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I've created one new contract wallet from an account in mist and this account is supposed to required two signatures. When I test it to send some coins, it asks me to enter one password from one account only and doesn't ask me for the other account. Is it normal?

I thought all this was for more secure things?

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The default wallet contract has a threshold for "high value" transactions that require multiple signatures, whereas "low value" transactions need only a single signature. This value is specified on deployment.

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