So now you can go and sort of research multisig, you can research services that offer multisig, you can research very complex multisig setups that like truly remove trust from each of the legs. You don’t have the most sort of like anti-fragile system in the world, but against 99% of all the attack surface, all the stuff out there.
Okay and you have a basic setup, that’s an, a hardware wallet, like fairly secure tested right now you can sleep at night. So what happens here is if you have a very basic backup. And then you make a couple of micro SD encrypted backups, just so you have easy recoverability. You make a backup seed in metal because I hear the horror stories from support. But what I’m saying is you essentially you set up a Coldcard, hardwallet, you set up a metal backup seed. Get your coins off exchanges, but do that in a safe, secure, and sort of like a very sort of sane way. So essentially all I’m asking is no matter where you want to go and how far you want to go into security rabbit hole. So I created this quick little sort of very basic rundown. Actually, that goes well with that link, I just talked about it actually goes right on this. So what I’m trying to sort of like get people on to do now is to get the basics right. So then they end up just staying on Coinbase out of fear. And this ultra paranoid set ups that you have to be an expert. And I think a lot of people get caught up in this purgatory between Coinbase, right. You totally can, but you’re just not ready to use it right now. Because it doesn’t mean you can’t learn and you can’t do it. So I think I finally sort of like have this more clear mantra right now is if you have to ask, you shouldn’t use it. So I guess what’s your current thinking on that idea? And at what point do you think it becomes, let’s say accessible for let’s say the intermediate user. I know you have been publicly sort of not anti multisig, but just more cautious to say that it’s more for the advanced users and things like that. So Rodolfo, there’s been a lot of advancement and development in the recent year or so we have a lot more advancement around, you know, obviously multi signature, so I wanted to get your thoughts on that. Follow me on twitter Subscribe to the podcast.Bitcoin Black Friday (Bitcoin Magazine).
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What are some common errors that people make when learning how to self custody? Should you use multi signature? Where does NVK agree / disagree with Michael Flaxman? NVK, CEO of CoinKite rejoins me on the show to discuss this and more.