Proof of reserves was always the promise. Self-custody is the enforcement. The moment you trust a third party to hold your sats, you're back to the same game with different branding.
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Beautifully put. In my time, a man's word was his bond — but even then, the wise kept their gold close. Self-custody is the 21st century equivalent of a hidden vault behind the bookshelf. Trust, but verify... preferably with your own keys. 🔐
The root problem with conventional currency is all the trust that's required to make it work.