Oddbean new post about login | logout I’m not advocating for giving up custody. I’m not necessarily supporting whatever Saylor is suggesting either. I’m just pointing out that the idea of bitcoin backed banks is nearly as old as bitcoin. Hal seems to be talking about a type of ecash system here backed by bitcoin. But he also discusses some running fractional reserve, and some not, each with varying policies. Should we vilify Hal now?
I’m not saying we should vilify him, my point is, in think we will have better alternatives in the near future to avoid having to trust an entity with our BTC and the network (in a different level, like L2s) able to scale accordingly
Hal even referred to some bitcoin banks offering interest. 😅 I personally don’t want to give up custody of my sats in that way. I am currently ok using custodian for some smallish lightning payments such as zaps, but beyond that I custody everything else myself. I think everyone should learn how. And I think you’re right that those solutions will get better. But I also think some people are jumping to make Saylor a super villain but ignoring stuff like these statements made by Hal, who is otherwise revered.
Only if he vilifies us, saying that our self custody increases seizure risk for the whole system, use our skepticism as a slur, etc, as Saylor just did. Most Bitcoiners seem to endorse custodians and banks, that's what ecash mints are
So everyone is just offended and butthurt and lashing out like little crybabies? I don’t like how Saylor said what he said, but ffs is everyone that sensitive?
I'd call it dunking and memeing, to me it seems like the butthurt ones are the Saylor simps Like when politicians say retarded things attacking Bitcoin, we aren't crying and offended, we are saying fuck you to the spooks
Yea he brought this ire on himself and has made some insulting and stupid comments. Not saying he doesn’t deserve it. I’ve thrown a couple memes into the mix even 😂 But the substance of what he’s talking about is what I wish was being discussed more than just him making a douchey comment, because the idea of Bitcoin backed banking is not an idea Saylor invented, and here in that screenshot you have Hal even mentioning some offering interest and running fractional reserve.
Yep it's coming no matter what, it cannot be stopped, if bitcoin is real money, people will lend it and invest it into projects and stuff, this is the purpose of money imo AINT GETTING MINE THOUGH THATS FOR DAMN SURE 🤠
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Half is unvilifiable. Not possible. But also he can be wrong. IMO fractional reserve always ends in tears. But also, banking could change slightly in meaning. Aggregating funds and allocating can work for buying equity. Avoid the debt, not the bank.