A country with a majority of miners can censor transactions from addresses it chooses to blacklist. Just as miners can choose to include transactions with fees they like, so can they exclude transactions from addresses they are under pressure to exclude.
Authorities in more countries than the UK have seized bitcoin. You make the classic mistake of looking at where the system is hardest and declaring it secure, instead of looking at where it is softest, the user and their systems.
They can't seize fiat if they don't know where I buried it either. Bitcoin is no more secure than that.
Like I said, these are fairy tales you tell yourself about security.
They can't seize fiat if they don't know where I buried it either. Bitcoin is no more secure than that.
They don't need to seize fiat because they can just print it. They can't print Bitcoin.
And you are right in regards to users being the weak point. Anybody who genuinely cares for the security of their money will use a brain wallet, or at least a 24-word seed phrase coupled with a brain-passphrase.
The latter technique can be used to create "decoys". You can use the same 24-word seed with multiple passphrases, with each being a distinct wallet. If you keep a small amount in the wallet with no passphrase, it may appear to anybody who seizes your 24-words that you only have a small amount of money - but unless they can torture all of your passphrases out of you, they will not necessarily be able to seize all of your money. And since they cannot know how many copies of your 24-word phrase you have made, they cannot know for sure that seizing the copies they find will prevent you from accessing your coins.
Yep, that's how everyone wants to spend their time and effort these days, in an age of pervasive, easy and free banking... memorizing multiple seed phrases so their anti-state opsec is up to scratch. Better pray you don't screw up on page 63, subsection 5 of the "Big book of keeping your bitcoins safe" or whoops! There go your life savings with no recourse.
Do you coiners ever step back and listen to yourselves?
Banking isn't as pervasive as you think. There are millions unbanked in the USA. Globally, billions.
The level of OpSec suggested is a necessary minimum against an equivalent of EO6102 whereby the government would attempt to seize your bitcoin, presumably so it can issue its own fractionally backed alternative, purporting to be equivalent in value. Fortunately there's a case in recent history which people are all to familiar with and unlikely to fall for the same trick again. Nobody is going to trade in their bitcoin for another government shitcoin, unless they are forced.
If they don't know you have it, and the only place it is stored is in your head, then they can't seize it, and they have no probable cause to commit violence against you.
Personally, I couldn't care less what everyone else does. I only care that my own bitcoin are safe. I'll happily share my knowledge so that other people can secure their money too, but if they don't care, I can't hold their hands for them.
Pretty sure people will take an interest when the dollar begins to hyperinflate and their 401k becomes worthless.
I'm not sure where you get the impression that the dollar is safe. It's an experimental currency which has been around less than 50 years, and over that time it looks less and less likely to have a long term survival.
Bitcoin is not banking the unbanked in any meaningful way, that's just another fairytale.
And the currencies of the western world are going to crash to nothing, while somehow enough internet infrastructure will remain that you and your coiner bros can become the new kings!
At this point you're basically praying for the apocalypse so you can feel superior. It's hilarious.
Nobody is praying for an apocalypse. On the contrary, there have been people sounding the alarm on the reckless policy of the Fed for decades, but since it falls on deaf ears and any reformation of the Fed seems increasingly unlikely, anybody who realizes that kicking the can down the road is not a solution to anything has no real option other than to opt-out of the fiat system and Bitcoin or Gold are the only real alternatives. Bitcoin has several advantages over gold which would make it more desirable if there were a shift back to hard money.
You seem to think that the dollar crashing will crash civilization. There are dozens of cases of hyperinflation hitting over the past century, particularly since the end of the Bretton Woods agreement - they cause temporary turmoil, and those most affected are the poorest, but recovery happens fairly quickly provided the government steps out of the way and deregulates to allow the economy to repair itself.
If you don't want to be one of those most affected by hyperinflation, it might make sense to have a plan in the event that the USD hyperinflates - since there's nothing to suggest it will be any different to other currencies. I'm not necessarily trying to predict the future, but I'm planning ahead for a potential scenario. To me one that looks increasingly plausible and is merely a question of when, not if.
Part of that planning includes being able to transact if there are disturbances in internet infrastructure. This is why you can transmit and receive Bitcoin over satellite and radio already. The internet will quickly heal because there will be a financial incentive to provide it - earning bitcoin in exchange for the provision of bandwith.
Also, in regards to coiners becoming kings - it is likely that people with significant bitcoin holdings will keep a low profile, else they put a target on their heads. Extravagant displays of wealth seem unlikely and foolish.
There will be no apocalypse because the replacement for the dollar is being built already and it will simply absorb the fallout when the dollar fails. There will be some havoc caused, but the transition will likely happen in steps, with the 2017 bull run being an example of one such step - where a large influx of new users happens at once, followed by a bear market, followed by another bull run which exceeds the previous one.
You don't have to have a backup plan and you can believe everything that your government and "experts" spoon feed you, that's fine too.
