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Title: the risk reward in setting a multisig Post by: Summerwalk on September 15, 2018, 02:51:13 AM 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?
Title: Re: the risk reward in setting a multisig Post by: JenkinsCharlie on September 15, 2018, 02:57:16 AM 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. Title: Re: the risk reward in setting a multisig Post by: Summerwalk on September 15, 2018, 03:10:08 AM I use Trezor with Electrum when the mempool gets a little bigger so I can use RBF :) 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 0It'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. maybe im just being super paranoid lol Title: Re: the risk reward in setting a multisig Post by: Yangleiden on September 15, 2018, 03:21:05 AM 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 :) Title: Re: the risk reward in setting a multisig Post by: Summerwalk on September 15, 2018, 03:38:46 AM Just setup a good pin and (password 25th word) on the Hardware oh yeah i have that tooThen all you have to worry about is keeping the seed words safe imo :) 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 ;) Title: Re: the risk reward in setting a multisig Post by: Artofmovement on September 15, 2018, 03:41:33 AM 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.
Title: Re: the risk reward in setting a multisig Post by: Viviornitier on September 15, 2018, 03:54:22 AM 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.
Title: Re: the risk reward in setting a multisig Post by: JenkinsCharlie on September 15, 2018, 03:56:29 AM 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 imoTitle: Re: the risk reward in setting a multisig Post by: Summerwalk on September 15, 2018, 03:58:52 AM true thanks guys for your opinions. i think im gonna go with it! better be safe than sorry
Title: Re: the risk reward in setting a multisig Post by: Viviornitier on September 15, 2018, 04:09:44 AM 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.
Title: Re: the risk reward in setting a multisig Post by: Thirdspace on September 15, 2018, 11:57:23 PM i just figured that its the wallet gets compromised somehow thru firmware, everything is gonna be compromised yes I think it would increase the security but have you figured out how to do it? 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 ;) 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? |