āCold storageā just means your keys were never in contact with a system with access to the Internet afaik. Your Bitcoin is still on the blockchain, and the likelihood of the entire blockchain being wiped from millions of devices is slim.
Your electronic devices (signers, wallets, smartphones, computers) are at risk though, but that depends on so much.
My recommendation is to exercise caution: wrap your entire home in aluminum foil
Thanks for the reply. So your device with keys etc could be compromised in an electromagnet surge (storm, emp etc).
So your bitcoin is still on the chain but you canāt prove custody ownership of it anymore? Is that right? If so it makes me think of another question. Next post do you could reply to this independently.
Bitcoin is a good store of value because like Gold we are saying as itās not counterfeit-able.
But if someone hoards a lot of gold they will eventually spend it, or pass it on when they die, or burry it.
Letās say they burry it. Decades or hundreds of years later someone could find it. Itās just as valuable to them (if not more due to inflation). Even if itās in a. Safe someone can crack the safe and take it. The world is not poorer.
But if someone loosed or fouled their keys. Let say they had a password or bio auth and you canāt retrieve them. Now that bitcoin is lost. Right? Never recoverable? Or is it?
The world is poorer by the amount lost. So even though those bitcoin exist no one can access or spend them or use them. Right?
This seems a problem. They have no inherent value aside from the proven stewardship of them?
Also if true could someone target a high volume holder of bitcoin then? And kill them or destroy their keys / thereby reducing the total spendable bitcoin and thus driving up the price for remaining bitcoin holders? Is this also not a problem?
nostr:npub1xtscya34g58tk0z605fvr788k263gsu6cy9x0mhnm87echrgufzsevkk5s am I thinking about it wrong? Or is this not a problem?
