I am intrigued, but all I see is marketing fluff.
Edit: Does frozen bit allow the users of the site to require n of m people to sign a transaction? Or is the site the third party in all cases?
Topic: During all this fear about the 51% you missed......... (Read 4500 times)
Thank you for your support chris!
Well, this is awesome. New stuff. Half-way into a new year. Though, am I the only one that didn't really pick up on the 51% stuff?
Yeah, thanks for the compliment
?? I'm apart of their beta right now. I've also visited their office.
They store zero keys?
So what are you talking about dude?
we all know c5h3ris1253 and frozen bit are the same person, i have seen c5h3ris1253 go offline then frozenbit comes online then comment, goes offline and c5h3ris1253 comes straight online.
i also find it funny that a multisig wallet service needs a username and password.
all they need in reality is upto 5 text boxes that while offline (no server communication) clients can input upto 3 multisigs. and javascript can then do its job to form a transaction, where the client also types in a destination and amount. the transaction gets signed offline and only a signed tx gets pushed to the bitcoin network
i count 9 inputs being required to login, 2FA, type in multi sigs, destination etc.. which is not "user friendly" or noob/ granny proof
so we have a non secure, middleman with a non easy to use project plan, that is not even finalized
DO NOT PUT REAL BITCOINS INTO THIS SERVICE
it is worth noting that even in their agreement thy admit that they do store private keys
so BE CAREFUL they will own the private keys!
also they have this in the terms and conditions
it is worth noting that if frozenbit do steal your funds, then it automatically made their agreement null and void on THEIR part as they have breached the agreement (its called theft, which is a crime!). of course seek an amicable agreement first purely because it wont cost you anything, but do it on your terms not theirs. and if they don't return 100% of funds.. sue them, as their breach means they cannot then use the agreement as a defense. crimes cannot be avoided simply because of a agreement paragraph.. thus thefts can be taken to court, and that includes class actions.
in short i think they are complete amateurs with alternate motives.
remember bitcoin was designed to not need middle men.. DO NOT BLINDLY TRUST MIDDLEMEN
i also find it funny that a multisig wallet service needs a username and password.
all they need in reality is upto 5 text boxes that while offline (no server communication) clients can input upto 3 multisigs. and javascript can then do its job to form a transaction, where the client also types in a destination and amount. the transaction gets signed offline and only a signed tx gets pushed to the bitcoin network
i count 9 inputs being required to login, 2FA, type in multi sigs, destination etc.. which is not "user friendly" or noob/ granny proof
so we have a non secure, middleman with a non easy to use project plan, that is not even finalized
DO NOT PUT REAL BITCOINS INTO THIS SERVICE
it is worth noting that even in their agreement thy admit that they do store private keys
Quote
Bitcoin Storage & Transmission Delays. FrozenBit securely stores 100% of all bitcoin associated with your FrozenBit Account in a combination of online and offline storage.
so BE CAREFUL they will own the private keys!
also they have this in the terms and conditions
Quote
Pursuant to Section 6.2 below, you agree that any disputes between you and FrozenBit will be resolved by binding, individual arbitration and you waive your right to participate in a class action lawsuit or class-wide arbitration.
it is worth noting that if frozenbit do steal your funds, then it automatically made their agreement null and void on THEIR part as they have breached the agreement (its called theft, which is a crime!). of course seek an amicable agreement first purely because it wont cost you anything, but do it on your terms not theirs. and if they don't return 100% of funds.. sue them, as their breach means they cannot then use the agreement as a defense. crimes cannot be avoided simply because of a agreement paragraph.. thus thefts can be taken to court, and that includes class actions.
in short i think they are complete amateurs with alternate motives.
remember bitcoin was designed to not need middle men.. DO NOT BLINDLY TRUST MIDDLEMEN
Updated with new links!
Looks extremely cool! Seen these guys handle themselves pretty professionally earlier aswell.
http://www.reddit.com/r/Bitcoin/comments/293670/multisignature_wallets_means_anyone_anywhere_can/
That's a nice assessment.
That's a nice assessment.
Official thread was just released: https://bitcointalksearch.org/topic/annsite-up-frozenbit-multisignature-multiplatform-secure-bitcoin-wallets-650203
Well, this is awesome. New stuff. Half-way into a new year. Though, am I the only one that didn't really pick up on the 51% stuff?
I'm amazed they generate keys and send them to users. This just goes to show that anyone will come up with a gimmicky system, which offers nothing outside new besides a 'web wallet with questionable security'. I really wish providers of such things made a better effort to ask the community for feedback before implementing such a bad design.
-------------------Again I would like state no information has been released about the service, the story presented here is just that. It contains no official information and the person who typed this has no affiliation with frozenbit and has no factual knowledge of the service. As the service is open-source and everything we have stated can be proven.
So I will again reiterate keys are all generated in browser by the user. As there is an offline package that is usable.
