This feels like this cycle’s FTX moment. Exchanges and treasury companies have been folding, and now this blow to self custody itself…..yet, Bitcoin price didn’t move much and volumes are tiny. Perhaps most sellers are gone?
Unpopular take around here, but I think this disaster is free advertising for the largest ETFs with expensive, diversified, offline, multisig vaults and with corporate reputations to protect, and with INSURANCE. After this, who TF but the nerdiest of tech nerds is going to trust any seed phrase-oriented setup? There’s not enough of them to grow Bitcoin adoption. Bitcoin adoption also will not grow if it relies on janky plastic self-custody devices, because seed phrase generation itself cannot be understood or explained, much less trusted, anymore. Do you want your millions on one of those? Until further notice, I don’t even trust the multisig companies, because who can say if they are vulnerable somehow?
Bud
npub1v0…a08ph
2026-07-31 17:39:00 UTC
Author Public Key
npub1v04weqdvqhe2flgpwf7hhztfqpp0xr8drd5mea4q2vlvrcwdl7lqfa08phPublished at
2026-07-31 17:39:00 UTCEvent JSON
{
"id": "3a222022cd8e270c0cd117a1ec8bfca10477caade074da30c3dd5fb524940cf6",
"pubkey": "63eaec81ac05f2a4fd01727d7b89690042f30ced1b69bcf6a0533ec1e1cdffbe",
"created_at": 1785519540,
"kind": 1,
"tags": [
[
"client",
"Primal iOS"
]
],
"content": "This feels like this cycle’s FTX moment. Exchanges and treasury companies have been folding, and now this blow to self custody itself…..yet, Bitcoin price didn’t move much and volumes are tiny. Perhaps most sellers are gone?\n\nUnpopular take around here, but I think this disaster is free advertising for the largest ETFs with expensive, diversified, offline, multisig vaults and with corporate reputations to protect, and with INSURANCE. After this, who TF but the nerdiest of tech nerds is going to trust any seed phrase-oriented setup? There’s not enough of them to grow Bitcoin adoption. Bitcoin adoption also will not grow if it relies on janky plastic self-custody devices, because seed phrase generation itself cannot be understood or explained, much less trusted, anymore. Do you want your millions on one of those? Until further notice, I don’t even trust the multisig companies, because who can say if they are vulnerable somehow?",
"sig": "ac725c9750c74d91fd5e814b40666905fb4fa4eec1f3a6152069c6e144435a5642b1294eed60c88660bfe272f3be30843c957311b2625290f70eddcee7a9dc8f"
}