keithmeola on Nostr: Just finished watching the full interview. The 2 min video going around is cuts from ...
Just finished watching the full interview. The 2 min video going around is cuts from about 5/6 minutes of interview. The 2 min video without the greater context of the rest of the interview is jarring and I think is dishonest in portraying what he was trying to say.
That said, I am a bit surprised to see Michael talking more and more about custodial storage in this way, but part of me thinks it's because of the situation he is in and not making himself and Microstrategy a giant target by the government.
While I am fully on the "not your keys, not your bitcoin" wagon, I think we do need to realize that a lot of people won't self-custody for a number of reasons particular to them. I also think that buying and keeping bitcoin with a custodian is a stepping stone towards self-custody for a lot of people.
In my opinion, Michael is showing a more realistic view for bitcoin in the Madison and Saif interviews, at least in the immediate future. USD and other fiat currencies are unfortunately not going to disappear overnight and I think it's a multi-decade long shift away from them. I think it's unrealistic to expect everyone to immediately go maxi and self-custody their entire wealth. As we know, the bitcoin world is completely different than the current world, and it will take time to "change worlds".
All that said, luckily bitcoin gives us choice, and for a lot of us, it's great that we have the choice to self-custody. However, I think it's equally important that people can have the choice to keep their coin with a custodian. Do I think that's a good choice? Nope. But as long as I can continue to choose, all is well.
I think it's important for people to watch the full interview, or at least the full section where the 2 min clip is taken from, before crusading against Michael. Though, "paranoid crypto anarchists" wasn't the best choice of words....
That said, I am a bit surprised to see Michael talking more and more about custodial storage in this way, but part of me thinks it's because of the situation he is in and not making himself and Microstrategy a giant target by the government.
While I am fully on the "not your keys, not your bitcoin" wagon, I think we do need to realize that a lot of people won't self-custody for a number of reasons particular to them. I also think that buying and keeping bitcoin with a custodian is a stepping stone towards self-custody for a lot of people.
In my opinion, Michael is showing a more realistic view for bitcoin in the Madison and Saif interviews, at least in the immediate future. USD and other fiat currencies are unfortunately not going to disappear overnight and I think it's a multi-decade long shift away from them. I think it's unrealistic to expect everyone to immediately go maxi and self-custody their entire wealth. As we know, the bitcoin world is completely different than the current world, and it will take time to "change worlds".
All that said, luckily bitcoin gives us choice, and for a lot of us, it's great that we have the choice to self-custody. However, I think it's equally important that people can have the choice to keep their coin with a custodian. Do I think that's a good choice? Nope. But as long as I can continue to choose, all is well.
I think it's important for people to watch the full interview, or at least the full section where the 2 min clip is taken from, before crusading against Michael. Though, "paranoid crypto anarchists" wasn't the best choice of words....