Quoting mmalmi@cc.hut.fi:
Oh I see, you’re trying to address byronm’s concern on freedomainradio. I see what you mean about the password feature being useful to address that argument. Banks let anyone who has your name and account number drain your account, and you’re not going to get it back from Nigeria. If someone installs a keylogger on your computer, they could just as easily get your bank password and transfer money out of your account. Once we password encrypt the wallet, we’ll be able to make a clearer case that we’re much more secure than banks. We use strong encryption, while banks still let anyone who has your account info draw money from your account.
Well, I guess that’s true after all.
…the difference being, though, that not everyone can easily transfer
their regular bank money into an uncontrollable location. In bitcoin
anyone can do it.
Source: Published by Martti Malmi on GitHub in February 2024 as part of his testimony in the COPA v. Wright trial. The full correspondence archive is available at mmalmi.github.io/satoshi/.