Stay tuned for official information today in about 4 hours.
I'm amazed they generate keys and send them to users. This just goes to show that anyone will come up with a gimmicky system, which offers nothing outside new besides a 'web wallet with questionable security'. I really wish providers of such things made a better effort to ask the community for feedback before implementing such a bad design.
I don't have a problem with a site generating keys but generating the keys server side and then saying you are "trustless" is a tall tale (I will be nice and not say it is dishonest).
Announcement will happen in less than 5 hours from now.
Great, this is a good step towards even better community
Just read through all of frozenbits replys, looking forward to this release.
If I have to use a multisig online wallet the only things I ask for are:
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
Everything is done in browser for you, client side. So you technically make the keys. Using the open-source portion you can create your own addresses offline. Thus fufilling both your requests. What needs to be known is this product has to be able to reach everyone. Not just technically proficent, it's IMPERATIVE for the spread of multisig.
"Priv keys generated for third-parties are not enough for a serious user."
That claim isn't tested, so I can't attest or confirm that. No business I know of is currently embracing multi-sig. I do know of businesses I've been in contact with that does want to use multi-sig but just couldn't piece it together.
Bitcoin is built for a global economy so no one has to exchange currency anymore. All money united into one math based coin. Multisig is based on securing pockets trustlessly and providing the need for businesses to get involved. The last thing we want to hear about is a business getting robbed of millions in coins because a rouge employee or floating key.
Trusted coin is nice, but it has a withdraw delay. If you need to pay on the fly you simply can't. Also it's a little clunky and it's not clear on how to access your coins. Simplicity, usability and accessibility is what FrozenBit does.
Can All three keys be generated offline? and then, one of them sent to you? sorry if i didnt undestand, but not too much info about how it works in your web/post
I understand your desire of bringing easiness , but when we talk about btc, security goes first.
watching this project.... good luck
Stay tuned for Thursday when we release full information, this was simply to spread awareness of the project (a teaser).
Also watch for video releasing soon!
If I have to use a multisig online wallet the only things I ask for are:
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
Everything is done in browser for you, client side. So you technically make the keys. Using the open-source portion you can create your own addresses offline. Thus fufilling both your requests. What needs to be known is this product has to be able to reach everyone. Not just technically proficent, it's IMPERATIVE for the spread of multisig.
"Priv keys generated for third-parties are not enough for a serious user."
That claim isn't tested, so I can't attest or confirm that. No business I know of is currently embracing multi-sig. I do know of businesses I've been in contact with that does want to use multi-sig but just couldn't piece it together.
Bitcoin is built for a global economy so no one has to exchange currency anymore. All money united into one math based coin. Multisig is based on securing pockets trustlessly and providing the need for businesses to get involved. The last thing we want to hear about is a business getting robbed of millions in coins because a rouge employee or floating key.
Trusted coin is nice, but it has a withdraw delay. If you need to pay on the fly you simply can't. Also it's a little clunky and it's not clear on how to access your coins. Simplicity, usability and accessibility is what FrozenBit does.
Can All three keys be generated offline? and then, one of them sent to you? sorry if i didnt undestand, but not too much info about how it works in your web/post
I understand your desire of bringing easiness , but when we talk about btc, security goes first.
watching this project.... good luck
If I have to use a multisig online wallet the only things I ask for are:
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
Everything is done in browser for you, client side. So you technically make the keys. Using the open-source portion you can create your own addresses offline. Thus fufilling both your requests. What needs to be known is this product has to be able to reach everyone. Not just technically proficent, it's IMPERATIVE for the spread of multisig.
"Priv keys generated for third-parties are not enough for a serious user."
That claim isn't tested, so I can't attest or confirm that. No business I know of is currently embracing multi-sig. I do know of businesses I've been in contact with that does want to use multi-sig but just couldn't piece it together.
Bitcoin is built for a global economy so no one has to exchange currency anymore. All money united into one math based coin. Multisig is based on securing pockets trustlessly and providing the need for businesses to get involved. The last thing we want to hear about is a business getting robbed of millions in coins because a rouge employee or floating key.
Trusted coin is nice, but it has a withdraw delay. If you need to pay on the fly you simply can't. Also it's a little clunky and it's not clear on how to access your coins. Simplicity, usability and accessibility is what FrozenBit does.
If I have to use a multisig online wallet the only things I ask for are:
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties ( or even online created ones) are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
in a 2 of 3 multisign I have to create the 3 priv keys and I am the one who gives one of them to the online wallet.
the other 2 will be cold priv keys ( one on a trezor/coldwallet and the other on a paperwallet)
privs keys generated for third-parties ( or even online created ones) are not enough for a serious user.
IMHO is better an aproach like this:
https://api.trustedcoin.com/#/example-2-of-3
Looks very interesting, can't wait for the launch.
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