2 ms·
Except of course the counterexample of all of human history. This is the first time ever there's been widely available services that completely commoditize "a l
by Spivak 3y ago
Except of course the counterexample of all of human history. This is the first time ever there's been widely available services that completely commoditize "a lock that law enforcement can't break with effort."
In the universe where a physical analog existed where I could have a safe in my house that was literally impossible for anyone but me to open and was a black-hole of information I can't imagine governments liking that very much. I'm not even some hardened criminal and it's for sure where I would stash my drugs and pirated movies.
This is an identity crisis for law, widespread E2EE means that there are certain kinds of laws that become impossible to enforce. It's the kind of story with Bitcoin and finance. You have a shadow financial system that while you can try and compel the individual participating in it you have no power whatsoever to compel the system as a whole. If a court rules that I am owed money from Bob the best they can do is lock him up, they can't actually go in and transfer the money without the keys.
- maeil 3y agoThis existed before, just only for the wealthy. If Bob had that money in a Swiss private bank or distributed over a sprawling network of shell companies in the Carribean, it would be just as tough to get to. Or for the less wealthy; Bob could have put it all in cash in some hole in the ground that he won't tell the location of. Realistically that's probably more stable of a value store than bitcoin; it's possible that it all gets stolen but given a good location and storage, much less likely than bitcoin dropping 70%. This has physical downsides the aforementioned options lack, hence the real options so far only having been for the wealthy.