The people who took 3,996 bitcoin from Liquid sent Blockstream a bill on Wednesday morning: pay a 10% bounty or "all your holders" eat a 15% loss. Rob @_Rob_Wallace calls it one of Bitcoin's great moral conundrums. I'd call it an invoice. It names the one thing every custodian leaves off the brochure: how much they spend protecting your money. The hackers' figure is $1,500,000 of security for $5,000,000,000 of assets. Right or wrong, nobody holding L-BTC had a way to check that number before Sunday. That is the whole difference between a token and a bitcoin. A token has a security budget somebody else sets. Bitcoin at your own address has one you set, and it is the only one you will ever get to audit. Full conversation with Rob Wallace of @BitcoinNewsCom and @q_liketheletter is live on the channel.