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100 sats \ 0 replies \ @Scoresby OP 3 Oct \ parent \ on: Self-Custody Found Dead in Miami Condo - bluematt bitcoin
As long as mining remains profitable and decentralized so that any transaction can find its way into a block in a reasonable amount of time, Bitcoin will be fine. Everything else is fiat games and kabuki theater.
I appreciate this take. My one question is how secure the consensus rules are if the only economic actors are large custodians?
If Bitcoin as a store of value is a larp, why not just use custodial bitcoin? Custodians have big budgets and can handle the infrastructure burden of lightning or other potential L2s. Why do we need self custody for payments? Presumably, if there were enough custodians to choose from, censorship wouldn't be a problem.
I don't really believe any of that last paragraph. Bitcoin needs widespread self custody to deliver on its censorship resistant value proposition as much as it needs widespread mining. And the store of value approach seems like the primary way we incentivize this. Thoughts?
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