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This is a completely bogus analogy. Even if I accepted that bitcoin was analogous to gold (hint: it's not), the government secures Ft. Knox to whatever level of
by ForHackernews 6y ago
This is a completely bogus analogy. Even if I accepted that bitcoin was analogous to gold (hint: it's not), the government secures Ft. Knox to whatever level of security it feels appropriate, and then it's done/maintained at that level.
It's not like Russia adds one more guard to their gold vault, the US has to keep pace or else if Russia has 51% more guards outside their vault, then by magic they can suddenly steal/double-spend gold.
Do bitcoin folks really not understand this, or are they all just pretending to be blind because they hope it will make them rich?
- fvdessen 6y agoA country cannot hold a significant amount of cash/gold/value without spending the appropriate amount on military defence to deter other countries from seizing the value. The armed guards at Ft. Knox is a small amount of the total expense, the aircraft carriers also participate at least in part.
- lottin 6y agoThe army isn't just protecting the gold. It's protecting the country and everything that's in it, including the gold of course.