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I Am Not Satoshi Nakamoto

schneier.com

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Re: I Am Not Satoshi Nakamoto

#11

Post by tmcw »

spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

Individuals can care or not care about self-hosting wallets, but besides the practical or theoretical concerns about some company having control over it is the fact that the original Bitcoin whitepaper begins with:

> A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

The underlying sentiment here, at least for me, is that crypto churns through thesis after thesis, pitching different usecases and value systems and benefits, and all of them fall flat, and the only remaining reason to be in it is idiotic "number go up" economics, hence the "store of value" thesis which describes everything from gold to dollar bills to a ham sandwich, and demands and describes nothing of the technology.

Re: I Am Not Satoshi Nakamoto

#12

Post by Satoshiyaex »

tuyguntn wrote: post #7
tuyguntn wrote: post #5

deleted

deleted

Hi, I'm Satoshi. I lost my private keys to all wallets associated with that pseudonym so I cannot sign a message to prove it, but I swear on my (newly created) account that it is me.

There's your hello. Do you now understand why people downvoted your comment?

Re: I Am Not Satoshi Nakamoto

#14

Post by tyre »

spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

This is the whole thing with crypto.

The only benefits thus far that have come to widespread fruition are illicit purchases and speculation.

For it to be broadly accepted, it has to lose the rest.

Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws.

For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's coins aren't what the public are looking for. I have never met a human being who is anti–FDIC (what insures bank deposits in the US up to $250k).

For it to be used as regular currency you have to have price stability. No one wants to go to the grocery store and find out that they lost 10% of their budget on the walk over.

People don't know how to manage private and public keys. Anyone who has built SaaS knows that reset password requests are one of the most common issues users have. Now they're being pitched something that losing a file or losing the password to that file loses all of their money (???) Of course you want a third party!

Immutability? Well that's fine until there are exploits. And then you either have to live with a DAO losing millions of dollars or you have to hard fork. The former is terrible publicity and bad for the people who hold most of the money, while the latter violates the spirit of the whole thing. Guess which wins?

It's all so silly. People are re-inventing the wheel and building something worse.

Have people made a ton of money? Might it still get adoption? Sure. But there's a hell of a lot of problems in the world and a hell of a lot of bright people building bullshit.

Re: I Am Not Satoshi Nakamoto

#15

Post by paulpauper »

tyre wrote: post #14
spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…

For the first 4 or so years crpyto did what it was advertised. And then the drug dealing situation got out of control and then in 2017 hackers used it to launder money (wannacry). And then this led to the era of KYC and chain analytics, and pretty much defeating the original use case.

Re: I Am Not Satoshi Nakamoto

#16

Post by tuatoru »

tyre wrote: post #14
spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…

Most unanswerable commentary I've read for a while. Thanks!

Re: I Am Not Satoshi Nakamoto

#17

Post by [deleted] »

tyre wrote: post #14
spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…

[deleted]

Re: I Am Not Satoshi Nakamoto

#18

Post by [deleted] »

Satoshiyaex wrote: post #12
tuyguntn wrote: post #7

Earlier quoted context omitted.

deleted

Hi, I'm Satoshi. I lost my private keys to all wallets associated with that pseudonym so I cannot sign a message to prove it, but I swear on my (newly created) account that it is me. There's your hello. Do you now understand why people downvoted your comment?

[deleted]

Re: I Am Not Satoshi Nakamoto

#19

Post by dreyfan »

spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

People trusted Mt Gox for 4 years and it handled 70% of the world's bitcoin trading until it abruptly shut down and everyone's bitcoin more-or-less disappeared with it.

Re: I Am Not Satoshi Nakamoto

#20

Post by [deleted] »

Satoshiyaex wrote: post #12
tuyguntn wrote: post #7

Earlier quoted context omitted.

deleted

Hi, I'm Satoshi. I lost my private keys to all wallets associated with that pseudonym so I cannot sign a message to prove it, but I swear on my (newly created) account that it is me. There's your hello. Do you now understand why people downvoted your comment?

[deleted]
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