Read this then previous post. Collaborative custody fixes this! #[0]​

Technicalities aside, what we are looking for is a path to third-party custody that enables as wide a base of asset ownership as possible, but prevents what I think BlackRock is up to: namely, a black hole out of which sats will never return.

WERE THIS A REAL ETF, there would at least be a legal means of preventing this, and that would certainly be a good start, but technical means are even better. I would even go as far to say that over the course of writing this post, I have come to believe that non-first-party custody with the technical option of redemption onchain may be the holy grail of mass adoption — that is, defined as widespread sovereignty over UTXOs, not the price of whitelisted paper Bitcoin.

What will not lead to mass adoption is bullshit pseudo-ETFs that pave the way for Bitcoin Uncle Sam’s Vision. And what will actively harm mass adoption is financially illiterate Bitcoiners cheering on the SEC and simping for BlackRock.

When Larry Fink drops a Bitcoin Shmoodleplonk and says, “trust me, bro,” don’t trust.

Verify.