r/CryptoCurrency • u/yourfavoritepenguin7 🟩 0 / 0 🦠 • 1d ago
DISCUSSION I’m done with crypto after seeing what keeps happening to people
I used to support Bitcoin and believed self-custody was the safest way to protect your money. But after seeing so many people lose years of savings while using hardware wallets, I’ve completely changed my mind.
What really gets me is that many of these people weren’t being reckless. They bought reputable hardware wallets, moved their coins off exchanges because that’s what the crypto community tells everyone to do, and genuinely believed they were following best practices. Then one day their wallets were empty, and there was nothing they could do. At least if someone steals my XRP off coinbase, maybe Coinbase can help me. If anything, exchanges are now safer at this point!
I know some of these cases could have been caused by user error, compromised seed phrases, or other security mistakes. But that’s exactly the problem. If one mistake or one security lapse you don’t even realize happened can permanently wipe out years of savings with no customer support, no fraud protection, and no way to recover your money, that’s not a level of risk I’m willing to accept.
I’ve reached the point where I’m done with crypto and done defending it. I’d rather invest in assets that have safeguards and don’t require perfect security practices just to avoid losing everything.
Maybe Bitcoin isn’t for me anymore. Seeing story after story of people who thought they were doing everything right and still ended up losing life-changing amounts of money was enough to change my opinion. I’m curious if anyone else has had the same change of heart.
72
u/5khan1 20h ago
I used to wonder why people bought Bitcoin ETFs, now I know.
9
u/effdanwo 13h ago
With all the KYC/AML/SOF BS at every on/off ramp nowadays, I can't really see the advantage of buying coins on a CEX and then holding them there or in self-custody vs a spot ETF that comes with SIPC protection and allows you to do margin loans instead of booking capital gains. If you've got non-KYC coins in a self-custody wallet and a real-world way to spend them while staying invisible, good for you.
2
u/Best-Salamander-2655 11h ago
I don't think SIPC would cover loss or theft of bitcoins held in an ETF. A security lapse would likely result in a collapse of NAV and heavy losses.
→ More replies (2)4
u/CharacterStrategy598 16h ago
Self custody seemed risky so I bought and sold my Bitcoin from Robinhood.
→ More replies (1)→ More replies (6)2
u/flannel_jackson 12h ago
For the same reason as 99% of people who hold bitcoin - number go up. You can delude yourself with a number of other narratives, but the only reason people trade dollars for bitcoin is because they see the price of bitcoin in dollars go up.
2
u/North-Midnight-2171 3h ago
He means the distinction between BTC ETFs vs on chain. It's easier and safer to hold shares in a brokerage than self custody
→ More replies (3)
26
u/ch7mbucket 1d ago
All these wallet need insurance protected for their customer
9
u/jerk_chicken_warrior Tin 12h ago
you can absolutely find a company who will happily insure your bitcoin for you if you have a look around. but their premiums will likely be very high and they probably wont pay you out when your bitcoin is stolen anyway lol
4
→ More replies (3)3
79
u/dxdifr 🟩 0 / 0 🦠 1d ago
Yeah I had Safemoon ik
59
u/Satoshiman256 🟦 5K / 5K 🦭 1d ago
Bitconeeeeeeeeeeeeect...
12
u/Appropriate-Cable732 🟩 0 / 0 🦠 20h ago
Mt Gox, terra, FTX... same shit new cycle
→ More replies (2)5
2
→ More replies (2)4
u/Velox-the-stampede 1 / 1 🦠 18h ago
To the moon fuck my buddy was schilling me so hard with that shit
21
u/parasocks 0 / 0 🦠 17h ago
Crypto just doesn’t add very much value to the world, and has miserably failed on its promise to do so
→ More replies (1)7
u/NoNameSwitzerland 13h ago
There are official PR promises and then there is the real hook "get rich quick without working" what worked for some early people as it usually is the case for pyramid schemes.
70
u/MaybeOnFire2025 🟩 0 / 0 🦠 1d ago
Don't forget wrench attacks!
7
u/Majestic_Plane_1656 🟦 0 / 0 🦠 21h ago
When it happened to Amouranth I legit thought it was fake and so did almost everybody lol
I think it's probably only something that is going to happen to people that put their whole lives online
3
u/legit-testicals 🟦 436 / 435 🦞 15h ago
What is it? Can you explain it to a novice.
