US Senators and Their Knowledge of Bitcoin

It's great that the US Senate is getting closer to passing the clarity bill. But shouldn't we also be worried about some of the misleading info coming from certain senators? Like, take Ms. Lummis for example. She mentioned that "Bitcoin gives a woman trying to escape a bad marriage the chance to take her money with her in her head. It also helps people suffering in oppressive situations in other countries carry their wealth in their minds because bitcoin can be memorized." I'm kinda concerned that many of her audience might actually think memorizing their seed phrase is the way to go. We definitely need our own clarity bill to clear up some of these misunderstandings.

They are not entirely wrong though Bitcoin can be memorised though back up is also adviced. And like I said there's nothing wrong with brain wallet has some advantage over other form Especially if it's just one seed phrase. Like I said you can't place all your egg in one basket The clarity bill is to show which crypto assets are commodity or security Not how they should be saved. At least she acknowledged non custodial wallet rather than saying password.

Human brain is so much complex , we can't figure it our how our brains works 100%. Human tends to forget , unless they don't practice those seed phrase regular basis they bound to forget it. On a side note if a person is being tortured I doubt he/she can barely remember these seed phrase. Do not try to this on your life. I barely can remember my password sometimes 🤣 . They are thinking of remembering their whole seed phrase.

I don't remember one time when listening to the advice of a politician was a wise choice. It's amazing how everything they say is just utterly wrong and against the interest of most. I hope she used this phrasing to imply how revolutionary technology Bitcoin is, but she could have used a different phrasing and still make the same point. Relying on your memory for your savings has been proven repeatedly one of the most stupid things to do.

I do not know what is wrong in those statement.  Ms. Lummis just stated a fact.  Bitcoin seed phrases and private keys can be memorized.  And if we are able to memorize this, we can just walk anywhere with money in our heads. And I do not find any problem if all the Bitcoin holders decide to memorize their seed phrase (but obviously I won't, I am too lazy to do such thing when I can just copy and paste, print, or imprint, and put these seed phrases in safe places) Well,  we once had a great female senator here (Philippines) whose lecture is worth keeping.  Sadly, she failed to win the presidency.

Lol, it could have been worded better and there are surely better ways to point out BTC's censorship resistant and free nature than this, but i think we get it. I want to believe she is talking about people leaving 'dangerous' situations that may prevent them from leaving with their backup, so they have to memorize it, and then transfer it to recommended back up options once they are in better conditions. That is the only 'excuse' i can make up for her statement. However, to reiterate the obvious: Never memorize your seed phrase, always back it up on paper and stainless steel for maximum security.

Her actual statement is kind of awkward. What does she mean by women walking out of failed and miserable marriages. So men can't have that too? Why so much concern about females. The statement she used as an example for people most especially her focus was on women is to memorize just seed phrase. First of all, how many people can actually do that memorize 12 or 24 seed phrase. Very few. Honestly, I am more annoyed at her example for making people to adopt bitcoin. Ooh sorry, women to adopt bitcoin. It's just so lame... More over, she will be misleading more women if they don't make research. How many of them will actually do that. 2 to none.... I laugh out loud.

Let me say that if people that is holding bitcoin is 100 about 15% cannot memorize the seed phrase of Bitcoin so it is very difficult for you can see somebody that can have such a brain stored seed phrase so it depend on the individual bring capacity, but in this notion I think about we need to develop train our brain in such a way that you can memorize everything about our wallet security so that in future it will not be forgetable or we may not lost it the way we do lost our document if it is being sucked by flood or burn by fire Outbreak

She is an idiot.  In a divorce the courts generally require everyone to divulge their assets (assuming they are marital property and not separate property - and even then they may have to do so) and she is advocating hiding assets from the courts? Talk about a miserable, uneducated, hack.  I'd add a sexist, one at that.  Bitcoin is great, but using it to hide assets - at least in the US which is her jurisdiction - from the judicial process is a recipe for disaster.  I wonder if she'd feel the same if "women were hiding assets from the MEN at the IRS"? lol

I like the way you reasoned out this scenario, but memorizing seed phrases could be dangerous because once a word is forgotten or misspelled, or under duress torture from invaders who knows you memorized your seed phrases, or once cognitive decline begins to set in due to illness or something far worse, the wallet gets lost forever. Hence why hiding it even after memorizing the seeds phrases is still best option. It's clear also how some people perceive Bitcoin and in whatever way it is viewed, the main point is that owning Bitcoin allows for sovereign ownership and a legislation that assuredly advocates for cryptographic security is a true clarity act, not some jargons that brainless political people in suit come up with in a closed room.

Many politicians only talk about Bitcoin because of their political agenda; they don't really understand how it works. They probably have assistants writing these phrases for them. As for memorizing it, I would only recommend it if it's your only option, since some people can't even remember their phone number, so what can we expect from 12 words? Besides, the brain reconstructs the information you store over time. You might be sure the first word is "x," but it turns out to be the only one you couldn't remember because it was "y," like when you're sure you left your keys somewhere, but it turns out they were always in your hands.

