pull down to refresh
264 sats \ 12 replies \ @freetx 9 Jun \ parent \ on: Saylor : Bitcoin quantum threat is a ploy by ‘yo-yo token’ sellers bitcoin
There are any number of low-probability / high-impact events....grid going down, large custodian hacked (ie. coinbase), nuclear war, severe bug being exploited...etc...
The difference between those and QC is that some of those are hundreds of times more likely to happen than QC ever achieving anything. Yet, QC gets a disproportionate amount of media airtime....(thankfully, I guess).
Well, it is also a very human thing to obsess around these catastrophic events. See the fear of airplane crashes vs car crashes, one gets all the attention while the other is the actual killer.
reply
large custodian hacked (ie. coinbase)
Happened less than a month ago. I propose to upgrade this particular event type to medium-probability/high-impact and further intensify work on non-custodial, non-KYC solutions.
reply
So I think people are talking about 2 different things here... one is a 'custody' hack. The coins being stolen or moved without the custodian's consent.
The other is a user privacy/user data breach.
reply
reply
Well I mean... there are disclosures/stories of people getting calls from "coinbase support" and other phishing emails / texts etc... directly as a result of the Coinbase breach.
It's totally unacceptable and the Siren Song for Non-KYC
reply
reply
JuneSeth probably. It's a hell of a recording
The phishing scammers imo deserve to go to jail for a long time
Still, it's different if one custodian gets popped, and people who (maybe unknowingly) accepted the custodian risk, or if the entire security basis of the entire Bitcoin ecosystem is broken. Coinbase isn't high impact, it's not the entire ecosystem.
reply
Coinbase isn't high impact, it's not the entire ecosystem.
2.2M coins being dumped on the market would crush price for a long long time. Probably almost all "crypto companies" would go bankrupt. Nearly all miners would go bankrupt....the knock on effects would be massive.
The biggest impact would be against the mentality of investors (all the ETFs except Fidelity use CB). Instantly losing 250B may push investment sentiment to "its just not worth it" mentality.
Such losses by general public would usher in a whole series of new draconian laws that may permanently impact banks ability to custody bitcoin and freeze bitcoin out of regulated economy.
Central banks would use it to say "told you so" and usher in CBDC's that had the "feature" that such hacks could be rolled back, frozen, etc.
Except that most ETF providers and Saylor use Coinbase Custody.
Popping that would be quite high impact.
reply