With both Bitcoin and gold, you have to worry about bank robbers in addition to pickpockets, home burglars, and tax collectors. Bitcoin / altcoins have had a LOT of bank robbery problems, besides the inherent "investing in Beanie Babies" problem that most of them have.
With gold you had to trust that Aztecs, conquistadors, pirates, FDR, etc. etc. wouldn't take it from you, which overall is a higher level of faith than code run on a blockchain with ruthlessly minimized argument surface in its coding and ratification (node upgrades).https://twitter.com/ScottIsherwood/status/1055180940962541568 …
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W need to figure out more secure key management practices. Think about control as more a matter of family or close friends shared control than individual control, and that sufficiently cold storage should involve a cost function (e.g. substantial physical travel).
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For the pickpocket / home burglary threats, yes. For the bank robbery threat, it's more of an auditor problem, because most of the events have looked suspiciously like inside jobs even if they blamed "hackers".
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The "bank robbery" problem occurred because they weren't actually banks and didn't know either how to control cash or to do a proper multisig. Can be fixed, great starting point is the recently open-sourced Square Subzero code.
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With all due respect
@NickSzabo4 aka Satoshi. Any person with means, mindset and lack of human emotion can extract private key information from a single individual or multiple individuals at the same time if they were inclined. -
That's with the naive key management of most current wallets. I think we can do better. The Square "Subzero" wallet recently open-sourced makes a good starting point -- try rubber-hosing a key distributed across potentially dozens of jurisdictions good luck!
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Thank you
@NickSzabo4 !!! I cant believe I got a response. I really appreciate the insight.
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Well said
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trust people to guard it, trust your government to not confiscate, its kinda endless with physical commodities.
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Gold and Bitcoin aren't really competition. I like what
@theRealKiyosaki says, that fiat currencies are fake money, crypto is real money, and gold is God's money. Maybe in the short term there will be price competition, but gold and Bitcoin are more like two different tools.Thanks. Twitter will use this to make your timeline better. UndoUndo
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You're depth of understanding here is no doubt unrivaled
@NickSzabo4, and while I agree with the vector of your conclusions, I find the magnitude naive. Might not the social system built on 'trustless' code and all its emergent complexity bring a new but similar set of problems?Thanks. Twitter will use this to make your timeline better. UndoUndo
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Sketchy analogy.
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Inclined to (slightly) disagree, good sir. With Bitcoin you're also at the mercy of the marketplace and the mining pools.
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The governments of the world can make
#bitcoin illegal tomorrow, such that people using or hoarding it are committing a crime. Quite common really, thru history. Just bc no one has found YOUR stash, doesn't mean you're gauranteed to be able to use it. Look at Satoshi... no buys - 2 more replies
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