No-coiners fail to realize how difficult and time-consuming it is to build a large, self-custodied Bitcoin stack, even if you have a lot of fiat to work with. Here’s why —

Most centralized exchanges have withdraw limits of a few thousand dollars per day. And most peer to peer exchanges offer relatively small amounts of BTC for sale at any given time. For these reasons, you can’t instantly convert $1M of fiat bank assets into $1M of BTC in cold storage. Most no-coiners seem to think they’ll be able to when the time comes.

The reality of these limitations will become painfully obvious once faith in fiat evaporates in earnest, and everyone rushes for the orange exits at the same time.

Tick tock. #Bitcoin