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Poll
Question: Do you know what a multisig address is?
Yes, and I use them - 16 (34%)
Yes, but I've never used one - 19 (40.4%)
Well, i've heard of it - 6 (12.8%)
No, i'm about to google it - 5 (10.6%)
No, and I don't give a fuck - 1 (2.1%)
Total Voters: 47

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Author Topic: Do you know what a multisig address is?  (Read 685 times)
Taras
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March 29, 2014, 07:12:39 PM
 #1

Just creating a poll to see just how many people know about multisig addresses.
They seem really, really, really great for security but I almost never see them on the blockchain.

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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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monsterer
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March 29, 2014, 07:17:11 PM
 #2

Just creating a poll to see just how many people know about multisig addresses.
They seem really, really, really great for security but I almost never see them on the blockchain.

Part of the reason is that only a handful of wallets support sending to a multi-sig address. This will change given time... Hopefully!

Cheers, Paul.
principalg1
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March 29, 2014, 07:26:55 PM
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Who's got the connections? I want to know multisig address.

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Taras
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March 29, 2014, 07:34:06 PM
 #4

Who's got the [links]? I want to know [about] multisig [addresses].
A multi-signature address is an address that is associated with more than one ECDSA private key. The simplest type is an m-of-n address - it is associated with n private keys, and sending bitcoins from this address requires signatures from at least m keys. A multi-signature transaction is one that sends funds from a multi-signature address.

The primary use case is to greatly increase the difficulty of stealing the coins. With a 2-of-2 address, you can keep the two keys on separate machines, and then theft will require compromising both, which is very difficult - especially if the machines are as different as possible (e.g., one pc and one dedicated device, or two hosted machines with a different host and OS).

It can also be used for redundancy to protect against loss - with a 2-of-3 address, not only does theft require obtaining 2 different keys, but you can still use the coins if you forget any single key. This allows for more flexible options than just backups.

It can also be used for more advanced scenarios such as an address shared by multiple people, where a majority vote is required to use the funds.

Multi-signature transactions are often conflated with BIP 16 and 17. In fact they are not directly related. Multi-signature transactions have been supported by the protocol for a long time; but implementing them would require a special output script.

What BIP 16/17 do is offer a standard way to encapsulate a script within an address; this makes it easier to use advanced scripts, with the most prominent example being multi-signature transactions.
http://bitcoin.stackexchange.com/questions/3718/what-are-multi-signature-transactions

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March 29, 2014, 07:37:58 PM
 #5

Just creating a poll to see just how many people know about multisig addresses.
They seem really, really, really great for security but I almost never see them on the blockchain.

Cause they aren't really addresses you do a lot of spending from. Usually you do one or two sweeps to them and they stay like that, they usually have the most days destroyed.

I use them on most of my partnership projects where a server will sweep profits to this address and then me and the partners want to move it their own wallets can.

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March 30, 2014, 01:45:20 AM
 #6

Who's got the [links]? I want to know [about] multisig [addresses].
A multi-signature address is an address that is associated with more than one ECDSA private key. The simplest type is an m-of-n address - it is associated with n private keys, and sending bitcoins from this address requires signatures from at least m keys. A multi-signature transaction is one that sends funds from a multi-signature address.

The primary use case is to greatly increase the difficulty of stealing the coins. With a 2-of-2 address, you can keep the two keys on separate machines, and then theft will require compromising both, which is very difficult - especially if the machines are as different as possible (e.g., one pc and one dedicated device, or two hosted machines with a different host and OS).

It can also be used for redundancy to protect against loss - with a 2-of-3 address, not only does theft require obtaining 2 different keys, but you can still use the coins if you forget any single key. This allows for more flexible options than just backups.

It can also be used for more advanced scenarios such as an address shared by multiple people, where a majority vote is required to use the funds.

Multi-signature transactions are often conflated with BIP 16 and 17. In fact they are not directly related. Multi-signature transactions have been supported by the protocol for a long time; but implementing them would require a special output script.

What BIP 16/17 do is offer a standard way to encapsulate a script within an address; this makes it easier to use advanced scripts, with the most prominent example being multi-signature transactions.
http://bitcoin.stackexchange.com/questions/3718/what-are-multi-signature-transactions
I do not know multisig address, they seem really good feeling after reading.

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WWWarrior
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March 30, 2014, 04:15:07 PM
 #7

Hmmm  I've never heard of it. It's time to google!
Bitalo_Maciej
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March 30, 2014, 09:11:20 PM
 #8

We use them a lot on Bitalo, multisig addresses are at the core of the wallet service we are providing. Since it's fairly easy to use that way our users are doing quite a lot of transactions between them. One example: https://blockchain.info/address/3EvUWjBKzhPFRJd7ffjciqij8R7qrgndde

Web wallets get hacked all the time. Computer wallets get hacked all the time as well.
Solution? Hybrid P2SH wallets - safer than your online and offline wallets combined. Check it out, store and trade your Bitcoins with ease of mind!
boumalo
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March 31, 2014, 01:18:41 AM
 #9

Cold storage in multiple location and multi sig adresses seem the safest way to go

It is how some exchanges and Bitcoin businesses are operating apparently

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