Just a reminder that custodians are always a single point of failure, no matter how trusted the company, no matter how good their operations are, if the incentive to take them on is big enough, criminals will take bigger and bigger risks for that major pay off
https://protos.com/gunman-forces-revelo-fund-manager-to-drain-investors-crypto/
multisig or wrench attacked. that is my prediction sadly.
"the former professional poker player admitted that he had failed to prioritize his privacy"
Fuck this guy, and fuck anyone who put their money in a "former poker player"'s hands.
Everyone who says Blackrock will control Bitcoin fails to fully think through the game theory.
If Blackrock has say $1 Trillion in their ETF, the bounty on the heads of the key holders in their multisig is.. $1 Trillion
Not $1 Trillion insurable dollars backed by the full faith and credit of the US Empire and the money printer. But rather $1 Trillion worth of liquid Bitcoin which can be permanently and irrevocably moved to someone else’s control in one block’s time.
The world isn’t ready for Bitcoin going parabolic.
I wouldn't want to be one of those key holders I imagine you would need armed security at all times, and what is the recovery process should one of the key holders pass on or be compromised?
What is the lowest amount of money a key holder would accept to hand ovr their keys?
How far would criminals go, just wrenching you or going after friends and family?
Like you say a trillion dollar pay off brings all sorts of elements out of the shadows and willing to put in considerable time and effort to come after the weakest part of the security model, which is those people.
I wouldn’t want to be anywhere near a custody arrangement like that.
You’d have to imagine that if someone wants those keys they’re going to go a LONG way to get them given what’s at stake, literal nation state level wealth on the line.
I assume there are already intelligence operatives working their way in to Coinbase to set this up. IBIT already has $20B+ - imagine what an activist group could do with that kind of uncensorable capital..
