You personally might recommend Bitkey for 250k (2.5BTC), but most self-custody advocates often recommend people store Bitcoin in the manner he described, especially when the general advice is to choose a setup that one would be comfortable with if Bitcoin does a 10X.
Geographically distributed collaborative multisig is very much what most people would recommend for an amount of Bitcoin that will be worth $2.5M in the not too so distant future.
the concern with a bitkey is that it does not protect you from sophisticated nation states or big tech collusion - neither does a brokerage account
i am bullish on mstr, it obviously serves a role, there is no need to gaslight self custody
I didn’t get the impression he was gaslighting self-custody by describing the gold standard in the context of generational wealth, which I think 2.5 BTC will be. But I get you took his comments differently than I did.
mstr promoters will often do this sleight of hand move, you guys say mstr is for institutions that cannot buy bitcoin otherwise, then proceed to scare retail away from self custody into mstr
its bullshit
Sure, but that’s not what Jeff or myself do.
Can’t speak for him, but I certainly don’t think MSTR is only for institutions. MSTR is for anyone interested in making an investment that can outperform bitcoin.
I don’t craft my posts for those that don’t understand savings and investments serve different purposes.
you literally just did it
geographically distributed multisig is probably overkill for most, the most effective self custody method for any individual depends on their threat model and technical competence
Yes, for someone storing generational wealth I would recommend the gold standard. That’s not gaslighting self custody. Services like Casa and Nunchuk make this a very reasonable proposition. Idk why we are pretending the gold standard is not routinely recommended for people storing over 1 BTC
you choose the most difficult setup as the only way to self custody and then push people into a brokerage account, sad
That’s one way to twist my position, but sure 👍🏼
Sad to see you arguing in bad faith
advice does not exist in a vacuum, it exists in the real world and should be compared to alternatives, honestly
the risks of mstr in a brokerage account: trusting multiple corporations, trusting the government
if you are fine with that threat model then bitkey has less risk, is easy, and has inheritance built in
if you want to take it up a step then single sig with a seed kept in multiple locations is more secure, and still relatively easy with popular hardware wallets
if you are a public figure or have a more advanced threat model for some other reason then it could be worth it to learn how to use multisig
I think people underestimate the risk of doing inheritance planning with single sig, but that’s not here not there.
I don’t necessarily disagree with what you laid out, but I’ll attempt to get to the core of the disagreement, so we can move on.
We disagree on the motivations behind Jeff choosing to describe self custody the way he did. I don’t think he was trying to scare people away from self custody by purposefully making it seem complicated and intimidating. If anything I think he was trying to show off to the audience of that podcast by talking about watching BTCSESSION videos and stamping seeds on steel.
He might not be your cup of tea, but I think he is a net benefit to bitcoin and honest person.
i also think he is a good person that means well, and i think the same of you
here is the transcript:
Yes, but protects you from make mistakes.
