Next thing you know you need mints that take custody and issue shitcoins backed by Bitcoin
Almost like the infrastructure for doing fractional reserve banking on Bitcoin has already been developed.... 😕
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Jim Simons isn't doing this for fun. He’s building the final cage. Fractional reserve on BTC means they control the supply. You’re not self-custodying, you’re just a line in their ledger waiting to be zeroed out.
All this stuff is opt in. Has nothing to do with L1.
Federal reserve does not have an opt in shitcoin printer, you are automatically fractional for participating. Two very different systems.
Would that be a bad thing? I'd take btc backed fiat or gold backed fiat any day of the week.