Sean on Nostr: Watching #[0] talk to the onrampbitcoin.com folks on TFTC, and had a thought somewhat ...
Watching MartyBent (npub1guh…6hjy) talk to the onrampbitcoin.com folks on TFTC, and had a thought somewhat unrelated to what they're building:
Institutional and government adoption of Bitcoin can't be trustless. They have to use a multisig trust model. Just like individuals can cross borders with 12-24 words memorized, someone can leave the office of that organization with the keys memorized.
Long term, they won't get away with it, because it's still an open distributed ledger, and you can always follow the money to an endpoint. The endpoints involve people, and people can be coerced to give them up. But that organization would still be screwed until that happens.
OnRamp's business model is for High Net Worth Individuals (HNWI) who aren't ready for self custody (orange pilled, but not educated enough), but can do so when they are ready.
#plebchain
Institutional and government adoption of Bitcoin can't be trustless. They have to use a multisig trust model. Just like individuals can cross borders with 12-24 words memorized, someone can leave the office of that organization with the keys memorized.
Long term, they won't get away with it, because it's still an open distributed ledger, and you can always follow the money to an endpoint. The endpoints involve people, and people can be coerced to give them up. But that organization would still be screwed until that happens.
OnRamp's business model is for High Net Worth Individuals (HNWI) who aren't ready for self custody (orange pilled, but not educated enough), but can do so when they are ready.
#plebchain