Trusted third parties are security holes. Can't wait for institutions to discover this. We are in the first innings of institutional bitcoin adoption and got a long way to go before the fiat folks learn their lesson. But the day of unconstrained bitcoin adoption will come, and it will be glorious!

"Bitcoin was designed to remove the need for proxies. Until that access is widely available at institutional scale, substitutes will continue to form. Their existence is not a signal of preference. It is evidence of demand constrained by structure."