"private keys to the vaults are offline and are disconnected from the internet so that the funds do not get stolen during potential cyber attacks."
^this is so ridiculous...especially the offline part. It is not the damned computer, lol.
Say...employee "accidentally" copied the private key(s) somehow.
Does this, wallet being "offline", really helps in this scenario?
Of course, not.
Multisig helps, of course, as long as parts or a whole of the multisig is not on someones phones/computers.
Employees are not to be trusted..as data periodically leaks from almost everywhere.
@Biodom - Since you seem to think you know more than the SEC and these multi-TRILLION dollar financial firms; have you to tried contacting them to teach them what you think about that?
I think the SEC AND THESE MULTI-TRILLION DOLLAR FINANCIAL FIRMS ABSOLUTELY KNOW A WHOLE LOT MORE THAN YOU!!! Dontcha kinda think?
You are retarded BTCETFInvestor.
You are not even grappling with one of the potential issues presented by Biodom.
Morgan Stanley operates in 42 countries, Blackrock operates in over 100 countries, and Fidelity operates in over 25 countries. The combined assets managed by Morgan Stanley, BlackRock, and Fidelity total approximately $23 trillion.
Don't you think they all might know more than little ole you?
Damn right they do! You don't know shit compared to them!
Here Biodom & JJG - Both of you are ignorant!
Based on reports, Morgan Stanley plans to store Bitcoin for its investment products using a combination of institutional custodians, rather than managing the private keys themselves; let alone a standard, user-level, multisig, setup.
Here are the key details regarding how Morgan Stanley approaches Bitcoin custody:
Custody Partners: Morgan Stanley has appointed Coinbase Custody and BNY (Bank of New York Mellon) to manage the, custody, of Bitcoin for its, proposed, spot, Bitcoin, ETF,.
Institutional Security: The, custodial, services, are, designed, to, meet, strict, financial, standards, involving, robust, digital, asset, infrastructure.
Active Expansion: Morgan Stanley is, building, out, its, own, regulated, infrastructure, and, has, applied, for, a, trust, bank, charter, to, potentially, directly, hold, digital, assets.
Focus on Security: While they are not using a retail-style, multisig, wallet[/color], the institutional custodians employed use advanced, security, measures such as secure, cold storage to safeguard assets.
Great!!!!! You are so smart, and that will work really well, since at least when they rug pull you, they will still have the BTC.
I don't think you know what cold storage means, really.
Ask nicely and maybe someone here would explain why "cold storage" could be compromised.
Here’s a great YouTube video on it. I think the name comes from frozen assets.
https://youtube.com/shorts/7eOy6rRJieU“I’m not very liquid right now.”
I’m here all cycle folks. Don’t forget to tip your waitress.
You are very liquid right now, OgNasty, yet you may well find out that bitcoin's volatility might not work in favor of your current supposedly liquid state.. but yeah, sure, go ahead and gamble and see how it works out for you. Of course, you are not necessarily going to disclose to us dumbies when you happen to have had failed and/or refused to buy back in, to the extent that selling your teenie-weenie stack of bitcoin really means much of anything in the whole scheme of things, even though over they years it has paid off quite well for a good number of guys (perhaps in these here parts?) to have been focusing on mostly accumulating and HODLing their coins (not accumulating and HODLing cash).
By the way, you might be feeling rich to be tipping your waitress, yet when it comes time for you to go back to buy some cornz, you might realize that you were not as rich as you thought that you were since you were using cashed out funds for consumption purposes way before you have even come close to reaching overaccumulation status (based on your own prior disclosures).
Some of the error in your thinking seems to be that guys who have been in bitcoin 8-12 years or longer (or perhaps who had gotten to their overaccumulation status in recent years) would be having troubles tipping their waitresses in dippening times like our current ones. For reasons that I mentioned in my various other posts, they likely are not having as many cash problems as you are imagining them to be having, even if you are imagining such issues.
Could you explain this part in bold?
"private keys to the vaults are offline and are disconnected from the internet so that the funds do not get stolen during potential cyber attacks."
What is the difference between being offline and being disconnected from the internet?
I was curious. The thing is, we can actually do two "different" things at the same time; that should be more than protected.
Many of us know that access to your private keys can be gotten through online breaches, yet they can also be access through back ups, so if you have not always safeguarded your private keys, there could be private key vulnerabilities, even if your BTC are not "online."
For example, if you had a 12 word passphrase, and someone was able to see 9 of those words.. they could probably brute force the other 3 words, yet that does not have to do with the information being online - even though people make all kinds of mistakes, even in thought-to-be sophisticated set-ups.
[edited out]
The part that is in quotation marks (including in bold) is a quotation from the prior BTCETF investor post.
Let him explain what it really meant
...but...in short... the journo who wrote it has no idea...he/she thinks that bitcoins are tucked inside the vault, happily disconnected from the Internet like a hard drive would be, lol
Another good point.
Sometimes we don't necessarily know what we don't know, even if we are acting smarter than everyone else.
Ok.. sure .. We have a live sample. Below is an example of dumb acting as if smart (expert), when not knowing shit.. .
hahahahaha
[edited out]
Geez!
......{Edited out some dumb shit]....
Why are you acting so stupid as if this security practice is somehow a red flag troubling issue?[/color][/b] If you are interested - ......{Edited out more dumb shit]....[/size]
Poll