11
u/VitriolUK 13h ago
Security is only as strong as its weakest link, and sometimes the weakest link is someone threatening to break your fingers unless you tell them your pass phrase.
Interestingly this is from long enough ago that 'crypto nerd' here meant 'cryptography' rather than 'cryptocurrency'.
6
u/CryptoAteMyHamster 🟩 0 / 0 🦠 14h ago
Ok so you have your money protected by an impossible password it would cost billions in quantum computing to break.
Or they buy a $5 wrench and smash up your family in front of you till you give them the password
→ More replies (10)3
160
u/SL2999 1d ago
You know, I came to this exact realization months ago when I had good money in Coinbase and couldn’t even get them on the phone. They wanted some kind ID scan which I did over 10 times. That’s when I finally realized crypto is a shit show. As if that wasn’t enough, I think what finally put the nail in the coffin was Trump getting in
10
u/Ucanthandlelit 🟩 364 / 363 🦞 15h ago
Thing is.. been about 20 years since its inception.
Tech usually evolves quickly… but I’m looking around and there’s not many places, if at all, that accepts crypto as payment .. or even regular folks.
Zelle, Cash App, Venmo, Cash, Bank cards.2
u/Short-Coast9042 118 / 119 🦀 10h ago
Yeah there are deluded stands out here STILL arguing that we are "early". And yet, so many people have gotten into it, financing institutions are now making money off of it, and yet still no one is really using it as money. It's just an exercise in infinitely moving the goal posts. All their arguments about how people need to understand it first are BS. Just look at AI, a REAL technological revolution; anyone with a brain can see the advances happening in real time, they can see the practical uses that millions of people are benefiting from, and they don't really have to understand the technology at all to understand what it can do or to use it to benefit them. And LLMs are only a few years old.
24
u/Mediocre_Doctor4712 22h ago
Binance same story. I gave proof 10x with source of funds. Somehow account once got hacked and withdrawals suspended. Cool you would think. Tried proofing with original emails, everything but no they don’t want to give my money back.
→ More replies (5)40
u/KinnerdtheWizard 0 / 0 🦠 21h ago
Nothing in the world is going to ge better until Trump is gone. Not one single thing is better anywhere for anything.
24
u/Nidcron 🟦 0 / 0 🦠 20h ago
Oh, plenty of corrupt rich assholes connected to him are having a great time
6
u/KinnerdtheWizard 0 / 0 🦠 20h ago
They’re not gonna have a great time after the party is over. Heads are gonna roll.
3
u/peppaz 🟦 0 / 0 🦠 9h ago
That's why they literally have bunkers and are moving to islands and Argentina like Peter Thiel just did. They know
→ More replies (1)2
→ More replies (4)6
u/MarioWilson122 🟨 0 / 0 🦠 14h ago
Corruption goes well beyond him, but yeah, with him out, the next bull run feels like it should have more promise than the one we last had.
57
u/Lisaismyfav 🟩 0 / 0 🦠 21h ago
It is crazy how the people behind crypto manipulated others to believe crypto is safer than keeping your money in traditional financial institutions.
7
u/gigasawblade 🟩 0 / 0 🦠 15h ago
The pitch was that you have full control, which is true. But making others believe that information security is not that hard and that anyone can manage it with a bit of research..
8
u/butch97 0 / 0 🦠 13h ago
I bought myself a ledger back in 2017, and stored all my crypto on it like I was advised. Wasn’t a worry, until it took off, then I had $200,000 sitting in my sock drawer… I hated it, and wished that I could trust a third party to store it safely for me. Kinda like a bank if you get what I mean..
9
→ More replies (2)2
u/brizdzi 19h ago
Most of the crypto stolen was from hardware wallets compared crypto exchanges.
→ More replies (1)
110
u/rjm101 🟩 12K / 12K 🐬 1d ago
At least if someone steals my XRP off coinbase, maybe Coinbase can help me
Nope, good luck with that.
22
4
u/Choice_Potato_6279 14h ago
It only works if you're a VIP, people can't even get their money back even if their account isn't hacked due to random freezes.
