The ability to steal huge amounts of money is not new. In fact, institutions do it all the time.
That's why Bitcoin was invented: so that each person can decide for themself whether to shoulder the risk of a corrupt establishment, or take the responsibility of self-sovereignty.
That's why Bitcoin was invented: so that each person can decide for themself whether to shoulder the risk of a corrupt establishment, or take the responsibility of self-sovereignty.
https://twitter.com/alexstamos/status/1470590542178258944
You now have a choice of who to trust.
You can still keep your funds with a centralized custodian. But now you have a choice: that can be a bank, an exchange, a smart contract, etc.
You can also go fully self-sovereign. Or something in between, like multisig or social recovery.
You can still keep your funds with a centralized custodian. But now you have a choice: that can be a bank, an exchange, a smart contract, etc.
You can also go fully self-sovereign. Or something in between, like multisig or social recovery.
This is true, but cuts the other way.
The only secure backend services by ~2040 will be on-chain. The reason is that chains get hardened by constant attack, with 24/7 bug bounties included by default. Compare this to current government IT security.
The only secure backend services by ~2040 will be on-chain. The reason is that chains get hardened by constant attack, with 24/7 bug bounties included by default. Compare this to current government IT security.
https://twitter.com/alexstamos/status/1470591180991721480
I'm not minimizing the security issues. They are real.
But as the stakes of our digital presence increase — from a few photos to all documents to all money to all vehicles and devices — crypto boosts the incentives for defense.
"Secure" means on-chain.
But as the stakes of our digital presence increase — from a few photos to all documents to all money to all vehicles and devices — crypto boosts the incentives for defense.
"Secure" means on-chain.
https://twitter.com/balajis/status/1400513299876171779
Many responses to web3 are essentially insistent assertions on a failing status quo.
Why can't everyone just trust centralized institutions with all the money and power?
Answer: in today's era, trust is scarce but computation is abundant. edelman.com/trust/2021-tru…
Why can't everyone just trust centralized institutions with all the money and power?
Answer: in today's era, trust is scarce but computation is abundant. edelman.com/trust/2021-tru…
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