Discover and read the best of Twitter Threads about #Multisig
Most recents (9)
False Sense of Security: A Thread from DeNet Co-Founder @djdeniro1 on Ledger's Recent Scandal
Introduction to the subject > coindesk.com/tech/2023/05/1…
#cryptonews
Introduction to the subject > coindesk.com/tech/2023/05/1…
#cryptonews
Ledger's key #recovery feature discredits its security by possibility of device reprogramming. Unclear how this is achieved - through exportation of #private keys or seed phrases (should be stored #encrypted) or with six-digit password protection (can be easily hacked)
Centralized recovery process offered by Ledger implies that the company views its users as uninformed market participants who will welcome this service.
If you're a seasoned bitcoiner who knows their way around hardware wallets, you can set up a #multisig vault on our platform yourself. Three resources you need to get started below...
First, DIY vault setup: unchained.com/diy
This guide walks you through initializing your hardware wallets (you'll need two), uploading keys (xpubs), and creating an Unchained multisig vault.
This guide walks you through initializing your hardware wallets (you'll need two), uploading keys (xpubs), and creating an Unchained multisig vault.
Second, opsec best practices: unchained.com/opsec
This guide explains how to physically secure your hardware wallets and seed phrase backups, securing your multisig configuration file, and vault maintenance.
This guide explains how to physically secure your hardware wallets and seed phrase backups, securing your multisig configuration file, and vault maintenance.
1/ There are lots of hardware wallets available—@coldcardwallet, @trezor, and @ledger to name a few. But what is a hardware wallet, exactly? Here we discuss what hardware wallets do, what they don't do, and some things you should consider before you start using them. 🧵
@COLDCARDwallet @Trezor @Ledger 2/ A bitcoin hardware wallet is a compact, dedicated device that generates and safely stores your bitcoin keys offline. Your keys are what allow you spend your bitcoin, and keeping them offline minimizes the risk of remote attacks and malware stealing your funds.
3/ One common misconception is that hardware wallets store bitcoin inside the device itself. In reality, no bitcoin wallet—software or hardware—stores bitcoin inside it. Instead, all bitcoin lives on the blockchain—wallets just store the keys!
🧵1/ There is an emergence of a variety of lending products around bitcoin. #Bitcoin as a bearer free instrument serves as prime collateral.
Referring to an article I recently published: "Why bitcoin is prestige #collateral for lending". bitcoinmagazine.com/business/why-b…
Referring to an article I recently published: "Why bitcoin is prestige #collateral for lending". bitcoinmagazine.com/business/why-b…
2/Borrowing against your bitcoin makes economic sense for two reasons. First, there is a capital gains tax if you sell, and second, we are encouraged to spend fiat, not bitcoin, as long as the value of bitcoin is increasing faster than fiat interest rates.
3/ bitcoin should only be used to borrow against it, not to earn yield. Earning yield while being able to lose it all is not worth it. For lending purposes, you can use non-custodial solutions like @hodlhodl that are available. medium.com/hodl-hodl/the-…
💪 Cool things you can do with Authz on #Cosmos, a thread:
1. Authorize a validator to #REStake your delegation rewards, a.k.a. auto-compounding. No more daily manual claiming and delegating.
@eco_stake built a great implementation here: restake.app
@eco_stake built a great implementation here: restake.app
2. Authorize a hot wallet to vote on your behalf. Don't want to take out your ledger or cold storage wallet? Just authorize once and use a throwaway account to vote on governance proposals.
@interchain_io is currently working with @strangelovefund to build a UI for this.
@interchain_io is currently working with @strangelovefund to build a UI for this.
So a lil breakdown on how this scam actually works. The scammer used the multisignature feature for individual $TRON address to achieve this.
The corresponding TRON address is tronscan.org/#/address/TKx1…, active since 4 days ago with a total of 499 $USDT in funds, and some shitcoin.
The corresponding TRON address is tronscan.org/#/address/TKx1…, active since 4 days ago with a total of 499 $USDT in funds, and some shitcoin.
I was contacted by @JoyceBr58080110 stating they can't withdrawal their USDT, and requested my help and be rewarded 200 USDT. They gave their seedphrase and by importing the wallet into Trust Wallet, I found the wallet address: tronscan.org/#/address/TKx1…
A glimpse at the account assets shows that it has some TRX for fees on the TRON network, 499 USDT, and some shitcoin. Crypto newbies will think they have hit jackpot since they can transfer the funds away since they have the private key access. But 1 TRX is not enough for fees.
1/ You’re not alone if you’re tempted to shy away from learning about something called a “UTXO”... and it probably doesn’t help that UTXO is an abbreviation for “unspent transaction output.” In this thread, we’ll walk through what #bitcoin UTXOs are and why they matter 🧵
2/ The world of traditional finance can provide us with great analogies for understanding how bitcoin operates. To help explain the role that UTXOs play, let’s start with two different mental models for storing cash: a bank account and a piggy bank.
3/ A bank mixes your cash with their other customers' cash, and you can withdraw cash in any denomination you choose from that larger pile. However, when you put cash in a piggy bank, the bills remain in specific denominations. When you withdraw, you have to choose your bills.
1/30
A pitchdeck / presentation to 'What is Conceal Network'?👇
$CCX #Privacy #Crypto #Blockchain #DeFi
A pitchdeck / presentation to 'What is Conceal Network'?👇
$CCX #Privacy #Crypto #Blockchain #DeFi
2/30
What is Conceal?
What is Conceal?
3/30
The Conceal Mission
The Conceal Mission
1/ Over the last month, we’ve talked a lot about #bitcoin seed phrases. From definitions to recording and storage methods, there’s a lot to know. Let’s recap everything we’ve covered so far...🧵
2/ First, what’s a seed phrase? Your seed phrase is where everything for protecting your bitcoin is derived from: these 12 or 24 words generate the keys that allow you to spend your funds, making it critically important that you protect this information.
3/ Most proper hardware wallets make it very difficult to initialize them without physically backing up a seed phrase, and software wallets often provide them, too. For example, here’s what Trezor’s card for backing up recovery seed phrases looks like:
