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The way I see it even you have crypto in your own wallet, you don't have self custody. Cryptocurrencies are consensus protocols that require a network to operat
by throwawayffffas 5y ago
The way I see it even you have crypto in your own wallet, you don't have self custody. Cryptocurrencies are consensus protocols that require a network to operate if the network goes down, you can't transact in them making your holdings useless.
- scotty79 5y agoWhat about billions of dollars of capital that have interest in network not going down? Doesn't it make it more like self custody if you are virtually guaranteed that network will stay alive?
- gruez 5y agoDoesn't that describe literally every financial asset? After all, a piece of paper or a yellow rock only has value because other people are willing to give you goods in exchange for it.
- Breza 5y agoPartially. I have a hard time getting excited about blockchain as the solution to everything because of the issue GP points out. I took a blockchain dev course on Coursera out of curiosity and realized just how fragile some of these projects can be. Bitcoin is more resilient than most for a number of reasons, but it still relies on an outside network more than me selling my house or a chunk of pretty rock.