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0 pointspants22d ago0 comments

^ this is a common security misconception in crypto. "We're using an HSM, they can't steal our private key." OK genius now you still have to secure the HSM.

There's no shortcut to MPC/multisig with 3+ keyholders.

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Ferret74462d ago

It's still significantly better, since access can be revoked, vs a leaked key where you're permanently fucked

pants2OP2d ago

Not much better because even a single signature can drain your whole wallet.

WatchDog2d ago

> you still have to secure the HSM

Obviously.

> There's no shortcut to MPC/multisig with 3+ keyholders.

The whole concept of a stablecoin seems to be based on centralised trust. Ultimately there is some org that has the fiat bank account, that mints and redeems the coins.

idiotsecant2d ago

Nope, that is the foundation of bad stablecoin. Trustless decentralized stablecoin like DAI exist. People just largely don't do their homework and prefer scams that lure them in with promises of 'yield'

Hendrikto2d ago

DAI and SKY are backed in large part by USDC, so they are not truly decentralized. It is possible in theory, but nobody has successfully done it so far.

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