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?
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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.
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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.
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Nick would you consider bitcoin held on an exchange just another form of a digital centralized asset with shallow safety? But what about bitcoin held in a wallet like Bitgo? Would that be shallow safety too? What’s the best way to achieve deep safety while holding your bitcoin?
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Crypto kept on a centralized exchange has even worse deep safety than that of digital centralization in the financial industry.
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In your opinion, how robust is something like Bitcoin against a whitelist-based version of the Great Firewall of China? Is the idea that more robust network layers (satellite, mesh, black market fiber across national borders, etc.) will arise that make this less of a concern?
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AKA: Libra is toast in a recession
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Terrifying. Do you know of any solutions which don’t coincide with its advocates becoming super rich if/when it gets implemented? Your coverage is one-sided, never sincerely addressing any of the risks associated with Bitcoin; only its theoretical benefits vs. status quo.
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