I've been with Unchained for years, but you might have just convinced me to look at Onramp, mostly because Unchained pulled the old bait and switch on me. I was under the impression that I would only pay one fee (like $1,200) when creating my multi-sig vault, and for years that was true, but they're gonna be asking me for $250/year in the future to maintain my vault.
Let's say I have a Trezor in my home safe with 10 BTC on it.
A $5 wrench attack happens to me at home and I say 'I don't have any BTC.' They don't believe me and beat me to death trying to get me to tell them where it is. The BTC is still safe and my family knows how to access it.
Now let's say I don't store my 10 BTC on my Trezor, but rather I have multi-institution custody setup.
A $5 wrench attack happens to me at home and I say 'I do have BTC, but it's setup in multi-institution custody'. They don't believe me and beat me to death trying to get me to tell them where it is. The BTC is still safe and my family knows how to access it.
Jesse, could you please address issue for those of us who had paid for a year of your service up front. Pausing payments does nothing for us. I’ve emailed your Substack support email twice - no acknowledgment or response. I signed up and paid for this service for 2-3 articles weekly. It has come nowhere near to that so I would like a refund. It’s embarrassing that I have to address this in open comments.
It feels like you have either a: never experienced having generational wealth or b: never had kids. What happens when the only two adults that know the combo to the safe and the password to the trezor die in a car accident and now you’re left relying on some distant family member to find the 24 words and somehow pass the bitcoin to your kids who are only toddlers. And do you really trust this person to pass the bitcoin to the kids when the kids are old enough. How do you ensure that this person does’t mess up or die?
Referring to the graphic you used, is it really accurate to rate multi-institution custody as high on safety and security as Self-Custody and so much higher than 3rd-party custody (especially when multi-institution custody IS 3rd-party custody, just with three 3rd parties instead of one)?
At the very least, I see there's some diversification in the governments to which the three parties are subject (i.e., the US and the UK, rather than all three in the same jurisdiction). That said, the US and UK regulatory regimes typically move in tandem and work together, so it's not outside the realm of possibility to imagine they'd work together to come after Coincover, Bitgo, and OnRamp if they really wanted to.
So we're clear, I'm not against your product and I'm sure a lot of people will decide to use it. But I see it as more of a middle ground between single-institution custody and self custody, not the absolute best of both worlds like Onramp's graphic presents it.
NANOTECH COMPANY GOING PUBLIC - check out the site for Cornerstone Spectrum click here ---> http://cornerstonespectrum.com ACCEPTING CRYPTO FOR PRE-IPO SHARES
I've been with Unchained for years, but you might have just convinced me to look at Onramp, mostly because Unchained pulled the old bait and switch on me. I was under the impression that I would only pay one fee (like $1,200) when creating my multi-sig vault, and for years that was true, but they're gonna be asking me for $250/year in the future to maintain my vault.
Let's say I have a Trezor in my home safe with 10 BTC on it.
A $5 wrench attack happens to me at home and I say 'I don't have any BTC.' They don't believe me and beat me to death trying to get me to tell them where it is. The BTC is still safe and my family knows how to access it.
Now let's say I don't store my 10 BTC on my Trezor, but rather I have multi-institution custody setup.
A $5 wrench attack happens to me at home and I say 'I do have BTC, but it's setup in multi-institution custody'. They don't believe me and beat me to death trying to get me to tell them where it is. The BTC is still safe and my family knows how to access it.
How is one better than the other?
Jesse, could you please address issue for those of us who had paid for a year of your service up front. Pausing payments does nothing for us. I’ve emailed your Substack support email twice - no acknowledgment or response. I signed up and paid for this service for 2-3 articles weekly. It has come nowhere near to that so I would like a refund. It’s embarrassing that I have to address this in open comments.
It feels like you have either a: never experienced having generational wealth or b: never had kids. What happens when the only two adults that know the combo to the safe and the password to the trezor die in a car accident and now you’re left relying on some distant family member to find the 24 words and somehow pass the bitcoin to your kids who are only toddlers. And do you really trust this person to pass the bitcoin to the kids when the kids are old enough. How do you ensure that this person does’t mess up or die?
They'll say we were lucky 😉
Referring to the graphic you used, is it really accurate to rate multi-institution custody as high on safety and security as Self-Custody and so much higher than 3rd-party custody (especially when multi-institution custody IS 3rd-party custody, just with three 3rd parties instead of one)?
At the very least, I see there's some diversification in the governments to which the three parties are subject (i.e., the US and the UK, rather than all three in the same jurisdiction). That said, the US and UK regulatory regimes typically move in tandem and work together, so it's not outside the realm of possibility to imagine they'd work together to come after Coincover, Bitgo, and OnRamp if they really wanted to.
So we're clear, I'm not against your product and I'm sure a lot of people will decide to use it. But I see it as more of a middle ground between single-institution custody and self custody, not the absolute best of both worlds like Onramp's graphic presents it.
NANOTECH COMPANY GOING PUBLIC - check out the site for Cornerstone Spectrum click here ---> http://cornerstonespectrum.com ACCEPTING CRYPTO FOR PRE-IPO SHARES