El Salvador I read uses coin base to custody their btc which seems less than ideal. If a democratic country wanted to use multi sig to secure their stash, what would be the best scheme. Your civil servants? A number of the ruling party? How can a nation be sure the key holders would not collude? Or if the key holders dies, got voted out, compromised, etc. I think we need some sort of a 2 layered security with timelocks
402 sats \ 2 replies \ @SwearyDoctor 27 Apr 2023
But this problem always poses itself.
How does a country know a central bank abroad will give it back its gold? (sometimes it won't, ask the British where Venezuela's gold is.) Who makes sure the treasury pays the countries' bills? /sometimes it won't,. as happens in the US every few years when the showmanship circus of the debt ceiling comes up).
Those are "bureaucratic multisig", as in, a number of civil servants with the authority to decide this are involved in making this happen. "The government", in the end, is also people.
But definitely better having people in your OWN organization hold keys than giving it over to a corporation abroad. Especially in the US, and especially when the same US has been making a stink about the bitcoin legal tender law and is discovering lots of need for "more democracy" in ElSal. This is foolish.
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0 sats \ 0 replies \ @Snooks OP 28 Apr 2023
There is a difference though. Just as bitcoin’s portability and flexibility is an advantage to individuals crossing borders it is a vulnerability to citizens of a corrupt governance. We need timelocks and layers of key holders to counter the shortcomings of human governance.
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0 sats \ 0 replies \ @Snooks OP 28 Apr 2023
There is a difference though. Just as bitcoin’s portability and flexibility is an advantage to individuals crossing borders it is a vulnerability to citizens of a corrupt governance. We need timelocks and layers of key holders to counter the shortcomings of human governance.
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10 sats \ 2 replies \ @DarthCoin 27 Apr 2023
Bitcoin is for sovereign individuals not for nation states.
Be concerned about your own bitcoin holdings not about others.
A gov doesn't need to hold bitcoin. It shouldn't.
Bitcoin will change the whole world, all systems and make all govs obsolete.
Because when you empower the individual with Bitcoin power, the gov is meaningless.
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25 sats \ 1 reply \ @gnilma 27 Apr 2023
I don't believe governments will become obsolete under a bitcoin standard, but I think they will become smaller and more accountable to their citizens. I believe there will always be some form of governance in human society. If there was a magic button that you can press to dissolve all governments overnight, people will begin to organize and form new ways of governance the very next day; and with governance comes governments. But under a bitcoin standard, governments will compete with one another to attract talent and capital. People will be able to leave a jurisdiction with their wealth if they are being mistreated by the government. Governments will be accountable for their actions because they no longer control the money, and thus, losing the ability to socialize mal-investment losses, extravagant/meaningless spending, or steal from the people through inflation.
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10 sats \ 0 replies \ @muteness11 28 Apr 2023
I believe what you said makes a lot of sense .... BTC wont make govts obsolete ... its just some of us are married to their own ideas and they deeply WANT to see something happen.
Ideas like communism, anarchism etc... may sound appealing on paper but never achieved any level of meaningful success because they are deeply flawed but yet they survive and get traction :)
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