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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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.
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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But "they" already figured out these complications of hiding money years and years ago-- it's called pirate treasure maps. to this day there's probably tons of buried treasure in spots no human today would think to look.
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