[Project] BitKey - secure your personal key

[swyff]

Hi guys,

We are currently working on a project to secure personal key! BitKey

http://mybitkey.launchrock.com/
Our service is simple : print your key in two part, we take care of everything else.

1.Print your private key on two pages.
2.Put your pages in two different secured envelopp you have received with a copy of your ID and our specific form fullfiled
3.Send it to the two Banks adresses we provide
4.Want to retreive your key ? Contact us, prove your ID of allowed ID of the BitKey and you will receive the two parts in 2 days.

Q/A
You will have my key ?
No, you send directly your half key to the bank.

What happend if your company close ?
The bank will contact you in order to give you back your document and/or propose to keep it (not for free)

If i die ?
The form you filled is hold by us and the two banks, so your wallet will be transmitted to the personn mentioned on it.

[Mitchell]

I see a few issues with this idea:
1. Why would I give half of my private key to a bank, an entity a lot of us want to avoid?
2. How can I be sure that your company doesn't pickup the private keys stored at both banks?
3. How can I be sure that the companies I send my keys to are really banks and not private address owned by your company?
4. Why should I trust your company with my ID? That is a huge privacy risk and you don't even have your own domain name (don't get me started on design, functionality or used language).

It would be a lot smarter, IMO, to give half of my private key to a buddy of mine or a lot of buddies using Shamir's Secret Sharing. This smells a bit fishy...

[Lauda]

It would be a lot smarter, IMO, to give half of my private key to a buddy of mine or a lot of buddies using Shamir's Secret Sharing.

This makes much more sense and makes the idea that OP presented very useless/unsafe in comparison.

4. Why should I trust your company with my ID? That is a huge privacy risk and you don't even have your own domain name (don't get me started on design, functionality or used language).

It makes every little sense to me. If they had asked for a PGP key or something it would make more sense and retain privacy.

[JasonXG]

I'll be extremely surprised if this doesn't turn out to be a scam, it makes very little sense and it badly written, also very little is explained and what is explained is very foggy and unclear. hmmm...      To begin with, how does this secure anything ? I have a safe, that's secure enough i simply do not see any logic here.

[Hirose UK]

I'll be extremely surprised if this doesn't turn out to be a scam, it makes very little sense and it badly written, also very little is explained and what is explained is very foggy and unclear. hmmm...      To begin with, how does this secure anything ? I have a safe, that's secure enough i simply do not see any logic here.

I also think that the information is unclear and the secure system isn't explained. we give ID and private key, how can we believe that you don't steal the money on it?

well at least tell us how could it secure the personal key.