‘I forgot my PIN’: An epic tale of losing $30,000 in bitcoin

Re:‘I forgot my PIN’: An epic tale of losing $30,000 in bitcoin by ringaroundthetx on Monday October 30, 2017 @08:57PM (#15590358)

There are institutions that do that with multisignature addresses. Thats been around for probably longer than you knew about bitcoin, so there goes your rebuttal.

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Re:‘I forgot my PIN’: An epic tale of losing $30,000 in bitcoin by s17n on Tuesday October 31, 2017 @03:39PM (#15595915)

It's not a technical problem, it's an institutional problem - really multisig is probably worse than just having the bank hold the keys, as it makes it possible for users to lose their money by doing something stupid with their key.

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Re:‘I forgot my PIN’: An epic tale of losing $30,000 in bitcoin by ringaroundthetx on Tuesday October 31, 2017 @07:26PM (#15597600)

2 of 3 multisig would work with the user having two keys, and one key being authorized by 2 factor authentication. When the user loses their non 2 factor key, they just have the 2 factor one and the institution. The institution can authorize the transaction to move their money to a new address with new keys.

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Re:‘I forgot my PIN’: An epic tale of losing $30,000 in bitcoin by s17n on Tuesday October 31, 2017 @08:57PM (#15598112)

What I'm saying is that the user probably shouldn't have any keys at all, because they will end up losing their money to a phishing scam or something.

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