If you're earning yield on your Bitcoin, they're not your Bitcoin. They're Bitcoin-denominated liabilities of a trusted 3rd party entity. https://twitter.com/jonnajarian/status/1362027564588552199

I love how Bitcoiners are always like "not your keys, not your coins" and then the moment I say the same thing, but point out what that implies for earning yield, they get all testy and say there's nothing wrong with trusting a third party to hold your coins.

People keep thinking they're being clever, responding to this with "so's the dollar in your bank account!"

That's true, but that's exactly what a dollar is and makes no claim to anything else. A liability of some other institution.

A Bitcoin-denominate liability isn't Bitcoin