So, if I stop trusting the multisig service provider or if the company goes out of business , can I use my personal key and me safe key to move the money into another account? Do I just need 2 keys out of 3 no matter which key it is?
app on the phone with biometrics/password, spin your own server for signature providing, have at least a backup of one of those keys in systems as well
Appreciate the detailed breakdown! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
Mulit-sig tech is only compelling if you actually achieve equitable, distributed trust. But here, it looks like you'll still have to rely on the service provider to ultimately confirm every transaction. So which key has _most control_ during the transaction? How is this different from your credit union?
tmaxon8 all keys have equal power but you need at least two of them to move your funds. Your bank has one key and can’t move your funds because they need two. You have one on your mobile phone and another in your safe. If your bank doesn’t approve a transaction for you then you can go to your safe box and get the backup key and then you’ll have two out of the three keys and can then move your funds. If however, you lose your phone which has one key on it, then you’re left with only one key in your safe box. Now if your bank decides to not give you their key (which is really your key that you gave them) then you’re fucked and won’t be able to move the funds, nobody can move them anymore cause two keys are needed and you have one and the bank has one (the third one was lost which was on your mobile phone). If you manage to find your mobile again, then you’ll have two keys again and can move your funds and the bank can’t stop you anymore.
what if you lost your phone and someone found it,reied to use it and hacked your passwords, then the authority that holds your second key, will check and also sign with the second key/
What if the criminal uses my phone before I register it as stolen? I can understand multisig addresses where you keep 2 at friends houses and then 1 at your house. It would be useful for long term savings with infrequent access.
Ok now I'm no genius, I'm a truck driver, and that truck HAD 1 key but now I've got 3. I keep 2 key on me. 1 is used to start my truck and keep it idling while I sleep, or keep it running while I go speak with a customer and keep my truck running. So I have 1 ket at home at all times for emergencies one in the ignition and the last stays in my pocket so I dont lock myself out of my truck. So If I can copy my key what's keeping someone else?
The "keys" referenced are encryption keys, each one is uniquely produced through an encryption algorithm and cannot be duplicated or copied as such. You need at least 2 of the 3 unique keys in order to send or receive funds from a "multisig" wallet.
If my wallet password got hacked, then he can do transactions without my consent. I mean imagine my password got hacked so basically hacker got my credentials, while making transactions he will request other key to this third party. How multisig will tackle this
I still don't get it 100%. One key on lost or stolen phone, and the other with your service provider. It makes two out of three keys needed. Isn't that right? Further more, couldn't service provider get hold of your private key during transaction?
As it says on 0:43, only 2 of 3 keys are needed to access the funds and perform a transaction. The service provider cannot intercept your private key because when using public key cryptography, the private key never leaves your device (it is used to decrypt stuff locally. only public keys are exchanged between parties).
Screw this lol just hide your seed phrase folks on different hard devices either punch plates the works. Remember you are your own bank I don’t trust anyone else
I'm interested in making Brazillian Portuguese subtitles for this video.
Would you approve them, if I did translate it?
So, if I stop trusting the multisig service provider or if the company goes out of business , can I use my personal key and me safe key to move the money into another account? Do I just need 2 keys out of 3 no matter which key it is?
Yeah, you need 2/3 keys, so even if the service provider goes away, taking the key with them, you can still move your funds using your 2 keys.
Unless you lose your phone on that day O.O
@@cashmere209 so maybe having 4 keys with 2 required ones is a better solution? User keeps 3 and a multiseg keeps 4th one.
@@chhabraamit312 I don't know, how about 50 keys with 30 required?
Good solution for single point of failure, right?
So happy I watched this video!
app on the phone with biometrics/password, spin your own server for signature providing, have at least a backup of one of those keys in systems as well
Great, great video. Thanks.
Appreciate the detailed breakdown! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
Mulit-sig tech is only compelling if you actually achieve equitable, distributed trust. But here, it looks like you'll still have to rely on the service provider to ultimately confirm every transaction. So which key has _most control_ during the transaction? How is this different from your credit union?
tmaxon8 all keys have equal power but you need at least two of them to move your funds. Your bank has one key and can’t move your funds because they need two. You have one on your mobile phone and another in your safe. If your bank doesn’t approve a transaction for you then you can go to your safe box and get the backup key and then you’ll have two out of the three keys and can then move your funds. If however, you lose your phone which has one key on it, then you’re left with only one key in your safe box. Now if your bank decides to not give you their key (which is really your key that you gave them) then you’re fucked and won’t be able to move the funds, nobody can move them anymore cause two keys are needed and you have one and the bank has one (the third one was lost which was on your mobile phone). If you manage to find your mobile again, then you’ll have two keys again and can move your funds and the bank can’t stop you anymore.
Exactly and in current system, the bank can freeze your money without asking you which will be difficult if you have the multisig mechanism
what if you lost your phone and someone found it,reied to use it and hacked your passwords, then the authority that holds your second key, will check and also sign with the second key/
What if the criminal uses my phone before I register it as stolen?
I can understand multisig addresses where you keep 2 at friends houses and then 1 at your house. It would be useful for long term savings with infrequent access.
There is a password.
Guy with gun can force you to make transaction.
Lmaoooo then you screwed well if you store your stuff on a phone this is why you store stuff on a hardware wallet 😂
@@sj314 lolll exactly the ole 5 dollar wrench attack 😂 hand over the bitcoin
Ok now I'm no genius, I'm a truck driver, and that truck HAD 1 key but now I've got 3. I keep 2 key on me. 1 is used to start my truck and keep it idling while I sleep, or keep it running while I go speak with a customer and keep my truck running. So I have 1 ket at home at all times for emergencies one in the ignition and the last stays in my pocket so I dont lock myself out of my truck. So If I can copy my key what's keeping someone else?
The "keys" referenced are encryption keys, each one is uniquely produced through an encryption algorithm and cannot be duplicated or copied as such. You need at least 2 of the 3 unique keys in order to send or receive funds from a "multisig" wallet.
In multisig each key is unique. Simply duplicating a key will not give you 2 valid signatures. 1 key = 1 valid signature.
@@stargazerspark4499 look I know atleast 3 dudes that can hack your life. This is easy work
@@martinlutherkingjr.5582 well to me, yes.
If someone gets your phone you could be SOL depending on your service provide’s policies.
If my wallet password got hacked, then he can do transactions without my consent. I mean imagine my password got hacked so basically hacker got my credentials, while making transactions he will request other key to this third party. How multisig will tackle this
I still don't get it 100%. One key on lost or stolen phone, and the other with your service provider. It makes two out of three keys needed. Isn't that right? Further more, couldn't service provider get hold of your private key during transaction?
As it says on 0:43, only 2 of 3 keys are needed to access the funds and perform a transaction.
The service provider cannot intercept your private key because when using public key cryptography, the private key never leaves your device (it is used to decrypt stuff locally. only public keys are exchanged between parties).
Nice
Woww...I didn't know this 3keys-huh 🤑
Unless the bank and provider collude to steal your Bitcoin.
It’s anything but cash at this point
getting to be that way
Screw this lol just hide your seed phrase folks on different hard devices either punch plates the works. Remember you are your own bank I don’t trust anyone else
This is the dumbest idea I have come across in a long time.
That’s because you’re not that intelligent to begin with hence why it makes no sense to you.
Why tho?
merhaba jerry size email ile nasıl ulaşabilirim?