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One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

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Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#111

Post by anonporridge »

enkid wrote: post #108
anonporridge wrote: post #81

Earlier quoted context omitted.

Unless they then do the most minimal amount of research and realize that unlike any other store of wealth, they can redundantly back it up in multiple locations. You can even split up your key in an M of N format so that a) no single compromised location causes loss, and b) some number of storage locations can be lost without losing your key. Can you do that with gold? Land? Art? Cash? Bonds? Stocks? All of these rel…

I'm not saying it's not possible to back up the key, I'm saying if a billion dollars disappear overnight because one person was stupid, we don't know the way people would react to that. May be they would value Bitcoin more or maybe they would value it less. It's not apparent less supply equals more demand in this specific case.

You're presenting this like it's a secret thing that lost private keys are irrecoverable.

It's not a secret. Immutability is one of the key features and regularly advertised part of the system. So much so that when that irreconcilability is violated (e.g. rolling back the DAO hack in Ethereum) it's seen as a negative.

There might be some morons who didn't do any research before investing, but they won't be a huge loss if they sell out and stay out.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#112

Post by jayd16 »

Scaevolus wrote: post #107
jayd16 wrote: post #91

Earlier quoted context omitted.

If everyone's net worth goes up, it's about the same as no change at all.

Every _bitcoin holder_, it's not like a country experiencing deflation.

How so? Prices aren't set by the amount of BTC in the wild. A currency has no inherent demand. No btc holder can offer any more btc for goods than before.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#113

Post by WastingMyTime89 »

anonporridge wrote: post #81
enkid wrote: post #70

Earlier quoted context omitted.

Unless this alerts people to the risk of losing a private key and they decide owning Bitcoin isn't a great place to store wealth.

Unless they then do the most minimal amount of research and realize that unlike any other store of wealth, they can redundantly back it up in multiple locations. You can even split up your key in an M of N format so that a) no single compromised location causes loss, and b) some number of storage locations can be lost without losing your key. Can you do that with gold? Land? Art? Cash? Bonds? Stocks? All of these rel…

> or they rely on trusting some custodian to preserve your claim on that wealth.

Is this going to be one of this discussion where people try to pretend banks haven't existed for centuries and work very well for pretty much everyone?

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#114

Post by me_me_me »

WastingMyTime89 wrote: post #113
anonporridge wrote: post #81

Earlier quoted context omitted.

Unless they then do the most minimal amount of research and realize that unlike any other store of wealth, they can redundantly back it up in multiple locations. You can even split up your key in an M of N format so that a) no single compromised location causes loss, and b) some number of storage locations can be lost without losing your key. Can you do that with gold? Land? Art? Cash? Bonds? Stocks? All of these rel…

> or they rely on trusting some custodian to preserve your claim on that wealth. Is this going to be one of this discussion where people try to pretend banks haven't existed for centuries and work very well for pretty much everyone?

This argument always baffled me as pro crypto person. There is a subset of religious crypto zelots that see banks as evil incarnate.

Banks are example of what more-less people want from their currency. And crypto should be taking notes from CENTURIES of experiences. And not just shun it all and start from scratch.

Loosing keys to wallet is huge problem for ubiquity of crypto, and as a currency of the future it might be fatal flaw. If someone steals my IRL wallet, I call bank to cancel my cards and cry a bit about lost cash and hustle of getting all ID's etc back. If I loose crypto wallet, its gone all of it. Without proper precautions of multiple wallets and safeguards you risk loosing all your wealth in accident or robbery without much to do about it.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#115

Post by Proven »

s5300 wrote: post #103
pennaMan wrote: post #53

Earlier quoted context omitted.

Strange, on the McAfee thread people where bathing in hate for the guy and I kinda respected his crazy life. This guy, being my conational that I never heard of, I got into a bit of digging and discovered a really creepy couple of blogs of women with CS PhDs that talk about him like some kind of cult leader and at the same time apparently the man regularly had 4chan level public discourse. What's up with that? Does a…

Yeah, I'm going to get downvoted to shit for this and maybe even banned. This dude was pure human scum. Straight up shit of the Earth. McAfee was actually a pretty fun eccentric to watch & wasn't an utterly terrible person by any real measure of the meaning.

I won't challenge that assessment, but both of them seemed to favor a system of minimal government in which neither could bother you.

Compare that to the much more benign-sounding "community organizers" and various other busybodies working to get to a government position which would give them enough power to wreck your life. Even for me, it's hard to feel as strongly about them as about MP, but they are in fact worse.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#116

Post by GaylordTuring »

anonporridge wrote: post #111
enkid wrote: post #108

Earlier quoted context omitted.

I'm not saying it's not possible to back up the key, I'm saying if a billion dollars disappear overnight because one person was stupid, we don't know the way people would react to that. May be they would value Bitcoin more or maybe they would value it less. It's not apparent less supply equals more demand in this specific case.

You're presenting this like it's a secret thing that lost private keys are irrecoverable. It's not a secret. Immutability is one of the key features and regularly advertised part of the system. So much so that when that irreconcilability is violated (e.g. rolling back the DAO hack in Ethereum) it's seen as a negative. There might be some morons who didn't do any research before investing, but they won't be a huge los…

> There might be some morons who didn't do any research before investing, but they won't be a huge loss if they sell out and stay out.

I think you're underestimating the size of this group.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#117

Post by GaylordTuring »

jayd16 wrote: post #112
Scaevolus wrote: post #107

Earlier quoted context omitted.

Every _bitcoin holder_, it's not like a country experiencing deflation.

How so? Prices aren't set by the amount of BTC in the wild. A currency has no inherent demand. No btc holder can offer any more btc for goods than before.

Prices are set by the order books, including how many that are willing to sell and to what price. If a large amount of coins are removed from the market, and the buying pressure stays the same, that will lead to higher prices.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#118

Post by jamal-kumar »

s5300 wrote: post #93

Well. That certainly makes this post of his quite funny to read. Warning: NSFW/Nudity https://web.archive.org/web/20210420205839/http://trilema.co... Straight from his typing fingers... "The ocean takes" Fitting end for a narcissistic sociopathic rapist who is the embodiment of a hat tipping supreme gentleman who thinks he's quite swell at making fun of supreme gentlemen while somehow not having the slightest shred o…

idk about rapist, seems more like he was just really into bdsm and exhibitionism, but the nearest town from where he got taken by the ocean is pretty famous for prostitution.

REALLY weird seeing some of these posts where he has girls in the full nude with things up orfices in like the area I live in. It's all I'm going to be able to see walking past that corner now

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#119

Post by jayd16 »

GaylordTuring wrote: post #117
jayd16 wrote: post #112

Earlier quoted context omitted.

How so? Prices aren't set by the amount of BTC in the wild. A currency has no inherent demand. No btc holder can offer any more btc for goods than before.

Prices are set by the order books, including how many that are willing to sell and to what price. If a large amount of coins are removed from the market, and the buying pressure stays the same, that will lead to higher prices.

If they weren't being sold then, again, the amount available to buy is unchanged.
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