exist270 on Nostr: DO NOT DO THIS; you should never emply setups with a single point of failure (yes, a ...

DO NOT DO THIS; you should never emply setups with a single point of failure (yes, a raw single key wallet is a single point of failure.

Use a more logical, robust structure. 🤙

quoting
nevent1q…6hq5

This is terrible fucking advice. 🤦‍♂️

One should NEVER introduce a single point of failure; lose one key & they're fucked. 🫠

There should always be at least one contingency key so users don't risk locking themselves out of their own funds. 💁‍♂️

Best multisig practice is:

1. X-of-Y
2. X < Y
3. X & Y are odd
4. X is a majority

Examples (and example use cases):

2-of-3 (single user grade; single contingency)
3-of-5 (small-medium business grade; double contingency)
5-of-7 (institutional grade; double contingency)
5-of-9 (institutional board voting; quadruple contingency)
7-of-9 (institutional high security; double contingency)
7-of-11 (institutional high security; quadruple contingency)
9-of-11 (nation-state security; double contingency)

All of these introduce increased security without introducing single points of failure that could risk fund lockup from lost keys. 👀

Be a good sherpa. 🤙