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Wow, at first I was impressed because I have used Coinbase's multi-sig BTC vaults in the past and those were the real deal. As in, they allowed for security and

Wow, at first I was impressed because I have used Coinbase's multi-sig BTC vaults in the past and those were the real deal. As in, they allowed for security and convenience. One key with Coinbase, one key with user, and the third key in your bank vault or somewhere hard to reach. All generated client-side. It protected against Coinbase being hacked, but still offered convenience. This product is the opposite! One-key. Same security (in terms of Coinbase being hacked) and less convenience than the regular wallet! In fact they even took the multi-sig BTC wallet away. You used to be able to create more than one multi-sig BTC wallet in your Coinbase account. Now I only have one and I don't see an option to create another. Maybe in practice, the risk of people getting phished is much higher than the risk of Coinbase getting hacked.

sputknick 9y ago
They have MFA at the account level. Serious question: is what you described more secure than that? These vaults mean they take coins offline, so it becomes a physical security task to secure them.
- deleted 9y ago
  [deleted]
- androng 9y ago
  Yes, a multi-sig wallet is more secure. With the multi-sig wallets, even if someone infiltrated Coinbase's offline coins, the hacker STILL would not be able to steal the coins. With these new "multi-email" wallets, the hacker would. This is all assuming that the user can manage his two keys better than two email accounts. In fact, the multi-sig wallets were nice too because you could retrieve your coins even in the case where Coinbase went away completely. e.g. if they pulled a Cryptsy or a BTCe
- PKop 9y ago
  If you don't exclusively own the keys, then you don't own the Bitcoin.
gst 9y ago
Didn't have a multisig BTC wallet before (created one in the past, but deleted it months ago) and I don't seem to be able to add another multisig wallet - only those multi-email-confirmation-required wallets. Not holding the keys for my own coins is not an option (see https://www.youtube.com/watch?v=vt-zXEsJ61U https://www.youtube.com/watch?v=vt-zXEsJ61U for why), but at least there are alternatives such as Ledger hardware wallets.

sputknick 9y ago

They have MFA at the account level. Serious question: is what you described more secure than that? These vaults mean they take coins offline, so it becomes a physical security task to secure them.

deleted 9y ago
[deleted]
androng 9y ago
Yes, a multi-sig wallet is more secure. With the multi-sig wallets, even if someone infiltrated Coinbase's offline coins, the hacker STILL would not be able to steal the coins. With these new "multi-email" wallets, the hacker would. This is all assuming that the user can manage his two keys better than two email accounts. In fact, the multi-sig wallets were nice too because you could retrieve your coins even in the case where Coinbase went away completely. e.g. if they pulled a Cryptsy or a BTCe
PKop 9y ago
If you don't exclusively own the keys, then you don't own the Bitcoin.

gst 9y ago

Didn't have a multisig BTC wallet before (created one in the past, but deleted it months ago) and I don't seem to be able to add another multisig wallet - only those multi-email-confirmation-required wallets. Not holding the keys for my own coins is not an option (see https://www.youtube.com/watch?v=vt-zXEsJ61U https://www.youtube.com/watch?v=vt-zXEsJ61U for why), but at least there are alternatives such as Ledger hardware wallets.