Building on the frontier of money, health, and work | Macro MAHA AI Bitcoin | Writing weekly https://nitter.cf/t.co/Q96teArHb7 | @onrampbitcoin | Last Trade Pod
Philadelphia
Joined February 2017
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if you're all in on Bitcoin, you're seeing the major disruption in the workforce due to AI, but you're staying the course, building a sound life on sound money
then id love to have you join me here!
soundmoneysoundlife.com/subs…
Truly is insanity. And it's only getting started.
Get your house in order now. Don't wait for the bull market, only will be more chaotic.
on a long enough time horizon, a single point of failure fails. the stakes only get higher as bitcoin appreciates. threats only increase with AI.
multi-institution custody protects against this. three institutions. two of three needed to sign. none of them can move it, lose it, or use it.
inheritance built-in and insured by Lloyd's
pioneered by @OnrampBitcoin
DM or questions below.
Jackson retweeted
The case for Multi-Institution Bitcoin Custody gets stronger with every hack and exploit.
Like the Coldcard exploit this summer, the Binance hack reminds us how devastating a single point of failure in Bitcoin custody can be.
That's why I'm glad to keep a portion of my Bitcoin with @OnrampBitcoin.
Visit onrampbitcoin.com/bn to sign up for a free consultation.
When you want to be your own bank, you also have to be aware that people rob banks.
Self-custody works if you’re up for that job. Many holders aren’t anymore, so they’re moving to ETFs and single custodians.
That trades one problem for another. There’s a third way.
@BackslashBTC laid it out this week:
onrampbitcoin.com/research/t…
Jackson retweeted
This is all true from James, but incidents like this stifle go forward adoption of the asset.
The average person thinks bitcoin gets stolen by North Korea or ends up in a landfill, so why bother?
This has always been the case, but the frequency of vulnerabilities across both self custody and third party custody have obviously accelerated over the past few months.
If people cannot reliably secure the asset for the long term, the value prop of digital sound money deteriorates, full stop.
If we want this thing to scale to be global money, the answer can’t be roll more dice, geodisperse your diy multisig or just park it in the ETF that outsources custody to a single crypto casino.
We need market structure to evolve towards hardened, collaborative, interoperable, fault tolerant solutions with no single point of failure, whether it be an individual, a device, or an org.
The reality is not everyone wants to manage key material in perpetuity, taking on the technical burden and physical risk. And centralizing the asset in single custodians just creates larger honey pots and raises the risk of manipulation à la gold.
Bitcoin is not inevitable. People need to be able to know they can confidently own it for generations or they won’t adopt it as a savings tool.
Good evening.
To everyone reading about the $5.9 billion Binance hack and declaring cryptocurrencies and Bitcoin dead, two things:
1) Bitcoin itself was not hacked, an exchange managing cryptocurrency wallets and holding the keys was hacked.
2) Former CEO CZ says that he expects Binance to fully cover the losses with their $144B balance sheet.
This event in no way shape or form exposed or impaired the Bitcoin network.
Have a great night.
It’s almost like multi-institution custody is going to be the standard. Past several months have made it obvious.
every day I'm speaking with people who are relieved to learn that multi-institution custody exists
no longer must you manage keys alone and leave them to your family, nor do you need to trust a single custodian
a third way pioneered by @OnrampBitcoin
#1 bitcoin problem most people have is inheritance. Treasure maps of seed phrases, devices, back ups. There's a better way.
this letter makes a strong case for multi-institution custody.
i agree: giving your keys to a single custodian doesn’t make the risk go away. it moves it somewhere you can’t see or control.
but the alternative proposed here, spreading keys across geographic locations and supply chains, isn’t practical for most people. life is busy. between a family and a full-time job, most people don’t have the time to maintain that setup with the opsec it requires, running key checks across multiple locations for years on end. most don’t want to do it to begin with.
and there’s a tension in it. the more widely you spread your keys, the harder it gets for your family to recover them if something happens to you.
multi-institution custody gives you a setup that tolerates failure, without the burden. @OnrampBitcoin, @BitGo, and @Coincoverglobal each secure a key offline, never on a consumer device, in a 2-of-3 multisig. no one of them can lose, move, or use your bitcoin, and nothing moves without your permission.
it’s the third way, pioneered by @OnrampBitcoin.
Jackson retweeted
Modern finance runs on the assumption that someone steps in when things blow up. Bitcoin has no bailouts.
This week on The Last Trade...
⚡️ JPM puts bitcoin FIRST
⚡️ The IMF on financial repression
⚡️ $3.1T in off-balance-sheet AI debt
⚡️ Trump Accounts, SpaceX, & UBI
. @McDonalds really capitalizing on the K shaped economy
most of the industry thinks multi-institution custody is a niche product. what i see every day is the opposite.
most of the people i talk to have done all sorts of self custody. single sig. multi sig. collaborative custody.
and they’re still choosing multi-institution custody.
It's amazing to me that politicians essentially have infinite ammo for finger pointing on inflation
what if it was just as simple as governments printing money?
