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I am more worried about confiscation from government or money that can be stolen or lost. Is there any crypto currency that cannot be stolen by third-party and

I am more worried about confiscation from government or money that can be stolen or lost. Is there any crypto currency that cannot be stolen by third-party and only myself is able to access/transfer?

dns_snek 2y ago
That's any cryptocurrency by its very definition.
- npoc 2y ago
  Not unless it's truly decentralised.
npoc 2y ago
Yes, bitcoin. Bitcoin is the only truly decentralised digital asset that governments can't control or stop. You can self-custody it by keeping 12 words secret. You can even add multiple passphrases so that you can split the "keys" to your bitcoin across multiple locations with plausible deniability that the passphrases even exist. The options are endless. You can store your 12-word mnemonic in the physical domain, and the passphrase(s) in the digital domain. You can even store it in your head if you like (12 short words are surprisingly easy to remember)
- akimbostrawman 2y ago
  How can btc be the "only truly decentralized" when its impossible for the average person to be part of that network in a meaningful way without a warehouse of ASICS? Meanwhile superior alternatives like monero can actually be supported and acquired with everyday hardware because they actually preventing centralization by being ASIC resistant. BTC is also a very poor choice to be used private and anonymous because every transactions is tracable forever by design, again unlike monero.
  - TiredOfLife 2y ago
    You can run a shallow bitcoin node. You run it once every couple months let it catch up. Do your transactions and close
    - akimbostrawman 2y ago
      That does not change or mitigate the centralization of the mining power to ASIC farms
  - npoc 2y ago
    I run a full node with a Raspberry Pi 4 and a 1GB USB drive. The node you connect to defines bitcoin, not the miners. If you want to mine, you can do that with a single ASIC and join a pool. The main obstacle is finding free/cheap energy, and the beautiful thing about bitcoin is that demand-based price of said energy automatically repels miners from each other geographically.
    - akimbostrawman 2y ago
      The point is that the control of the computing is done by Centralized ASIC mining farms not individuals
      - npoc 2y ago
        Incorrect. The nodes control the miners. If miners don't mine according to the wishes of the node operator, their blocks are rejected. This was demonstrated in the block-size wars.
        akimbostrawman 2y ago
        And those miners are owned by a disproportionately smaller number using ASCI farms unobtainable by most owner/user which is the opposite of being decentralized. You seem to be spinning in a circle

I am more worried about confiscation from government or money that can be stolen or lost. Is there any crypto currency that cannot be stolen by third-party and only myself is able to access/transfer?

dns_snek 2y ago

That's any cryptocurrency by its very definition.

npoc 2y ago
Not unless it's truly decentralised.

npoc 2y ago

Yes, bitcoin. Bitcoin is the only truly decentralised digital asset that governments can't control or stop. You can self-custody it by keeping 12 words secret. You can even add multiple passphrases so that you can split the "keys" to your bitcoin across multiple locations with plausible deniability that the passphrases even exist. The options are endless. You can store your 12-word mnemonic in the physical domain, and the passphrase(s) in the digital domain. You can even store it in your head if you like (12 short words are surprisingly easy to remember)

akimbostrawman 2y ago
How can btc be the "only truly decentralized" when its impossible for the average person to be part of that network in a meaningful way without a warehouse of ASICS? Meanwhile superior alternatives like monero can actually be supported and acquired with everyday hardware because they actually preventing centralization by being ASIC resistant. BTC is also a very poor choice to be used private and anonymous because every transactions is tracable forever by design, again unlike monero.
- TiredOfLife 2y ago
  You can run a shallow bitcoin node. You run it once every couple months let it catch up. Do your transactions and close
  - akimbostrawman 2y ago
    That does not change or mitigate the centralization of the mining power to ASIC farms
- npoc 2y ago
  I run a full node with a Raspberry Pi 4 and a 1GB USB drive. The node you connect to defines bitcoin, not the miners. If you want to mine, you can do that with a single ASIC and join a pool. The main obstacle is finding free/cheap energy, and the beautiful thing about bitcoin is that demand-based price of said energy automatically repels miners from each other geographically.
  - akimbostrawman 2y ago
    The point is that the control of the computing is done by Centralized ASIC mining farms not individuals
    - npoc 2y ago
      Incorrect. The nodes control the miners. If miners don't mine according to the wishes of the node operator, their blocks are rejected. This was demonstrated in the block-size wars.
      - akimbostrawman 2y ago
        And those miners are owned by a disproportionately smaller number using ASCI farms unobtainable by most owner/user which is the opposite of being decentralized. You seem to be spinning in a circle