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10 sats \ 5 replies \ @Majjin 20 Apr 2022 \ on: Adversarial discussion bitcoin

I'm going to have to agree with @DarthCoin and @theshanergy here and say that the biggest (human) risk to Bitcoin is custody. Any custodial sats are vulnerable to fractional reserve, rehypothecation, censorship, and seizure.

The only ways I can think of four ways to combat this:

  1. Make getting non-KYC bitcoin as easy as possible. For example, a mobile wallet with a built in p2p exchange. Making at home mining easy and affordable is another way to do this.
  2. Continue to encourage 1st party custody and 2nd party custody. Memes like "not your keys, not your coins", volunteer to custody family and friends Bitcoin as an Uncle Jim, etc.
  3. Make self-custody as unintimidating and easy as possible. Lots of backup options, sane backup defaults, good UI/UX, etc.
  4. Combat laws and policies (private and public) that make self-custody more difficult. I'm no fan of the state, but I think that using voting, lobbying, and campaigning in self-defense is justified.
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0 sats \ 1 reply \ @shaunpmartin 20 Apr 2022

#3 is SO incredibly important, and such a complicated problem to solve. It will be interesting to see what types of security solutions (custodied storage of seed phrases, like a safety-deposit box or vault?) and insurance offerings will become popular in the coming years.

I think I’m a pretty responsible person, and still self-custody makes me a little uncomfortable at times (though more comfortable than keeping on exchanges).

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0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 1 reply \ @Majjin 20 Apr 2022

The biggest non-human risk I think is a Carrington event-like solar flare. I don't think that it will kill Bitcoin though. It will set back the network for a few years though.

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0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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