Replying to Avatar Albert Frei

⚠️Custodial #Bitcoin is not Bitcoin⚠️

❔So why do we pretend it’s an acceptable way to scale it?
Avatar
Big Barry Bitcoin 10mo ago

Facebook is not TCP IP, so why do we accept it as a benefit of the internet?

I think you are either being disingenuous with your words or you are confusing them.

Most people understand the difference between "scaling Bitcoin" using layer 2's with unilateral exits vs "scaling Bitcoin" usage through services.

In the absence of the former, because it is hard and it does take more time, the latter has a purpose in the short term. The good ones will also contribute back in the form of funding and innovation being made public.

Reply to this note

Please Login to reply.

Discussion

Avatar
Albert Frei 10mo ago

I didn’t say custodial solutions have no value. What I’m saying is that it’s not an acceptable way to scale Bitcoin.

Having the majority of Bitcoin trusted to third parties brings not just personal risk to the user that does, but also systemic risk because we wouldn’t be able to validate the total supply anymore.

Avatar
Big Barry Bitcoin 10mo ago

But who said custodial wallets were bitcoin.

All you're saying is NYKNYB.

Avatar
Albert Frei 10mo ago

Well of course I’m saying not your coins not your bitcoin.

But I’m also pointing out that the Bitcoin network can’t handle more than 5% of the population making one single transaction per year to a hardware wallet and we need to fix this.

Avatar
Big Barry Bitcoin 10mo ago

Gotcha. 🫡