3 ms·
This! Bus factor and too many single points of failure. How many lost wallets are out there with a few hundred or thousands of coins from before Bitcoin hit $1
by anon73044 7y ago
This!
Bus factor and too many single points of failure.
How many lost wallets are out there with a few hundred or thousands of coins from before Bitcoin hit $100?
- unhashable 7y agoSingle points of failure? Bitcoin is decentralized, like the internet. It’s designed to explicitly avoid points of failure and trusting of node participants. Lots of Bitcoin has been lost. Good key hygiene should not be taken lightly. What is unfortunate for those losers is fortunate for Bitcoin. As the supply of lost Bitcoin increases the overall scarcity of the asset increases.
- arcticbull 7y agoThere is no single point of failure for a bank account. If you die suddenly, your assigns can petition the court for the assets. With bitcoin the single point of failure is always your key. That's why every random walk down the timeline leads to 100% of keys lost over the full course of time.