the risk reward in setting a multisig

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Quote from: Summerwalk on September 14, 2018, 10:38:46 PM

i just figured that its the wallet gets compromised somehow thru firmware, everything is gonna be compromised
so thus im thinking 2 of 2 multisig with a trezor and ledger with strong passphrases on both
i just have to keep two sets of words safe Wink

yes I think it would increase the security but have you figured out how to do it?
each wallet will have 1-part private key derived from its own seed to be used to sign a multisig address
then your software on your pc uses public keys from both devices to create multisig addresses
one multisig address for each derived address from both devices
is there a mechanism (easier way) exist to do such thing like HD multisig wallet?

Viviornitier

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good for you. a lot of people don't want to think about these things they want someone else to think about it for them and provide a solution. Bitcoin just doesn't work like that. Setup your security for your needs. Be your own bank.

Summerwalk

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true thanks guys for your opinions. i think im gonna go with it! better be safe than sorry

JenkinsCharlie

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Quote from: Viviornitier on September 14, 2018, 10:54:22 PM

I don't think that is paranoia. Being your own bank for significant sums demands you consider events like 0-days or firmware issues. Sounds smart to me.

It's not paranoia depending on the amounts imo

Viviornitier

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I don't think that is paranoia. Being your own bank for significant sums demands you consider events like 0-days or firmware issues. Sounds smart to me.

Artofmovement

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I don't think you'll have to worry about firmware being changed unless the thief has physical access to the device though (even then it's probably very unlikey). If someone gets access to it you can still just move your funds from your paper backup into a new wallet before the thief has time to get access.

Summerwalk

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Quote from: Yangleiden on September 14, 2018, 10:21:05 PM

Just setup a good pin and (password 25th word) on the Hardware
Then all you have to worry about is keeping the seed words safe imo

oh yeah i have that too
i just figured that its the wallet gets compromised somehow thru firmware, everything is gonna be compromised
so thus im thinking 2 of 2 multisig with a trezor and ledger with strong passphrases on both
i just have to keep two sets of words safe Wink

Yangleiden

newbie

Activity: 37

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Just setup a good pin and (password 25th word) on the Hardware
Then all you have to worry about is keeping the seed words safe imo

Summerwalk

newbie

Activity: 22

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Quote from: JenkinsCharlie on September 14, 2018, 09:57:16 PM

I use Trezor with Electrum when the mempool gets a little bigger so I can use RBF

It's very safe to use hardware wallet with Electrum as long as you follow the instructions for the hardware wallet.
I've never tried multisig and won't bother I personally don't have the need for it anyway.

yeah i guess my paranoid self thinks if for some reason ledger or trezor gets compromised, the odds of both of them compromised at the exact same time is close to 0
maybe im just being super paranoid lol

JenkinsCharlie

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I use Trezor with Electrum when the mempool gets a little bigger so I can use RBF

It's very safe to use hardware wallet with Electrum as long as you follow the instructions for the hardware wallet.
I've never tried multisig and won't bother I personally don't have the need for it anyway.

Summerwalk

newbie

Activity: 22

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Does anyone here use multisig? im trying to figure out some things out right now in setting up a wallet thats confusing. So to figure out the risk reward in setting a multisig wallet thru electrum than just stand alone using a hardware wallet. would using a ms hardware wallet setup thru electrum be one of the safest setups right now and is it better than just using a single hd wallet?

Topic: the risk reward in setting a multisig (Read 162 times)