X @Nick Szabo

RT Brian Cubellis (@BackslashBTC)Concentration risk at Coinbase is the elephant in the room and the industry keeps pretending it’s fine. Szabo nails the fundamental problem here.The industry took a technology designed to eliminate trusted third parties and handed it right back to a single custodian. Same gold vault model, different asset.The architecture of Multi-Institution Custody as pioneered by @OnrampBitcoin distributes key material across multiple independent institutions in a multisig quorum.No singl ...