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Maximalist FRI JUL 17 · $840M DORMANT BTC · 2 GUESSES LEFT
EIGHT HUNDRED FORTY MILLION HANGS ON TWO PASSWORD GUESSES — SELF-CUSTODY IS SOVEREIGNTY OR IT ISN’T.
A hardware wallet holding roughly $840 million in Bitcoin is down to two password attempts before it wipes itself forever. This is not a joke story. It is what self-custody looks like when the stack gets large enough for the security discipline to be the thesis. The Maximalist read does not celebrate the loss or dunk on the person holding the seed. It uses the reminder. The trade-off in self-custody is real: no counterparty risk, and no counterparty to bail you out. That is the deal. The Yazbeck/Bitcoin Way discipline — multi-sig, geographically distributed backups, seed rotation, hardware-wallet redundancy — is the answer to this story, not an over-reaction to it. If you own enough of the hardest money that a single point of failure gates eight figures, you have crossed the line where the security stack becomes a fiduciary responsibility. Multi-sig is not paranoia. It is what the Maximalist tier actually does. Two guesses left is a story. It should also be a lesson.
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news.bitcoin.com · jul 17 05:30 ET
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