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zeekay
abf99d05fc
Restructured from flat .tex/.pdf files into per-paper subdirectories. Added Antje Worring as co-author on all papers. Synced PDFs to pdfs/ for download site.
18 lines
762 B
TeX
18 lines
762 B
TeX
\section{The Centralization Problem: 2022 to 2026}
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The 2022 paper catalogued exchange hacks totaling \$40B+ in
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stolen BTC. The thesis---that centralized custody is the root
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vulnerability---remains valid. Since 2022, the collapse of FTX
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(November 2022, \$8B+ in customer losses) dramatically reinforced
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this point.
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Lux's answer is unchanged: non-custodial MPC wallets where the
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user holds one key share, the platform co-signs after compliance,
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and a cold backup enables recovery. No single party can move funds
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unilaterally. The PostgreSQL ledger is source of truth for trade
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matching; the chain is source of truth for settlement. If the chain
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goes down, trades continue; settlement catches up.
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%% ============================================================
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