That's possible that someone can memorize their private keys in their heads but it's never been advisable to do that. But if someone is known to do that and they're able to make themselves comfortable doing that, go ahead and keep on memorizing it in their heads although I am not going to do that. These politicians could be all knowing or just trying to be relevant with what they know. Thus, they've got staff to do all of the job and script what to say about the subject matter before going to the public and speak what they have to say.

It's been 17 years since Bitcoin was created and there are still powerful figures who don't have enough knowledge about it. This isn't surprising. I don't think this will affect us because the opinions of the real decision-makers no longer have much impact on the ecosystem. Bitcoin is solid enough on its own. What's the harm if people memorize their seed phrases anyway? What's the downside? Besides, how many people are actually going to do that? I found these statements to be utterly ridiculous and unnecessary. It's as if they're just saying something about Bitcoin to stay in the news. How many people know this Lummis or something? She said something to make a name for herself in the media.

We all know that most politicians usually speak from prepared scripts, they use those words to calm and reassure the public, but when it comes to crypto or bitcoin, many of them hardly have proper knowledge about it. In most cases, they simply follow the script arranged by their party people and deliver the message according to what they were told to say. Personally, I don’t see anything wrong with encouraging people to memorize their seed phrase, but it would have been better if there were more practical examples or better explanations added to it. The human brain do not work the same way all the time, sometimes, even the things we know very well or remember easily can still slip from our mind. That’s why, even though memorizing a seed phrase is good, it’s still important to keep it stored safely in other secure ways too.

On the other hand, I also believe she was talking about how easy it is to just move on from those situations that were pointed out, while knowing that you've got your finance right at your own finger tips. Like a situation where you don't have to start signing too many documents, or visiting banks on scheduled hours just get your own money approved, especially in a desperate/threatening moment. But, that still doesn't justify the statement not being properly constructed, and it's likely to mislead a lot of people. It might have different meaning to those who try to understand the angle she was coming from, but completely false to those that have no clue, which is not wrong either.

I'm not sure in which context did Ms. Lummis make those statements, but if the vast majority of her listeners decided to memorize their seed phrase just because the senator said it's possible, I guess the joke's on them. Again, without hearing her entire speech and knowing the context, which part of the quoted statement of Ms. Lummis is misinformation? Indeed, Bitcoin allows us to resort to desperate measures under desperate circumstances. What Ms. Lummis stated is absolutely true. We can carry our Bitcoin in our heads. We could escape from a war-torn country, dictatorship, prison, and the like with our money without carrying a wallet or even a purse.

She said bitcoin can be memorized though, not should. I see nothing wrong with this. Imagine living under authoritarian government and tyranny, remembering seed phrase won't be rare occurrences. It's just 12-24 words, althought it sounds impossible but human can remember hundreds of mathematical formula.

Memory is fallible, and if someone thinks he can remember twelve or twenty four random words forever, he is asking for trouble if he loses his piece of paper or hardware. Giving false confidence that can result in lost capital. I think that speech is well intentioned, but tips given are very much impractical for common user. Seed phrase should only be used as backup in extreme emergency and not daily storage solution. Clear education along with any new law is sorely needed. However, true clarity is not only about government regulation, but it is also about ensuring that people know how to use their own keys safely and without  use of risky method that could end up harming themselves.

In my opinion, a seed phrase can indeed be memorized. After all, it's just a sequence of 12 English words. 🙋 Should you limit yourself to this method of storing such incredibly important information? Of course not! However, in some cases, I consider this method of storing a seed phrase optimal. And in this regard, Senator Lummis is absolutely right. 💁 To remember your seed phrase, you should, at a minimum, repeat it in your mind every day. It should become a habit (like washing your hands or brushing your teeth). Then you'll have a better chance of remembering your Bitcoin wallet's seed phrase forever. Or, at the very least, you'll minimize the risk of losing this information. Why memorize your seed phrase?  Life is a complex and unpredictable thing... You could end up in jail (I wouldn't wish that on anyone)... Or you might have to urgently flee your country (I wouldn't wish that on anyone either)... Or you could end up in a war zone... Storing your seed phrase on a physical device, unfortunately, may not be secure enough. Any material thing can be destroyed. Imagine you're completely naked and need to flee from danger. If you manage to escape and reach safety, all you'll have left is what's in your head. And if that happens to be your Bitcoin wallet seed phrase, that's a pretty good option, in my opinion!💁

Do not store your recovery seed in your memory, you can forget easily. This is a good example of what happened to that guy that just found his 5 Bitcoin after several years have passed, I couldn't remember his seed phrases again. Like what's happening in South Africa right now, where you can't board a plane with your hardware wallet, I had a talk with my brother yesterday who happened to have a friend over there. The friend said he can try to memorize the seed phrases, I asked what happened to writing it on a bible or a book, he can even write in one word after several or two pages to reduce awareness. There are many ways to go about it, you just got to be smarty.