 private keys or 2 keys and the xpubs. Either way, the xpubs are a privacy concern (but not a security one) so have multiple copies on something like Google drive or password manager.
If you have all 3 seeds, or have previously spent on-chain and reuse the same address (privacy issue), then you don't need additional backups - otherwise you probably do. It's likely I'll address this issue again, in greater detail, in the Feb Q&A session.
You can store the wallet descriptor in the cloud or digitally, if compromised it would only be loss of privacy not loss of funds. 2 of 3 seeds is not enough to recreate the wallet but if you still have the wallet you can spend from it. You can also store the public key of one of the other seeds with one seed. Then you theoretically have enough to recover as long as you know the derivation path.
Χαίρεται κ.Αντωνόπουλε, υπάρχει κάποια δυνατότητα κάποια από τα βιβλία σας ή έστω βίντεο σας να είναι στα ελληνικά;
So services like Unchained multisig are a net positive in your opinion?
Any thoughts on Nunchuk to ease the difficulties of multisig?
Good advice!
Merci !
"Sam" ... nice
>Explains multisig using as many technical terms as possible
>"If any of that wasn't immediately obvious to you, you do not have the technical skills to manage multisig"
You don't need to know the details of internal combustion engines to drive a car.
Just remember to save your multisig file. Maintain access to it. It's important. That's it. (Sometimes called a "wallet configuration file" or a "wallet descriptor")
I agreed.
Multisig support should be built in the wallets and made so simple the rookiest user could use it without taking these major risks. I'm baffled that after almost two decades it's still not the default option to offer and is considered "expert mode".
It is pretty simple with proper instruction.
Unchained offers concierge onboarding, which is an hour long call. You get set up to use multisig, and a full lesson on multisig recovery in case something ever happens to Unchained and you needed to independently access the funds.
where can I test it?
there is some testnet available that you recommend?
and which multisig wallet do you recommend?
also how can I set that I need 2 of 3 signatures and that will be enough to send the transaction to the blockchain?
Thank you Andreas
Yes of course, but I'm struggling to get test coins sent to my 2 of 3 test scenario
If you have so many questions it's better to stay away from multi sig for now
I disagreed with you as I think collaborative custody is the best solution for most people. Thanks for clarifying.
How to create a taproot multisig?
mvp
What happens when Apple, Google and Microsoft eliminate all crypto wallets???
Use an open source wallet. The essence of Bitcoin is that there is no way to stop open source software.
Do you guys also think that bitcoin shouldn't be valued in terms of fiat currency? If yes, why and if No, why
Sam! 😂😅
Sam 😂😅
Will I fail if I don't know the gender of a bus?
What's the progress of French language synthetic gender-neutral articles and adjectives?
what do you think of BRC20s and BTC layer 2...seems to be the a hot narrative.
ICWUDT