btcschellingpt on Nostr: #Bitcoin is yours when, and ONLY when, you control the keys Ipso facto, wallets ...
#Bitcoin is yours when, and ONLY when, you control the keys
Ipso facto, wallets controlled by others, whether or not they are wrapped in some level of shiny legal recognition, *cannot* hold YOUR bitcoin; they are custodians and you hold a (hopefully redeemable) IOU at best
Bitcoin's history, and the general crypto-scene more broadly, has a litany of failures, theft and outright exit-scam frauds that have driven this harsh lesson home over the last decade
The fantasy of regulated custodians for bitcoin is just that .. a fantasy. Prime Trust in the US is a classic example of a regulated custodian that imploded through .. let's call it .. mismanagement. This is important to understand as Bitcoin is absolutely scarce - so there can never be a backer-of-last-resort to bailout incompetence, fraud and outright theft
Others, by definition, cannot hold your #bitcoin for you
Reject the messaging that Bitcoin is safe with anyone else
#Bitcoin is yours when, and ONLY when, you control the keys
Published at
2024-04-26 02:00:58Event JSON
{
"id": "d5e276f407a375a3bc8e8c9a6b66c3a19e1f78a87fd8c3cffcf9d59a76b1b3c5",
"pubkey": "9b12847f3d28bf8850ebc03f8d495a1ae8f9a2c86dbda295c90556619a3ee831",
"created_at": 1714096858,
"kind": 1,
"tags": [
[
"t",
"Bitcoin"
],
[
"t",
"bitcoin"
],
[
"t",
"Bitcoin"
]
],
"content": "#Bitcoin is yours when, and ONLY when, you control the keys\n\nIpso facto, wallets controlled by others, whether or not they are wrapped in some level of shiny legal recognition, *cannot* hold YOUR bitcoin; they are custodians and you hold a (hopefully redeemable) IOU at best\n\nBitcoin's history, and the general crypto-scene more broadly, has a litany of failures, theft and outright exit-scam frauds that have driven this harsh lesson home over the last decade\n\nThe fantasy of regulated custodians for bitcoin is just that .. a fantasy. Prime Trust in the US is a classic example of a regulated custodian that imploded through .. let's call it .. mismanagement. This is important to understand as Bitcoin is absolutely scarce - so there can never be a backer-of-last-resort to bailout incompetence, fraud and outright theft\n\nOthers, by definition, cannot hold your #bitcoin for you\n\nReject the messaging that Bitcoin is safe with anyone else\n\n#Bitcoin is yours when, and ONLY when, you control the keys\nhttps://m.primal.net/Hzxq.jpg ",
"sig": "93bf983b790ea46136eea21c904797f4a74dbd4afdce69f8499b20e5c6dc11059234ca4d4ca0f34f7d8c1511192a49deb65fd2b3d3536fa2f0b598a3efd43b37"
}
