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Just read a reddit post about the threshold signature scheme by Handcash https://www.reddit.com/r/bitcoincashSV/comments/ix9i5b/handcash_soon_to_go_keyless_by_utilising_a/ I don't want to be a concern troll, but does this mean I should only keep small amount of money in Handcash going forward like ETH users keep small amount in Metamask, just in case? I would be much more comfortable if Handcash did this threshold scheme with all miners (at least one more miner, maybe TAAL) and not just one mining pool (Didn't they mine only like two blocks so far?) Am I missing something?
I think HandCash has had great innovation in UI for wallets, but I’ve heard reports of lost funds for quite some time. I wouldn’t keep large amounts in ANY web or hosted wallet. I treat HandCash and to some extent money button as hot wallets, open source self run solutions as warm wallets, and paper wallets as cold wallets. BSV’s open source culture is not as strong as many crypto projects have been in the past, and I think it’s a hinderance, not a help.
musiq replied:
Well, at least Moneybutton you have your own key and Moneybutton cannot do anything. Correct me if I'm wrong, but this Handcash approach sounds more like Coinbase, except it's run by two companies. Personally I think this is even scarier than coinbase. At least on coinbase if they f**k up, you can ask them for sole responsibility. I wonder what happens if Matterpool and Handcash both get hacked simultaneously. I don't think there's a law that covers this situation because it's all new, and it may be the users who are f**ked the most. I'm pretty sure neither Matterpool nor Handcash has enough funds to deal with this potential disaster.
electrumsv replied:
Consider yourself corrected. I think Moneybutton is as good as anything, but I do not believe that to be correct. -- rt12
Also, isn't it a bit too much to get rid of keys completely? The one quality that separates Bitcoin from banks is that nobody can ever take away my money, but with two companies owning my key, it feels like it's the bank scheme all over again, and the only difference is that there are two bankers instead of one. And what happens if either Matterpool or Handcash goes out of business? If users don't own the keys, what does that mean?
electrumsv replied:
No-one got rid of keys, just made a safer way to ensure you don't lose them yourself. Despite what a small amount of hardcore enthusiasts believe, seed words are not a viable future for regular people. I'm with HandCash on this, and they've been right about it since they started hinting at it a year or so ago. -- rt12
liam replied:
I think it's a very very good move. I wouldn't be surprised if more people have lost funds because they've forgotten their 12 seeds rather than actual hacks. Maybe not total $ amounts, but in terms of number of individuals. The wallets that will continue with keys will still be there for those of us who like managing everything themselves. I've never treated any of these wallets like safe places for holding long-term coins so I just top up small amounts whenever my balance gets low.