This week it was announced that a new German law would allow the banks to hold Bitcoin on behalf of the German citizens.
What will be the outcome of them servicing as a custodial agent?
They are banks, what do we think will happen? That said, there are some positives.
They’re not getting into this to steal their customers’ crypto. And this is great news for adoption. Some banks may even try to sell cryptos to their customers.
It is not good decision.people need freedom.
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After banks onboard enough people into bitcoin through their custody accounts, they'll quietly write legislation requiring banks to hold your keys then make it impossible to withdraw into your own hardware wallets. After that they'll subject you to fees that you cannot escape. The only thing left on our side at that point is that they can't print up more bitcoin, but they will probably have gained one thing that they wanted by then which is the elimination of cash.
The lack of fungibility in bitcoin is becoming worrying. Capital controls and the seizing of the means of production by entities like Amazon will likely mean that western nations and China will be living in a digital panopticon. Those of us who know better will have left for the 3rd world which will become the next USA and the digital panopticon countries will have to learn the hard lesson of socialism once again while watching the rest of us prosper.
Hopefully I'm wrong about this and people will refuse to accept this. But from what I'm seeing, far too many people are still completely clueless about why bitcoin was invented. If we're to reach the future that Tim Draper speaks of, we'll have to do a much better job educating people on "not your keys, not your crypto".