The Bitcoin Strategic reserve, will other countries follow the US steps?

[omori]

Do you know that ByBit's system is designed to be so strong that it is also anti-hacking?
But see this news:
https://www.ibtimes.com/bybit-hack-how-14b-exploit-happened-funds-recovered-whos-responsible-3764817
That means a solid project like ByBit also experienced the effects of hacking by irresponsible Hackers and they named it Lazarus.

If Bitcoin becomes a reserve fund in a country, then it is certain that the country will be targeted by hackers to steal its Bitcoin. I think this is not a taboo but hackers are indeed specialists in stealing, regardless of whether it is from a private company or a country because what is important is what is being sought after is Bitcoin.

Maybe you are right, but we don't know whether it was via human nature the mistake was made or it was only a matter of tech being broken apart to open the vaults through, so to speak, the details will be, of course, not disclosed.

I saw the fact that they just broke into the dev's machine and injected some code there, so..

[erus]

Do you know that ByBit's system is designed to be so strong that it is also anti-hacking?
But see this news:
https://www.ibtimes.com/bybit-hack-how-14b-exploit-happened-funds-recovered-whos-responsible-3764817
That means a solid project like ByBit also experienced the effects of hacking by irresponsible Hackers and they named it Lazarus.

If Bitcoin becomes a reserve fund in a country, then it is certain that the country will be targeted by hackers to steal its Bitcoin. I think this is not a taboo but hackers are indeed specialists in stealing, regardless of whether it is from a private company or a country because what is important is what is being sought after is Bitcoin.

~snip~
I saw the fact that they just broke into the dev's machine and injected some code there, so..

So, so what?
So what do you mean?

The US should be ready with extra security for its Bitcoin assets as a backup because what you said above is a small example of hackers being able to steal Bitcoin easily from ByBit exchange.
I don't really know how "broke into the dev's machine and injected some code" works because my basic is not from a Hacker but with this incident it proves that a country's security is at stake if it uses Bitcoin as a reserve fund.

[Findingnemo]

Most likely, yeah. And governments already started accumulating bitcoin after realizing that there is no way to stop them from becoming the real so we see reserves and also Russia, India and China seems to be using cryptos for the oil trades due to the sanctions so it's already happening so it will take few more years for other countries to find out the utility.

[dave_strider]

Most likely, yeah. And governments already started accumulating bitcoin after realizing that there is no way to stop them from becoming the real so we see reserves and also Russia, India and China seems to be using cryptos for the oil trades due to the sanctions so it's already happening so it will take few more years for other countries to find out the utility.

In the future decades - yeah, it may be the case.
For now, they all see it as a store of value to use.

[bhadz]

In the future decades - yeah, it may be the case.
For now, they all see it as a store of value to use.

That's what Bitcoin is now, it's an asset and a store of value that everyone needs to have for their future plans. If the other countries see this example from the US as a lucrative idea then they are also going to follow. Most of them holds US dollar as their reserve together with gold and that's how they respect each of USA's move and from there, it is just a matter of time until we see them take their respective actions too towards Bitcoin adoption.

[electronicash]

In the future decades - yeah, it may be the case.
For now, they all see it as a store of value to use.

That's what Bitcoin is now, it's an asset and a store of value that everyone needs to have for their future plans. If the other countries see this example from the US as a lucrative idea then they are also going to follow. Most of them holds US dollar as their reserve together with gold and that's how they respect each of USA's move and from there, it is just a matter of time until we see them take their respective actions too towards Bitcoin adoption.

other countries may be skeptical in adopting BTC as strategic reserves, they know Gold is more appropriate in this. and this could be a trap from US since their gold is still in custody by US.

they will be asking what will happen to the gold now if they are going to accept BTC as strategic reserves?  will the US government ever return their gold?

until there is no real proof who owns the BTC of satoshi, they are going to be skeptical. if satoshi is a government entity, then that country have the advantage.

[snowpega]

Many people has spoken about how unreliable some politicians may be, but we might have seen and acknowledged the efforts of president Donald Trump, his vocal about bitcoin, and his planned to establish a Bitcoin strategic reserve, and now it has been implemented.
Now, with the strategic reserve implemented in the US, do we expect other nations to follow the US steps? I have a filling that many nations are skeptic of the potential of Bitcoin against Fiats, hence many are not saying any thing or speak out about the benefits of the Bitcoin strategic reserves. There seems to be too many protection against fiat in some countries, probably there may be Bitcoin Dominance factors against many Fiats or may be some political leaders in other parts of the world lact any knowledge of Bitcoin or the blockchain. What do you think?

Well, mate, we all know that El Salvador was the first country who accepted Bitcoin as a national reserve, and after that, the US also accepted it as its national reserve, and if I talk about my country, where Bitcoin was not a legal currency, and now there is a legal bill that has passed in the assembly of Pakistan to legalize it in the country. This happens after America accepted it as their national reserve, and many others will so. Other than that, America has the big capital to invest in the market, so others have to follow their steps.

We have seen recently Russia using crypto for the payment purposes of their international trades, so, its a big positive sign for the crypto space for its future growth.