TD₿: 6102 Bitcoin by 6102 with Stephan Livera
TL;DR Improving one's online privacy and taking self-custody of Bitcoin are ways to protect against regulatory risk.
Hey Bitcoiners,
At Swan, we try to make it as easy and cheap as possible for clients to take self-custody of their bitcoin.
This is why we do not charge any withdrawal fees and built our product to allow automatic withdrawals so more clients take self-custody of their coins.
We did this because taking self-custody is good for the Bitcoin network, it’s good for Swan, and it’s good for our clients.
One benefit is it removes the tail risk of government confiscation via an executive order like what happened in 1933 when FDR famously issued Executive Order 6102 which “forbade citizens from hoarding gold”.
Bitcoiner 6102 sat down with Stephan Livera a couple of years ago and had this in-depth conversation on the importance of privacy and self-custody to protect against this risk (06/04/2020).
Although there is a small probability of these tail risks occurring, it’s wise to prepare for the unexpected.
The best time to take self-custody was yesterday, but the second best time to take self-custody is today.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Storing your bitcoin in self-custody is the safest possible place. Arguably the best location humans have ever had to store their wealth.” - Jake Woodhouse, Creator of Bitcoin with Jake
Meme of the Day
(h/t @P__PouNdz)