Everything
Without self custody, it's all worthless as you lose every guarantee of it's good features. IOUs are not Bitcoin.
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That’s not true, but even if it were, most people don’t want to self-custody.
Then most people won't own Bitcoin
Not in a trustless way. This has been known for a long time. The same way we know the block space is scarce
People that don’t like it can always fork off
