KC on Nostr: Derek here is another one. Thanks for sending that Brian. I don’t really listen to ...
Derek (npub1g6g…hu7v) here is another one. Thanks for sending that Brian.
I don’t really listen to Whitney’s content, but now I really won’t click and support it.
Derek and Brian, could it be that people haven’t created the tools for what Saylor is talking about so they don’t understand what he is saying? Or am I wrong?
It seems so clear to me even though it hasn’t been implemented yet. He isn’t saying give up your keys.
The way this will play out is… you have at least a 3 party multi sig wallet. You lock up your asset (bitcoin) by holding 1 key, the bank creates one, and an unrelated 3rd party creates one. It doesn’t have to be 3 keys it can be many more. Obviously you don’t want there to only be 3 so if 1 key is lost then the funds are lost. Maybe you need 3 out of 5 keys to move the bitcoin.
Anyhow the bank doesn’t have enough control to move it alone. You don’t have enough control to move it alone. The other entity neither. You have an agreed upon set of rules for when the last key or keys are combined to move the bitcoin. In exchange you obtain a loan of what ever funds to purchase whatever you want or need. It may sound foreign now but if you have 100,000 bitcoin why not spend 10,000 on 2 pizzas? But in this scenario you are leveraging the bitcoin and as long as you pay the $ back, you get your bitcoin back.
BlackRock has trillions of dollars in assets that they manage or control and they are extremely close to the FREE money printer, but they would waste time trying to take my $5.00 worth of bitcoin. Why?
I don’t really listen to Whitney’s content, but now I really won’t click and support it.
Derek and Brian, could it be that people haven’t created the tools for what Saylor is talking about so they don’t understand what he is saying? Or am I wrong?
It seems so clear to me even though it hasn’t been implemented yet. He isn’t saying give up your keys.
The way this will play out is… you have at least a 3 party multi sig wallet. You lock up your asset (bitcoin) by holding 1 key, the bank creates one, and an unrelated 3rd party creates one. It doesn’t have to be 3 keys it can be many more. Obviously you don’t want there to only be 3 so if 1 key is lost then the funds are lost. Maybe you need 3 out of 5 keys to move the bitcoin.
Anyhow the bank doesn’t have enough control to move it alone. You don’t have enough control to move it alone. The other entity neither. You have an agreed upon set of rules for when the last key or keys are combined to move the bitcoin. In exchange you obtain a loan of what ever funds to purchase whatever you want or need. It may sound foreign now but if you have 100,000 bitcoin why not spend 10,000 on 2 pizzas? But in this scenario you are leveraging the bitcoin and as long as you pay the $ back, you get your bitcoin back.
BlackRock has trillions of dollars in assets that they manage or control and they are extremely close to the FREE money printer, but they would waste time trying to take my $5.00 worth of bitcoin. Why?