multisig. hardware, electrum vs cold storage electrum, electrum

skakuza

newbie

Activity: 18

Merit: 1

Quote from: elda34b on September 29, 2019, 06:02:24 AM

Single or multiple vendors don't matter much AFAIK, because it's essentially working on the same ground. If let's say, one of the vendors went dead you can load the key on another wallet.

Both are fine configs imo. Even if one of the sig owner's computer got hacked then it's still okay as long as the others are still safe. Being online isn't necessarily bad in this case.

The exit scam ? You have 2of2 multisig with one vendor, you update the software/firmware , check the signatures, and they steal both wallets' private keys and the company is gone.

skakuza

newbie

Activity: 18

Merit: 1

Quote from: AB de Royse777 on September 29, 2019, 07:02:22 AM

Quote from: Red-Apple on September 29, 2019, 06:52:22 AM

~snip~

By the way @OP: I think this topic suits better in the Wallet software section. You will get targeted users for discussion there.

Will remember this thx.

skakuza

newbie

Activity: 18

Merit: 1

Quote from: Red-Apple on September 29, 2019, 06:52:22 AM

you can use electrum offline with your Trezor

Yes, thanks. I've just confirmed that.

However, it may be quite complicated if the trezor firmware updates and then is out of sync with the electrum connection software on the offline machine. Updating and keeping all in sync may become a pain and possibly risky.

Maybe I'm too paranoid. Jumping through so many hoops to get the ultimate security and you lose the coins through complexity.

Btw. I have since found the offline cold storage electrum - trezor does work

It works with the online watch only electrum wallet created with master public keys from electrum and linked to trezor as cosigner. Then when you spend from that watch wallet, the trezor signs, you save txn to usb disk, goto offline cold storage electrum-trezor wallet, connect trezor to that , load transaction, it will ask to login to trezor with pin, sign txn on electrum, save to usb, insert usb on watch wallet machine, load and broadcast txn.

All fine as long as you dont have firmware upgrade incompatibilities

Red-Apple

hero member

Activity: 1470

Merit: 655

Quote from: AB de Royse777 on September 29, 2019, 07:02:22 AM

Quote from: Red-Apple on September 29, 2019, 06:52:22 AM

~snip~
also i would like to suggest a 2 of 3 setup instead of 2 of 2 and keeping that extra key as the last resort for example if your trezor was destroyed and you couldn't have access to your backup anymore that third key cold come in handy.

I get what you meant but I wonder do anyone need a hardware wallet at all if they can use a multiSig wallet? This is what I do for my log term hold:
I have a 2 / 2 multiSig wallet. Both keys are in two different device. Also I have printed version of the information and they were given to two different person who do not know each other and live in different city of the same country (for the time being).

I feel pretty secure by doing this. I do not think a hardware wallet is necessary at all for me. In fact I have a ledger nano S which I only use for Altcoins.

i myself have a simple legacy setup (address with 1 signature!) as my paper wallet aka cold storage but i have seen these different multi signature setups becoming popular lately. i don't know why but people seem to feel safer if their coins are protected by more than 1 key!

AB de Royse777

legendary

Activity: 2464

Merit: 3878

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Quote from: Red-Apple on September 29, 2019, 06:52:22 AM

~snip~
also i would like to suggest a 2 of 3 setup instead of 2 of 2 and keeping that extra key as the last resort for example if your trezor was destroyed and you couldn't have access to your backup anymore that third key cold come in handy.

I get what you meant but I wonder do anyone need a hardware wallet at all if they can use a multiSig wallet? This is what I do for my log term hold:
I have a 2 / 2 multiSig wallet. Both keys are in two different device. Also I have printed version of the information and they were given to two different person who do not know each other and live in different city of the same country (for the time being).

I feel pretty secure by doing this. I do not think a hardware wallet is necessary at all for me. In fact I have a ledger nano S which I only use for Altcoins.

By the way @OP: I think this topic suits better in the Wallet software section. You will get targeted users for discussion there.

Red-Apple

hero member

Activity: 1470

Merit: 655

you can use electrum offline with your Trezor but although i have never used a hardware wallet but i have seen people do it. be warned that there will be some complications that i have seen others experience so you might want to try this setup first and see how it works before sending any major amounts to such wallet.

also i would like to suggest a 2 of 3 setup instead of 2 of 2 and keeping that extra key as the last resort for example if your trezor was destroyed and you couldn't have access to your backup anymore that third key cold come in handy.

elda34b

sr. member

Activity: 910

Merit: 351

Single or multiple vendors don't matter much AFAIK, because it's essentially working on the same ground. If let's say, one of the vendors went dead you can load the key on another wallet.

Both are fine configs imo. Even if one of the sig owner's computer got hacked then it's still okay as long as the others are still safe. Being online isn't necessarily bad in this case.

lightningmelo

copper member

Activity: 70

Merit: 22

Quote from: skakuza on September 29, 2019, 04:32:12 AM

I cannot work this out, and are my assumptions correct?

Multisig 2of 2 :

Trezor(say) with electrum (electrum must be online?)
Pros: mix of different vendors/software to prevent exit scam or fatal single vendor bug
Cons: electrum online

Vs

Electrum with electrum multisig, both cold storage
Pros: nothing is online
cons: single vendor

If you use Trezor with electrum you're using electrum's multisig, so both options are one an the same.

I'm pretty sure you can create an electrum multisig with multiple vendors for hardware wallets.

skakuza

newbie

Activity: 18

Merit: 1

I cannot work this out, and are my assumptions correct?

Multisig 2of 2 :

Trezor(say) with electrum (electrum must be online?)
Pros: mix of different vendors/software to prevent exit scam or fatal single vendor bug
Cons: electrum online

Vs

Electrum with electrum multisig, both cold storage
Pros: nothing is online
cons: single vendor

Topic: multisig. hardware, electrum vs cold storage electrum, electrum (Read 161 times)