A Twitter user made the observation that widespread acceptance of Bitcoin is a pipe dream if a renowned Bitcoin creator can’t keep his wallet secure.
The crypto world is baffled as to how “normal people” might be successful at securing their Bitcoin in light of one of Bitcoin’s early core engineers alleging that his balance was stolen by a hacker.
Luke Dashjr claimed in a recent post that some suspected attackers had gained access to his Pretty Good Privacy (PGP) key, which comes from an encryption application that generates cryptographic authentication.
Concerns over how a developer of the Bitcoin core who is renowned for being security-conscious may be compromised were expressed by members of the cryptocurrency community. According to others, this makes it challenging for regular people to embrace or secure their Bitcoin.
A Twitter user expressed dismay at the revelation in a message, saying that “there’s little hope for most” and that few would be able to assist the developer. As they tweeted:
Others in the neighbourhood agreed and emphasised that their grandmother would not be a “no nope” if it happened to Dashjr. Mass adoption was also discussed by a Twitter user. They consider mass adoption to be a “pipe dream” if a renowned Bitcoin creator can’t keep his wallet secure.
Namcios, a Bitcoin analyst, thinks that these opinions do not accurately reflect the reality of the situation. The expert emphasised that even though Dashjr has a thorough understanding of Bitcoin, he is still human and can make mistakes.
Additionally, Binance CEO Changpeng Zhao responded to Dashjr’s Twitter thread in which the developer asked if there was anything the cryptocurrency exchange could be doing to assist. Zhao further guaranteed that their security team will keep an eye on the assets and block any Bitcoin deposits to their cryptocurrency exchange.
The CEO of Binance advised against self-custody on November 14 since mistakes may be “extremely costly.” Self-custody, according to Zhao, is an essential human right, and the community should take care to implement it properly. Along with Zhao, Michael Saylor, the chairman of MicroStrategy, spoke about the benefits of self-custody in the wake of the FTX collapse. Saylor claimed that in a system without self-custody, caretakers “accumulate too much power.”