Ah gotcha. Yes and no though I’d say.

This dynamic hasn’t been fully grokked by people yet. These Institutions sitting on gigantic piles of corn have fallible humans protecting those 12 words.

Even sharded with a multisig, there’s a few bags of flesh and bone in control of keys protecting potentially Trillions in wealth that are one immutable transaction away from being moved to someone else’s control. No Bitcoin police to call and seize it, no Bank to print the difference.

The game theory **massively** changes when Bitcoin skyrockets into 7 figures and these honeypots become irresistible to motivated actors.

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