Your keys, your bitcoin?

[Axelseseclevz]

 "Not your keys, not your bitcoins" that's clear, if you don't have private key ,you can't open your wallet and you can't use your funds. So, what if your private key stolen by someone, it means your funds is now his fund and not yours, right? We really need to protect and secure our private key so that we can't lose our funds if ever.

[FACE 2 FACE]

If the relationship with your own wife is not very prosperous, then the private key should be kept secret even from her. Otherwise, at some tense moment of your married life, she will transfer your joint bitcoins to her personal address, to which you will no longer have a private key.

But this is fraught with the fact that quarrels can occur in families because of this. Because the one who owns the private key also owns this money.

On the other hand, if you bought these bitcoins with your joint money, this means that both of you will need to know the private key to the address where they are located. A certain dilemma arises in this case.

[Debonaire217]

In that way, it is really essential not to disclose our private key or paste it somewhere on our device. We should write it instead, or purchase a hardware wallet in order to completely hide our private keys. If it is possible to generate a private key the same as ours, then our account could be compromised if it matches the address we are using.

I am still believing in the phrase "Not your keys, Not your Bitcoin", It is just that, we can't use a centralized wallet which is favorable to us in terms of transaction, withdrawal, and deposit. Neither the exchange cannot also provide us the private key to the account we are using. With that regard, I can't see the importance of why they need to pass a law concerning not your keys, not your bitcoin if people will benefit from using a centralized exchange. Perhaps the best thing to do is to don't make these exchange wallets our main storage of funds, and only use it when we are trading.

[coolcoinz]

Bunch of speculation in the first post that is really easy to counter. For instance:

But what if someone generated the exact private key.

Chances of that are extremely low. I don't recall a single case where someone generated a key to a wallet containing unspent coins.

or, more realistically, have stolen it

Then you have to report theft. Usually people who have a lot of coins keep them on a hardware wallet with additional seed backup hidden somewhere.

how would it possible to prove that victim is the real possesor of private key?

You wouldn't have to prove anything as long as you have the backup and are able to withdraw coins to another address.

What would California court say in this case? If they both can sign a message, do they both have a right to these coins?

Do you believe someone who stole a private key would go to court to prove ownership instead of moving the coins to his address?

Are there any other methods to prove the ownership besides signing a message?

Moving the coins might be one of them.

[witcher_sense]

Chances of that are extremely low. I don't recall a single case where someone generated a key to a wallet containing unspent coins.

Yes, the probability of generating the same private key as yours is extremely low, however, we need to consider this variant to avoid any abuse of loopholes in our potential law.

Then you have to report theft. Usually people who have a lot of coins keep them on a hardware wallet with additional seed backup hidden somewhere.

The problem here is even if you report a theft, it doesn't prove that you rightful owner of the private key. It doesn't matter where you keep your coins because a malicious actor will also have a backup.

You wouldn't have to prove anything as long as you have the backup and are able to withdraw coins to another address.

Again, having a backup does not prove that you are the rightful owner: it is just information that can be stolen, copied, or generated by others. You obviously can't move your coins if you no longer in possession of the private key that unlocks UTXO. You also can't prove that it wasn't you who you moved them out of the wallet.

Do you believe someone who stole a private key would go to court to prove ownership instead of moving the coins to his address?

Doesn't that make our situation even worse?

Moving the coins might be one of them.

Okay, if a thief moved our coins, did he thus prove he is a valid owner?

[coolcoinz]

Do you believe someone who stole a private key would go to court to prove ownership instead of moving the coins to his address?

Doesn't that make our situation even worse?

Moving the coins might be one of them.

Okay, if a thief moved our coins, did he thus prove he is a valid owner?

Worse for the original owner, but not for the new owner, as it would allow that new owner to prove that he controls the coins and to argue that a year or 2 before he also was able to control the coins (even if that's a lie).
Moving coins proves you are the owner. Whether it's a valid owner is another thing. Valid enough to spend, that's for sure.

[Dsdaq]

the safest way to store your assets is by own your private keys, write it on a paper, and keep it somewhere safe. Remember “your keys, your Bitcoin; not your keys, not your Bitcoin. Also not recommended to keep it store on exchange no matter how secure you think it's, it's better when you want to trade deposit, trade and exit ASAP. But if you are talking of the prove of ownership to a private key that a big problem that need to be resolved soon before it's too late.

