[voakbasda]

The main problem with the “key escrow” scenario is that the government can access your private key, so this solution is still not meaningfully secure. What do you think is more likely: that this new institution will be magically invulnerable? Or perhaps you will have just created an irresistibly valuable target for social engineers and hackers that inevitably will fall?

[ajhurliman]

Not magically invulnerable, just a lot less vulnerable than a plain text 9 digit number that you hand out to hundreds of people over your lifetime.