I am not understanding you point , make one and heavily guard it? Why not make 10 and heavily guard it? To be precise what do you mean by "heavily guard" it? I guess security of cold wallet is due to its offline nature not due to "guarding" it.
Agreed. That does not make sense. Anyone have any ideas?
Look above:
Not really.
Mathematically it is secure. So nothing can be done here.
Regarding physical access etc.. If there would be 10 private keys.. they probably would be secured in the same way.. So with physical robbery (if they could steal the 1 private key to the cold wallet), they could steal all of their private keys.
It would just create additional effort without gaining much (if anything at all).
Got you. But human greed and social engineering do not follow mathematical models.
If you create one, it will have big sum and human greed will always like to take chance to get access on it.
But if you create 100 than the greed will be 100 time less and people will not like to risk their jobs/career for that small amount.
Somehow I believe in most of hacking it is always inside job.