The simple analogy for you is to imagine a wall of safe deposit boxes that are locked using a key.
The safe-deposit box is the bitcoin address or rather the locking script.
The private key or unlocking process is the key to the safe-deposit box. Some safe-deposit boxes use multiple keys.
Each safe-deposit box works like a night deposit box. Any person can send money into the box. That deposit is made in an envelope that contains a defined number of indivisible tokens. Each token is one Satoshi. There is no such thing as ½ Satoshi.
If you lose a key to a safe-deposit box, you can still gain access even if it’s a Swiss safe-deposit box. This requires not having a key to prove your identity but rather having other things to prove your identity. The thing people seem to be missing is that keys don’t prove identity. Keys aren’t ownership. Holding the key to your car doesn’t mean that you own the car; the ownership rights may allow you to use the key that they are not the other way round.
Safe-deposit boxes can be drilled.
Bitcoin addresses can be reassigned. The tokens can be reassigned. Just as individuals such as Peter Todd said bitcoin from Satoshi would be burnt, it can be reassigned. This is not a community vote. It never was. There is no democracy in bitcoin. More importantly, they cannot be a democracy in bitcoin. Bitcoin countered Sybil attack. It did not build in demagoguery.
If all that mattered to me was keeping my money, I wouldn’t be saying this. For instance, the court can order bitcoin addresses to be reallocated.
More importantly, there is around 2 million bitcoin to be mined. These still belong to me technically. The question I’ve been asked in court is how many bitcoin did you mine. The answer to that one is practically none. If you ask me alternatively how many bitcoin did the company that I founded and ran mine in 2009, that is a far larger answer. The company I set up in 2009 was registered in Australia. That company had a share registry and it was started in January 2009 not only to mine bitcoin but to build on the system.
The difficulty is that people keep asking the wrong questions. The question is not how many bitcoin did you mine. It is how many bitcoin did your company or any company you own mine in 2009 and 2010. This
CSW
Sep 21, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1632212057386400?thread_ts=1632212057.386400&cid=C5131HKFX
https://t.me/CSW_Slack/3026
The safe-deposit box is the bitcoin address or rather the locking script.
The private key or unlocking process is the key to the safe-deposit box. Some safe-deposit boxes use multiple keys.
Each safe-deposit box works like a night deposit box. Any person can send money into the box. That deposit is made in an envelope that contains a defined number of indivisible tokens. Each token is one Satoshi. There is no such thing as ½ Satoshi.
If you lose a key to a safe-deposit box, you can still gain access even if it’s a Swiss safe-deposit box. This requires not having a key to prove your identity but rather having other things to prove your identity. The thing people seem to be missing is that keys don’t prove identity. Keys aren’t ownership. Holding the key to your car doesn’t mean that you own the car; the ownership rights may allow you to use the key that they are not the other way round.
Safe-deposit boxes can be drilled.
Bitcoin addresses can be reassigned. The tokens can be reassigned. Just as individuals such as Peter Todd said bitcoin from Satoshi would be burnt, it can be reassigned. This is not a community vote. It never was. There is no democracy in bitcoin. More importantly, they cannot be a democracy in bitcoin. Bitcoin countered Sybil attack. It did not build in demagoguery.
If all that mattered to me was keeping my money, I wouldn’t be saying this. For instance, the court can order bitcoin addresses to be reallocated.
More importantly, there is around 2 million bitcoin to be mined. These still belong to me technically. The question I’ve been asked in court is how many bitcoin did you mine. The answer to that one is practically none. If you ask me alternatively how many bitcoin did the company that I founded and ran mine in 2009, that is a far larger answer. The company I set up in 2009 was registered in Australia. That company had a share registry and it was started in January 2009 not only to mine bitcoin but to build on the system.
The difficulty is that people keep asking the wrong questions. The question is not how many bitcoin did you mine. It is how many bitcoin did your company or any company you own mine in 2009 and 2010. This
CSW
Sep 21, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1632212057386400?thread_ts=1632212057.386400&cid=C5131HKFX
https://t.me/CSW_Slack/3026
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