Subnostr

This article made me think. I agree with the premise that not enough people will have self custody.

I’m wondering if that is inevitable. True self custody can only occur on the base chain (L1). Rising fees on the base chain will force most holders to L2.

Human psychology will also push people into custodian solutions. People prefer convenience and are scared of personal responsibility.

At the moment, I don’t see any alternative other than federated / collaborative custody solutions for most people.

We should focus on making those solutions the best we can, private secure and decentralized.

What do you think?

https://bitcoinmagazine.com/culture/bitcoin-cannot-reach-the-world-if-it-doesnt-change

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Discussion

Disturbia 2y ago

have you tried app.tor.us

it is a unique web3 web2 blend but sadly it only focus on evm for now

techfeudalist 2y ago

No, haven’t tried it. I’m focused completely on bitcoin now. I went pretty far down the rabbit hole with ETH and other technologies ( I think most techies do) but I eventually realized that all roads end up at bitcoin.

techfeudalist 2y ago

nostr:npub1t42gfjzfv74v8xrv65f2lrwd65jr85ysrtdmkkfrvqgcss5r4g0qk487qz I enjoyed your article. Just worried that it’s inevitable because only a few people will be able to have a L1 UTXO. 👆

Do you agree with my assumptions that true self-custody can only happen on L1, and the majority of the world’s billions won’t have a UTXO?

Michael Matulef 2y ago

Yes

Self custody of the base layer and self custody of secondary layers are qualitatively different.