this post was submitted on 18 Mar 2024
276 points (93.1% liked)

Technology

59207 readers
2924 users here now

This is a most excellent place for technology news and articles.

Our Rules

  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each another!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago
MODERATORS
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
276
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC 'Becomes Unaffordable' With Fiat Currencies, Says President Bukele – Featured Bitcoin News (news.bitcoin.com)
submitted 7 months ago by [email protected] to c/[email protected]
100 comments fedilink hide all child comments
 
  • El Salvador will continue buying 1 Bitcoin daily until it becomes unaffordable with fiat currencies
  • President Bukele's statement highlights commitment to cryptocurrency adoption
  • Move demonstrates belief in Bitcoin's long-term value and potential as a global currency alternative.
you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 1 points 7 months ago* (last edited 7 months ago) (1 children)

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.

[–] [email protected] 2 points 7 months ago (1 children)

Sure but it's easy to secure cryptophic keys. Way easier than securing 1000 moving tons of gold

[–] [email protected] 1 points 7 months ago* (last edited 7 months ago) (1 children)

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.

[–] [email protected] 1 points 7 months ago (1 children)

That's why we have multisig and timelocks. Bitcoin doesn't lack any security feature tbh

[–] [email protected] 1 points 7 months ago

I'm not familiar with those, I'll do some research. How would you explain what those are?