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It’s not resilient to outside forces. I would argue strongly that it’s a huge risk to the majority of the population under the consideration of computation comp
by dfischer 6y ago
It’s not resilient to outside forces. I would argue strongly that it’s a huge risk to the majority of the population under the consideration of computation complexity.
The computation stack end to end has alarming risks. If the average user can’t read code, then anything they use is a form of delegated trust.
The users trust the wallet software that it’s doing the right thing. The average user does not even know what validation means.
Additionally what is known about computation is public knowledge. What secrets exist within state actors or even possible ET tech that could be used to influence truth with advanced computation?
There’s certainly no guarantee of security within Bitcoin or the network. It shifts the trust model at the most.
In another perspective, the amount of individuals who understand cryptography are quite low for the entire human population. Combine cryptography with hardware and software and that’s the small percentage of people who truly “get it” and are also specifically the ones entrusted as the leaders of all. The attack vectors are large.
In order to fix this we need to reduce complexity across the stack end to end. Every individual should know how to build their own computer without having to trust any hardware or software manufacturing.
I’d argue the stack is needlessly complicated end to end. Individuals add complexity by allowing the conceptual model of computation to remain complex within their tooling and then adding their own esoteric layer on top. It’s a house of cards.
Here’s a good post by Bruce Schneier https://www.schneier.com/blog/archives/2019/02/blockchain_and_.html https://www.schneier.com/blog/archives/2019/02/blockchain_an...
Would I keep a significant portion of net worth in bitcoin? No.
Would I use it to make a payment like PayPal? Yes.
I do not trust anything with computation today. It is compromised end to end.
As long as the Internet depends on BGP and ISP’s there’s no true decentralization. We need ad-hoc mesh networking with deterministic address spacing. Doing so behind some type of one-time cryptographic address that maps to an IP would be interesting. A few projects are experimenting in this path. Yggdrasil looks promising as an algorithm. Ouroborus has an interesting novel stack based on recursion.
I mention all these things because it’s exactly the reason why bitcoin is not safe or to be trusted. The cult behind it doesn’t help the fact of the fragility of the situation. Much of the cult are increasing the risk of other individuals by preaching trustless models.