You donât go from a system where any meaningful savings or transaction (non-local) must be facilitated by a custodian to self custody immediately.
People will talk themselves into how complicated self custody is while going through as many hoops as needed to open up an account at JP Morgan Chase.
Self custody doesnât feel ârightâ to some people after being in a system where it HAD to be done through âthe expertsâ.
I hope your thesis plays out for the sake of bitcoin.
I think Odell is on to something when he says that the road to hyperbitcoinization involves millions of people getting burned by custodians and smartening up.
I canât assume your country but Iâm in the US. Bitcoin is an âinvestmentâ high time preference idiots think they are going to get rich quick at. They donât care if they leave it on coinbase. They have fiat gains on the brain.
Other places where the situation is more dire will adjust quicker than here.
True. I am just thinking we are the change we wish to see in the world.
The fact 99% are using custodial wallets shows we are not being honest to ourselves. I use wallet of satoshi for nostr because itâs just smooth fast ux experience.
Setting a non-custodial wallet is too much effort and itâs too much effort explaining to others how to use non-custodial ln wallets atm. I hope UX improves so it can all be done in a few buttons.
I like lightning and zaps is really cool feature. I just think Bitcoin would have much better Ux with if Bip300 (drivechain) was implemented.
I def understand and I think we will see improvements. I donât know enough about bip 300 to comment on it (will be on my todo)
What I do appreciate presently is our optionality to conduct transactions with or without a custodian.
To my previous post itâs kind of crazy if you think about it. Before Bitcoin we really did not have any method to send money remotely without some middle man. Nothing. All finance is regulated and captured so for all practical purposes that middle man was government adjacent.
Iâm also interested in how Ark will play out in all of this.
It will definitely take some time to transition. New technologies, most people are afraid of and wonât trust it until they know forsure itâs deemed safe. They havenât experienced pain yet, so theyâll continue with the âsafeâ system and not have to worry about being responsible for their financials.
Once those âtrusted expertsâ lose their money, maybe then theyâll consider taking control and being responsible with their money.
Fair points
