#baby $BABY @BabylonLabs_io
The Asterisk Under “Only Bitcoin”
I first took TBV’s line about trusting nothing but Bitcoin as the usual non-custodial sales pitch. Then I actually read the docs. Turns out depositors are counting on the protocol’s cryptography, both the Bitcoin and Ethereum networks staying up, and the DeFi app that ends up holding the collateral—not on some third party just sitting on the BTC. Further down there’s a quieter note: governance and emergency multisig keys still sit there as a backstop, sold as a temporary safety net the protocol plans to retire later. That doesn’t make the whole thing bad. It just means “only Bitcoin” is doing more marketing work than real architectural work. What I keep coming back to is the timing of that retirement. Protocols almost never pull their safety nets before the liquidity has already gotten used to leaning on them. So the real question isn’t whether the cryptography works. It’s whether people keep locking their BTC once they notice the asterisk was never actually taken off.
$BTC
$BABY
The Asterisk Under “Only Bitcoin”
I first took TBV’s line about trusting nothing but Bitcoin as the usual non-custodial sales pitch. Then I actually read the docs. Turns out depositors are counting on the protocol’s cryptography, both the Bitcoin and Ethereum networks staying up, and the DeFi app that ends up holding the collateral—not on some third party just sitting on the BTC. Further down there’s a quieter note: governance and emergency multisig keys still sit there as a backstop, sold as a temporary safety net the protocol plans to retire later. That doesn’t make the whole thing bad. It just means “only Bitcoin” is doing more marketing work than real architectural work. What I keep coming back to is the timing of that retirement. Protocols almost never pull their safety nets before the liquidity has already gotten used to leaning on them. So the real question isn’t whether the cryptography works. It’s whether people keep locking their BTC once they notice the asterisk was never actually taken off.
$BTC
$BABY