How does the average person solve the “$5 wrench problem” / prevent rubber-hose cryptanalysis? What is the easiest way to do a multi-signature or multi-factor set-up? Could timelocks and smart contract solutions be used for inheritance issues? The technology and educational resources around key management need to mature first. There needs to be a pragmatic balance between legal and technical plans, with human-based processes and controls. Take an entrepreneurial perspective and you will help overcome the barriers to adoption!
You can find out more about Third Key Solutions here: https://thirdkey.solutions/who_we_are/
The XKCD comic I referenced: https://www.xkcd.com/538/
These questions are from the September and October Patreon Q&A sessions, the HoshoCon event, and the Seattle ‘Internet of Money’ tour event, which took place on September 29th, October 27th, October 11th, and November 10th 2018 respectively.
If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
RELATED:
Security vs. Complexity – https://youtu.be/M82t5wZG3fc
Advanced Bitcoin Scripting, Part 1: Transactions and Multisig – https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting, Part 2: SegWit, Consensus, and Trustware – https://youtu.be/pQbeBduVQ4I
What is a private key? – https://youtu.be/xxfUpIV9wRI
Public keys vs. addresses – https://youtu.be/8es3qQWkEiU
How do I choose a wallet? – https://youtu.be/tN6b62sEpsY
Secure, tiered storage system – https://youtu.be/uYIVuZgN95M
Hardware wallets and attack surface – https://youtu.be/8mpDcBfNA7g
2FA and secure hardware – https://youtu.be/4m3RXCX4zl4
Setting up secure storage devices – https://youtu.be/wZ9LxLLvfXc
What is a private key? – https://youtu.be/xxfUpIV9wRI
How do mneomonic seeds work? – https://youtu.be/wWCIQFNf_8g
Using paper wallets – https://youtu.be/cKehFazo8Pw
Wallet design and mass adoption – https://youtu.be/WbZX6BDZJHc
Cryptographic primitives – https://youtu.be/RIckQ6RBt5E
Public keys vs. addresses – https://youtu.be/8es3qQWkEiU
Re-using addresses – https://youtu.be/4A3urPFkx8g
Coin selection and privacy – https://youtu.be/3Ck683CQGAQ
Multi-signature and distributed storage – https://youtu.be/cAP2u6w_1-k
Nonces, mining, and quantum computing – https://youtu.be/d4xXJh677J0
Software distribution security – https://youtu.be/_V0vqy046YM
Protocol development security – https://youtu.be/4fsL5XWsTJ4
Geopolitics and state-sponsored attacks – https://youtu.be/htxPRTJLK-k
How to get people to care about security – https://youtu.be/Ji1lS9NMz1E
Careers in open blockchain development – https://youtu.be/6hZ4aB2R0Kk
Honest nodes and consensus – https://youtu.be/KAhY2ymI-tg
Why running a node is important – https://youtu.be/oX0Yrv-6jVs
Full node and home network security – https://youtu.be/uo58zmyXqFY
Running nodes and payment channels – https://youtu.be/ndcfBfE_yoY
What is Segregated Witness (SegWit)? – https://youtu.be/dtOjjB4mD8k
SegWit and fork research – https://youtu.be/OorLoi01KEE
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9
Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/
THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ
Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang
MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK
Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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My wife and I were there at Hoshocon 2018. Such a great presentation you did.
I gave my sister a picture of half my 24 word seed phrase and told her if I die, come search my house for the other half of the seed to come claim my money and use it for funeral expenses and whatever else.
What happens when you stack a blockchain on a youtube channel? Lets Find Out! 🙂 #Permissionless
“Vincent” With this market going down are we in a period of transition to the pre mining cryptos?
Pryvate are adding a "Smart-Will" to their platform and a simplified free version to their wallet called a "Dead-man-switch".
Wait a sec. 3 hardware wallets? Can you elaborate?
many thanks. this is so usefull info!
Hi Andreas, thank you for all your work in this space but i have lost $100K of my cash not some silly profit but hard earned pennies.
I can not see this market recovering due to self interested parties have sucked it dryer than a crisp. It's Empty.
A digital trust fund scenario could provide a simple approach to many of the inheritance issues noted here. Access could be granted while all parties are alive. The amount of funds controlled by the inheritor would be ramped up programmatically.
Please talk about bitfinex and tether manipulating market. If you believe in bitcoin that much, talk about scammers. Everyone listen to you Andreas, make a statement. Please.
???
Quite possibly my favorite video ever!
Removing your control over keys just means you get to keep being beat.
The $5 wrench problem may be the thing that prevents truly widespread adoption of crypto. It has to be solved before people will feel safe. There are just too many ratfuck bastards out there with wrenches. I guess everyone will need to carry a wrench, or a Glock.
Brother. It's not unfair in a free world. Nothing will ever be even. That's communism, and unless it's a "benevolent" robot, then it ain't possible, even if money disappears
So, the $5 wrench just keeps hitting me in the face because I can't pay the kidnappers?
Ouchie
what if we remove the human factor out of the loop, only can be included if we need to.
If there is a way for YOU to get the money, there is a way for the WRENCH to get the money. No way around it. You moved your control to 2 parties? Good, we'll buy 2 wrenches.
The inheritance problem is also really easy; cryptocurrencies will be long dead before you are. So don't worry about it ;).
For inheritance, why not just using a time lock transaction? If the tx is timelocked of a year, or two, you just have to double spend it every year (before it becomes valid) and update the will transaction every year while you are still alive. When you die, they just need to wait for the timelock expire and broadcast the tx. You can be sure that each heir will receive exacly how much you wanted. And the best part is: you get 80 characters for you last words to be recorded on the blockchain, forever.
Smashed the like
Last comment, maybe have a wallet that limits withdrawals based on your preference. And don't tell people you have crypto.
If you store your crypto with a third party, does that not defeat the purpose? Now we have to trust a third party.