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One of the few benefits of crypto is to "be your own bank" and not needing 3rd party permission to move your assets. Withdraw to cold storage, dump everything except bitcoin, and of course, do your own research.
...and send a test transaction before you send it all.
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Bitcoin solves this. Sorry I just had to. I think crypto as an investable asset class is finished. SEC is sending a very clear signal here. It’s entirely the community’s fault for failing to properly manage this space. They actually earned public’s trust (sometime during the pandemic). And then they threw it all away for a few bucks.
We should keep a record of all the crypto failures / scams / people dying in weird ways on some sort of blockhain
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The USP of cryptocurrency is the ability to self-custody. If you sent your money to a company like Voyager, instead of controlling your keys yourself, you missed the point.
And then you are still losing your money, because your supposedly secure hardware wallet had a backdoor all along. Or you are downloading a wallet app that is compromised. Or you are making any one of a million possible mistakes that can lose your everything you have in crypto. At the end of the day, you need to keep your keys on an a dedicated air-gapped system where you have epoxied the USB ports and have ideally w…
(These are the hard truths they won't tell you in the super bowl commercials)
Bitcoin solves this. Sorry I just had to. I think crypto as an investable asset class is finished. SEC is sending a very clear signal here. It’s entirely the community’s fault for failing to properly manage this space. They actually earned public’s trust (sometime during the pandemic). And then they threw it all away for a few bucks.
We should keep a record of all the crypto failures / scams / people dying in weird ways on some sort of blockhain
Earlier quoted context omitted.
It's really not though. The point was to get rich and if you can get rich quicker in a custodial pump-and-dump than in a self-custodied decentralized boiler room... you might as well.
There's nothing in the bitcoin whitepaper about getting rich quick. If that's your goal, go ahead and send your money to FTX, Luna, Voyager, or Binance. But that's not my goal. I'm here so I can have self-sovereignty of my money.
Except you aren't really. You will always be beholden to one entity or another, in bitcoin the 51% who need to clear your transactions. You just decide to not trust in the current financial apparatus and instead bet on the new.
Bitcoin solves this. Sorry I just had to. I think crypto as an investable asset class is finished. SEC is sending a very clear signal here. It’s entirely the community’s fault for failing to properly manage this space. They actually earned public’s trust (sometime during the pandemic). And then they threw it all away for a few bucks.
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Unironically, crypto fixes this, by allowing for self-custody and trustless exchange using verifiable programs (like Uniswap).