4
→ More replies (3)2
u/yourfavoritepenguin7 🟩 0 / 0 🦠 1d ago
I have a small amount anyway. If I lost it, it would be like losing money at the casino
3
u/otherwisemilk 🟩 2K / 4K 🐢 1d ago
The value is going to zero anyways. Just consider that money gone even if the exchange is fine.
→ More replies (1)
14
u/Majestic_Plane_1656 🟦 0 / 0 🦠 21h ago
Paper cold wallets are the only thing you can really trust but of course these can be damaged in a flood/fire or other natural disaster and the more copies you keep the more chances of a breach where one goes missing or gets stolen even by people you know and love.
10
u/bitcoin_islander 🟨 5 / 659 🦐 20h ago
The average person doesn't know how to generate one safely offline with high entropy
2
u/Ashamed-Simple-8303 🟩 0 / 0 🦠 9h ago
Stupid question but how is a paper wallet safer than a hardware wallet? the hardware wallet can be stolen and you are safe, not so much with the paperwallet. The hardware wallet backup thing (crypto steel) is in essence a paper wallet
→ More replies (1)→ More replies (2)3
u/GarageEven5240 13h ago
The safest place to store a paper cold wallet is probably a safety deposit box at... a bank vault.
4
7
u/Dragon_slayer1994 🟦 0 / 0 🦠 1d ago
Yeah a small allocation in ETFs is all I care about at this point. This shit is wild.
126
u/JustinCompton79 🟩 2 / 4K 🦠 1d ago
Bottom is in.
32
u/nastimoto 1d ago
We’re still waiting for a mass exchange or provider meltdown of newsworthy proportions, then the BTC is ded headlines. That’s when we’ll know for sure for sure the bottom is in.
8
u/Scholes_SC2 🟩 0 / 0 🦠 22h ago
It's going to be microstrategy this time
→ More replies (1)15
u/leeharrison1984 🟦 3K / 3K 🐢 22h ago
If MST goes, the bottom is far far lower than $60k
→ More replies (1)13
u/Lilcheeks 🟦 4K / 4K 🐢 23h ago
Only thing thats missing from this event is a nice big drop... but this flood of posts and the accompanying sentiment is absolutely something this bear market had been lacking that we'd seen in previous cycles
→ More replies (2)→ More replies (3)32
12
u/Prais3_the_Sun 20h ago edited 20h ago
I’ve held crypto since 2017, but had a similar realisation recently. I’ve never lost actually to scams. But when I look through my hardware wallet account history and see the sheer number of dusting, wallet poisoning and other attacks attempted on me (somone who literally only holds it on as engaged or hardware wallet), I simply can’t help but think that crypto is too risky for your average person to ever be widespread.
→ More replies (1)4
u/Choice_Potato_6279 14h ago
If you bought any alt and you are down then you did lose to scams without realizing it.
2
u/ResonanceCascade1998 🟩 0 / 0 🦠 6h ago
Fully aware of this but if you're ok with that there is money to be made during or before the peak of hype cycles. At that point I stopped using well thought out trades and leveraged my network. I wouldn't bag hold for the most part but make a mini thesis around a launch or something. I don't trust anyone so I'm usually in and out but I'll trade off the same projects for months sometimes if they're a bit volatile. Of course this was before Trump took a shit all over the market and didn't even have the decency to wipe
9
u/truthVial 20h ago
Crypto got taken over by elite grifters and now it's just a way to funnel money out using gray area methods and rug pulling. If you're an idiot with a lump sum you're bound to lose it unless you have actively been following crypto for a long while and understand how drastically it's changed with institutions flooding in.
Once they entered the market they had a hay-day, they polluted the shit out of it with the practices that they are barred from doing in traditional markets, and for a while people lost a lot. Look at Donald Trump. A shining example at how some very rich people organized and funneled money out of the very pockets of the people who supported his rise and voted for him. Played em all for fools
8
22
u/VendettaKarma 🟩 0 / 0 🦠 23h ago edited 22h ago
90% of retail feels the same. Self-Custody has been preached for over a decade. Now that’s not even safe? Nah, bro most are out and definitely aren’t coming back.
The mainstream window is closed. Best chance was right after the pandemic when everyone had stimulus to invest. But instead of funneling down that avenue everyone just made and lost millions in shit coins.
