Coin Congress: Interview with Kyle Drake of Coinpunk [Part 2]

Coin Congress: Interview with Kyle Drake of Coinpunk [Part 2]

Following up from our part one interview with Kyle Drake, we are back again with part two which gets even better. This time around we cover topics revolving around New York\'s BitLicense, multi-sig Bitcoin addresses, and a little bit more on BitcoinJS. Your take on multi-sig and what\'s your favorite alt-cryptocurrency?

I like multi-sig and definitely see it\'s appeal for protecting theft and creating multi-group stores of value. They\'re a useful tool. But in practice, I find multi-signature transaction to be a little too complicated for most people to understand. I\'m a bigger fan of things like BIP38 (encrypted paper wallets) for protecting user funds than I am with multisig. There\'s a lot of snake oil security out there, where people claim that multisig is somehow going to magically stop wallet theft. But if all you\'re using multisig for is to sign a transaction with a second key on the server, and that process is automated, how does that prevent an attacker from stealing your funds? The claim that this ends theft is a little over-optimistic to me, and you still run into the problem if trustlessness.