Post by steffenkd

Sorry for the late reply, haven't been much on Twetch over the last weeks.

The difference to any other property is, that with bitcoin/BSV you could restore the initial "state".
You can't do that when gold is robbed, because access is lost, you can't do that with a broken vase or other costly decoration or with cash when stolen.
You can blacklist it or can have the police searching for it.
I have no numbers, but I'd say, that odds of getting it back are low.

Since bitcoin is digital you can restore the initial state.
Probably only for a certain amount, at a yet unknown cost/benefit ratio.

The problem I see with insurance is, that insurances can never make sure that no insurance fraud is happening.
So blacklists would emerge.
And it would be a one way street: coins could only get "tainted" but couldn't get "washed clean".

Anonymous crypto like monero with "not your keys not your coins" are fine with me, and I personally think, that there is a demand for both scenarios.
But under normal conditions I wouldn't put "all my money" into something, where a natural disaster can destroy my seed phrase, all my backups and even those of my friends and family, leaving us all with nothing, even though we could proof, that certain keys are ours.

Or take the coinbase/exchanges example: half a million bitcoin lost, even though everybody knows that it has been coinbase's bitcoin.
(Meant coinbase, not coinmarketcap, sorry for the mistake).

Not sure if a protocol like that would get adapted.

To what degree this concept will be abused is another question and is the main reason, why I think there will be demand for both kind of protocols: anonymous with not your keys not your coins and a transparent one with confiscation_tx or something similar.

Same with everything else: you can take a car to drive from A to B or drive it through the pedestrian precinct and kill people.
Same with bitcoin and confiscation_tx: you can use it to restore the initial state or you can use it to confiscate the stuff of inconvenient opposition.

That is the reason why I think, that besides CSW being Satoshi or not, being a liar or not, he has a point.