Damus
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Norseone
@norseone
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Relays (9)
  • wss://relay.damus.io – read & write
  • wss://nostr.orangepill.dev – read & write
  • wss://nos.lol – read & write
  • wss://relay.snort.social – read & write
  • wss://eden.nostr.land – read & write
  • wss://relay.current.fyi – read & write
  • wss://brb.io – read & write
  • wss://auth.nostr1.com – read & write
  • wss://relay.0xchat.com – read & write

Recent Notes

Norseone profile picture
Rather than purchasing fireworks for this New Year's Eve, consider investing in Bitcoin. The ephemeral nature of fireworks contrasts starkly with the enduring value of Bitcoin which has demonstrated a consistent increase in worth over the years.
Lyn Alden · 134w
A steelman argument is the opposite of a strawman argument. It's where you imagine the best possible argument from your opposing side (sometimes even better than they themselves can articulate it), an...
 Norseone profile picture
Norseone @norseone
Steelman argument for the first point:

That is a valid concern and reflects the reality of the regulatory risks associated with cryptocurrencies like Bitcoin. However, one of Bitcoin's key strengths lies in its decentralized and global nature. The enforcement of a ban by one or even several governments would not make it vanish, as there would still be other nations that accept and use Bitcoin. Moreover, significant countries banning Bitcoin could potentially drive innovation in more privacy-centric cryptocurrencies and in decentralized exchanges. Lastly, Bitcoin's scarcity and non-confiscability give it a distinct advantage over government-issued digital currencies, which are more likely to be inflationary and subject to control.

Steelman argument for the second point:

You're right to highlight the potential risk quantum computing poses to Bitcoin's security. Current cryptographic standards are indeed vulnerable to quantum attacks. However, the Bitcoin community is aware of these risks, and there are active research and development efforts to implement post-quantum cryptographic algorithms when the threat becomes imminent. It's important to remember that a functional quantum computer capable of breaking Bitcoin's encryption is still considered to be a significant time away, which gives the community ample time to adapt. Additionally, quantum computing also poses a threat to all systems that rely on modern cryptography, not just Bitcoin, which makes it a broader technological issue.
Norseone profile picture
Utilizing SingleSig with a passphrase allows you to maintain all your critical data, like the mnemonic/seed, passphrase, and master fingerprint, on steel backups. These can be safely stored in different physical locations. This method assures a high level of security by physically separating key information.

On the other hand, the MultiSig approach offers another layer of protection but also necessitates digital storage of each wallet's XPUBS and derivation paths. This implies slightly more complexity and a potential increase in vulnerability due to the need for digital storage. This setup could involve utilizing multiple hardware wallets, adding another level of complexity.

Remember, there's no 'one-size-fits-all' solution when it comes to security. Each user has to weigh their comfort level with technology against their need for security. For those who are unsure, using SingleSig combined with a passphrase that offers an entropy of at least 85 bits can be a reasonable and manageable choice. It provides a good balance between security and ease of use, making it an acceptable solution for most users.