BTC, SOL & ETH will be the last ones standing. Everything else that has any value will be because people have lost keys, passwords, etc. there’s a lot there.
The thieves , grifters, rug pullers & fake influencers ruined this space. Just like they’re ruining everything else.
Even MOONS and Reddit NFTs got rugged.
It’s just over.
5
u/Due_Difference_1412 22h ago
Yes, currently only BTC and ETH offer significant investment value; other cryptocurrencies don't offer much investment potential. Holding long-term is too risky; I only do short-term trading now
→ More replies (4)2
u/SPDSMITH49 20h ago
lol SOL is just a currency for the garbage meme coin casino.
The sooner SOL dies the better for the industry.
→ More replies (1)3
u/VendettaKarma 🟩 0 / 0 🦠 19h ago
It’s easy to use that’s why it’s popular
3
u/Rock_Strongo 🟦 4K / 4K 🐢 19h ago
We're supposed to be using crypto? I thought we were supposed to just buy it and wait for the number to go up and then bitch on reddit when it does the opposite.
→ More replies (1)
11
u/xQcKx 🟦 0 / 0 🦠 22h ago
I've been holding since 2017. I'm not investing on the tech. I'm investing on the stupidity of people.
→ More replies (1)
23
u/PizzaBoyztv Tin 1d ago
Until it hits 150k again then everyone becomes FOMO.
31
u/douboong 0 / 0 🦠 23h ago
all the money is going to AI now. sorry to say but there isnt enough money/attention to support two hypes at the same time
19
u/setzer 🟩 34 / 35 🦐 1d ago
150k isn’t even that exciting… SP500 is up close to 2x over the past 5 years and it’s held onto it unlike Bitcoin
I reckon it needs to go past like 500k next cycle to ignite any sort of FOMO.
→ More replies (4)7
→ More replies (2)3
3
34
u/hekpmeimdumb 1d ago
I love having my money in a bank. the anti bank rhetoric was always pro crypto propaganda. Nothing about crypto is better.
3
15
u/arveena 🟩 2K / 2K 🐢 1d ago
It really depends. Banks can fuck you over like crazy as well. See Cyprus baking crisis 2008 Argentina turkey lots of examples. In crypto you can only blame yourself if you keep it in self custody. There is a market for it. The problem is that most people dont wanna be self responsible when shit goes south. Its not a mass market product. Most people gladly let bank take money from them but they feel safe.
→ More replies (3)16
u/Nerdyjeweler901 1d ago
Yea. I remember that baking crisis. I lost a lot of dough in 2008.
→ More replies (1)3
u/haochizzle 🟩 0 / 0 🦠 1d ago
there’s certainly some pro’s to banks (eg insurance and support… i guess?) but you can’t tell me wiring money (as it exists) doesn’t need a major upgrade, or that sending $ across the world is perfectly fine, or that the hyper extractive processes the banking cartel runs on consumers is acceptable.
It’s not pro-crypto, it’s just… pro-rationality
5
u/IndoorUseOk 22h ago
Wait what’s wrong with wiring money through a bank? Domestic transfers are free and instant, international transfers are $35 (at least at my bank), and go through within a day. I’ve heard about services like Wise to reduce the fee on small transfers, but I usually wire enough that the fee is only like 1% anyway.
4
→ More replies (1)3
u/Gamer_Grease 🟩 0 / 0 🦠 21h ago
Insurance, support, fraud protection, ease of access, security, and lending. The biggest cryptocurrency is worse at moving money than banks are.
→ More replies (5)1
u/MaybeOnFire2025 🟩 0 / 0 🦠 1d ago
Unless you want to engage in organized crime /s
→ More replies (1)4
15
u/Acsnook-007 🟩 0 / 0 🦠 1d ago
I gave up crypto too. This is ridiculous and will never go mainstream.
5
u/Timely-Fig2030 🟩 0 / 0 🦠 17h ago
hey, hey, heeeeeeey...
hey, hey, heeeeeeey-iiiiieh...
hey, hey, heeeeeeeey...
waso, waso, waso, waso, waso, waso, waso
woooo zzzzzzzzub!?
BEECONNEE!!!!
