Post
Topic
Board Bitcoin Technical Support
Merits 8 from 4 users
Re: Is there pitfalls in making a vault by time locking a transaction?
by
LoyceV
on 11/12/2022, 10:54:56 UTC
⭐ Merited by o_e_l_e_o (4) ,ETFbitcoin (2) ,Adamar (1) ,pooya87 (1)
To safeguard at least one part of my bitcoin vault I have decided to sign a postdated transaction, e.g. three months from now, made with Electrum, addressed to my "hot" Electrum wallet address.
People have lost much more funds from hot wallets than from wrench attacks, so I don't think sending funds from cold storage storage makes it safer.

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As another security measure I have decided to sign another similar transaction dated a little earlier, addressed to my cold storage address, to prevent spending in case of a potential "5 dollar wrench attack" makes me disclose the original transaction's hash and the "hot" wallet keys to an attacker.
So they'll just beat you longer, until you share your cold storage details. And they'll keep you locked up in your basement for 3 months to avoid calling the police.

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After that being done - to delete the signing wallet file and the seed and
What if you or someone else deposits adds funds to that address again? This guy knows a thing or two about Bitcoin:
You should never delete a wallet.



I think it's much safer to keep your cold storage private. Don't tell anyone about it, and make sure nobody can find your backups.