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Author Topic: Multi-sig with h/w wallet vs h/w wallet question  (Read 122 times)
sigpeel
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October 26, 2018, 02:59:40 AM
 #1

i got myself 3 coldcards and decided to set up a multi sig address with electrum.
opened up a laptop, removed wifi/BT chip
installed windows (didnt want to spiral into dependency hell) and electrum.
long story short; sent my first transaction, reformatted laptop (i couldve just  deleted the wallet file but i like to be thorough), tried to recreate multisig wallet with 3 h/w devices (not online so only checked this by what addresses were available to me after set up)

here is where i am.
i figure its safer to use the multisig wallet and keep the three seeds secure then one seed and hope nothing happens to trezor as a company but i cant bring myself to transfer everything to the multisig wallet, i'm just not sure i've got everything covered or if i've missed anything.
have i went about this the right way?

also ( i think i already know the answer but i'd like to be sure since it doesn't seem to be clear in anything i've read) when i create i multisig wallet with h/w devices can each signor be used as a normal wallet as well as part of a multisig

thanks in advance
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pooya87
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October 26, 2018, 03:10:19 AM
 #2

for the first part you could have used a live Linux, as in burned on a DVD. if you used latest Ubuntu version then it had python3+ so you didn't have to install anything to encounter lacking dependencies. and when you are done, you just remove the DVD. or you can use a Linux designed to be live and not leave any trace.

as for the multi sign, i am not sure what you mean by "h/w device". is it hardware wallet? it seems like an overkill. in any case if you are creating the seeds for each cosigner on a different device and a different computer and if you always keep them separate from each other and continue using them on different devices/computers for signing,... then it should be fine.

sigpeel
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October 26, 2018, 03:32:42 AM
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you could have used a live Linux, as in burned on a DVD. if you used latest Ubuntu version then it had python3+ so you didn't have to install anything to encounter lacking dependencies. and when you are done, you just remove the DVD. or you can use a Linux designed to be live and not leave any trace.
ill keep that in mind when doing this next time

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is it hardware wallet?
it is

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in any case if you are creating the seeds for each cosigner on a different device and a different computer 
this is the only thing i didn't do. i used the same laptop to initialize all three hardware wallets. they haven't plugged into anywhere else since.
pooya87
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October 26, 2018, 03:43:31 AM
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in any case if you are creating the seeds for each cosigner on a different device and a different computer 
this is the only thing i didn't do. i used the same laptop to initialize all three hardware wallets. they haven't plugged into anywhere else since.

as long as you are using hardware wallets, then it shouldn't really matter because a hardware wallet is designed in a way that it can even run on a compromised computer and still be safe.
i still think it is an overkill though. one hardware wallet was more than enough. now just make sure you test this setup by sending/receiving a small amount before sending anything big.

sigpeel
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October 26, 2018, 05:57:30 AM
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thanks for the assist
Ericfurst
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October 28, 2018, 03:08:49 AM
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It would've been better if you would just start off by burning Linux to a DVD  than going through all that hassle. The latest version of Ubuntu also has python+ so you wouldn't have to deal with any sort of lackings, dependency wise. By the time you're done you can then take the DVD out or you could've used Linux live and not leave any traces. It would be better before doing this sort of stuff to know smarter and effective ways in order to avoid hassle altogether.
biskitop
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October 28, 2018, 03:20:05 AM
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in any case if you are creating the seeds for each cosigner on a different device and a different computer 
this is the only thing i didn't do. i used the same laptop to initialize all three hardware wallets. they haven't plugged into anywhere else since.

as long as you are using hardware wallets, then it shouldn't really matter because a hardware wallet is designed in a way that it can even run on a compromised computer and still be safe.
i still think it is an overkill though. one hardware wallet was more than enough. now just make sure you test this setup by sending/receiving a small amount before sending anything big.
yes, it could be that the multi-sig h / w wallet is not compatible to send or make transactions for 2 in large numbers at the same time, maybe it can be a small amount first.
Rufuspetersko
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October 28, 2018, 08:48:50 AM
 #8

Using the same hardware mightn't be a problem if you stay cautious about it. But the risk is a bit high cause if the software fails or the device got hacked, you might lose all at once.
Rufuspetersko
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October 28, 2018, 09:08:54 AM
 #9

If you are using hardware, you should not worry about it. The hardware wallet is safe to extent that you can even plug it up on a compromised computer and still operate it safely. Three hardware is more than enough though. But, then you can never be cautious enough in the crypto world.
Dwaesien55
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October 30, 2018, 03:20:13 PM
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The positivity leans toward the multi hardware wallet. Even though the wallet can run in a compromised hardware too. The extra cautiousness can help in the long run.
Mireajan42
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October 30, 2018, 03:20:35 PM
 #11

I think 1 hardware wallet is more than enough for storing coins safely along with a online crypto wallet. I myself use this two and usually one is enough for small portion. But using three is definitely overkill.
Umilawyr11
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October 30, 2018, 03:20:56 PM
 #12

I personally support two hardware wallets, specially in cases where big amount is involved. You can never be over cautious. But yes, three is a overkill.
Qilirith102
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October 30, 2018, 03:21:15 PM
 #13

One hardwae wallet is enough for storing your coins, that is my preference if you ask me. As for the first part, a linux live bootable media could have done the job just like pooya87 mentioned. I am assuming you have experience with linux based OSs.
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