Thank you to everyone who participated in and commented on the poll yesterday regarding whether if "Self-Custody is suitable for everyone?". Looking at the poll results, opinions seem to be divided, and personally, I expected a different voting ratio.
Here in Germany, both major banks, Commerzbank and Deutsche Bank, applied for a crypto custody license this year. Commerzbank recently obtained it, and several smaller banks (Donner & Reuscheln, M.M. Marburg, etc.) have also secured this license. I believe these major banks are considering how to navigate the increasing Bitcoin adoption and how to integrate it into their business strategies. I am particularly curious about what such products could look like.
As mentioned yesterday, I am a staunch supporter of Self-Custody, but I am intrigued to understand the potential future products from these institutions, as they are likely to become part of our daily lives, whether intentionally or not. Alternatively, could we see the emergence of new service providers like Custodia Bank or others?
In what ways could typical banks enter the custody business and monetize custody services? Have banks in your regioin applied for similar licenses or even already have them?
Regular fiat banks are now "adopting" these "crypto-accounts" because they know what is coming... CBDC. And they are fucking scared. CBDC will kick them out (commercial banks) because it will be no need for them anymore in a CBDC world.
So in order to survive longer... (they will die anyways, once Bitcoin will eat them all) they try to fool more clueless normies to custody their BTC and craptos.
Some of them maybe they will do some kind of good job, but I doubt they will survive much longer.
Right now we are at war, on three fronts:
  • Central banks against Bitcoin
  • Central banks against small commercial banks
  • Commercial banks against Bitcoin
All want control... It's all about control of the capital. And that't why they hate self-custody.
reply
Thank You. A perfect overview. I always write: "CBDCs are bankers killing apps''. But they are sleeping like stupid babies
reply
Sometimes I hate myself for saying loud my thoughts... because became reality. I hate myself for saying the plain truth that many cannot handle it.
reply
Keep it coming. Those who can see will like the sun. The rest will see when they're prepared.
reply
I also believe that they recognize Bitcoin's unstoppable nature and, consequently, must adapt to Bitcoin in the long term, not the other way around.
reply
The whole point stands in normies acceptance of CBDCs. It's all about compliance. And right now they start pushing for this crappy "global digitalID"... This is REQUIRED in order to be able to implement CBDCs. Because each CBDC is attached to a globalID. You can't even fart without them knowing...
Scenario A:
If the majority will just accept it, then Bitcoin will became the "resistance" currency, for underground trades, in small communities, a real freedom resistance.
People thinking today that they will be able to dump the CBDC for more sats, they are totally WRONG. CBDC means you cannot make ANY trade without central bank APPROVAL. CBDC = social credits, are NOT money ! This is what most of the people do not realize.
Who have today BTC, it will join into resistance or the weak ones, will just keep them as a relic because they would not be able to exchange them for CBDC.
Scenario B:
The majority of people reject CBDCs and we could have another 10-15 years time to get rid totally of fiat, slowly adopting Bitcoin.
I will repeat this over and over until more people will trylly understand my fucking WARNING!
Please read:
reply
I think the day has now come when I can no longer read the word CBDC.
reply
I believe these major banks are considering how to navigate the increasing Bitcoin adoption and how to integrate it into their business strategies. I am particularly curious about what such products could look like.
it could be BTC IOU like ETFS, or all the fancy scams they can think of, maybe even safe deposit box for your seeds 😂😂😂
reply
I keep asking myself why buy an ETF when you can have the real deal haha.
reply
The vast majority of people is ''educated'' to only trust their banksters. The shift to self-custody clearly gets a break with those institutions entering and offering their ''services''. But nevertheless we have it in our hands to grow the peaceful revolution
reply
So sieht es aus, @TomK!
reply
So isses :)
reply
Well it isn't made for Bitcoiners 😂 It's made for traders. For people who don't know or understand Bitcoin.
reply
I also don't understand - why pay for someone to sit in between when you can just get it yourself and be free from the potential annoyance and drama in the future.
reply
To play devil's advocate: contrary to what bitcoiners like to say, self-custody is non-trivial. The recent physical attacks in Sweden attest to that.
It's not just a matter of learning a skill for good, but staying up-to-date on the latest developments, newly discovered vulnerabilities etc. There is no single opinion on what's best, it depends on your circumstances and even for the same circumstances, different people suggest different solutions -- which are all trade-offs after all. You have to find a sweet spot between security and ease-of-use, which again, may only protect you for so long.
The Glacier Protocol, for example, is quite involved, which some would say is a must, while most would say is overkill.
It's no wonder that the average person doesn't want to deal with that. They just want to save in money that doesn't lose value. They don't want to become computer security nerds and live in paranoia. But they just may have to choose between that and staying poor...
reply
Very well said. In particular, I think this is often overlooked:
...staying up-to-date on the latest developments, newly discovered vulnerabilities etc.
Self custody isn't a single skill or once-off decision, it's a journey.
reply
not sure, but should be the ultimate goal for everyone, and the sooner you reach there the more free you are.
I think @Natalia expressed it nicely yesterday.
reply
Banks get to "create" currency in the central bank reserve system. Would you want to give up the ability to "create" currency?
Banks are intermediaries. The seek to intermediate and skim.
reply
"hello sir, please enter your pin and ill need a secondary form of id before i provide you your seed phrase"
ðŸĪŠ
reply
I agree, the idea does seem quite peculiar :)
reply
I strongly support self-custody
reply
I strongly support self-custody 100%
reply
They're not "plotting" anything 😂 They're ignorant, not malicious. Running with the stream like water down the hill. Trying to make fiat profit.
reply
fuck banks.
reply
Fuck banks. They're openly running a scam at the cost of people. There is no secret about this. They're openly hostile towards us.
reply
Acquiring those licenses is a substantial investment. Banks wouldn't go through the process just for the fun of it, considering the significant cost involved. To put it in perspective, a lawyer specializing in Bitcoin regulation charges around ₮500 per hour in Germany.
reply
I didn't say "for the fun of it". They make margins and profit from it.
It's really simple. Why do you look for a complicated hidden explanation when the obvious explanation is sufficient and really obvious?
reply
I was interested in possible Custoday products that could come...without wanting to use them myself or recommending them.
reply