this post was submitted on 18 Mar 2024
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The only thing keeping them a powerhouse would be a number on a computer that can be stolen. Question is, would people try to steal from a nation rich enough to be a powerhouse and how sophisticated would those theft attempts be?
That number is protected the same way gold is. Reminds me you americans stole us 1000 tons of gold during ww2
That's my point. If a country really did build up enough Bitcoin it became a world power, those Bitcoin would probably be stolen. If it can happen to gold, it can happen to Bitcoin even easier.
Why faster? The gold was in a ship because the gold had to be carried, which isn't the case with bitcoin. If there is no ship you can steal, you won't get anything
If I can steal your cryptographic key (a number), I can write to the Bitcoin ledger "I Mubelotix give Buttons840 all my Bitcoin", and then it's done, the transaction is complete, it's written on the immutable public ledger with your own private key. If I can get your private key then I can take all your Bitcoin and you cannot stop me, nobody can, no court, no nation.
What I'm saying is that if a country did built up a world altering amount of Bitcoins, a James Bond 007 Super Secret Agent Man would come and steal the cryptographic key associated with your Bitcoins and as soon as they have that it's over, all your Bitcoin are gone.
Sure but it's easy to secure cryptophic keys. Way easier than securing 1000 moving tons of gold
Is it? Like, when any one of the people with access to the key has a standing offer of 1 billion dollars and a life a luxury in another country, are you sure none of them will take the offer? What about when their families are threatened? What about when they get kidnapped and hit with a wrench?
I'm just saying, if we're talking about so much Bitcoin that it alone makes a country a world power, that's enough Bitcoin that things have moved beyond law and order and is in the ugly and dangerous realm of war and espionage.
That's why we have multisig and timelocks. Bitcoin doesn't lack any security feature tbh
I'm not familiar with those, I'll do some research. How would you explain what those are?