If it is custodial, it is an IOU, not Bitcoin.

Those IOUs can also be printed by the mint arbitrarily and don't have to be backed by Bitcoin.

You have private unbacked IOUs. AKA shitcoins.

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True, it’s a shitcoin, but still obsoletes monero as THE shitcoin lol

You're choosing the custodial + arbitrary money printer option just because the word "Bitcoin" is slapped on it. Sounds like fiat.

Some Bitcoiners really have lost their way