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@ goatmeal
2025-04-28 06:43:06
cashu sats aren't bitcoin.
L-BTC isn't bitcoin either.
nothing will ever enable custodial IOUs to be bitcoin. it's completely impossible.
the custodian will debase and censor the IOUs. it's not different this time. you can count on this happening like you can count on communism failing. every time you make excuses for stripping off bitcoin's security model and giving control to custodians, you are speedrunning what happened to precious metals. stop being cute about it.