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Probably a good time to mention the original mission statement of Bitcoin was to custody your own money without counterparty risk. Time and time again we have s
by solotronics 4y ago
Probably a good time to mention the original mission statement of Bitcoin was to custody your own money without counterparty risk. Time and time again we have seen altcoin ponzis and exchanges collapse under the weight of their fractional reserve. What is still working? Bitcoin.
Greed in this space causes people to act with a more short term view for quick profits while ignoring fundamentals. Over and over again.
- n0tth3dro1ds 4y agoNot your keys, not your coins.
- varsketiz 4y agoIs Bitcoin history a metaphor for "society needs to learn more about technology"?
- woah 4y agoThis has nothing to do with Bitcoin or not. Bitcoin was probably one of FTXs largest assets. Every cryptocurrency allows self custody, as this is core to the concept.
- siftrics 4y agoIt has everything to do with Bitcoin. If this was all done on-chain, users would have sole custody over their funds and no one else in the entire world, including SBF, would be able to move them or loan them out.
- vitiral 4y agoBitcoin supports a few transactions per second globally. Please explain how everything would be done on chain?
- zeven7 4y agoIt can't be done on Bitcoin. It can be done on Ethereum.
- siftrics 4y agoYes, I know. I used the term Bitcoin as a syndoche for cryptocurrencies as a whole, because the parent commenter used the term Bitcoin.
- RustyRussell 4y agoWell, their largest asset was probably their own token. Once that went to zero, maybe it was Bitcoin, but I doubt it. Tether more likely. Remember, this was a casino, not really an exchange.
- anonporridge 4y agoThe toxic bitcoin maximalists have been waiting patiently for years knowing something like this would inevitably happen again. Not your keys, not your coins.