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Author Topic: The next generation of crypto storage.  (Read 81 times)
Jet Cash
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June 28, 2018, 06:51:09 PM
 #1

You have to admire the creativity of those  Swiss bankers. Bitcoin Suisse has just announced the first secure underground bunker for storing Bitcoins and other cryptos.
https://bitcoinsuisse.ch/news/launch-of-swiss-crypto-vault-the-next-generation-crypto-storage
It seems those bankers will do anything to get control of people's money. Now can somebody explain why this service is better than the deep underground bunker on my hard drive?
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The Pharmacist
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June 28, 2018, 06:54:47 PM
Merited by paxmao (1)
 #2

Xapo was already doing this, if I'm not mistaken.  As far as why they're doing it:  They're Swiss and they have the reputation for keeping people's money safe.  They know there's a certain class of people who will buy into this--specifically people who own a LOT of crypto. 

I think it's gimmicky and unnecessary, but people who have tons of money have been known to do weird things with it.  They're not the type who watch bitcoin's price by the minute and would feel safe with the private keys locked up in a bunker where they don't have to worry about their investment.
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June 28, 2018, 07:18:56 PM
 #3

So is this how it's going to work?

You get yourself an address and a private key, and you store the info in an envelope in their vault. You then buy loads of Bitcoin, and send it to that address. You don't tell anybody about it, and when you die, the bank moves the coins into their own wallet.
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June 28, 2018, 07:24:21 PM
Merited by paxmao (1)
 #4

So is this how it's going to work?

You get yourself an address and a private key, and you store the info in an envelope in their vault. You then buy loads of Bitcoin, and send it to that address. You don't tell anybody about it, and when you die, the bank moves the coins into their own wallet.

You could store only encrypted private key (starts with 6...) which mentioned in BIP-38 instead. Surely they won't able to crack the encrypted private key as long as you use strong passphrase/password.
If they don't know your public key and your address never re-used, they can't crack it even when quantum computing is available for corporate.
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June 28, 2018, 07:34:56 PM
 #5

I think many people do not want to learn how to deal with their own private keys.

Some people are also willing to pay someone to hold their privatekeys...

Your HD is better because you know how to use it. Some newbie users don't know and don't want to learn...

There is one case  of a company which encrypted their privatekeys and lost the funds forever. It's dangerous to deal with privatekeys if you don't know exactly what you are doing.
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June 28, 2018, 08:21:33 PM
Merited by Carlton Banks (2)
 #6

So is this how it's going to work?

You get yourself an address and a private key, and you store the info in an envelope in their vault. You then buy loads of Bitcoin, and send it to that address. You don't tell anybody about it, and when you die, the bank moves the coins into their own wallet.

You could store only encrypted private key (starts with 6...) which mentioned in BIP-38 instead. Surely they won't able to crack the encrypted private key as long as you use strong passphrase/password.
If they don't know your public key and your address never re-used, they can't crack it even when quantum computing is available for corporate.

If you are going to be bothered with keeping your password safe, you might as well keep your private key as well.

I assume this service is mostly for people who don't know a lot about Bitcoin, or just have so much money that they will keep a small portion of it in just about anything, to diversify their security solutions.
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June 29, 2018, 03:41:35 AM
 #7

So is this how it's going to work?

You get yourself an address and a private key, and you store the info in an envelope in their vault. You then buy loads of Bitcoin, and send it to that address. You don't tell anybody about it, and when you die, the bank moves the coins into their own wallet.

I'm quite sure you can leave it to your heirs like you would with any other valuables.
Jet Cash
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June 29, 2018, 07:51:33 AM
 #8

So is this how it's going to work?

You get yourself an address and a private key, and you store the info in an envelope in their vault. You then buy loads of Bitcoin, and send it to that address. You don't tell anybody about it, and when you die, the bank moves the coins into their own wallet.

I'm quite sure you can leave it to your heirs like you would with any other valuables.

I'm sure you can, but it will probably be like some of the swiss numbered bank accounts. The money isdeposited to hide it from the world, and  the owner doesn't tell anybody about it. When he dies, nobody knows how to collect it, or even if it exists.
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June 30, 2018, 06:30:52 AM
 #9

So is this how it's going to work?

You get yourself an address and a private key, and you store the info in an envelope in their vault. You then buy loads of Bitcoin, and send it to that address. You don't tell anybody about it, and when you die, the bank moves the coins into their own wallet.

I'm quite sure you can leave it to your heirs like you would with any other valuables.

If this is how it will work (not sure that it is) Someone could set up deadman's trigger or will smart contract via MyWish platform to insure the money gets moved out of the bunker to the specified recipient upon death.
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June 30, 2018, 09:12:45 AM
 #10

So is this how it's going to work?

You get yourself an address and a private key, and you store the info in an envelope in their vault. You then buy loads of Bitcoin, and send it to that address. You don't tell anybody about it, and when you die, the bank moves the coins into their own wallet.

I'm quite sure you can leave it to your heirs like you would with any other valuables.

If this is how it will work (not sure that it is) Someone could set up deadman's trigger or will smart contract via MyWish platform to insure the money gets moved out of the bunker to the specified recipient upon death.

Or publish a transaction with a locktime set to couple of decades, since it can't get added to a block until that time you can just make a new one without locktime to withdraw them.

Or just let it get lost when you die. It isn't food or material, it is a currency. When there are lost bitcoins, the value doesn't disappear, the rest are just worth more.
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July 13, 2018, 06:48:58 PM
 #11

You could store only encrypted private key (starts with 6...) which mentioned in BIP-38 instead. Surely they won't able to crack the encrypted private key as long as you use strong passphrase/password.
If they don't know your public key and your address never re-used, they can't crack it even when quantum computing is available for corporate.

If you are going to be bothered with keeping your password safe, you might as well keep your private key as well.

I assume this service is mostly for people who don't know a lot about Bitcoin, or just have so much money that they will keep a small portion of it in just about anything, to diversify their security solutions.

Right, and if you're paying to store your encrypted private key/s in Swiss vaults, it's pretty much a confession to the fact you have plenty of BTC to store. Rule number 1 in the Information Era: don't leak any information, however implicit it is!
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