Re: The risks of self-custody outweigh the risk of exchanges
Bitcoin can be used as a unit of account without a problem. Also markets always exist, no matter if scam exchanges go bankrupt or not. P2P and adoption are more important, but then again you trade a multiple coins.
Tadamichi too stupid and doesnt understand money so it pointless discussing with you.
Tadamichi too stupid and doesnt understand money so it pointless discussing with you.
But you like to pretend like you have half a brain, and try anyway.
FYI2:
A more prudent thought for many , might be to use multiple exchanges or keep crypto as a % of one wealth, not as the entirely of one's wealth.
IE: Don't keep all of your eggs in one basket.
* Until Crypto exchanges are forced to enact their own version of FDIC, which insures a value is available for withdrawal even after an exchange collapse,
then you are in the wild west of crypto, just the same as banking was before the FDIC was enacted for banks.*
FDIC: The FDIC is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks
A more prudent thought for many , might be to use multiple exchanges or keep crypto as a % of one wealth, not as the entirely of one's wealth.
IE: Don't keep all of your eggs in one basket.
* Until Crypto exchanges are forced to enact their own version of FDIC, which insures a value is available for withdrawal even after an exchange collapse,
then you are in the wild west of crypto, just the same as banking was before the FDIC was enacted for banks.*
FDIC: The FDIC is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks
Spoiler alert, money in a bank isnt safe regardless of current regulation. Diversifying into different kinds of the same trash is also not really safe.
More like Dummy Alert, each bank in the US is required by law to have FDIC insurance,
meaning even if the bank goes belly up, you still received your funds up to a specified $ amount, currently $250000 per account per bank.
Credit Unions are under The National Credit Union Administration (NCUA) which also insures $250000 per account per credit union.
Just because you live in a Banana republic , some people like in countries with laws and regulations.
If Crypto exchanges were required to insure their accounts up to $100000 , then alot of the exchange concerns would disappear for the majority,
and anyone over that amount store at other exchanges or at home, if they want to increase their risk of being robbed and beaten for a passphrase.