Glacier protocol - replace with a more user-friendly multi-sig solution

[sbddesign]

While I think Glacier Protocol is a very interesting project, I also think it's an example of a highly-technical solution with UX to be desired. I think it seems out of place in the Savings section of the Personal Finance page.

The point of this section is to indicate that the greater the level of security, the greater the level of complexity.
Would it make more sense to include an example of a 3-of-5 multi-sig setup? For example, perhaps we portray it as consisting of 3 hardware wallets, 1 mobile wallet, and 1 custodied key. Something like this is easier for the user to setup and maintain, but still conveys the feeling of complexity.

[moneyball]

Totally agree Glacier protocol is extremely advanced and very involved.

[Bosch-0]

I'd go with 2 of 3 for savings as the guide is mostly focused on products for individuals. I think 3 of 5 is overkill for an individual are more suited for businesses, trusts etc.

Personally I would have:

- Daily spending: A standard LN wallet with a spending account
- Monthly budget: Standard LN wallet with a separate account with some kind of payment restrictions or just a separation from daily spending accounts funds.
- Emergency funds: Single hardware wallet maybe with a passphrase for extra security
- Savings: 2 of 3 multisig wallet using a mobile app + 2 hardware wallets (or one hardware wallet and one desktop generated wallet as the redundant backup key.)

[GBKS]

From the page content:

It is an extreme example, but it illustrates how complex great security can be.

The reason for having it was to discuss the extremes, as it might be helpful for designers to get both ends of the spectrum presented. But it is not appropriate for savings, as it is categorized now. How about we come up with something new for savings, and keep this extreme setup at the bottom?

[sbddesign]

@GBKS

From the page:

This section views Bitcoin through the lens of traditional finance to help us build mental models, define behavioral patterns, and ultimately better understand what kind of products we should be making.

If Glacier is taken out of Savings, which personal finance category does it become assigned to? Do we add a new category beyond Savings?

[sbddesign]

@Bosch-0 I guess it depends on your threat model and how we define "savings". If we define emergency funds as being 3-6 months salary, I like the idea of 6 months salary being secure from physical coercion; therefore, multi-sig. I think of "savings" as an amount of money ranging from making a down-payment on a house all the way to leaving behind for one's children; therefor, ultra multi-sig, and perhaps one of these keys sits with a custodian or lawyer.

[GBKS]

How about "Wealth storage for ultra rich?" 😀 Considering Bitcoin is often described as "Savings technology" I actually like this section to not just provide one recommendation, but show the diverse solutions Bitcoiners have come up with. I'm just rambling though, feel free to take or ignore my input as you see fit to get this page in good shape.

[Bosch-0]

I like the idea of 6 months salary being secure from physical coercion;

I think for most people hardware wallet with passphrase does this. It acts as a sort of 'pseudo' multisig and also allows for dummy accounts loaded with funds that can given to an attacker if needed. 3 of 5 multisig is heavily overkill for individuals imo - that's a lot of keys to store, keep track of etc.

Savings can be 1 key on phone, 1 key with lawyer, 1 key in safety deposit box or something. 3 of 5 should be institutions.

If Glacier is taken out of Savings, which personal finance category does it become assigned to? Do we add a new category beyond Savings?

I'd have it maybe as just a footnote in savings saying something like 'This is how extreme some setups can get' and link off to a deeper dive if readers wish.

[GBKS]

How about this? Picking up on Stephen's initial comment:

Would it make more sense to include an example of a 3-of-5 multi-sig setup? For example, perhaps we portray it as consisting of 3 hardware wallets, 1 mobile wallet, and 1 custodied key.