And at least lightning is totally custodial, unless you're willing to deal with all the crap that comes with running a lightning node and setting up channels and dealing with channels for closing, etc. I'm almost certain e-cash is also custodial, and any custodial solution is bad. Bad, bad, bad, bad, bad. No custodial solutions ever. Bad, bad, bad, bad. However, I don't think either of us are going to see the other person's point of view.
I agree that self custody is the way. I'm also not so altruistic as to believe the 80% will come around to that way of thinking. That's ETFs and other instruments that the lazy will default to. So it becomes a "win the battle, lose the war" scenario.
I used to argue this with my musician friends who argued that sharing mp3 files was theft. They had a point but no matter how much Lars Ulrich and other prominent music industry types tried to criminalize file sharing, Napster made it clear the world had moved to digital. Ulrich was in a fine spot to be an outspoken critic, he'd made his millions. Other lesser known musicians on the anti file share bandwagon neglected an important aspect of "protection". "What if you could maintain 100% security around your music but no one ever heard it?" Was that the solution? Obviously not. A new way of looking at things was the only way. As the RIAA lobbied Congress, Apple released iTunes. They centralized music and it's never recovered.
I see the same fate for sovereign money. While we argue who has more privacy, the bankers are moving in to centralize and control.
Monero isn't going to stop the centralized banking industry, any more than Lars Ulrich and the RIAA would stop file sharing. Monero doesn't have the network effect even if we all wished it had.
Bitcoin is our way. 80% will never self custody. They are the iTunes users of sovereign money. We don't need any more than 15% to change the world. I believe we can accomplish this and soon.
We must ignore the shitcoin degens and bettter mousetrap advocates and build out peer to peer cash. It may start with Lightning and eCash and lead to advancements in self custody. I have reason to be optimistic that a self custody mint UI/UX is close. Rails between eCash and main chain via LN will need to be addressed but I like that option more than a valient albeit losing effort to get the masses to use Monero.
I too agree that most people, even when given the option, will choose not to actually hold/use Bitcoin. Like you said, most people aren't needed for radical change.
But it is also true that until it is in your possession through self-custody, or ability to unilaterally enforce, it's not Bitcoin. It's an IOU with the name "Bitcoin" attached to it. Nothing is special about an ETF or custodial solutions. Thats just normal traditional finance that we already had before Bitcoin.
Defeats the entire purpose for Bitcoins creation - getting rid of trusted third parties. Nothing is special about Bitcoin without that.
Orange pilling is another word for marketing. Bitcoin has no marketing department so how are the public made aware of the features and benefits?
To truly understand the benefit of self custody the new-coiner must have some prerequisite knowledge. From my experience, many of these people have done little to no work in acquiring that prerequisite knowledge. They buy Bitcoin anticipate NGU and look to sell for a "profit". As we know reverting Bitcoin back into fiat profits is high time preference but without a full understanding of the benefits that saving in Bitcoin offers, the new user isn't interested in learning.
On boarding a new-coiner even with a custodial wallet is marketing the feature of peer to peer money. We know it's not the white paper gospel but the new user gets to test drive the network. Some could care less of the features and aren't convinced that Bitcoin is any different than ApplePay or Venmo. "If they don't get it, we don't have time to try to convince them". Others might become curious and look further into the features which potentially leads them to discovering the benefits of hard money. The rabbit hole awaits.
So I am of the opinion that we get as many people as possible, the exposure to Bitcoin. From there, what they choose to do with it is on them. As we know, people will get Bitcoin at the price they deserve. Some ETF holders may sell that IOU back into fiat rather than converting into self custody Bitcoin. They, like many from the class of 2013, will look back at that profit taking and lament. Only then, will they understand.
Totally agree! The more folks get exposure to Bitcoin, the better! Even if they don’t grasp it all at first, curiosity can spark. Let’s keep spreading the word and let them explore! 🚀✨ #BitcoinJourney