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Vitalik Buterin Calls Michael Saylor's Bitcoin Custody Suggestions "Insane"
Last Updated: October 23, 2024
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Key Takeaways
- Michael Saylor suggested Bitcoin holders should trust major banks to safeguard their assets;
- Vitalik Buterin criticized Saylor's opinion, stating it undermines crypto's decentralized and self-empowering nature;
- Erik Voorhees added that self-custody is vital to prevent centralization and corruption.
Vitalik Buterin, the co-founder of Ethereum
Saylor suggested that Bitcoin investors should depend on "too big to fail" banks to protect financial assets, departing from his earlier support for self-custody solutions.
Buterin disagreed with Saylor's recommendations, arguing that relying on large banks contradicts the foundational principles of cryptocurrency, which prioritize decentralization and individual empowerment.
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In the interview, Saylor warned that unregulated entities ignoring governmental authority, taxation, and reporting obligations increase the likelihood of asset seizure. This stance is perceived by many as a move towards greater centralization and regulatory oversight.
Buterin accused Saylor of "explicitly arguing for a regulatory capture approach to protecting crypto," adding that there's plenty of evidence showing that Saylor's proposed strategy has historically failed.
Erik Voorhees, founder of ShapeShift, also weighed in on the debate. He said that self-custody is a crucial safeguard against the centralization and corruption that are otherwise inevitable, adding:
For Saylor to so casually dismiss this fundamental precept is wholly inappropriate and deserves the backlash.
This collective criticism highlights a deep-seated concern over preserving the core values of crypto in the face of growing institutional interest and potential regulatory overreach.
In other news, cryptographer Peter Todd says he is forced to hide after an HBO documentary alleged he was Satoshi Nakamoto.
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