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NVK | 1 years ago (raw) | export | reply | flag +22 
 🎯

The key difference is, on the fiat standard you must use a custodian. On the bitcoin standard you have the choice (and responsibility) to self custody. nostr:note1qkun0250ys995kcj77qsmr5fpgexjqf2u2zy9cqc9ppft3w9gngqngzuxx
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Duchess | 1 years ago (raw) | root | parent | reply | flag 
 👏👏👏
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mrclownworld | 1 years ago (raw) | root | parent | reply | flag +2 
 The throughput of the timechain doesn’t allow everyone to be their own custodian. The vast majority of people will be handling ecash tokens with an issuer that can be sent to other issuers with Lightning. 

Some of those issuers will surely cheat and only be exposed in these bank runs. 

Bitcoin only fixes counterparty risk for UHNW individuals ultimately.
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tuur | 1 years ago (raw) | root | parent | reply | flag +1 
 That’s assuming lightning will be the only second layer stack around…
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mrclownworld | 1 years ago (raw) | root | parent | reply | flag +1 
 Is there an L2 that solves the fractional reserve risk of custodians and issuers? Federations like Liquid certainly mitigate but do they solve?
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Vincent | 1 years ago (raw) | root | parent | reply | flag 
 I think that’s a very unserious statement, at least without further explanation. Not anyone can be self custodial in the current situation. There is a very limiting on-chain capacity.
Throwing around statements like that make is just misleading.
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bitcoin for soccer mums | 1 years ago (raw) | root | parent | reply | flag 
 in bitcoin custodians are optional