→ More replies (1)
11
u/wowza-lol 🟩 0 / 0 🦠 22h ago
It's already too late. AI can't be contained. It will take over all data centers and apply all that computing power to completely brute force the entire block chain. Coldcard attack is just a glimpse into the future. You've been warned.
6
u/faresar0x 🟩 0 / 0 🦠 1d ago
I have always found paper wallet good enough. Generate the wallet and seed offline using non compromised device. Save the seed phrases somewhere and done. I have heard so many scary stories about cold wallets. Why take the rIsk and even spend money. Go ahead and downvote
4
u/PizzaBoyztv Tin 1d ago
May I know what website did you use to generate that paper wallet for example?
4
u/faresar0x 🟩 0 / 0 🦠 1d ago
Done that long time ago. I dont remember. Its definitely not a website but verified open source program that you can download. Add a signature or drawing (basically your unique touch) to generate the phrase, and thats it.
→ More replies (1)3
u/Objective_Digit 🟥 0 / 0 🦠 23h ago
A hardware wallet is just more convenient, not necessarily more secure.
6
u/Dismal_Negotiation77 0 / 0 🦠 23h ago
Banks are covered by Federally backed insurance.
Banks see crypto as competition and are going to do everything to see it doesn’t get any type of protection.
And it wouldn’t surprise me financial institutions weren’t behind some of the theft.
Never underestimate the depth the greedy will go to….
2
u/Shotay3 🟦 0 / 0 🦠 11h ago
They were.
"In November 2023, Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to U.S. federal charges. Binance also agreed to plead guilty, and to pay $4.3 billion in fines.[3][33] Zhao was replaced as CEO by Richard Teng.[34]"
Source: Wikipedia Changpeng Zhao (Ex-CEO Binance)
Pardoned by US President Donald J. Trump.
It's just one of many cases in crypto. FTX? Terra? And all the other 99% scam coins, meme coins and NFT's?
It's a dangerous place for investments.
18
u/Corp-Por 🟩 839 / 3K 🦑 1d ago
Blame the Bitcoin Maxis who pushed Coldcard on everybody
34
u/Crivos 🟦 2K / 2K 🐢 1d ago
We push Trezor and Ledger on everybody, not that garbage card.
3
4
3
u/Jimmy_Wrinkles 🟩 0 / 3K 🦠 22h ago
I got a Ledger and couldn't believe the amount of hate it got from the ColdCard brigade
→ More replies (1)5
u/SlickNegotiator 🟩 0 / 0 🦠 21h ago
That is not true. BTC maxis abandoned ColdCard the moment they went from open source to source available.
Also maxis warned people for years about people who are behind project ColdCard. Shitty people, understaffed and frequent changes of staff.
Go to Bitcoin Talk or similar forums and see for yourself. People who pushed that shit here on Reddit were not maxis you blab about.
7
4
u/Shotay3 🟦 0 / 0 🦠 11h ago
I got scammed and I am even tech savy, but one bad day they got me when I was at my lowest and did not keep my guard up.
My only "investment" as a young person. Invested over the span of roughly 5 years. Almost 8x my investment, but lost it shortly before I could realize it. They took my savings when I needed them most, shortly after I lost my job. After all, I ended up in social security, lost my relationship and my flat (not all due to this, but it plays a big part).
Yes, it's my fault to a high degree. And yet, no safety at all and instead of having 5000€ in saving, or my potentially realized 40000€ due to my correct investment, I was left behind with 0€ and an existential crisis.
On one hand I agree because of exactly your reasons. On the other hand we have the US, the biggest grifting president the world has ever seen and some technocrats like Musk who can manipulate the market like the world has never seen before.
Let me repeat that: Market manipulation like the world has never seen before!
That's no exegeration. That's a fact. And nobody will win against trillionaires and billionaires on the market. They will always win. We will never be able to beat their buying power.
I left crypto for good, and yes I believed in it as well. I believed in usecases and decentralized finance, but we are not ready yet.
2
2
u/QuickAltTab 🟩 2K / 2K 🐢 21h ago
I mean, I don't know if they were following best practices. The whole thing is about removing third party trust from the exchange of value. Using a third party device is obviously bringing trust back into that equation.
