RICHARD FERNANDEZ: Reinventing the Root of All Evil.

The migration of ID and money into the network accomplishes an extraordinary thing. It promises to protect the public from bad players but leaves everyone potentially vulnerable to a perverse playing field run by the Big Guys. The saga of Sam Bankman-Fried may be over, but the story of the system he was advocating is not. Despite our desire to virtualize everything the physical still has its place in the world. One of the enduring problems facing all cryptographically protected digital assets is the five dollar wrench attack, so named after the hypothetical heavy who threatens to beat you with a 5 buck wrench unless you tell him the PIN to your cold wallet. That’s why totalitarianism plus digital assets equals less money in the bank than you think. We have not yet invented a way to banish men from the loop.

https://twitter.com/JamesMelville/status/1597282329181159425

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