Why?
Discussion
Custodial bitcoin has none of the properties of bitcoin. We're destined to be like gold if not worse. If we're already at 41% custodial when txs are practically free, then it'll be so much worse in the future when fee rates go up.
Not that worried as long as we can exit.
There’s a credible chance people can exit the custodian. Credible - meaning it’s not too difficult for them and some users have proven that they do it.
Custodial bitcoin is worse than custodial gold.
Who determines consensus rules when the majority of activity is with custodians?
Gold doesn't have this consensus problem.