606 sats \ 2 replies \ @Undisciplined 7 Nov 2023 \ on: Some thoughts on the game theory that results from btc wealth bitcoin
It's a really interesting post. One thought I had while reading it is that if kidnapping and torture work to steal your bitcoin, presumably those methods would also work to get it back.
I'll keep checking in on this post to see what other people have to say.
Ha, I suppose so! One thing that seems relevant is the asymmetry of these kinds of attacks. Bitcoiners (following the arguments made in the Sovereign Individual, presumably) often talk about how cryptography changes the calculus of attack vs defend. But it's easier for villains to target non-villains for these attacks than it is for non-villains to target the specific villains -- or anyone in the chain of villainy -- to counter-attack. It's easier to steal somebody's car than to find the exact person or group responsible for stealing your car, as many Liam Neeson thrillers illustrate.
Is there any reason to expect these symmetry relationships to change?
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I think we will see agencies that specialize in returning stolen Bitcoin, but of course that still has an incentive problem. Those agencies only profit if there is a lot of Bitcoin theft.
You're absolutely right to frame the issue the way you did. We're heading towards a different equilibrium state on a Bitcoin standard than we would on a different sound money standard.
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