Building on the frontier of money, health, and work | Macro MAHA AI Bitcoin | Writing weekly soundmoneysoundlife.com | @onrampbitcoin | Last Trade Pod
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if you're all in on Bitcoin, you're seeing the major disruption in the workforce due to AI, but you're staying the course, building a sound life on sound money
then id love to have you join me here!
soundmoneysoundlife.com/subs…
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most of the industry thinks multi-institution custody is a niche product. what i see every day is the opposite.
most of the people i talk to have done all sorts of self custody. single sig. multi sig. collaborative custody.
and they’re still choosing multi-institution custody.
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my parent's health insurance premium slated to go up 87% in 2027 (so much for 3% CPI), so we had @claudeai look through the alternatives
my father's first real interaction with Claude, this is what he has to say:
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Bitcoin does not need to follow the same fate as gold, but that's what is looking likely.
Bitcoin moving from self custody into centralized custody.
But there's a third way: multi-institution custody.
The most secure and simple way for most people to manage their bitcoin.
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when the facts change, I change my mind. what do you do?
when i first got into bitcoin, i thought that self-custody was going to be the way that Bitcoin scales
for a while now, i haven't held that belief
the developments in the past months make it even more apparent
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It's amazing to me that politicians essentially have infinite ammo for finger pointing on inflation
what if it was just as simple as governments printing money?
Hellmann's mayo
McCormick spices
Cholula hot sauce
Frank's RedHot
What do these products have in common? One company could soon control them all.
I have concerns that McCormick and Unilever's $45 billion merger could increase YOUR grocery prices.
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Jackson retweeted
Preach. The gold-vault comparison is spot on, and multisig is what makes Bitcoin different. Onramp's multi-institution model is a solid answer for people who want security without managing keys themselves 💯
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Jackson retweeted
SELF-CUSTODY HAS TAKEN A MAJOR BLOW, BUT THERE IS A WAY FORWARD
@macrojack21 warns that the recent hardware wallet security failures have pointed out serious weaknesses in Bitcoin self-custody.
But @MTanguma argues that if self-custody ceases to be viable, Bitcoin itself will fail.
The biggest lesson from these attacks is that Bitcoiners can no longer afford to have a single point of failure when securing their wealth.
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we’ve been talking about this for a while at @OnrampBitcoin
goldsmiths, and then vaults, were critical to gold spreading as a monetary asset, for exactly these reasons.
being your own bank is a sexy idea, and people like to fantasize about it. they tend to forget that people rob banks, and that it takes real responsibility and time, not just from you but from your family.
the difference between bitcoin and gold is multisig. gold required you to trust the vault. bitcoin doesn’t have to.
multi-institution custody bridges that gap. no seed phrases or signing devices to manage, and no blind trust in a single institution that could be compromised and cause permanent loss.
it's kinda ironic how this whole ledger debacle is teaching people why banks were invented in the first place
being personally responsible for securing all your savings is actually really annoying and takes so much work, everyone is out to get you and mistakes are easy to make
I remember in 2017 first getting into crypto we did these newbie thought experiments like "is everyone in the future really going to bank from these usb sticks?!"
looks like we got our answer
it also reminds me of one of @hosseeb's contrarian takes years ago where he said "decentralization sucks" and it being a means to an end, not something you want just for the sake of having it - a spectrum where you sacrifice efficiency and convenience to gain censorship resistance and trust minimization, but the key is finding the proper tradeoff for whatever you are trying to build
similarly self-custody sucks, you are basically gaining independence at the cost of personal security and even people who have been doing everything right are dropping like flies (hardware exploits, randomizer bugs, wrench attacks, hacks, etc)
don't make your life depend on it I guess
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Jackson retweeted
Bitcoin’s assumed path to mass adoption was to teach self-sovereignty one person at a time until it reached seven billion people.
After Coldcard and Ledger, @alexstanczyk doesn’t think that’s the path anymore.
His read on where custody goes from here: trusting a single intermediary, whether that’s one hardware wallet maker or one custodian, stops making sense.
Holding a meaningful allocation on a single device puts a heavy burden on one person, and the industry’s answer of "just do multisig" only adds complexity.
So he sees two paths for anyone who wants to own real bitcoin directly. Multi-vendor multisig for the people willing to learn it, and Multi-Institution Custody for everyone else.