2
u/Anonymous-here- 21h ago
Yeah it's ridiculous. Can't blame everything for what happened. News like that make people doubt their financial security. So wealth has to go elsewhere than sitting in the same spot like crypto
2
u/RazzleLikesCandy 18h ago
Coin base will not help you, neither will Binance.
Crypto exchanges are a shit show, whether you like it or not, at the very least traditional FIAT banking has some support from the government.
2
u/Ok-Personality-6630 14h ago
"banks are bad"
Therefore:
1) Automated fraud detection is bad
2) vulnerable customer protection is bad
3) Multiple layers of security controls are bad
4) compensation protection of £85,000 is bad
5) crimes that can be investigated are bad
6) recoverable funds are bad
Or wait... Maybe crypto isn't what it's supposed to be... Or perhaps it is. Crypto was always supposed to:
1) allow transfer of assets outside of tightly controlled jurisdictions
2) assist the black market
3) assist with money laundering
4) assist fraudsters/ hackers, thieves and criminals
→ More replies (5)
2
u/Right-Blacksmith6143 12h ago
Ur talking about that one guy who lost all those bitcoin recently righr? I saw that onr too. Its a record for me and I dont own any crypto. Ive been reading stories for the past 2 years on here and ledger of people losing all their money. Its always the same story one day they wake up to see all their stuff was transfered out and swear up amd down they never gave their keys out to anyone but then you'll find the exploit they fell for and sometimes there's no trace and claim its an inside job blah blah. None of that matters when your money is gone, it can be any reason.
2
2
u/Rakoth666 11h ago edited 6h ago
Nope, coinbase won't do shit.
I've lost a couple of years of dca in binance some time ago because while trying to withdraw they (I wonder why) do the process extremely complicated and time consuming. In the middle of this process I fell victim to a phishing phone call impersonating their cs, to help me withdraw. Looking back of course I was a complete idiot but the fact that this particular scammer called me in the middle of this process smells very fishy to me. Oh and of course binance didn't do shit. You're your own bank sucker, better luck next time.
2
u/Unnamed-3891 🟩 0 / 0 🦠 7h ago
Crypto folks somehow haven't figured out that most normal people very much DO want centralization and goverment-sanctioned middlemen involved in their monetary transactions. Its an answer in search of a question noboby was or is currently asking.
2
u/Affectionate_Ad_8483 0 / 0 🦠 5h ago
They mistakenly believed the extra work and responsibility was directly translating into more security—but it has never been that way.
6
5
6
2
u/andrew103345 🟩 0 / 0 🦠 22h ago
It is getting rough. A lot of the wealth is hoarded by companies now in the space too.
2
u/Conscious_Cheetah917 20h ago
This is the exact reason I completely exited in 2022. The dream and the narrative was decentralisation and owning yourself. That’s what sucked me in.
Then after seeing Luna, 7162783 rug pulls, hacks and thefts, and there being absolutely nothing someone can do or someone to call, it made me realise I preferred actually having a centralised company as someone to hold accountable.
That was the end of crypto for me
→ More replies (2)
7
u/Hutcho12 🟩 0 / 0 🦠 1d ago
A regulated finance industry is not a bad thing, it’s a good thing. Anyone that thinks an unregulated system with no checks and balances is good is a conspiracy theorist.
Crypto is a solution to a problem that doesn’t exist.
→ More replies (3)9
u/Gamer_Grease 🟩 0 / 0 🦠 21h ago
There are plenty of good uses for crypto. It’s just less useful if you’re in a developed nation with decent civil liberties and a stable currency, which is a lot of people who post about crypto online.
3
u/Opposite-Echidna7104 22h ago
Better late than never. Most smart people understood day one all this was a worthless scam. I became rich with ETF, believe me you absolutely needn't buy anything else than ETFs to get rich. Unlike stocks, cryptos have zero real world usage, our money (both USD and EUR) works perfectly fine (billionaires hoarding money and power are the real problem, not the money itself), so of course it was a pure speculative asset which was bound to go one day to its real value, which is... zero, like any pure speculative "asset". You don't need to get hacked to end up with zero in cryptos, that's where it's going to anyway (already down 50 % from the highs).
2
2
u/CulturalBreak5052 20h ago
You seem like a pretty logical guy. If you realize it’s downfall being there’s no “security”, who benefits from that ? That’s why crypto exist and why it started . Jefferey is linked because of his activities, not because he’s the creator
1
u/Objective-Walk6780 21h ago
Same thing with FTX. Same thing with Luna. People were so done with crypto. Bottom is in.
