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Shallow safety vs. deep safety: Shallow: estimated from volatility, assumes nothing goes wrong at lower layers of the protocol stack Deep: what happens to your assets upon underlying failures? e.g. how would your digitally centralized assets fare against sanctions or cyberwar?
Digitally centralized assets have poor deep safety. They were designed in & only work in a legally stable environment. Real estate & gold have deeper safety, assuming strong local security. Trust-minimized Bitcoin uses computer science to achieve unprecedentedly deep safety.
Digital centralization has made it possible, for the first time in history, for authorities to routinely extract haircuts and "negative interest". Some countries in Europe have already used these techniques against digitally centralized cash balances.
At the behest of political activists, digitally centralized financial services have frozen accounts and cut off access to a wide variety of people based on their political views.
In a deep or prolonged recession, attacks by technocratic authorities & political activists against digitally centralized assets will increase in volume & scope. Other forms of political or legal instability could also lower the safety of digitally centralized assets.
One can think of shallow safety as the technical analysis of safety based on technical factors such as price volatility. Deep safety is a fundamental analysis of the underlying technological, political, and legal environments which actually control the assets.
Deep safety varies greatly between different people & organizations. Risks to digitally centralized property vary greatly between different people & organizations & their different political & legal environments. Price movements don't tell you much about your particular safety.
Can you please explain that: what will guarantee the computing power for btc in 10 years regarding to the decreasing block rewards if the price will not increase exponentially? No offense I’m really curious
Long-term security does not depend on proportional long-term increases in computing power. Only relative computing power is important. Furthermore, transaction fees rise with price, reflecting overall value as medium of wealth transfer.
And Mises did ask unto the burning hash, “Will there be whatever price elasticity we need, irrespective of market conditions?” And the Lord said, ‘ye obvs’. And Mises saw that it was good.
Can’t get any safer than @DeroProject $dero
Real estate has massive external risks, property tax being the constant erosion of capital base, along with a weak to corrupt legal system(in US) which offers little to zero protection of 'ownership'. Ownership of real estate itself doesnt exist where there is property tax
First, great post from Nick, must be said! Agree, unreliable. But best use is influence (bars to foment intellect or rebels, ala Sam Adams) or villas to capture a spouse and family. We live and die, after all. But use, not value is best cuz Earth giant and people itsy bitsy bytes
How do you know Bitcoin is about to win the game? It's using a DEEP SAFETY.pic.twitter.com/PEbFtkzvcU
Utility tokens need to create constant demand that needs marketing. Marketing needs funds. Funding need companies. Companies make it centralized. Vicious cycle of death.
And actual war? All the infrastructure and electronic devices which Bitcoin depends on are hardly indestructible.
Plus China dominates SHA256 hash production, so that’s not safe either.
But private key safety itself is big issue
wb rei based or gold/silver based digital assets? better deeper safety than those centralized assets without?
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