On point

Wow are people figuring out lightning is a shitcoin ?

In more than one occasion, i have told people to save their nsec and transfer their funds that they dont want to lose onchian in self custody. I dont know how to speak any clearer. But alas, I was ignored.

, to onchian*

The rug pulls will continue….

I lost hope for most people after a conversation I had a few years ago. The person I was chatting with have a little #bitcoin in self custody however didn’t trust it. His main argument was, if my balance goes to 0, who do I call? I explained why that wouldn’t happen unless you make a poor judgement and transact when you shouldn’t or you lose your keys, it’s your personal responsibility. His rebuttal was, what if china seals it, again, who do I call? I can call my guy at the bank when there’s an issue, checkmate bro. All hope was lost that fateful night. More for me I guess

For some people, self-custody can be a trap if you can’t withdraw your coins without paying a large sum of money just in transfer fees. An exchange, on the other hand, can lower costs by turning the transaction into a mere accounting entry. And you can't simply attribute people's actions to ignorance when they are weighing the pros and cons. On the other hand, if you want self-custody using Lightning Network (the real kind, not what Wallet of Satoshi offers with Spark), you’d need funds to open channels and technical knowledge that not everyone is willing to invest in (knowledge is time, and time is money). In both cases (on-chain or LN) , self-custody can be expensive, at least with BTC, because with BCH it’s very simple. But that’s something many people prefer to ignore.

Hear hear

they will be bullied by darthcoin at some point

Some people can’t handle sovereignty at all. They need a credit card to feel free

Sad but true

Why do people think being your own bank is so complicated?

Because they have never been required to be, so contextually they have no framework to go off of. Everything is backed up by email or 2fa. Confirmation by text even.

Hopefully we see a greater shift of people taking self custody in the next 10 years. I feel like many people will get burned again keeping on exchanges.