GM ☀️

The Great Taking left a strong impression on me. If you haven’t read it yet, it’s a must.

The quick TLDR from the book is that all assets worldwide are legally considered liabilities for the custodians. And if/when the custodian fails, the customers (i.e. you) become the unsecured creditor. That means you are the last one to be made whole after the secured creditors get their money. And who are the secured creditors? The fed/central banks. They literally own all the custodial assets in the world.

I love bitcoin and I believe it will succeed. But I’d be lying if I said I never had any fears about something going wrong. A critical bug or centralization of mining could severely damage the bitcoin network. The odds of bitcoin failing are low but not 0. This has led me to question if I should diversify my assets. But why would someone want to become an unsecured creditor? Going all in on bitcoin seems less risky than being an unsecured creditor in this economic nightmare we are living in today.