0 sats \ 3 replies \ @Lumor 24 Nov 2023 \ parent \ on: Time Locked Multisig: A New Dimension In Self Custody bitcoin
I wasn't claiming things will not improve eventually.
These guys mentioned in the post, they are organized enough to spend the night torturing the couple. They have enough intelligence to target and extract crypto from victims. They know self-custodied crypto is easier to steal than doing a super-large bank transfer. Splitting up and having 1-2 guys follow you to the bank is not unthinkable. Banks don't have bitcoin transfer limits and you probably didn't tell them you have a bitcoin key in your deposit-box.
Present banks around where I live seem much more interested in keeping their employees safe rather than making it hard for robbers. Some even have policies of keeping vault doors open during office hours.
These guys mentioned in the post, they are organized enough to spend the night torturing the couple.
I'm not disagreeing that criminals exist who can do this; nor am I claiming that it takes some kind of Ocean's 11 mastermind to follow someone to a bank and wait outside, while someone else waits at home with someone's wife.
I am saying that the scheme described is already quite a high bar vs most of the criminal activity that takes place; and that over time, as the implications of sovereign money really play out, a lot of other security measures will evolve, some in new institutions, some in old; and the sophistication required to rob someone will increase.
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I'm happy for our kids' sake then.
Many stackers who somehow leaked their interest in bitcoin will probably have to deal with a lot of pain before we get a better approach to cold storage.
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