Everyone’s a Scammer

Published by Michael Goldstein on September 11, 2014 via Satoshi Nakamoto Institute

There’s a War Going On

Bonnie and Clyde cannot simply rob First National Block Chain. They can hack servers and unencrypted wallet files or scan low-entropy brain wallets. But the costs of obtaining bitcoins hoarded on a high-entropy, password-protected paper wallet, for instance, are incredibly high. A computer cannot be expected to brute force the wallet in the universe’s lifetime, so a trespasser would have to employ expensive tactics such as kidnapping and torture on any prospective, individual target. Criminals, con artists, and swindlers cannot rely on violence to get the wealth they desire—it has become too cumbersome. These scoundrels must rely on good ol’ fashioned market forces.

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