Posted on 12/15/2022 3:30:11 PM PST by catnipman
Binance CEO Changpeng “CZ” Zhao has cautioned the crypto community about self-custody, suggesting that 99% of people choosing to take possession of their crypto will likely lose it one way or another.
(Excerpt) Read more at cointelegraph.com ...
is this because:
1. He thinks 99% of "virtual-asset" buyers are too stupid to maintain self-custody?
2. He thinks "virtual-asset" self-custody is so insanely complicated that "virtual-asset" buyers MUST reply only on off-shore, non-regulated, non-audited "exchanges" to hold the keys to their "virtual-assets"?
3. He knows that if everyone took their virtual marbles home instead of leaving them for the "exchanges" to play with, then virtual-marble trading would cease and with no trading occurring, suddenly virtual marbles would revert to their natural value, namely zero?
4. Or some combination of 1 through 3 above?
I stay clear of fake currency myself
Haven’t had any problems with my money going to dirty politicians
Or he is as deep in fraud as FTX was..
I have never bought crypto but if I did, I would put it on two of those super secure flash drives that are made for crypto. And write/print out the crypto password on two pieces of paper. One kept at home and one in a safe deposit box. One Flash drive at home and one in the safe deposit box
Trying to avert a “bank run”?
When I log into a bank account, I see money but it’s just a number. The money isn’t actually there. When I log into a brokerage account, I see stocks but the stocks aren’t actually there either.
With Crypto, with even less regulation and no insurance of any kind (FDIC etc)... as we saw with FTX their customers saw they had coins in their “wallets” but it wasn’t really there.
Sounds to like Beyonce is losing her money.
99% of people keeping their crypto on the own will lose it?
99% of people who turned it over to FTX did lose it.
Fox / hen house
Setting up and maintaining a crypto wallet is NOT for the average person. It’s all digital with numerous cryptographic safeguards.
Ping
Crypto seems to be loose-loose investment.
If you keep it, you will loose it, if you rely on somebody else, they will loose it for you!
Or lose it. 😏
[I stay clear of fake currency myself]
Same here - well except for USD LOL
All virtual money is a scam, something you don’t really possess. I still think it was created simply to launder money for drugs and other stuff. To avoid taxes.
And if shtf how do you access and use it?
Grammarian you — Chomping at the bit or champing>>? Rush Limbaugh always got this wrong. Perhaps intentionally/
“Setting up and maintaining a crypto wallet is NOT for the average person. It’s all digital with numerous cryptographic safeguards.”
i just set one up in about 10 minutes with the MetaMask chrome extension ... just to see if i was part of the 99% of morons or part of the 1% not-morons ...
The crypto is not actually stored on those flash drives (e.g. Ledger) it's merely a vehicle to manage your crypto. If you lose the flash drive it's no problem as long as you have your "keys" safely stored away, you can always buy a new Ledger and enter your keys to once again have access to manage your crypto.
Thanks!
Do you really know what that extension does?
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