I have been DCA with Swan for over two years. I started another DCA with Coinbits. In May/June time frame Swan pulls out of Prime and moves to Fortress, yet Coinbits does not. The bitcoin from Swan on PRIME was moved to Fortress and I was able to self custody it. My bitcoin at Coinbits is locked and I can’t move it. Is it lost forever?
A "recovery option" introduces a centralized authority that has total control over who gets to own Bitcoin. This is completely antithetical to Bitcoin, which is all about uncensorable property rights.
The miner nodes and user nodes distinction is crucial to understanding Bitcoin. It is also why BCH failed to commandeer Bitcoin in 2017. I would recommend reading "The Blocksize War" in order to understand these dynamics.
And to answer your question at the beginning of your comment, in that case, the miners would have to implement a hard fork in order to implement that recovery method. When user nodes do not adopt that hard fork because it is not in their interest to do so (as was the case with BCH), the miners have recovery power over their hard fork that nobody recognizes or uses, but do not have power over the original Bitcoin which everyone still uses.
That doesn't burst my bubble at all? That sounds like programmable instructions for management of assets that an entity has ownership and control of.
But if you're talking about seizing coins that other people are holding... that would be a contentious hardfork that no user nodes would agree to. (Why would they grant authority to allow their coins to be seized?) That is exactly what the design of Bitcoin prevents.
And it doesn't matter if the majority of miners are onboard (I doubt they are). BCH had the overwhelming support of miners, but nodes rejected it... a few years later, BCH is all but worthless.
Except, as I understand it, no third party has extra privileges or amin rights to direct bitcoin without the key that controls it at the address on the ledger. So once the key is lost no one can move it. It is one of the great things about bitcoin and what gives you freedom and protection from discrimination or gatekeepers. At the same time it gives you responsibility.
Perfectly said, Brian. There will never be a solution for "lost" Bitcoin recovery, because there is nobody with the authority to impose that jarring and hugely problematic change on existing Bitcoin holders.
I have been DCA with Swan for over two years. I started another DCA with Coinbits. In May/June time frame Swan pulls out of Prime and moves to Fortress, yet Coinbits does not. The bitcoin from Swan on PRIME was moved to Fortress and I was able to self custody it. My bitcoin at Coinbits is locked and I can’t move it. Is it lost forever?
A "recovery option" introduces a centralized authority that has total control over who gets to own Bitcoin. This is completely antithetical to Bitcoin, which is all about uncensorable property rights.
The miner nodes and user nodes distinction is crucial to understanding Bitcoin. It is also why BCH failed to commandeer Bitcoin in 2017. I would recommend reading "The Blocksize War" in order to understand these dynamics.
And to answer your question at the beginning of your comment, in that case, the miners would have to implement a hard fork in order to implement that recovery method. When user nodes do not adopt that hard fork because it is not in their interest to do so (as was the case with BCH), the miners have recovery power over their hard fork that nobody recognizes or uses, but do not have power over the original Bitcoin which everyone still uses.
That doesn't burst my bubble at all? That sounds like programmable instructions for management of assets that an entity has ownership and control of.
But if you're talking about seizing coins that other people are holding... that would be a contentious hardfork that no user nodes would agree to. (Why would they grant authority to allow their coins to be seized?) That is exactly what the design of Bitcoin prevents.
And it doesn't matter if the majority of miners are onboard (I doubt they are). BCH had the overwhelming support of miners, but nodes rejected it... a few years later, BCH is all but worthless.
Except, as I understand it, no third party has extra privileges or amin rights to direct bitcoin without the key that controls it at the address on the ledger. So once the key is lost no one can move it. It is one of the great things about bitcoin and what gives you freedom and protection from discrimination or gatekeepers. At the same time it gives you responsibility.
Perfectly said, Brian. There will never be a solution for "lost" Bitcoin recovery, because there is nobody with the authority to impose that jarring and hugely problematic change on existing Bitcoin holders.