Do you have your keys safe on something that can not get erased or burnt up in a fire.
If not, why not? How much will you lose?
Imagine you seeing a bitcoin investor holding is asset on a non-custodial wallet and still can afford to get a secured wallet or take the necessary safety measures over his asset, then what comes to mind is that what will it take him commit to getting what well secure his assets than the risk he stands to take and end up losing everything.
But i see people taking the same kinds of risks every single day, they have zero common sense.
I race motorcycles, and i can not tell you how many times i see people, they'll spend 4 grand on the newest whizz bang for their bike, but when you ask them to spend some money on safety gear, they cringe, whine and get the cheapest shit possible. It's like ok so you spend 20 grand on a bike, but when it comes to getting the stuff that will keep you alive on that bike, you are going for the cheapest that'll get you on the track?? It's simply mind boggling how people think sometimes.
Aaron
How many billions of dollars will just disappear, be orphaned, because it's now irrecoverable?
Bitcoin is not stored within the private key itself, so it doesn't simply disappera. However, if you mean an EMP that simultaneously destroys all electronic devices worldwide (including the all nodes), that is a different story.
The notion of losing billions of dollars irretrievably needs to be qualified, as that could simply refer to a market scenario involving a drop in capitalization.
if you take the time to read, I said they'd lose it because they lost their keys and can't open the wallet anymore to get to it.
aaron
It wouldn't be as simple as that, and i promise you that you wouldn't worry about your BTC if it happens, but to live through it. We're not just talking about the loss of 'a ton of electronics', but the power grids would go too, so no electricity, and EVERYTHING that's powered through it, no water too and a lot of other things necessary for survival. You'd gladly trade all your BTC's for food, water and power if it ever happens, wouldn't you.
We have had many discussions like this in the past, especially about what would happen to Bitcoin if the internet disappeared. To me, these are somewhat unrealistic scenarios to focus our minds on. The chances of such a huge event affecting the world are very slim. And like you said, if something like that ever happened, I don't think anyone would even be worried about their BTC. It would probably be the last thing on your mind while trying to figure out how to survive and get through the situation.
I normally don't like these kinds of discussions because they are difficult to relate to real life experience.
then don't participate if you don't like this type of discussion, it's really simple.
Aaron
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