re: Why bitcoin is worse than a Madoff-style Ponzi scheme

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They know they no longer have their assets, and there is little recourse, everything else is jut semantics.

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where you choose to host your Bitcoin is not just semantics. You thinking it is tells me you are either being deliberately obtuse or don’t know much about this space.

If you trust a third party to host your assets and that third party fails you, that doesn’t mean anything is wrong with the asset, or for a digital asset on crypto rails it doesn’t mean there is any fault with it’s underlying network; it means you chose poorly with the the third party. The failure of a third party assuredly doesn’t mean the network itself has a fault.

If you self-custody and protect your recovery seed, you can be as absolutely guaranteed as with anything else on Earth your assets will never be confiscated. This is because the Bitcoin network is the most secure network humanity has ever created.