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Question: Should NXT Funding Committee Treasurers Prepare Backup Passwords For Their Accounts
Yes, as stamped postal envelopes addressed to other treasurers held in a safe location - 7 (46.7%)
Yes, by some other method - 7 (46.7%)
No, the treasurers should do whatever they want - 1 (6.7%)
This poll flawed / Redo this poll - 0 (0%)
Total Voters: 15

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Author Topic: NXT Treasurer Backup Plans  (Read 1112 times)
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February 07, 2014, 11:53:29 PM

RICKYJAMES PROPOSAL 1 - All treasurers should prepare paper backup copies of their account passwords, place these in stamped postal envelopes addressed to other treasurers, and place these backup envelopes at a safe off-site location such as a bank deposit box.

Rationale: I implemented this voluntarily when designated as treasurer of the NXTcommunityfund, and my envelope is currently addressed to James / jl777.  This proposal is just plain and simple a good idea, because you never know when....
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February 08, 2014, 01:04:35 AM

I propose some other method.

When the three accounts are created, may I humbly suggest you secure them to 256 bit level by purchasing the appropriate aliases:


to go along with the previously established


I also am willing to undergo the personal identity verification step as treasurer of NXTcommunityfund if that is done for treasurers of the other funds.  

I also STRONGLY urge that my previously announced action of placing a password written backup copy in a stamped postal envelope addressed to a trusted NXT person, and then placing into that envelope into secure offsite storage such as a bank safe deposit box, be enforced as a treasurer requirement.  I currently have my envelope addressed to James / jl777.  If there is now to be a pool of trusted treasurers who must verify their real identities, I would suggest that there be three such backup envelopes per treasurer and that they be addressed to the other treasurers in the pool.  I will change my current single backup envelope from being addressed to James to three backup envelopes addressed to Klee, pouncer and neer.g when their real life postal address is PMed to me.

I have already purchased an alias "UnclaimedFund4Tech". Could purchase NXTtechdevfund if needed for uniformity.

Another suggestion for "Hit by Bus" scenario.
Lets call the treasurers A,B,C,D

1. All 4 treasurers set up secure email using bitmessage and shares with everyone else. When encrypted AM is implemented, we could use that instead of bitmessage.
2. Each treasurer encrypts passphrase and deposits it at (Agree on something like Truecrypt)
3. Deathswitch emails are set up to be sent from A>>B>>C>>D>>A
3. Decryption passwords for the passphrases are immediately sent to fellow treasurers according to order in (3) using encrypted emails in (1)
4. If or when deathswitch is triggered, recipient of Deathswitch email decrypts passphrase and unlocks Nxt account.

1. More secure than bank's safe deposit boxes. I don't trust & don't use bank safe deposit boxes.**
2. & bitmessage are more reliable & efficient than postal services
3. More transparent (all 4 treasurers knows for sure that they have received the decryption key)

I'm sure this method can be further improved. What do you guys think?

Edit: **Passphrases in envelope are in clear text. Anyone having access to envelope is able to open it and unlock Nxt account.

NXTtechdevfund  GPG Key ID: 0x903BC112
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February 09, 2014, 05:16:27 AM

I like Pouncer's deathswitch idea more than safe deposit boxes.

(**Although written passphrases in envelopes don't have to be in clear text, you can still agree beforehand on some kind of encryption scheme.)

Great idea to include the "This poll is flawed, redo" option Ricky. We should adopt this whenever we do voting polls.

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