4 ms·

> Double-spend has been solved by the financial sector. Traditional finance offers “at-most-one spend”while blockchain protocols offer “one spend up to 1/3 mal

> Double-spend has been solved by the financial sector. Traditional finance offers “at-most-one spend”while blockchain protocols offer “one spend up to 1/3 malicious nodes”. The limit on the former is government, and Byzantine Fault Tolerance sets the limit on the latter. Government can unilaterally seize “your” funds in traditional banking, while a substantial computational attack is required to cause a loss of confidence event (double spend) on a particular blockchain.

arethuza 4y ago
Can't governments force people to hand over control of their keys?
- Karunamon 4y ago
  They can't guarantee that there is only one set of keys. They are just files after all.
  - arethuza 4y ago
    Doesn't seem to stop organisations like the FBI from "seizing" Bitcoins? e.g. https://www.cnbc.com/2022/11/07/feds-seize-3point36-billion-in-bitcoin-the-second-largest-recovery-so-far.html https://www.cnbc.com/2022/11/07/feds-seize-3point36-billion-...
    - Karunamon 4y ago
      Yep, this is called poor opsec. Had this person had someone else with a copy of that wallet's keys, they could have been moved before this happened.
      - arethuza 4y ago
        If you have to rely on someone else with a copy of your keys then isn't that poor opsec?
        Karunamon 4y ago
        If you are in a position where losing access to a significant amount of money due to the actions of the state are likely, would it not make sense to have a backup plan?