" . . . real question is not trusted vs trustless. It's how many independent things have to go wrong before you lose money.
@Matt Corallo said it in one sentence. Run the same software, suffer the same bugs.
Think about what actually happened. Liquid was an 11-of-15 multisig. Fifteen independent signers. No keys were compromised. Nevertheless, eleven honest signers approved a withdrawal that emptied 95% of the reserves, because every one of them was running the same code, and the code had the same bug.
A few weeks before that, one firmware flaw swept thousands of Coldcard cold wallets. Different product, same lesson from the other side.
Before anything else, none of this is abstract. Coldcard victims lost savings they stacked over years. LBTC holders woke up to frozen funds through no fault of their own. And anyone who has ever shipped code that holds other people's money can and should empathise with the engineers at Blockstream. I do. . . ."
And Eve span
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