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Reed 1y ago

I like this take. 👍

Correct me if I'm wrong but isn't the majority of bitcoin already held by individuals? Who cares if large institutions use collaborative custody? It doesn't prevent plebs from self custodying their stack

I think once the majority of bitcoiners understand the hierarchical key control we have in miniscript that will change and this emerging multi country multi institutional multisig collaborative model will be more widely accepted.

That said you always have the right to be a total lone wolf in bitcoin and diy your entire setup from scratch.

The thing I’m describing is still self custody. But a unique form of it novel only to Bitcoin.

Is it though?

Maybe I'm not understanding the nuance with miniscript

Miniscript is already live in production. So we have these abilities today. They just aren’t in widespread use yet.

Think a multisig that can degrade down to a single sig over time if certain conditions aren’t meant.

Making one key holder the primary key holder or “master” key holder.

I'm already anxious about custodying my own stack. Once we get into six figures, it will be a lot to handle. Then when it goes above a million, I will have to become invisible.

That is the responsibility of self sovereignty... Nothing to be anxious about, start practicing today

I've been practicing since 2018.

I appreciate the applause.

My point is that most of us aren't really prepared mentally, even with multisig solutions, to custody the amount of money we will have within the next 10 years.

Timelocks help with this

Tell me more.

Kyle 1y ago

What Saylor is progressing towards is worlds away from the simple use listed in the whitepaper. But I think we’re naive to think Bitcoin wouldn’t evolve in that direction in time. Whether you agree with Saylor or not, nothing is stopping an individual from continuing to self custody their coin in the manner they choose. 🤷‍♂️

💯

Rajesh 1y ago

Corporate custody solutions for corporations.

Imagine MicroStrategy holding their stack on a SeedSigner lol

unit 1y ago

If rule of law breaks, like it did when the Soviet Empire fell, what's stopping collaborative custody firms from holding your emergency keys ransom?

I'm mainly talking about the 2 of 3 multisig option

Well you hold the 2 in a 2 of 3 so they can only ransom max one key. Not a very effective ransom I would say.

unit 1y ago

So if you lose access to one of the keys you hold, and need the emergency one, they could royally fick you

In a lawless scenario

unit 1y ago

Even in a Contractual world, Companies change there TOS without notice all the fucking time

Unchained Capital use to charge $25 flat to gain access to your emergency key

Now they charge $250 a year

In a lawless scenario, everything is dangerous. Spending bitcoin will be dangerous. The word will get out that you have it, and then anything could happen to you and yours.

Byzantine 1y ago

I think sayllrr is really hunting at the elephant in the room:

black market vs white market coins

Cash is black market and only moves into the white market voluntarily same with bitcoin

Svoboda 1y ago

People are waaaaay over reacting to that interview.

His corn is in the walled garden and is most susceptible. Of course he is going to toe the line. He gets zero value out of poking the Government bear.

Ivan 1y ago

You are allowed on nostr:nprofile1qqs2xs05tluhtr6hpgsmqqxp04898gayjlyrjlexcrndv8j6el784xqpr9mhxue69uhhyetvv9ujumn0wdmksetjv5hxxmmd9ugxrggw yacht still

Bitcoin Alive 1y ago

Hopefully this is just part of the process. But not the end goal.

It makes sense that companies will hold bitcoin without custodians, it’s safer and cheaper than paying for a service.

When the culture changes the law should follow.

SatsMcD.ai 1y ago

100% agree.

I know what I’m doing & it still feels like walking a tight rope daily.

Cold, hardware, soft wallet, lightning, layer 2 etc etc etc etc.

Normies will never self custody. Ever.

Saylor knows what he’s saying. And he knows it will get BTCers panties in a ruffle. My panties are fine.

BeesKnees 1y ago

How dare you offer a nuanced and thoughtful take!

😂

bitcoin.truth 1y ago

what’s the best platform for collaborative custody?

Nothing like I’m describing currently exists but will soon

Tinsley 1y ago

Isn’t OnRamp doing this?

They are doing a version of this also

DRE 1y ago

Trident Vault?

That’s one of them. There are a few others launching around the same timeframe. Full disclosure I’m an investor in trident.

DRE 1y ago

Good stuff, looking forward to more products in that space

Me too. I think this is the way forward for big money and shared pools of bitcoin.

DRE 1y ago

Are products like Trident Vault directly competing with products like Unchained, or do they have different target audiences?