/biz/ - Business & Finance

[Anonymous No.9702705]

Uoren Bafetto was examining the Bitcoin marketplace with his disciples. It was his way to take any situation and use it as a teaching moment. A man was struggling to store his private keys in a hardware wallet. Uoren said, "Wait. Observe this man and his wallet, and I will teach you."

The students circled the man, and Uoren asked his disciples, "Who is bound to whom? Are the private keys bound to this man or is this man bound to the private keys?" Of course, the disciples said "The private keys are bound to the man. The man is the master, he is holding the wallet, and he can use the keys whenever he needs. He is the master and the keys are his property."
And Uoren said, "Now, see." He took the wallet and smashed it repeatedly under his boot. The man freaked out, snd called his wife to say he had lost their life savings, and posted on Reddit that he had been compromised and needed someone to help him get his Bitcoins back.

Uoren said, "Now look at what has happened. Now you see who is the master; the wallet does not care about the man, and his private keys are lost forever." And the man was very angry and said "What kind of experiment is this?" But Uoren said to him and his disciples, "And this is the case with your minds."

The disciples all nodded and the man asked if he could join Bafetto's monestary.