Signatory: A new Financial Profession

oblivi

hero member

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Quote from: Salman Anjum on April 13, 2015, 01:56:13 PM

Hlw people !!
I'm new here...can anyone help me and tell me how to work in this forum..?

Hi, what do you mean by working on this forum? You should be more precise and point this on the beginner section, that was pretty random on here.

Salman Anjum

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Hlw people !!
I'm new here...can anyone help me and tell me how to work in this forum..?

stevenh512

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Quote from: cryptworld on April 13, 2015, 05:56:29 AM

What do you have a multisignature wallet if you are the only one that is going to manage that wallet? why should I want 3 or more private kays instead of one?

Maybe you have a 2of2 wallet, with one set of private keys stored on a permanently offline machine (in my case, I've used a laptop with its wifi card physically removed). That way you have the security of a cold wallet, but with most of the convenience of a hot wallet. You could just as easily ask "Why buy a Trezor when I can manage my own keys offline?" and the answer is the same, it's a way to combine security and convenience. I could pick up a used laptop for less than a Trezor would cost me, wipe it and install Ubuntu in about an hour, pull the wifi card and I'm good to go.. but none of that is as easy as plugging in a USB device and pushing a button when I went to spend.

cryptworld

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Quote from: Miracal on April 13, 2015, 05:40:01 AM

Quote from: cbeast on April 12, 2015, 04:58:26 AM

Quote from: thejaytiesto on April 11, 2015, 10:00:39 AM

I think the exchange called Multisigna does exactly that, and Coinffeine should be similar as well.

They do seem to operate in the same spirit as the OP. I would like to see wallet apps designed with this feature someday. This isn't about a real security issue. This is about giving common folks an added layer of security they otherwise might not choose.

Bitcoin's multisignature has been talked a lot and Electrum has offered this function. But it seems most of bitcoiners still don't bother to switch to multisignature address. What is the problem?

What do you have a multisignature wallet if you are the only one that is going to manage that wallet? why should I want 3 or more private kays instead of one?

Miracal

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Quote from: cbeast on April 12, 2015, 04:58:26 AM

Quote from: thejaytiesto on April 11, 2015, 10:00:39 AM

I think the exchange called Multisigna does exactly that, and Coinffeine should be similar as well.

They do seem to operate in the same spirit as the OP. I would like to see wallet apps designed with this feature someday. This isn't about a real security issue. This is about giving common folks an added layer of security they otherwise might not choose.

Bitcoin's multisignature has been talked a lot and Electrum has offered this function. But it seems most of bitcoiners still don't bother to switch to multisignature address. What is the problem?

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: thejaytiesto on April 11, 2015, 10:00:39 AM

I think the exchange called Multisigna does exactly that, and Coinffeine should be similar as well.

They do seem to operate in the same spirit as the OP. I would like to see wallet apps designed with this feature someday. This isn't about a real security issue. This is about giving common folks an added layer of security they otherwise might not choose.

amiryaqot

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Quote from: SpanishSoldier on April 11, 2015, 10:54:15 AM

This profession is similar to current govt officials whose signatures are required for different processes. Smells centralization.

no that is not similar to that Govt. official profession that is completely decentralized job, it is similar to escrow service private keys.

SpanishSoldier

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This profession is similar to current govt officials whose signatures are required for different processes. Smells centralization.

thejaytiesto

legendary

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I think the exchange called Multisigna does exactly that, and Coinffeine should be similar as well.

cbeast

donator

Activity: 1736

Merit: 1006

Let's talk governance, lipstick, and pigs.

Bitcoin offers new ways to manage money. One new way is to offer services of securing transactions without ever actually touching money. Bitcoin's multisignature allows people that are not entirely comfortable with securing their own wallets the ability to designate a third party to authenticate a transaction without that party having direct access to the funds themselves. This way the signatory representative acts more as a Notary Public than a bank. They would be completely optional and can in no way hinder any transactions due to any actions or inactions. They would have no financial responsibility to their clients other than offering a service of convenience and added security. The responsibility for securing a full set of signatures would still be with the wallet holder. Only a partial set of signatures would be given to the Signatory.

This is similar to how Bitcoin escrow services work except the wallet holder has all the keys, but keeps some of them secured in other locations.

Topic: Signatory: A new Financial Profession (Read 711 times)