Further, unlike an armored truck full of cash, security by obscurity is really easy here. That and for a short duration (say moving houses as you suggest) one could wipe a cold wallet clean and just remember a seed phrase. Personally, I don't have enough wealth to make this sort of maneuver at all worth it, but it's completely do-able.
Since then I don't believe in short SPOFs.
You could get hit in the head by a robber on your way moving your furniture, because the robber thinks you may be hauling high value stuff, and lose the passphrase. If you back it up on paper then the unguarded house may be broken into, and they steal the bag that had the paper passphrase.
Extremely unlikely that it'll happen to you, but extremely unlikely things happen all the time to someone.
3/5 multisig with collaborative custody would likely already be at least as safe as dollar checking accounts.
> 3/5 multisig with collaborative custody would likely already be at least as safe as dollar checking accounts.
I think that's off by orders of magnitude. If the whole US did this then I'd expect thousands to screw it up every year.
"Just don't make any mistake, ever" doesn't scale. Not to more people, and not to any one person, given enough time.
It's like running a yellow light (and the occasional red, when you thought it'd be yellow a bit longer). You can go your entire life never being in an accident. But there are accidents every day because people run yellow lights.
At this point we'd both need to go do extensive research at the levels of a full time job to really prove one way or the other.
Suffice it to say we disagree and you seem to have much more trust in institutions than I.
But it won't be perfectly executed. Let's say you need to do a transaction while you're moving house. And maybe one of your relatives is in financial trouble.
You (probably) don't have the means to do what banks do, and hire an armored transport.