[SmokerFace]

I concur with the assertion "Your keys, your bitcoin". On the off chance that somebody has your private key, he can undoubtedly get into your wallet and take your all coins.
This what befalls me, I composed my private key into my book and one of my companions saw it and duplicate the whole private key.
I stooped composition or offering my private key to anybody after that incident.
You should always care for your key and password. That's the reason why bitcoins are highly risky to manage. Once it's gone it can never me retrieve.

[Anonylz]

I concur with the assertion "Your keys, your bitcoin". On the off chance that somebody has your private key, he can undoubtedly get into your wallet and take your all coins.
This what befalls me, I composed my private key into my book and one of my companions saw it and duplicate the whole private key.
I stooped composition or offering my private key to anybody after that incident.
You should always care for your key and password. That's the reason why bitcoins are highly risky to manage. Once it's gone it can never me retrieve.

when you say compose, do you mean coping or writing it down on your personal book and someone else saw it? why will you expose a book that contains your private key in such a way that someone else can even see it, to me it means you didn't store it in a place out of preying eyes,
"I stooped composition or offering my private key..." what do you mean by offering your private key! do you give it out to friends to see i can't seem to understand what you mean by that, because if what it says is what you mean, then you only have yourself to blame, you were careless and that could cost you.

[ekeh]

Bitcoin is a digital assets, that every user's has own private key and as a password, for any authorization transaction, where by need to be secured for a security reasons, hence, bitcoin private key is generated automatically, which has a backup phase for recovery. Therefore, you have said it all, your keys, you're bitcoin, for no reason, not good to share with anyone.

[Smartprofit]

When Satoshi Nakamoto created Bitcoin, he created a system that did not need legal regulation.

The situation is similar with the circulation of cash (especially coins).  If the coins are in my pocket, then the ownership of this asset belongs to me.  If I have lost these coins (dropped them on the ground), then the ownership of the coins will pass to whoever finds them. 

Bitcoin's consensus algorithm is proof-of-work (POW).  Here is a similar situation - Satoshi Nakamoto did not count on agreements between people or on legal regulation.  Only the actual state of affairs matters.  Just the facts.  Actions, not words. 

This is the principle that Bitcoin is based on.

[erikoy]

It is more stupid when the real owner of that bitcoins let his keys being stolen by the hackers. Financial assets like bitcoins if being kept and compromise it will be directly move to a different wallet which the real owner could have no knowledge in accessing it. It is almost impossible to know that there could be two possible owner having the same wallet and private key. I will not believe if anything like this could happen or if it does then that would be a rare case.

[Viscore]

It is more stupid when the real owner of that bitcoins let his keys being stolen by the hackers.

No, you can't tell that. Did someone wanting it to happen? No, for sure. We are prone to this kind of sentiments and we can't sure also that we are guaranteed 100% secured.

Financial assets like bitcoins if being kept and compromise it will be directly move to a different wallet which the real owner could have no knowledge in accessing it. It is almost impossible to know that there could be two possible owner having the same wallet and private key. I will not believe if anything like this could happen or if it does then that would be a rare case.

Once the account has been hacked and all bitcoin inside had transferred to another wallet, we can no longer expect that we can get it back. Totally, we are in control yet since we don't have any key to prove that is yours. And that even you brought it in the court and claiming that is yours, it certainly be declined.

Your keys, your Bitcoin, no matter if that is hacked or not.

[bayu7adi]

Bitcoin is a digital assets, that every user's has own private key and as a password, for any authorization transaction, where by need to be secured for a security reasons, hence, bitcoin private key is generated automatically, which has a backup phase for recovery. Therefore, you have said it all, your keys, you're bitcoin, for no reason, not good to share with anyone.

It is different if we are custodial wallet users, indeed this is a bit of a contradiction to the title of this thraed, but there are still custodial wallet users. So when they create a wallet on an application or website, they will not get a private key to access the wallet. The existence of the private key is fully controlled by a third party that we trust.
Examples of companies for popular custodial wallets are Coinbase and Binance. There we will only get access in the form of login data that we get when registering, while the private key will still be stored by the company.
Some users prefer this method and ignore this word: "Your keys, your bitcoins". Because it has a layer of security that is better than hacker attacks, and they may not feel confident about being able to store their private keys.

[proTECH77]

Anyone who cannot have access to his keys, cannot have access to his bitcoin because you are the only one who can know how much is in the wallet. Once you can have access to your keys,you can also have access to your bitcoin. Your bitcoin is your bitcoin when you have all the address details to be know to you not public people to know all your keys details concerning bitcoin.
With a good wallet can make your money safe and also make you to have access to them at anytime you want to make use of it.