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1 sat \ 2 replies \ @pillar 12 Jul 2023
They will learn the same way everybody does. The smart ones will smell their neighbors' burnt skin. The not so smart will get burned themselves.
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0 sats \ 1 reply \ @jeff 12 Jul 2023
I think this is different.
An organization outsourcing their custody, is a buy-vs-build decision.
"We have a self-custody department that handles our own keys" vs "We pay a vendor 0.25% per year, to handle our keys, so we can focus on our core business" are technically identically.
In both situations, a bunch of paid employees are managing technology they roll and host.
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0 sats \ 0 replies \ @nerd2ninja 12 Jul 2023
Even with this assumption, which I strongly disagree with, something like unchained where the company holds at least one key so they know the money is actually there, ought to be in order.
What would really be in order though, is a distributed custody internal to the company between the finance department and heads of the company. Now obviously they aren't running their whole company on Bitcoin, but if they were, the way to handle that would be to have the departments use distributed custody between the managers of each department and the finance department, because departments have budgets and those budgets are tracked by finance, therefore, this setup is appropriate for the use case.
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1 sat \ 0 replies \ @Eljay 12 Jul 2023 freebie
Institutions and funds those invest in shitcoins alongside bitcoin don't care about self custody. They are not investing for the long term. All they care about is how much profit they can generate in dollar terms. Its better if they get rugged and cheaper sats flow towards self custodying low time preference individuals.
0 sats \ 0 replies \ @KoreaComK 12 Jul 2023
Banking institutions and large companies do not want to have the possibility of losing all their cash due to not having properly configured a wallet. They usually prefer to delegate this risk to institutions that are focused on these solutions.
There is nothing wrong with that, not least because, in hyperbitcoinization, there will be few people who will maintain the self-custody of their coins. Many will use custodial solutions, just as today many use digital money instead of paper money.
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0 sats \ 0 replies \ @energycurrency 12 Jul 2023
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