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Author Topic: Multisig and nLockTime for Security  (Read 948 times)
beckspace
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May 14, 2012, 02:14:17 AM
 #1

Bitcoin's security goes a lot deeper than I thought.

The recent hack exposes that without sistematic multisignature and nLockTime practices, no matter how many armed man you put surrounding your vault, Bitcoin becomes Ether because of one weakest link.

Gold it's a metal very difficult to destroy (at max, one can use Aqua regia to dissolve it), on the other hand it's very easy to destroy someone's bitcoins once an attacker gains access to it.

I imagine such a financial attack/war, were a hacker/banker/insider want to destroy the wealth of a corporation/country. Today he could do it with bitcoin, stealing or sending them to an unspendable address and run away or, as a last resort, committing suicide.

"Some men just want to watch the world burn."

With gold it is way more difficult to enter in a vault and destroying it even with explosives.

I wonder how information security is handled in hi-end financial corporations/military complexes/nuclear silos. I know that they use a kind of "multi-sig" (2 long keys/2 different owners) to open Rome's Gold Vault, and Time lock feature its used extensively in Bank vaults around the world.

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May 14, 2012, 02:35:20 AM
 #2

That's what Gavin was working on, any good idea ?

https://gist.github.com/2217885

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