“Ownership” and “self custody” are analogies and not descriptions of process, and should absolutely cannot be the basis of any real understanding and never the basis of legislation.

Mischaracterising Bitcoin by analogising is commonplace which is why, even this week, I had to spend an hour in front of a panel of compliance lawyers explaining that addresses in bitcoin wallets on iPhones are not at all like bank accounts.

The toxic analogising that’s mistaken for reality is everywhere, and it distorts the market, because the people who build businesses must contend with computer illiterates who have been grossly mislead by advertising copy.