Of course private keys can be hotwired. That's what hacking an account is.
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Replying to @francispouliot_ @dcfmusic and
Bitcoin ownership is meaningless because on an infinite timeline, every private key ends up being lost.
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Replying to @n00bedJermeh @thebitcoinrabbi and
that said perhaps I kinda get what Francis is saying... There's a certain % of the population who is going to need custodial bitcoin. I think the other % will be competent and have a large enough stake in it to avoid custodial to be able to quickly arb custodial dishonesty.
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Replying to @n00bedJermeh @thebitcoinrabbi and
And hopefully we develop multisig solutions to take care of bitcoin wills when people die so as to pass on their bitcoin to their heirs, but that will always be partly custodial.
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Replying to @n00bedJermeh @francispouliot_ and
Multisig does not need to be custodial at all. In the sense that nobody can gain custody unless all parties collide against you. And you can make legal frameworks that prevent that
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Replying to @thebitcoinrabbi @n00bedJermeh and
In straight M-of-N when other people have the shares, there's a tradeoff between risks of denial of service attack (M a larger fraction of N) and of having colluders steal the money (M a smaller fraction of N).
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Replying to @NickSzabo4 @n00bedJermeh and
If the holders of M are under legal contract, even if only one of them, wouldn’t that protect you enough? Yes they could steal your funds, but they could be disbarred and sued. Obviously talking if they are an established entity which can’t exit scam
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Works in some and maybe most circumstances, but t's more generally robust if, like Bitcoin itself, it doesn't depend on legal action to be secure.
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Replying to @NickSzabo4 @n00bedJermeh and
That’s the trade off, then you are just plainly not trusting your family members to collide and rob you. Thank G-d, I think that’s the system I’m comfortable with. But good to know that someone could devise other alternatives
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Replying to @thebitcoinrabbi @n00bedJermeh and
There is at most One Whom we can trust "at all times"?
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End of conversation
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