Institutions can and do mess up in many ways. This is not new to crypto. The original intent of crypto is that everyone would hold their own private keys. It's like having cash in your wallet. You are responsible for it. But the advantage you receive is that it is technically impossible for anyone to take it so long as you keep your private keys safe.
'I have been in shock': Letters reveal financial distress after Celsius, Voyager bankruptcies
- Thread starter ph1l
- Start date
Institutions can and do mess up in many ways. This is not new to crypto. The original intent of crypto is that everyone would hold their own private keys. It's like having cash in your wallet. You are responsible for it. But the advantage you receive is that it is technically impossible for anyone to take it so long as you keep your private keys safe.
The problem, is we are about 10 years or so away from the government allowing you to hold your crypto (with your own keys) inside of a registered account. The only way currently to keep spot crypto inside this sort of vehicle is purchasing the security through Canadian exchanges.
Also, using derivatives to create a synthetic spot isn't really valid either, as registered accounts generally prohibit options (or severely restrict them).
Also, using derivatives to create a synthetic spot isn't really valid either, as registered accounts generally prohibit options (or severely restrict them).
Yes, nothing new.
Dunno Karl,
i don't. Not anymore. Did at first, but this is just absurd.
Peter Thiel said once
,,When people travel, they check guides, hotel prices, weather. When they buy a new fridge or a car, they do research about the product. Competition, energy consumption etc.
But then the guy hears a tip on a bus about a random stock with no earning and they go all in with life savings"
Same story.
Wishful thinking & greed.
Best part, - they start to dislike you, for ruining their illusions about the moon trip.
Better to stay aside & watch ?
Maybe a joke or two.
~~Sapphire hands~~
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You get paid interest if you deposit crypto
You get to borrow fiat if you deposit your crypto as collateral
BlockFi is still operating. I used them for a loan, got $$ wired to my bank account nbd
https://blockfi.com/
No, you're too crooked to be trusted.
https://blockworks.co/celsius-wants-to-sell-its-mined-bitcoin-texas-regulators-dont-trust-it/
https://blockworks.co/celsius-wants-to-sell-its-mined-bitcoin-texas-regulators-dont-trust-it/
Jack has me on /ignore. Can someone please ask this asshole where the hell HIS lambo is? It is all he asks is most every thread he posts. "Where lambo". It is so so old now. So where the hell is HIS lambo?
And someone let him know that mature people do not go out and get Lambos. They go out and get hybrids like Priii. Way better gas mileage than a Lambo. Because nobody gives a flying fuck about Lambos anymore. They are ubiquitous.
Just like with cash/silver/gold, people will gravitate toward centralized entities for safekeeping and more. Hence, banks.
Owning your private keys sounds great in theory, but in reality, only a small minority of the population truly wants, accepts and can handle the responsibility of keeping them secure. It's next level stuff from protecting physical assets.
In a way, it's a full time commitment.
Your average person getting into crypto has a full time job, family and all that real life stuff, they do not have the time, and likely the capability, to deal with the cybersecurity that crypto truly requires. Sure, they can just stack BTC & ETH quietly into cold storage, but the crypto game is so much more dynamic than that now. They may want some extra yield, or to borrow against their asset. Going to Celsius/Voyager/Blockfi is a logical choice.