MultisigBackup.com: Backup and recover a k-of-n descriptor using only n seeds

The discussion presents a critical view on the utilization of globally replicated databases for storing information that is pertinent to only one individual, questioning the efficiency and long-term sustainability of such an approach. Highlighting the importance of backups for data security, the text suggests that integrating small amounts of data into these backups should be straightforward and can be done in a way that maintains plausible deniability. This perspective underscores the necessity for individuals to have reliable backup solutions beyond relying on blockchain technology for data storage.

The conversation then shifts focus to the simplicity of backing up seed phrases for single-signature use cases, drawing on the intuitive nature of this process for newcomers to the technology. The act of writing down or physically engraving the seed phrase is likened to remembering a password, emphasizing the ease with which users can secure their data. Extending this simplicity to multi-signature wallets, it is argued that users should be able to recover their wallets by knowing a certain number of seed phrases, introducing the concept of inscribing descriptors on the blockchain as a form of insurance policy. While acknowledging the cost implications of such actions, especially in the context of multisig setups, the argument posits that the financial burden should be manageable for those who see the value in securing their funds through this method.

Further elaborating on the flexibility offered to users in managing their transaction costs, the text explores the strategy of choosing when to broadcast the inscription based on the fee environment. This approach allows users to potentially delay transactions in anticipation of lower fees, leveraging miners' economic incentives to eventually process these transactions profitably. This nuanced discussion presents an alternative perspective on the use of blockchain for data backup, suggesting that market forces and user preferences will ultimately determine the viability and appropriateness of these practices.