3 ms·

OP explained this, if the signing is required by multiple 3rd parties then you’re good. You can do this with pencil and paper btw and write down keys. It’s not

OP explained this, if the signing is required by multiple 3rd parties then you’re good. You can do this with pencil and paper btw and write down keys. It’s not far fetched.

JonathanBeuys 4y ago
Still sounds far fetched to me. Do these types of smart contracts exist on Bitcoin?
- smeej 4y ago
  They don't need to. Multisig is built directly into the protocol for BTC. Search BTC multisig and you can learn all about it.
  - JonathanBeuys 4y ago
    I know Bitcoin multisigs. But nobody is creating them with pencil and paper.
    - smeej 4y ago
      I don't know what that comment was about. That would be a weird way to do it. I don't know why anyone would want to.
- smeej 4y ago
  I don't want to be rude, but you're not the only smart person who's thought of counterparty risks. There's tremendous incentive to all sorts of people to break the cryptographic security that secures these networks. And, thus, also incentive to stay ahead of those people.
  - JonathanBeuys 4y ago
    I'm not very worried about the cryptographic security of the Bitcoin blockchain. I am worried that in 5 years we will learn that some hardware wallets used side channels to transfer bits of your private key out to make it easier to guess for someone who worked at the manufacturer.
    - smeej 4y ago
      But you can check this. You can monitor whether info is leaving on other channels. And you can sign on an air-gapped computer and transfer only the signed transaction hash (never the privkey) to a connected one to broadcast. You can do all but the actual signature with open source tools. Just because you haven't taken the time to learn how this stuff works doesn't mean there aren't thousands of incredibly intelligent people who have been working on it for a decade and have actually solved the low-level concerns you have.
      - JonathanBeuys 4y ago
        You cannot monitor all channels when you use just a single way to create your hashes. Example: If you use a single hardware wallet to sign your transactions, you have no way to know if the wallet transmits data out via the hashkey: https://news.ycombinator.com/item?id=32181462 https://news.ycombinator.com/item?id=32181462

OP explained this, if the signing is required by multiple 3rd parties then you’re good. You can do this with pencil and paper btw and write down keys. It’s not far fetched.

JonathanBeuys 4y ago

Still sounds far fetched to me. Do these types of smart contracts exist on Bitcoin?

smeej 4y ago
They don't need to. Multisig is built directly into the protocol for BTC. Search BTC multisig and you can learn all about it.
- JonathanBeuys 4y ago
  I know Bitcoin multisigs. But nobody is creating them with pencil and paper.
  - smeej 4y ago
    I don't know what that comment was about. That would be a weird way to do it. I don't know why anyone would want to.
smeej 4y ago
I don't want to be rude, but you're not the only smart person who's thought of counterparty risks. There's tremendous incentive to all sorts of people to break the cryptographic security that secures these networks. And, thus, also incentive to stay ahead of those people.
- JonathanBeuys 4y ago
  I'm not very worried about the cryptographic security of the Bitcoin blockchain. I am worried that in 5 years we will learn that some hardware wallets used side channels to transfer bits of your private key out to make it easier to guess for someone who worked at the manufacturer.
  - smeej 4y ago
    But you can check this. You can monitor whether info is leaving on other channels. And you can sign on an air-gapped computer and transfer only the signed transaction hash (never the privkey) to a connected one to broadcast. You can do all but the actual signature with open source tools. Just because you haven't taken the time to learn how this stuff works doesn't mean there aren't thousands of incredibly intelligent people who have been working on it for a decade and have actually solved the low-level concerns you have.
    - JonathanBeuys 4y ago
      You cannot monitor all channels when you use just a single way to create your hashes. Example: If you use a single hardware wallet to sign your transactions, you have no way to know if the wallet transmits data out via the hashkey: https://news.ycombinator.com/item?id=32181462 https://news.ycombinator.com/item?id=32181462