X @Nick Szabo

Asset Comparison - Bitcoin excels over gold in transfer speed and validation, yet lags behind trust-based systems in theft resistance [2] - Gold's vulnerability to theft historically led to its partial displacement by bills of exchange [1] Custody Preferences - Wall Street's preference for centralized third-party Bitcoin custody stems from theft resistance concerns, tradition, and privacy considerations [2] Historical Context - Telegraphy's speed and wire transfers further centralized gold into bank vaults [1]