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100 sats \ 1 reply \ @zl4pg900n 22 Jun 2022 freebie \ on: I am Pavol Rusnak, Co-Founder of SatoshiLabs. AMA 🚀 bitcoin
Thank you so much @stick for doing this. Some answers were incredibly eye-opening.
Another q: Are you worried at all about the fact that the majority of Bitcoin's hashing power has been in Bitmain's hands for years? All machines are naturally connected to the internet, so Bitmain could reach them at any point. Since the hardware is not transparent, we can't assume there are no remote control mechanisms. We can all agree that Bitmain would instantly chop off a branch under them if they ever used anything like this, but this could be exploited by a malicious employee for example.
Are you able to criticize Bitcoin at all? If yes, what are the worst flaws it has?
A follow-up question: Do you honestly think Bitcoin will survive on Pow? Let's say, in 20 years.
By the way, thanks for doing this. It's very cool.
I was serious because I struggle to understand the self-custody approach.
Isn't it just foolish to think that one's wardrobe or one's mom's wardrobe is safer than a regular bank? And I don't mean just safe from burglars, but from "the state". Local authorities can walk into my house as easily as they can walk into a bank, and surely they'll get the seed. Transferring the trust to a third party seems way more secure and efficient than trying to handle any sort of wealth by myself.
What am I missing? I'd love to join the self-custody train, but I don't see any option for how to do it.
GENESIS