#asknostr
If banks in the U.S. could custody your bitcoin and in doing so were FDIC insured...
Would you let them hold it?
Discussion
Personally, I would worry that your bitcoin would be sold/rehypothectaed/lost and you'd end up with the fiat equivalent at the time of loss.
But iff they could guarantee me the same amount of BTC I had deposited, I might think about it.
No
No
No
No
No
No
No
No
Even if the governemnt could guarantee the loss and pay you back in BTC? Obviously this is all hypothetical. Just curious as to your reasoning.
Because not your keys not your coins.
You are at the mercy of the bank letting you transact.
Plus just because they hold btc doesn't mean we should start trusting them. They cheat us on usary and made up fees and society is poor because of banks so why use them now. We should all close our bank accounts
No one is ready for change. People just want to comply. Why. Jail i know. But no to banks for anything we dont need them we have hardware wallets hahaha
I hear you. Still, I think a lot of folks would feel that the bank (especially if insured via FDIC) could custody assets in a way that would make them feel more comfortably than they could with a hardware wallet at home.
I know I sometimes worry about my own wallet.
Ya the masses will use the "bank" i know some want insurance for bitcoin holdings soo let see what happens
Never. Not your keys, not your crypto.
They could lose 11 million Bitcoin, which are then deposited with the same bank. How can they guarantee 22 million Bitcoin?
This is purely a theoretical discussion. But... if (I know its a big if) the U.S. government could guarantee that your bitcoin would be replaced 1:1 if the bank went under or otherwise lost your corn... would you consider using a bank for custody?
No. I still wouldn't trust them. I have no leverage to hold them to the agreement. To offer it they would need to hold more than they insured. Bitcoin is harder to hold at scale than individually. The cost of the insurance would be too expensive.
FIDIC works because they can counterfeit money to replace the bank deposit. They can't do this with Bitcoin
Based
Nah