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There are institutions that do that with multisignature addresses. Thats been around for probably longer than you knew about bitcoin, so there goes your rebutta
by ringaroundthetx 9y ago
There are institutions that do that with multisignature addresses. Thats been around for probably longer than you knew about bitcoin, so there goes your rebuttal.
- s17n 9y agoIt's not a technical problem, it's an institutional problem - really multisig is probably worse than just having the bank hold the keys, as it makes it possible for users to lose their money by doing something stupid with their key.
- ringaroundthetx 9y ago2 of 3 multisig would work with the user having two keys, and one key being authorized by 2 factor authentication. When the user loses their non 2 factor key, they just have the 2 factor one and the institution. The institution can authorize the transaction to move their money to a new address with new keys.
- s17n 9y agoWhat I'm saying is that the user probably shouldn't have any keys at all, because they will end up losing their money to a phishing scam or something.