Every cycle, a new cohort discovers Bitcoin and immediately hands it to a custodian. They have, without realizing it, reinvented the bank.
A promise is not an asset
An IOU is only as good as the entity behind it. The entire reason Bitcoin exists is to remove that dependency. Custodial Bitcoin is a contradiction in terms.
Not your keys, not your coins. It was never a slogan. It's a definition.
The harder path is the point
Self-custody asks something of you. That friction is not a bug — it is the price of sovereignty, and it is cheaper than the alternative.
