{"type":"rich","version":"1.0","author_name":"npub1sgs97fe0n9wehe6zw7drcxdz4cy9yt9pfqjv8gasz5jlk4zezc0quppx3c","author_url":"https://nostr.ae/npub1sgs97fe0n9wehe6zw7drcxdz4cy9yt9pfqjv8gasz5jlk4zezc0quppx3c","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-09-19\n📝 Original message:On 09/18/2015 11:06 PM, NxtChg via bitcoin-dev wrote:\n\u003e\u003e While to many of us that sounds crazy, if you're threat model assumes\n\u003e\u003e Bitcoin is a legal/regulated service provided by a highly trusted\n\u003e\u003e mining community it's a reasonable design.\n\u003e\n\u003e There is a large, grey area all the way to \"legal/regulated service\n\u003e provided by a highly trusted mining community\". Painting the worst\n\u003e looking picture is either a defect in thinking or intentional FUD.\n\nThe state is the threat in the Bitcoin threat model. You comments below\nacknowledge it. The assumption of hostile state actors is the only\nrational starting point. That which is regulated (and regulatable) in\nBitcoin is the attack surface.\n\nWhile of course there are various degrees of weakness, the reference to\n\"legal/regulated service provided by a highly trusted mining\" as the\nthreat is by no means irrational or misdirecting. This threat represents\nthe difference between Bitcoin and Fedcoin.\n\nI found Mike's threat model downright disturbing. All benefits of\nBitcoin arise from its resistance to this threat. Anyone investor in\nthis space should be paying attention... the apparent benefits of\nBitcoin will vaporize with regulation.\n\n\u003e\u003e Mike Hearn recently posted his threat model, which specifically\n\u003e\u003e argues we should assume governments are not a threat.\n\u003e\n\u003e There are two ways to fight governments:\n\u003e\n\u003e 1. either you become too big to close, so political repercussions\n\u003e become unacceptable\n\nThis is extremely naive. At a minimum, getting popular/successful (and\nregulated) is the formula for regulatory capture.\n\n\u003e 2. or you become too tiny to hunt, in which case you are much better\n\u003e off with a specialized alt-coin, designed specifically for that\n\u003e purpose.\n\nI assume you are referring some marginal and largely irrelevant effort.\n\nFalse dichotomy.\n\n[cross-posted to libbitcoin]\n\n-------------- next part --------------\nA non-text attachment was scrubbed...\nName: signature.asc\nType: application/pgp-signature\nSize: 473 bytes\nDesc: OpenPGP digital signature\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150918/ca1214fd/attachment.sig\u003e"}