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>"No, people think that if self-custody your private keys carefully, nobody can steal your coins." Yeah, people think that. But what does that have to do with
by freejazz 4y ago
>"No, people think that if self-custody your private keys carefully, nobody can steal your coins."
Yeah, people think that. But what does that have to do with FTX. Yeah, if you never sent money to FTX, they couldn't take it. What insight!
- siftrics 4y agoIt has to do with FTX because people are taking the FTX situation and using it to blame crypto. SBF stole users' deposits. Fact. SBF could not have done this had FTX been a self-custody DEX. Fact. Crypto's sole purpose is to prevent the theft that occurred. Fact. The theft happened because crypto was not used. The theft happened because users did not self-custody (which they could have, as is demonstrated by the billions of dollars custodied in numerous DEXs today). Fact.
- freejazz 4y agoThe fact that this happened in the crypto space is prima facie evidence that "Crypto's sole purpose is to prevent the theft that occurred. Fact." is wrong. Full stop.
- siftrics 4y agoYou're conflating the entire crypto space (rife with theft and fraud) with funds self-custodied on a blockchain (never once has seen theft because it is mathematically prevented).
- freejazz 4y agoI'm not conflating anything. This is the crypto space. The crypto space isn't only DEXs, it's full of CEXs and its where the vast majority of money is.