Replying to Avatar Seth Michael Steele

Great clarification, by institutions I’m talking more of those pushing paper bitcoin than those stacking themselves.

However, the ones who do stack themselves might inadvertently be stacking paper bitcoin by proxy depending on who they custody with and if that custodian is the same third party/exchange we worry about.

This ought to be verifiable on chain, but this isn’t always the case. In scenarios where this isn’t the case, you run the risk of paper bitcoin.

I do like your decentralized pricing method though. I haven’t thought about that route often, rabbit hole time 😂
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hongumart 10mo ago

Ah ok. So are you talking about people trading bitcoin outside of exchanges and not physically moving the bitcoin on chain?

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Seth Michael Steele 10mo ago

I think any bitcoin I don’t hold the keys to might be paper. If I leave coins on Coinbase, I trust Coinbase. If I have ETFs, I trust Coinbase Prime and Fidelity. If I hold strategy, I trust Coinbase Prime and Fidelity.

This is the cycle of 4th party risks. The custodial entanglement can only be compared to the lines drawn on my conspiracy board.

ITS ALL CONNECTED😂

But, I don’t know who to blame because it’s a result of centralization and complacency.