We would be a general bitcoin industry framing from my PoV that states that anything "custodial" is "centralised".

This is pretty common from my point of view, but would be glad if it turns out people don't really think this.

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Yeah ok gotcha. So you’re saying it seems common that people are conflating centralization of the “network” with centralization of the sats held in custody?

Im still trying to get a handle on the core point/argument.

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