10 sats \ 2 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:
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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.
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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.
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Make self-custody as unintimidating and easy as possible. Lots of backup options, sane backup defaults, good UI/UX, etc.
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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.
#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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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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