Thread

1. matesz · 1789648229 · focus · HN ↗

   I’ve read so many news stories of people gone missing who had been know to have sole access to bitcoin wallets with large amount of bitcoins in them.

   I wonder how people at large crypto exchanges handle that. Perhaps shamir share the access to the pkey password and store parts at secure places like a bank? And make official access protocol akin to dnssec, but simplified?

   1. krageon · 1789648515 · focus · HN ↗

      Large exchanges handle this very simply: If they have the keys, it goes to the inheritor(s) once they get a court order. If they do not, it goes nowhere

      1. slipwalker · 1789648878 · focus · HN ↗

         but what sort of people keep their bitcoins on the exchange ? the whole point is about not being seizable by dirty governments...

         1. plopilop · 1789651067 · focus · HN ↗

            Pretty much everyone. There's a reason people lost money with ftx, Mt gox and other scams.

            Managing your private keys is cumbersome, error prone, requires some computer literacy, the list goes on.

            Tbh I have been kind of impressed by how fast L2 businesses brought back centralisation in every possible way. I guess it's more efficient for them.

            In the same way, the internet was supposed to be decentralised, everyone being in charge of their own servers. But in practice nobody has the time to set up their own MX servers.

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