Probably, most of us who are trying to stack as many sats as possible just don't know enough to be afraid.
What Pickhardt says here does resonate with me. It is difficult to rest easy on your sats, and possibly the only reason I have for these years is ignorance. I may not have out in enough time to be certain in my setup or perhaps I made a mistake when enacting it and some terrible sweeper is getting class set to me with every day.
Fine. I will endeavor to do better, but I don't think I shall stop merely to be safe.
And we are now men, and must accept in the highest mind the same transcendent destiny; and not minors and invalids in a protected corner, not cowards fleeing before a revolution, but guides, redeemers, and benefactors, obeying the Almighty effort, and advancing on Chaos and the Dark.
Everything requires a leap of faith. Maybe the next time I board an airplane the pilot will be suicidal and won't make it into the destination.
I think he is overthinking.
At least he's honest.
Surely someone that is working at the forefront of the lightning network can figure out a couple layers of security and backups in multiple places?
am I oversimplifying?
Exhibit A for fear mongering being a very efficient tool to control people.
Bottom tick.
Yes... Bitcoin poses many risks, but that is the inherent nature of self custody. It is why custodial solutions like banking are actually an industry, and even current practices can be described as "advancements" that took centuries to develop.
The more relevant question to me is whether Bitcoin can develop to the point that it feels as easy and safe to use as traditional banking does for the normal person. Most likely, that's going to involve some version of custodians, but as I detail in #1030571, the option value of self custody is an inherent advantage that bitcoin has over traditional banking.
Something worth thinking about too is the degree to which money printing can be used to paper over unexpected failures and events like this. "Someone stole a bunch of money from us? Government bails us out by money printing." The ability to use money printing to smooth over pain is actually one of the reasons economists give for the advantages of a fiat system. The question is whether the temptation to print money to smooth over pain leads to negative downstream effects through distorted incentives, and whether the tradeoff is worth it.
Even if you acknowledge the tradeoff, there are still philosophical issues to deal with regarding property rights and the degree to which money printing is a form of theft.
new meme template: I lost my BTC in a tax audit
https://twiiit.com/renepickhardt/status/2085376999132954773