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> With Bitcoin you own property that can never be confiscated or debased by any government. Private keys can be confiscated like anything else. They won't do
by schmichael 6y ago
> With Bitcoin you own property that can never be confiscated or debased by any government.
Private keys can be confiscated like anything else. They won't do you much good if you're thrown in prison for not turning them over if legally compelled. Sure you can try to hide your ownership, but my point is that actual cryptocurrencies are only one layer of very deep opsec you need to resist state actors. For the common illegal goods consumer it's unlikely to do much more than provide a false sense of security due to other opsec failures (use of phones, use of cookies, use of mailing addresses, use of non-e2e chat, using a hosted wallet, lack of anonymous vpn, etc etc etc).
> The biggest applications on Ethereum right now is decentralized finance, with billions of dollars locked in.
Interesting use of "dollars." How much is actually Tether? How much is manipulated market cap (through wash trading or more convoluted defi mechanisms)? How much is actually liquid USD?
- doggosphere 6y agoA wrench attack will always be the easiest vector. That said, there is no other asset in history that gives you this level of security for such marginal cost. The cost of securing $100 is essentially the same as the cost of securing $100m.
- ProZsolt 6y agoThe chances of loosing $100 is essentially the same as the chances of loosing $100m. If you loose your private key nobody can help you recover your money.
- doggosphere 6y agoI would hope that someone with $100m in crypto is smart enough to not leave their seed words on a piece of paper on their coffee table. Your exactly correct that nobody can help you recover your money if you lose your keys.