Sunday, 4 July 2021

I just finished reading "The Bitcoin Standard," and have been listening to podcasts from Bitcoin Audible and spending time on this sub. So I've heard all the reasons to love Bitcoin. I'd be a lot more enthusiastic if I saw these 3 drawbacks being addressed.


Edit 2: thanks for all the helpful answers and encouragement. Signing off until tomorrow.I'm not saying that these problems are insoluble, just that I haven't heard the solutions yet, and this seems like a good place to look for answers.1) The tactics I've heard to prevent being tortured to turn over your private key don't cut it. They include arming yourself, being cautious, and keeping mum that you even own Bitcoin. But look down the road a bit, say 40 years. If Bitcoin becomes our primary currency, that everyone owns, you can safely assume that the guy in a pricey zip code with a Maserati has plenty of Bitcoin, just like we can now assume that he has plenty of dollars. Kidnappings and home invasions would be through the roof. Well-paid professionals would need bodyguards 24/7.Edit: by "well-paid professionals" I mean lawyers and engineers who may have $500K in savings after 20 years of working, not $100 million. Yes, there are people who would torture you for $500K. Lawyers and engineers do not currently need bodyguards.My problem with multi-sig is this: suppose you have keys held by your wife and father. You know how to reach them, and the thugs torturing you know that you know how to reach them. They could keep torturing you until you DO reach them and they turn over the keys.2). If the cost of energy were to drop dramatically (say 98%) as a result of new technology, would proof of work still matter? (If there are no hard costs, but only time to mine Bitcoins?) Our current tech would seem like magic to a person from 50 years ago, so who knows what the next 50 years will bring?3). With every transaction recorded in the blockchain, are we sure there is no way for governments to identify who paid x satoshis for a night with 3 hookers and cocaine? Be a shame to have that info sent to your wife.I sincerely hope that all the shouting about Bitcoin is justified. If anyone can shed light on these concerns, I'd be most grateful.Edit: for people like Savannahgrace, I refer you to "The Bitcoin Standard," that lays out how Bitcoin differs from fiat currency. via /r/Bitcoin https://bit.ly/3jBCsSC

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