MIC didn’t click for him at first. Now:
"After all these things have happened, it looks like you guys [Onramp] were way ahead of the curve. You were ahead of the entire industry."
Appreciate it, Alex 🤝
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the same way people wish they’d been earlier to bitcoin will be true with AI.
being early to bitcoin meant buying at a fraction of today’s price.
being early to AI means building skills that make you more valuable, whether you’re starting a business or competing for highly lucrative roles
the people integrating it into their work now are going to be vastly ahead of those who aren’t
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Jackson retweeted
🔴 LIVE AT 3PM ET: LEDGER UNBOXING & DISASSEMBLY
Could your Ledger hardware wallet contain a hidden spy device?
@MTanguma and @macrojack21 join us LIVE as we unbox and disassemble a Ledger Nano X purchased in the United States, looking for signs of malicious hardware implants.
Join us to see what we find!
Made with AI
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"do you trust yourself or do you trust someone else?"
that's been the choice in bitcoin for over a decade. fully trust yourself to manage your wealth, or fully trust a single institution.
but now it's a false binary. you can distribute the trust. that's multi-institution custody.
no seed phrases or devices to manage, inheritance handled, but not reliant a single institution.
three institutions protect your bitcoin (2 of 3 multisig), and none of them can move it or lose it.
we pioneered it at @OnrampBitcoin.
Self custody has always been hard.
Only the maximally paranoid survive.
Recently with the Coldcard RNG exploit, Trezor e-mail leaks, and the supply chain attacks with Ledger, it's become even more apparent how hard long term self custody is for the average HODLer.
This means buying direct, using multisig, using your own entropy, etc.
It all comes down this: Do you trust yourself or do you trust someone else? If you don't fully grok the responsibility, then it actually might be more prudent to use custodial solutions.
Or holding some % of coins with trusted custodial solutions (ex: Kraken/Coinbase) and a majority in self custody.
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that's like a car recall where the answer is "drivers should have done more diligence."
people who buy cars aren't expected to be automotive engineers. people who buy hardware wallets shouldn't be expected to be security experts. that's not a realistic or empathetic expectation for the vast majority of people.
coldcard, as an example, marketed itself as the most secure device on the market. buyers shouldn't need to do more than open the box.
and it isn't just coldcard. ledger and trezor. these are firms that have been around a long time, and people trusted the brand and the product.
so yes, i'd call it a crisis, in part because a lot of people genuinely don't know whether their funds are safe or compromised.
There is no crisis in self custody, there's just a bunch of people realizing they haven't thought through their security model.
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i don't see many people offering viable paths forward for bitcoin mass adoption
recent developments with @COLDCARDwallet, @Trezor, @Ledger, have shaken confidence in self custody. but even before that, the notion of onboarding the masses into devices was not feasible.
the alternative proposed solution is the ETFs, which present its own slew of tradeoffs and is not even real bitcoin ownership
i think the firms that will lead the commercialization of bitcoin will be those that:
1)integrate daily financial needs around bitcoin
2)don't require the user and their families to be a technical expert
3)don't introduce a single point of failure from a custodial perspective
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what if you didn't have to worry about this...
and knew that your bitcoin was protected by three independent institutions
none of which could move it or lose it (2 of 3 needed)
and your family didn't need to worry about seed phrases and devices
oh right, that's called multi-institution custody
😉😜🤔
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Jackson retweeted
🎙️New episode of First Principles 🎙️
On the backs of the Ledger supply chain attack, you’re going want to listen to this one
Zach Herbert, CEO of Foundation joined me for a fascinating chat
✅ The origin of Foundation
✅ Battle between Open source vs closed source
✅What makes their Passport Prime different?
✅ Coldcard hack
✅ Why Ledger dominates the HWW market
✅ Where are we in bitcoin’s adoption?
✅ Design philosophy
✅ Where custody goes from here
Hope you have fun listening, have a great weekend!
Made with AI
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a lot of people don't know what to do post @COLDCARDwallet hack
many have moved to exchanges in the interim, but do not feel secure their either
i'm having conversations every day educating on the third way: multi-institution custody
Bitcoin custody must evolve.
Holding keys alone or trusting one company are no longer the only options.
With Multi-Institution Custody, three institutions protect your bitcoin. No one of them can lose it, move it, or use it, and nothing moves without your permission.
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