It’s imperative to use best practices in bitcoin security in order to protect assets. Jameson Lopp shares the ways Casa supports their clients.
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Jameson Lopp, one of the foremost experts in bitcoin security, joins Steven McClurg and C.J. Wilson on this week’s “Bitcoin Bottom Line” episode from an undisclosed location. Lopp is the cofounder and CTO of bitcoin security provider Casa.
They kick off the episode discussing Lopp’s anonymity, how he has been avoiding public appearances and the importance of privacy for the role he plays in his field. The group talks about Casa, and how the company’s security is so high that even if a wrench attack did happen, there’s no way it could lead to any loss of funds or compromise their clients assets. On the Casa website, they offer a “Wealth Security Protocol,” consisting of up to 40 pages of in-depth explanations covering how they architected their product using multisig protocols, multiple manufacturers, hardware devices for keys and figuring out how to distribute keys geographically. “We don’t want this to be a security through obscurity. An attacker should be able to completely understand our architecture and still not be able to do anything about it,” Lopp explains.
McClurg brings up diversification and how it is one of the basic security strategies. He explains how Valkyrie Investments receives questions about why they are using external services and hardware wallets, and his answer is always “diversification.” Lopp explains, “The only reason someone would use a custodian is if they are in a regulatory position where they are legally required to use a qualified custodian.” He goes on to explain how diversification can be a threat and closes out offering his best pieces of security advice.
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