this post was submitted on 18 Mar 2024
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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 9 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
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  • 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.
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[–] Buttons@programming.dev 1 points 9 months ago* (last edited 9 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.

[–] Mubelotix@jlai.lu 2 points 9 months ago (1 children)

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

[–] Buttons@programming.dev 1 points 9 months ago* (last edited 9 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.

[–] Mubelotix@jlai.lu 1 points 9 months ago (1 children)

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

[–] Buttons@programming.dev 1 points 9 months ago

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