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From nostr:npub13ndpm2hm9hud4azsq5euhf5mv3d05r90wymwxsd7rdn29609hhvqp60svh's #BTCPrague keynote "Self-Custody Is Non-Negotiable".

Watch the full keynote to see John's explanation of the 4 #bitcoin qualities you lose when you put your coins in the hands of a custodian.

https://m.primal.net/JlNq.mp4

Full keynote: https://www.youtube.com/watch?v=s8WlFkgkwsA

Melvin Carvalho 1y ago

I like john more and more. Im cautious around the phrase "the reason X was invented". We dont know the reason, or if there was only one reason, or if that reason has changed over time.

Two reasons stand out. One is to make payments without having to go through a trusted third party. The other is to make a money system that is not debased by a central authority.

Custodial bitcoin is obviously a trade-off. One one hand it weakens the trust guarantees, on the other it increases the network effect. You can make the case for either. I like non-custodial tho, for those that know how. Or to educate new users over time.

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Discussion

Big Bad John 1y ago

It could be argued that Bitcoin could never deliver on the scarcity promise anyway.

If shitcoins are on a security spectrum with Bitcoin, then they could all be seen as (shittier) Bitcoins. The qty of digital money being infinite, and thus somewhat irrelevant.

Melvin Carvalho 1y ago

I'm with you. So wrt "cant be debased", it's not perfect there, it could be debased by new shitcoins, by skewed issuance (e.g. satoshi premine), or some code change (e.g. Peter Todd j/k).

No it's not perfect there, but it's about the best we can do, or have done, and that has reached a reasonable size. The fair issuance is largely complete, and that's quite a milestone.

I realized after my reply that I pretty much agree with the thesis that custodial is a bigger threat vectore than the network effect, and that you were right to state the way that you seemed to.

We do have a problem rn with coinbase or bitgo or etfs holding a lot of coins. Isnt a quick fix to that, but people can be encouraged to self custody more, or they might try and regulate against it. So certainly non-custody is a bigger threat than is percieved.

Bitcoin was indeed primarily created to offer an alternative to trusted third parties. The needle has gone too far in the direction of custody, and moving it back is a good thing to advocate for. I tend to think in trade-offs but of course that's less persuasive. KUTGW!

aca7d345... 1y ago

In #liquid liquid.net , isn't bitcoin scarcity preserved?

Big Bad John 1y ago

Liquid is a centralized shitcoin. Its masters currently offer a 1:1 price for it.

aca7d345... 1y ago

Thank you for your reply. I respect your experienced opinion, and appreciate knowing where you stand.