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 Minimum 5 "custodians" required to liquidate the mint.  Not foolproof but if custodial members were rotated yearly it adds a lot of complexity and effort to collude. 
 It's too complicated for the average user . I can hold my BTC privatly on my own.
There's already wallets like Alby that are not used by 8 million people. 
There are people that will not understand this and I can not see it being adopted if BTC is accepted by the average person. I can't see an apple cart vendor using this.