During all this fear about the 51% you missed.........

[DeathAndTaxes]

I'm amazed they generate keys and send them to users. This just goes to show that anyone will come up with a gimmicky system, which offers nothing outside new besides a 'web wallet with questionable security'. I really wish providers of such things made a better effort to ask the community for feedback before implementing such a bad design.

I don't have a problem with a site generating keys but generating the keys server side and then saying you are "trustless" is a tall tale (I will be nice and not say it is dishonest).

[FrozenBit]

I'm amazed they generate keys and send them to users. This just goes to show that anyone will come up with a gimmicky system, which offers nothing outside new besides a 'web wallet with questionable security'. I really wish providers of such things made a better effort to ask the community for feedback before implementing such a bad design.

-------------------

 Again I would like state no information has been released about the service, the story presented here is just that. It contains no official information and the person who typed this has no affiliation with frozenbit and has no factual knowledge of the service. As the service is open-source and everything we have stated can be proven.

 So I will again reiterate keys are all generated in browser by the user. As there is an offline package that is usable.
 

 Stay tuned for official information today in about 4 hours.

[acs267]

Well, this is awesome. New stuff. Half-way into a new year. Though, am I the only one that didn't really pick up on the 51% stuff?

[FrozenBit]

Official thread was just released: https://bitcointalk.org/index.php?topic=650203.0

[c5h3ris1253]

http://www.reddit.com/r/Bitcoin/comments/293670/multisignature_wallets_means_anyone_anywhere_can/


 That's a nice assessment.

[henrydavidharris]

 Looks extremely cool! Seen these guys handle themselves pretty professionally earlier aswell.

[c5h3ris1253]

Updated with new links!

[franky1]

we all know c5h3ris1253 and frozen bit are the same person, i have seen c5h3ris1253 go offline then frozenbit comes online then comment, goes offline and c5h3ris1253 comes straight online.

i also find it funny that a multisig wallet service needs a username and password.

all they need in reality is upto 5 text boxes that while offline (no server communication) clients can input upto 3 multisigs. and javascript can then do its job to form a transaction, where the client also types in a destination and amount. the transaction gets signed offline and only a signed tx gets pushed to the bitcoin network

i count 9 inputs being required to login, 2FA, type in multi sigs, destination etc.. which is not "user friendly" or noob/ granny proof

so we have a non secure, middleman with a non easy to use project plan, that is not even finalized

DO NOT PUT REAL BITCOINS INTO THIS SERVICE


it is worth noting that even in their agreement thy admit that they do store private keys

Bitcoin Storage & Transmission Delays. FrozenBit securely stores 100% of all bitcoin associated with your FrozenBit Account in a combination of online and offline storage.

so BE CAREFUL they will own the private keys!
also they have this in the terms and conditions

    Pursuant to Section 6.2 below, you agree that any disputes between you and FrozenBit will be resolved by binding, individual arbitration and you waive your right to participate in a class action lawsuit or class-wide arbitration.

it is worth noting that if frozenbit do steal your funds, then it automatically made their agreement null and void on THEIR part as they have breached the agreement (its called theft, which is a crime!). of course seek an amicable agreement first purely because it wont cost you anything, but do it on your terms not theirs. and if they don't return 100% of funds.. sue them, as their breach means they cannot then use the agreement as a defense. crimes cannot be avoided simply because of a agreement paragraph.. thus thefts can be taken to court, and that includes class actions.

in short i think they are complete amateurs with alternate motives.

remember bitcoin was designed to not need middle men.. DO NOT BLINDLY TRUST MIDDLEMEN

[c5h3ris1253]

   ?? I'm apart of their beta right now. I've also visited their office.

 They store zero keys?

 So what are you talking about dude?

[FrozenBit]

Well, this is awesome. New stuff. Half-way into a new year. Though, am I the only one that didn't really pick up on the 51% stuff?

 Yeah, thanks for the compliment

[FrozenBit]

 Thank you for your support chris!

[phillipsjk]

I am intrigued, but all I see is marketing fluff.

Edit: Does frozen bit allow the users of the site to require n of m people to sign a transaction? Or is the site the third party in all cases?