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  "map_content": "The problem with these post is that it confuses legal custody with cryptographic custody, and then quietly treats the gap as if it doesn\u2019t matter. It absolutely does.\r\nWhen Strategy says it \u201cholds\u201d Bitcoin at Coinbase Custody, Anchorage, or Fidelity, what it actually holds is a contractual claim on Bitcoin managed by regulated custodians. The keys are not in Strategy\u2019s control, the UTXOs are not provably theirs, and the on-chain addresses are either pooled, opaque, or deliberately undisclosed. That is not self-sovereign ownership \u2014 it is institutional IOU custody, governed by trust law, not by Bitcoin.\r\n\u201cSegregated addresses\u201d doesn\u2019t solve this. Segregation is an accounting promise, not a cryptographic guarantee. You cannot independently verify:\r\n\u2022 that the coins aren\u2019t lent,\r\n\u2022 that they aren\u2019t encumbered,\r\n\u2022 that they aren\u2019t pledged as collateral,\r\n\u2022 or even that they still exist in full.\r\nEspecially at Fidelity, which runs omnibus structures where client assets are deliberately untraceable by design. That is the exact opposite of Bitcoin\u2019s original trust model.\r\nSo Saylor saying \u201cwe buy real bitcoin\u201d is legally true but technically meaningless. He owns Bitcoin the same way you \u201cown gold\u201d in a vault you\u2019ve never seen, with keys you don\u2019t control, under a regime where rehypothecation is only limited by internal policy and regulator interpretation.\r\nFrom a Bitcoin perspective, that is not sovereignty \u2014 it\u2019s TradFi custody with a blockchain back-end. Functionally, it\u2019s still IOUs. The only difference is the marketing.\r\n\r\nhttps://x.com/i/status/2016594759465189755",
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  "timestamp": "2026-01-29T12:08:13.000Z",
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