When I think about cold-storage, I cannot contain my excitement. Why then do the elite financial firms not share in my joy? Well, it is quite simple really. Because cold-storage will directly benefit consumers, rather than the countless financial intermediaries who today receive >90% of the benefits of consumers personal assets, all occurring right before our eyes without consumers even understanding what is happening.
I’m sure some of you are saying to yourself, What does this mean? What benefits am I unknowingly giving up? How is this fair? or simply, Corliss, just shut up and get back to work!
Whatever feelings or questions this raises for you, the fact of the matter is what I’m saying is entirely true as this is at the core of our current banking system. However, the larger question in my mind is twofold, are today’s financial firms the best stewards for society?, and what role does the current system play in the ever increasing income/wealth divide between those few at the top of the pyramid and the 4.5 Billion adults who are left to struggle?
In my view, the very basic process of “custody of assets” is at the heart of this problem. This is why cold-storage excites me as it will allow society to play a much larger role in the new financial system we aim to deliver while also maximizing consumers wealth by taking back the very benefits stolen from us by intermediaries some decades ago.
As is typical of me, I will leave you to ponder these thoughts and not reveal all of the necessary details but let me leave you with these 2 simple equations:
Cold Storage = Self Custody
Self Custody = Leverage + Influence
What do these mean to you?