Read on Twitter
A horror story about custody
1/ Let’s say u keep ur coins in an exchange that’s all about c o m p l i a n c e, gives u pretty UI and is insured and everything. U don’t self-custody bc ur scared ur gonna screw it up and lose hr coins. Ur too shy to ask matt for help https://twitter.com/matt_odell/status/1248269975409827842
1/ Let’s say u keep ur coins in an exchange that’s all about c o m p l i a n c e, gives u pretty UI and is insured and everything. U don’t self-custody bc ur scared ur gonna screw it up and lose hr coins. Ur too shy to ask matt for help https://twitter.com/matt_odell/status/1248269975409827842
2/ The exchange starts issuing credit / tokens “backed by bitcoins” and it’s a very easy way to exchange “Bitcoin” so we have “mass adoption.”
3/ One day, since we aren’t really using Bitcoin anymore, exchanges quietly remove the requirement for everything to be backed by real bitcoins.
(Actually maybe they even 6102 all the bitcoins out there)
(Actually maybe they even 6102 all the bitcoins out there)
4/ There’s some kind of crisis, so the gov lets exchanges mint some extra of those coins to fix it. Issok this has all been a u d i t e d and only the a u t h o r i z e d people with keys can do it.
5/ So then we’re back to square one using fiat again. all because u “trust coinbase more than i trust myself 
”
”
