Beyond the immediate devastation, this disaster really shreds any credibility bitcoiners had in normie land. We all look like fools whether we lost money or not. Me. You. Everyone. It's a huge blow to self custody and just seeds the ground for custodial tyranny *within bitcoin*.
I can hear it now: "Your wealth is safer with a credentialed state-approved custodian; look at what happened with ColdCard!"
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This is exactly the play here.
yeah
it's what makes it so tempting to imagine that there is a larger game here.
If you wanted to undermine the culture and credibility of self-custody, can you think of a more effective way to do it?