Zach⚡️ -- 553d Multi-custodian multisig would be using big, professional custodians to hold one key each. Something like Coinbase, Unchained, and Block each get a key and 2/3 need to sign. Maybe even 3/5 with two keys being internal. That would be a great trust distribution if you ask me. We have to remember - we aren't inventing magic, we are trying to fix the legacy financial system. Banks will exist, and lots of people will have trusted relationships. How do corporations hold money today? In shit paper at fractional reserve banks with a zero percent reserve ratio. Hard to get worse than that. reply [1 reply]Multi-custodian multisig would be using big, professional custodians to hold one key each. Something like Coinbase, Unchained, and Block each get a key and 2/3 need to sign. Maybe even 3/5 with two keys being internal. That would be a great trust distribution if you ask me. We have to remember - we aren't inventing magic, we are trying to fix the legacy financial system. Banks will exist, and lots of people will have trusted relationships. How do corporations hold money today? In shit paper at fractional reserve banks with a zero percent reserve ratio. Hard to get worse than that.
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If you are a publicly traded company that owns #bitcoin, who holds your private keys?
A few options but realistically it's Coinbase at the moment.If it was my company, I'd be doing multi-custodian multisig. But we are early.
The trouble is internal. I'm having a hard time seeing how to structure it so that only certain people haveaccess to the keys while preventing theft. Not to mention the chance of tech failure. Way too much risk.
Multi-custodian multisig would be using big, professional custodians to hold one key each.Something like Coinbase, Unchained, and Block each get a key and 2/3 need to sign. Maybe even 3/5 with two keysbeing internal. That would be a great trust distribution if you ask me.We have to remember - we aren't inventing magic, we are trying to fix the legacy financial system. Banks willexist, and lots of people will have trusted relationships.How do corporations hold money today? In shit paper at fractional reserve banks with a zero percent reserveratio. Hard to get worse than that.
A few options but realistically it's Coinbase at the moment.
If it was my company, I'd be doing multi-custodian multisig. But we are early.
William ₿ Travis -- 553d [parent] | reply [1 reply]The trouble is internal. I'm having a hard time seeing how to structure it so that only certain people have access to the keys while preventing theft. Not to mention the chance of tech failure. Way too much risk.
So for public companies, custodians are essential, at least for now. While I think having Coinbase be the sole custodian is foolish, a custodial solution really is necessary.