I managed to avoid getting caught in the Mt. Gox debacle by pure luck. I stuck with Kraken and Coinbase mostly during the 2016-2018 era but still wasn’t hardcore on self-custody. By 2020 I was convinced that we’d arrived and putting some bitcoin on Voyager to earn interest was safe. I read a piece by @Jameson Lopp that convinced me I was wrong so I pulled my bitcoin back to cold storage and after seeing how easy it was I went and got it all off exchanges. Voyager collapsed a few weeks later. I ran into @Jameson Lopp In El Salvador and got to thank him in person. Saved me about a half million in today’s prices. Bull markets make us dumb and the side effect is exchanges blow up and plebs get ruined. Self-custody is easier than ever. If you don’t self-custody, please start. If you do, find someone who doesn’t and teach them.

The future of all fiat backed governments. View quoted note →

Who benefits and is incentivized to self-custody? Those with some technical abilities who are concerned about protecting themselves from existing or future government oppression. Who benefits and is incentivized by custodial services? Governments, banks, corporations, financial institutions, yield seeking investors, sovereign wealth funds, those with limited technical capability, those wanting to hold bitcoin in a tax advantaged account, 99% of the world’s money. If a bill were passed that ensured bitcoin is legal to use as long as it’s custodial would most of the world care? Wouldn’t Larry Fink call the politicians on his payroll and tell them to support such a bill to increase flows to his ETFs?

My nephew lead a mission into rural North Carolina to airlift supplies to those in the greatest need. He’s 20 years old. Folks on the ground report FEMA is MIA. America is its people, not its government. P2P America in action!!

#dogstr