Being your own bank and theft

[cafucafucafu]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

[Meuh6879]

? have you talk with your neighboor that you old GOLD on your garden ?

no.

do same thing on bitcoin.

[achow101]

Possibly. If your multi-sig address is with keys that you own in one place, it won't really help. Alternatively, if you keep the keys separately, it makes it more difficult to spend your coins quickly. It really depends on how secure and how paranoid you are.

[spud21]

Hal Finney said he had printed his keys onto paper wallets and stored them in a safety deposit box in his bank for his children to inherit. I guess the bank would require ID before they would let anyone access a particular safety deposit box.

[lemipawa]

Why would people be mugged for Bitcoin? The majority of the planet doesn't even know what it is.

[pooya87]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

if you have a couple of thousands bitcoin and you publicly announce it you might get mugged. but robbers don't know what bitcoin is or who has what to target them.

how can a robber know that you have bitcoin to target you and force you to reveal your keys?!

[OROBTC]

...

Keeping quiet about ownership of Bitcoins will almost guarantee that your neighbors or others will not rob you of them, as they would never know.  And, of course, you could always have a small amount of BTC in a "disposable" decoy Ledger or Trezor, you give that up with your 1.15BTC, but the larger amount you have hidden elsewhere.

I do not use multi-signature, it does not look necessary.

You might want write up a "Dead Man's Switch" (a letter explaining to your heirs how to claim any hidden BTC and gold), in case you get run over by a truck...

*   *   *

The title of your thread, cafucafucafu, practically begs changing the below old expression to a new one:

"Be your own Central Bank, buy gold!"

to:

"Be your own Central Bank, buy gold and Bitcoin!"

[achow101]

Keeping quiet about ownership of Bitcoins will almost guarantee that your neighbors or others will rob you of them

How? If people don't know that you have Bitcoin, how can they rob your Bitcoin?

[OROBTC]

...

I just edited my mistake.  NOT rob of you of them.  Sorry!



Of course if no one knows you have them, they will likely NOT steal them!


You were a little too fast there, knightdk...

[Hazir]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

No. Absolutely not. It is not needed. If someone uses method of stealing or extortion using violence and/or blackmail then I can used to steal anything from you.
It does not matter if you have great safe with gold  bars at your basement, if someone will point a gun at you I bet you will gladly give them your money no matter what.

[Erza]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

if you have a couple of thousands bitcoin and you publicly announce it you might get mugged. but robbers don't know what bitcoin is or who has what to target them.

how can a robber know that you have bitcoin to target you and force you to reveal your keys?!

I think there are no people that are stupid enough to announce how much bitcoin they have because it will be like suicide

How? If people don't know that you have Bitcoin, how can they rob your Bitcoin?

Nowadays the bad guys is smarter than good guys so that is possible that they can know you got some bitcoin and will try to get it from you. Dont

underestimated bad guys  

[Amph]

Hal Finney said he had printed his keys onto paper wallets and stored them in a safety deposit box in his bank for his children to inherit. I guess the bank would require ID before they would let anyone access a particular safety deposit box.

so we don't need bank for bitcoin in the end, because you can already do it, in thi way, cool idea

Why would people be mugged for Bitcoin? The majority of the planet doesn't even know what it is.

when someone will discover that they are actually money, you will become a target in no time, especially if they know your amount, because you revealed it in some subforum or to a friend that it isn't really a good friend

[NorrisK]

...

Keeping quiet about ownership of Bitcoins will almost guarantee that your neighbors or others will not rob you of them, as they would never know.  And, of course, you could always have a small amount of BTC in a "disposable" decoy Ledger or Trezor, you give that up with your 1.15BTC, but the larger amount you have hidden elsewhere.

I do not use multi-signature, it does not look necessary.

You might want write up a "Dead Man's Switch" (a letter explaining to your heirs how to claim any hidden BTC and gold), in case you get run over by a truck...

*   *   *

The title of your thread, cafucafucafu, practically begs changing the below old expression to a new one:

"Be your own Central Bank, buy gold!"

to:

"Be your own Central Bank, buy gold and Bitcoin!"

But if you leave a "Dead Man's Switch" and the robber finds out about that, he can still get away with your coins. Better to get a family member involved in bitcoin and tell him that you have some keys in a safety deposit box. Write up a will that said member gets said keys from safety deposit box in case you die.

[twister]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

It is a possibility but you can remember the seed of your cold storage electrum wallet or write down words in some sort of code, that only you can break, it's harder to protect your gold, cash from robbery, bitcoin is easy.

What do you guys think about Coinbase Vault, is it safe? I mean there is a 48 hours windows before the Transaction is approved and even if a robber is able to acquire your keys you can cancel the transaction before it gets through?

[keyscore44]

Best plan it not to start bragging about your btc in the first place, nor tie your identity to them especially if you're holding a substantial amount.

Keep a smallish amount in a seperate wallet if needs be, then worst case scenario you can say that's all you've got.

[virtualx]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

The idea of multisig is to have multiple keys to initiate a bitcoin transaction on the network. If you have a mutli sig address, you could give one private key that would be useless to the thief.  A 2-3 multisig adress would solve that problem.  The risk of multisig is that you have to trust that the other private keys will not be found by anyone. A thief would need at least two of the private keys.

Alternative:  Memorize your private key

[spud21]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

if you have a couple of thousands bitcoin and you publicly announce it you might get mugged. but robbers don't know what bitcoin is or who has what to target them.

how can a robber know that you have bitcoin to target you and force you to reveal your keys?!

If your computer gets infected with a virus it could reveal your identity, address, and how many Bitcoins you own. I remember vod had his computer infected and said the hacker behind it stole a few Bitcoins he had stored on it.

Imagine if he had thousands stored offline and the hacker found out about it. He might have sent heavies down to vod's house to steal them off him.

[MJK]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

What good is a multi sig because you would obviously just give up the person or details to get the other half. If you're worried about violence then info could always be coerced out of you but this happening would be a rarity.

[Herbert2020]

So even if you keep your own coins secure, there is still a danger of theft performed with violence. You have heard of people who were forced to give up their coins/keys under duress.

Does this mean that multisig is a must?

it is a pretty good idea but not necessarily a must. there is no difference between keeping something like jewelries or gold safe with yourself and keeping your bitcoin private keys in a safe place.

you can print a paper wallet with your precious bitcoins in it and keep it with your other valuablesin a safe place

[Scamalert]

You would be suprised to know how many private people who have a safe these days.
Bitcoin is simular, you can encrypt them and the safty is in the key.
Same as gold or cash in a safe and the safty is in the key.
From that perspective: any safe can be opened just a mater of time. Same with bitcoin any key can be broken just a matter of time. But if encrypted strong would it take millions of years to brake the bitcoin.