Bitcoin addresses are not designed in the same form as PGP keys. There is a lot of cypherpunk mentality that has seeped into my invention. People argue this online and social media to demonstrate the ownership principles of possession created by cyberpunks and criminals. However, this was not how bitcoin is designed.
The same goes for issues such as paper wallet and keys.
The answer to much of this is very simple.
I was not the owner of 1Feex… Rather, as I’ve stated a corporation is the owner of the tokens held in that address. Note how I have said that. Not the company owns the address but rather the company owns the tokens. Addresses should not be reused and when I bought it; it wasn’t that valuable. The transfer was done to a single address. That was how I received it. I received from a third-party and did so for valid consideration.
When I received it, I recorded it on my tax for my company. Not mine personally but, the trust had a couple entities in Australia that linked to it and managed the trust and the Seychelles company.
When you are holding assets for a corporation, you have a fiduciary duty. The duty is not to protect the address but rather the tokens. The transfer of that amount was kept in a paper wallet for years. However, paper wallet can easily be lost or damaged. They can fade even when stored in a safe deposit box. Yes there are alternatives now based on metal and all sorts of other things but even safe-deposit boxes can get damaged. In moving this into a digital format the idea is not to protect the address but rather to protect the contents.
The address is not valuable, the tokens are.
People need to stop thinking cypherpunk PGP mentality and understand that bitcoin is not analogous to these and that the system described in the whitepaper is not similar in any way to PGP.
CSW
Feb 6, 2022
https://metanet-icu.slack.com/archives/C5131HKFX/p1644139009928599
https://t.me/CSW_Slack/3928
The same goes for issues such as paper wallet and keys.
The answer to much of this is very simple.
I was not the owner of 1Feex… Rather, as I’ve stated a corporation is the owner of the tokens held in that address. Note how I have said that. Not the company owns the address but rather the company owns the tokens. Addresses should not be reused and when I bought it; it wasn’t that valuable. The transfer was done to a single address. That was how I received it. I received from a third-party and did so for valid consideration.
When I received it, I recorded it on my tax for my company. Not mine personally but, the trust had a couple entities in Australia that linked to it and managed the trust and the Seychelles company.
When you are holding assets for a corporation, you have a fiduciary duty. The duty is not to protect the address but rather the tokens. The transfer of that amount was kept in a paper wallet for years. However, paper wallet can easily be lost or damaged. They can fade even when stored in a safe deposit box. Yes there are alternatives now based on metal and all sorts of other things but even safe-deposit boxes can get damaged. In moving this into a digital format the idea is not to protect the address but rather to protect the contents.
The address is not valuable, the tokens are.
People need to stop thinking cypherpunk PGP mentality and understand that bitcoin is not analogous to these and that the system described in the whitepaper is not similar in any way to PGP.
CSW
Feb 6, 2022
https://metanet-icu.slack.com/archives/C5131HKFX/p1644139009928599
https://t.me/CSW_Slack/3928
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