5 sats \ 3 replies \ @SaloonCat 26 Apr \ on: Something about Bitcoin that scares me security
I feel somewhat obliged to reply as I mentioned this risk here a few days ago.
Firstly, I'm much more concerned about rapidly progressing totalitarian technocracy, with the Chinese social credit system now in place, CBDCs under a frenetic pace of development and an absence of constitutional protections in almost every country apart from the US.
I think if someone wanted to target you, a much more likely attack vector would seem completely innocent to the victim, like the case of the Bettencourt family:
At the root of the family dispute was the alleged abuse of Bettencourt’s weakness by society photographer Francois-Marie Banier, who had been given “gifts” by the billionaire totalling millions of euros. The guardianship order would be recognition that Bettencourt, 88, is incapable of managing her own finances.
https://www.france24.com/en/20110608-loreal-heiress-scandal-france-paris-bettencourt-inheritance-court
A fairly standard investment scam also seems a likely approach.
Kidnapping and direct theft of an asset as challenging as Bitcoin would require unusual conditions. Kidnapping is almost invariably related to organised crime and mafia activity with state involvement. Fiat targets are much simpler for obvious reasons.
If I were a Ricardo Salinas Pliego, for example, living in a country where it's a fairly common crime and having been very open about being a major hodler, I'd have serious security in place. I'm sure he does and understands the game he's playing.
If I found myself living in Sicily, I'd leave immediately, but again I don't think that level of mafia/government coordination exists in many countries.
I do believe that FATF and many national governments are creating a system that incentivises crimes like kidnapping, and I suspect that's intentional. But Bitcoin is the best solution we have.
write
preview
21 sats \ 2 replies \ @gatto OP 27 Apr
well you are right, it depends on the countries too.
reply
5 sats \ 1 reply \ @SaloonCat 27 Apr
Yes, I think others handled the question perfectly on technical solutions. If you want to read more, I'd suggest the keywords 'bitcoin wrench attack'.
I'm suggesting that you're more likely to be hit in more subtle ways that aren't specific to Bitcoin, especially if your focus is on guarding against a wrench attack. Consider your own environment, no advice fits everyone.
When I was first learning about Bitcoin, I felt a bit like you - I didn't really trust myself to manage self-custody. Embracing it has been good for my confidence and self-respect, similar to working out.
reply
21 sats \ 0 replies \ @gatto OP 28 Apr
wow, I have just typed "bitcoin wrench attack" on Google and I have seen a lot of material to read! So glad, thank you for the suggestion... english is not my mother tongue and I didn't know this idiom 😋 Seeing this topic has been alteady discussed sonmuch calms me a lot, I will learn as much as I can. Thank you again!
reply