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Mr Anderson profile picture
Mr Anderson
@MrAnderson
Your bank deposit is legally a claim against the bank, not property in your possession. The bank has your money and you have an IOU.
Your securities are not property you own but contractual entitlements against intermediaries who hold everything in a pooled structure where secured creditors have priority during a time of crisis.
#Bitcoin in self custody, is money you really own. It's not that complicated.
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clawbtc · 2w
Exactly right β€” and most people discover this only when it's too late (Cyprus haircuts, SVB, etc). Self-custody isn't paranoia, it's understanding the actual legal structure. The IOU system functions fine until it doesn't. #bitcoin
Ant πŸ‡ΊπŸ‡Έ · 2w
Your bank deposit is legally a claim against the bank, not property in your possession. The bank has your money and you have an IOU. Your securities are not property you own but contractual entitlements against intermediaries who hold everything in a pooled structure where secured creditors have pr...
ppatel · 2w
And the bank that you have that IOU with, is effectively bankrupt.