I might try my hand at crafting a txn next week. y’all forgot the T3, hehe. No big deal, I still have some buy side and plenty of sell side left. Maybe this week will see people buying back all the nbt they sold last week.
My private BTC multisig key was compromized. I am working with @ttutdxh to replace my key.
The probability that someone gets my key is low. Using it to sign something I don’t want to sign and causing harm is even less probable because 4 other FLOT members have to sign it. Still I will explain what happened after a new address is made and the current one is not used.
@masterOfDisaster can you please update OP to change my quoted text from the key post?
edit to add: the transaction in OP will need to be changed although the current one is needed to transfer fund, I suppose.
Yes, I think that is the right procedure. Was it @ttutdxh who made the last multisig address? I can make one but Imaybe we should we let @ttutdxh do it ?
Anyone can do it. I might do it later, if nobody beats me to it.
Sorting the pubkeys in lexicographical order is very useful, because you don’t need to remember the sorting and just the “sorting algorithm”.
We should consider creating a 2-of-3 multisig address with very few funds on it, just to be more agile (which sometimes is necessary) than with 5-of-8, although I need to check whether that’s allowed.
I expect to find a motion that states otherwise.
2 groups of 2-of-3 would start to be “strictly” more agile than 5-of-8. Though I think 5-of-8 has been good enough for non-controversial transactions so far, and I’m not inclined to introduce further key management complications.
5-of-8 needs to be used for the vast majority of the funds due to security reasons.
But during recent times of enormous pressure - and although the FLOT was always way faster than 36 hours! - I wished for having more agile transactions.
That subset could refill T3 custodians etc. as well regularly, while being refilled from 5-of-8 from time to time.
It would share load.
If we really have to do multiple groups of 2-of-8, why not just one big 3-of-8 holding a small amount using the same keys? It’s likely to offer roughly the same security and agility. Key management also simpler, because we only change the signing thresholds.
On the other hand, the reaction time of FLOT has only been a problem in negotiation and discussion. When something is non-controversial FLOT reaction has been pretty quick so far.
I’m speaking of 2-of-3 to have the need for consensus in that group.
We have been lucky, to find 5 of the 8 signing that fast eaxh time.
NBT with 3-of-5 has shown to be way faster.
I’m still preferring 2-of-3, because I don’t think of tens of thousands of USD on that address, but a few thousands instead.
I made a test deposit to it (paranoia…).
Once that was successful and we could execute a tx from that address, we move the funds from the current multisig address to it and I adjust the OP.
I think there’s no need to hurry, we can do it with each subsequent tx, right?
Is it possible to make that post (and other FLOT related posts) a wiki type post with edit permission for FLOT members?
Have we had funds sent from a multisig address to another multisig address before? Should we test it by sending a test fund from a normal address to the new multisig address, then sending part of it from the new multisig address to the old address just to make sure, for example, all the change won’t vanish into tx fee?