Comments
A country with a majority of miners can censor transactions from addresses it chooses to blacklist. Just as miners can choose to include transactions with fees they like, so can they exclude transactions from addresses they are under pressure to exclude.
Authorities in more countries than the UK have seized bitcoin. You make the classic mistake of looking at where the system is hardest and declaring it secure, instead of looking at where it is softest, the user and their systems.
They can't seize fiat if they don't know where I buried it either. Bitcoin is no more secure than that.
Like I said, these are fairy tales you tell yourself about security.
They don't need to seize fiat because they can just print it. They can't print Bitcoin.
And you are right in regards to users being the weak point. Anybody who genuinely cares for the security of their money will use a brain wallet, or at least a 24-word seed phrase coupled with a brain-passphrase.
The latter technique can be used to create "decoys". You can use the same 24-word seed with multiple passphrases, with each being a distinct wallet. If you keep a small amount in the wallet with no passphrase, it may appear to anybody who seizes your 24-words that you only have a small amount of money - but unless they can torture all of your passphrases out of you, they will not necessarily be able to seize all of your money. And since they cannot know how many copies of your 24-word phrase you have made, they cannot know for sure that seizing the copies they find will prevent you from accessing your coins.
Yep, that's how everyone wants to spend their time and effort these days, in an age of pervasive, easy and free banking... memorizing multiple seed phrases so their anti-state opsec is up to scratch. Better pray you don't screw up on page 63, subsection 5 of the "Big book of keeping your bitcoins safe" or whoops! There go your life savings with no recourse.
Do you coiners ever step back and listen to yourselves?
Banking isn't as pervasive as you think. There are millions unbanked in the USA. Globally, billions.
The level of OpSec suggested is a necessary minimum against an equivalent of EO6102 whereby the government would attempt to seize your bitcoin, presumably so it can issue its own fractionally backed alternative, purporting to be equivalent in value. Fortunately there's a case in recent history which people are all to familiar with and unlikely to fall for the same trick again. Nobody is going to trade in their bitcoin for another government shitcoin, unless they are forced.
If they don't know you have it, and the only place it is stored is in your head, then they can't seize it, and they have no probable cause to commit violence against you.
Personally, I couldn't care less what everyone else does. I only care that my own bitcoin are safe. I'll happily share my knowledge so that other people can secure their money too, but if they don't care, I can't hold their hands for them.
Pretty sure people will take an interest when the dollar begins to hyperinflate and their 401k becomes worthless.
I'm not sure where you get the impression that the dollar is safe. It's an experimental currency which has been around less than 50 years, and over that time it looks less and less likely to have a long term survival.
Bitcoin is not banking the unbanked in any meaningful way, that's just another fairytale.
And the currencies of the western world are going to crash to nothing, while somehow enough internet infrastructure will remain that you and your coiner bros can become the new kings!
At this point you're basically praying for the apocalypse so you can feel superior. It's hilarious.
Nobody is praying for an apocalypse. On the contrary, there have been people sounding the alarm on the reckless policy of the Fed for decades, but since it falls on deaf ears and any reformation of the Fed seems increasingly unlikely, anybody who realizes that kicking the can down the road is not a solution to anything has no real option other than to opt-out of the fiat system and Bitcoin or Gold are the only real alternatives. Bitcoin has several advantages over gold which would make it more desirable if there were a shift back to hard money.
You seem to think that the dollar crashing will crash civilization. There are dozens of cases of hyperinflation hitting over the past century, particularly since the end of the Bretton Woods agreement - they cause temporary turmoil, and those most affected are the poorest, but recovery happens fairly quickly provided the government steps out of the way and deregulates to allow the economy to repair itself.
If you don't want to be one of those most affected by hyperinflation, it might make sense to have a plan in the event that the USD hyperinflates - since there's nothing to suggest it will be any different to other currencies. I'm not necessarily trying to predict the future, but I'm planning ahead for a potential scenario. To me one that looks increasingly plausible and is merely a question of when, not if.
Part of that planning includes being able to transact if there are disturbances in internet infrastructure. This is why you can transmit and receive Bitcoin over satellite and radio already. The internet will quickly heal because there will be a financial incentive to provide it - earning bitcoin in exchange for the provision of bandwith.
Also, in regards to coiners becoming kings - it is likely that people with significant bitcoin holdings will keep a low profile, else they put a target on their heads. Extravagant displays of wealth seem unlikely and foolish.
There will be no apocalypse because the replacement for the dollar is being built already and it will simply absorb the fallout when the dollar fails. There will be some havoc caused, but the transition will likely happen in steps, with the 2017 bull run being an example of one such step - where a large influx of new users happens at once, followed by a bear market, followed by another bull run which exceeds the previous one.
You don't have to have a backup plan and you can believe everything that your government and "experts" spoon feed you, that's fine too.
Yes, and they've been wrong for decades, over and over and over again.