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Yeah, a hardware wallet is good, although for a billion dollars, 100 hardware wallets would be better. Could even go so far as to split a private key into seven
by pshc 5y ago
Yeah, a hardware wallet is good, although for a billion dollars, 100 hardware wallets would be better. Could even go so far as to split a private key into seven horcruxes using Shamir's Secret Sharing and bury them in locations around the world.
Memorizing a seed phrase leaves you vulnerable to a $5 wrench attack, I wouldn't recommend it.
- mekster 5y agoFor the attacker, the problem isn't about protecting the crypto but to launder. If gov got to you, it probably doesn't matter how well you got it protected.
- GekkePrutser 5y ago> Memorizing a seed phrase leaves you vulnerable to a $5 wrench attack, I wouldn't recommend it. Of course the problem is the attacker may not know what method you used and resort to the $5 wrench attack anyway :) Not stealing $3.6B might be an even safer bet.
- jerrre 5y agostill: physical threat + seed phrase cracked > physical threat
- hnburnsy 5y agoThe famous Bitcoin family reportedly spread their hardware wallets across the globe. https://www.cnbc.com/2021/08/11/bitcoin-family-hides-bitcoin-ethereum-and-litecoin-in-secret-vaults.html?&doc=107011542 https://www.cnbc.com/2021/08/11/bitcoin-family-hides-bitcoin...
- rlt 5y agoThe article suggests each location contains 100% of the key, not using Shamir’s Secret Sharing. > Taihuttu is trying to put a crypto cold wallet on every continent so it’s easier to access his holdings. I hope it’s at least encrypted with an additional passphrase, otherwise it’s only as strong as the weakest bank’s security.
- pshc 5y agoWow. > Taihuttu has two hiding spots in Europe, another two in Asia, one in South America, and a sixth in Australia. > We aren’t talking buried treasure – none of the sites are below ground or on a remote island – but the family told CNBC the crypto stashes are hidden in different ways and in a variety of locations, ranging from rental apartments and friends’ homes to self-storage sites. I hope this is all a decoy or else it’s the worst opsec I’ve seen since about five hours ago.
- dboat 5y agoI would not want to be a friend to the sort of idiots who would say stuff like this. Having a target painted on my back as a decoy somehow makes it even worse.
- mbesto 5y agoOr the Winklevoss twins who store their codes in separate banks across the country.
- weq 5y agoReminds me of the man who was sent to jail for refusing to reveal his keys. think this happens alot. https://arstechnica.com/tech-policy/2020/02/man-who-refused-to-decrypt-hard-drives-is-free-after-four-years-in-jail/ https://arstechnica.com/tech-policy/2020/02/man-who-refused-...
- netheril96 5y agoYou don’t need splitting the private key. Bitcoin has multisig setup. For example, you can setup your wallet such that 6 out of 10 private keys need to sign in order to transfer funds. Spread that 10 private keys out. Or 3 out of 10. Or 2 out of 5. Any n out of m.
- pshc 5y agoYou're right, gathering multisigs would be much safer than gathering SSS shares because you wouldn't be carrying around bits of the private key.
- croon 5y agoYou're still memorizing the seven locations around the world. It's the same thing with extra steps.