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What if you need to flee your land, take nothing with you except 12-24 words that you commit to memory… and that could store your savings. Also, nobody could ta

What if you need to flee your land, take nothing with you except 12-24 words that you commit to memory… and that could store your savings. Also, nobody could take it from you, or stop you spending it on whatever you wish. Would that be a useful thing?

silisili 5y ago
Sure, if it were agreed upon, backed by some real value and not solely speculation, and rather stable. You can get pretty close to that today by just having an online bank account that can issue checks(to yourself). I think the problem isn't necessarily the idea, but the implementation (all 25k of them).
- randomhodler84 5y ago
  If you are talking banks and checks, you are missing the point entirely.. In 2013 the Cyprus government confiscated 47.5% of all bank deposits above €100,000. Let that sink in. Banks are the last place you want to trust your life savings.
  - silisili 5y ago
    Perspective. That figure is for a single bank, on uninsured deposits. Let's not forget it was all quasi legal tax games anyways. If I as a US citizen have to run away from my house, the banks have stolen all the money, what good is Bitcoin going to do? At that point it's all out anarchy, and good luck finding a computer much less electricity. And assuming you find both, what in the world are you even hoping to buy? And if you're thinking of those in other countries with less protections and stability, fair enough, but those aren't the ones speculating and getting rich off this scheme.
    - randomhodler84 5y ago
      Maybe take a look at some of the distribution of coins. It’s not all US people that are using this. Nigeria has per capita more Bitcoin users than the US. I get it. Your money is safe in FDIC insured banks. There are billions of people that don’t have this luxury. This is for them. And you, if you don’t trust those banks.
- mike_d 5y ago
  > Sure, if it were agreed upon, backed by some real value and not solely speculation, and rather stable. So like Tether, TrueUSD, or Diem? Backed by fiat currency and commercial paper. Or do you mean like Digix where each coin is backed by 1 gram of gold?
  - silisili 5y ago
    Honestly, it's a start. There's some inherent value, and Visa even announced settling via USDC which I found interesting, given how conservative the big guys are.
boopboopbadoop 5y ago
> and nobody could take it from you It seems like every day I read about hundreds of millions of dollars in crypto being stolen. A simple phishing attack could wipe out your savings. Since there’s no authority to do anything about it, that money is gone. To me, this affects more people than the “flee your land, take nothing with you” crowd.
- randomhodler84 5y ago
  Do understand what these hacks are. It gets stolen from: Exchanges Smart Contracts People that give away their keys. I’d you don’t risk giving your Bitcoin to an exchange, don’t wrap it and give it to smart contracts, and don’t give away your keys, you should be ok. If your keys are stored safely you wont be phished. I feel bad for people that are, but it is their mistake, not the technology.
  - Thiez 5y ago
    You forgot people who get malware with a keylogger. Or are those included in the category of people that give away their keys?
    - randomhodler84 5y ago
      If this is a credible threat to the individual, I would recommend a hardware wallet. But yeah, it’s generally the same case as giving away your keys. Don’t use your keys in the main memory of a compromised system.

silisili 5y ago

Sure, if it were agreed upon, backed by some real value and not solely speculation, and rather stable. You can get pretty close to that today by just having an online bank account that can issue checks(to yourself). I think the problem isn't necessarily the idea, but the implementation (all 25k of them).

randomhodler84 5y ago
If you are talking banks and checks, you are missing the point entirely.. In 2013 the Cyprus government confiscated 47.5% of all bank deposits above €100,000. Let that sink in. Banks are the last place you want to trust your life savings.
- silisili 5y ago
  Perspective. That figure is for a single bank, on uninsured deposits. Let's not forget it was all quasi legal tax games anyways. If I as a US citizen have to run away from my house, the banks have stolen all the money, what good is Bitcoin going to do? At that point it's all out anarchy, and good luck finding a computer much less electricity. And assuming you find both, what in the world are you even hoping to buy? And if you're thinking of those in other countries with less protections and stability, fair enough, but those aren't the ones speculating and getting rich off this scheme.
  - randomhodler84 5y ago
    Maybe take a look at some of the distribution of coins. It’s not all US people that are using this. Nigeria has per capita more Bitcoin users than the US. I get it. Your money is safe in FDIC insured banks. There are billions of people that don’t have this luxury. This is for them. And you, if you don’t trust those banks.
mike_d 5y ago
> Sure, if it were agreed upon, backed by some real value and not solely speculation, and rather stable. So like Tether, TrueUSD, or Diem? Backed by fiat currency and commercial paper. Or do you mean like Digix where each coin is backed by 1 gram of gold?
- silisili 5y ago
  Honestly, it's a start. There's some inherent value, and Visa even announced settling via USDC which I found interesting, given how conservative the big guys are.

boopboopbadoop 5y ago

> and nobody could take it from you It seems like every day I read about hundreds of millions of dollars in crypto being stolen. A simple phishing attack could wipe out your savings. Since there’s no authority to do anything about it, that money is gone. To me, this affects more people than the “flee your land, take nothing with you” crowd.

randomhodler84 5y ago
Do understand what these hacks are. It gets stolen from: Exchanges Smart Contracts People that give away their keys. I’d you don’t risk giving your Bitcoin to an exchange, don’t wrap it and give it to smart contracts, and don’t give away your keys, you should be ok. If your keys are stored safely you wont be phished. I feel bad for people that are, but it is their mistake, not the technology.
- Thiez 5y ago
  You forgot people who get malware with a keylogger. Or are those included in the category of people that give away their keys?
  - randomhodler84 5y ago
    If this is a credible threat to the individual, I would recommend a hardware wallet. But yeah, it’s generally the same case as giving away your keys. Don’t use your keys in the main memory of a compromised system.