Not your keys Not your coins.
Personally I dont know why people are selling?
Just take your BTC off the exchange.
Good point.
I suppose that now, we get to see how many traders on Bitmex
and other exchanges are just in it to stack more dollars, and don’t give a hoot about Bitcoin. Those will probably be the ones who panic-sell on the news—regardless of whether or not their own coins are even at risk.
Or do most people using Bitmex dont have personal wallets?
What gives?
Personal Wallet? Keys? What’s that?
Apparently they hold 193K BTC in their wallets!
[...]
Apparently it's a 3 of 4 setup, so yes, one more arrest and those coins are gone (not really, but you got that one)
Wow. It seems somebody forgot the engineering balance between security and availability. Whereas availability
is a security issue. Locking 193k BTC of Other People’s Money into a wallet that can be lost with the loss of 2 individuals—that sounds like a vulnerability to DOS a fortune!
Do any two keyholders ever travel together? Perhaps on an airplane? Are any two keyholders ever in the same room?
Security and availability is another one of those issues that I intended to write about, on the subject of using seed phrases with ostensibly strong passphrases. Re AlcoHoDL, et al. Have not yet gotten to it. In a nutshell: If you care about your heirs, don’t use passphrases! Use Shamir’s Secret Sharing to back up secret pieces in some way that mitigates risk of compromise while you are alive, but also has a high probability of surviving your death or otherwise incapacitation.