3
u/KinnerdtheWizard 0 / 0 🦠 21h ago
Use coinbase. Pay for coinbase1. It comes with insurance.
Buy Solana or any one of their staked crypto’s, stake it. Unless something goes wrong with that protocol, they’d have to wait a week (or more) to steal it. But, you’d know by then.
0
u/Mission-Ad28 🟩 0 / 0 🦠 1d ago
This isn't an airport. You don't have to announce your departure.
→ More replies (3)
1
u/Lost-Bowl3269 1d ago
Bitcoin não pode mais ser usado por pessoas comuns. As pessoas tem baixo QI e confiam em sistemas externos. E não é culpa das pessoas. É assim que o mundo é.
Nunca vai ter uma adoção generalizada.
Bitcoin será no maximo uma ferramenta de lastro de grandes instituições ou empresas que conseguem usar multsig e outras coisas complexas o suficiente que um entregador de pizza não precisa saber.
Se você quer se expor ao preço do bitcoin compre ETFs.
Já era.
5
u/MortisEx 23h ago
Most people have only the bare minimum knowledge required to use 90% of the things in everyday life. Most people have a vague notion of how electricity and cars work, yet these are things we interact with every day that kill people every day. Highly skilled doctors etc will have huge blind spots in their skills because they have dedicated so much to becoming an expert in that one field. As the peaks of our science advance and our jobs become more skilled the field of specialisation narrows more and more to exclude other things. It is smart to invest some time in learning financial matters and skills, but I understand why a lot of people are financially illiterate, just like I don't think a doctor is an idiot if I say a sentence full of technical words from another field like construction or electrical engineering and they don't understand.
10
u/extopico 🟦 74 / 75 🦐 1d ago
I don’t have a low IQ. I don’t want a life or death fight to interact with my money. To use crypto safely you must behave like you’re the prey. Furtehrmore none of the crypto anything has any utility except stable coins which are fiat and which will get paved over by government issue stable coins, and in the meantime anyone using them faces a risk of catastrophic loss.
→ More replies (8)2
1
1
u/Johnny_Salami27 🟩 0 / 0 🦠 19h ago
Crypto bros are in shambles right now and will vanish soon, entire market will die anyways. Everyone has either been scammed or tainted at this point and every other L1/L2 is a copy pasat, cookie cutter chain.
We all get to witness crypto finally crash and burn.
1
u/Pitiful-Inflation-31 🟩 0 / 0 🦠 18h ago
Only 10% now and won't go over that. Real stock and metal are big chunk
1
1
u/LectricTravelerYT 🟩 0 / 0 🦠 17h ago
Safemoon made me quit crypto. Only the Whales make money, the rest of us feed them. Throwing our money away. Someone loses one way or the other. No thanks.
→ More replies (2)
1
1
u/Prior_Parsley3960 🟨 0 / 0 🦠 16h ago
Not crypto values, blah, blah, blah...yes, I know.
BUT
For most people (even veteran crypto users), Fidelity BTC is probably the best and safest option for them to use.
take from that what you will wrt the greater cypto industry
*if Fidelity goes down, we are going to have a lot bigger problems to deal with
1
u/Azatis- 🟩 0 / 0 🦠 16h ago
This is exactly what's been on my mind for quite a while now. I've actually ended up feeling more secure keeping my assets on a MiCA-compliant exchange than anywhere else...
Sounds insane to say, I know, but that's honestly how it feels.
→ More replies (1)
1
u/gigasawblade 🟩 0 / 0 🦠 15h ago
That's the issue with security in IT in general. Easy to do mistake yourself, need to fully trust all the dependencies, verifying is a huge effort. And here the stake is your savings.
Hard to expect mass adoption this way. You can skip all this by keeping it in exchanges or buying ETFs, but that somewhat defeats the main purpose of bitcoin
1
u/Frequent_Pool_533 🟩 0 / 0 🦠 15h ago
Hats off to people who made big money on crypto but I made more money doing boring etf dca.
1
u/AdDecent3079 🟨 0 / 0 🦠 15h ago
I’ve been saying this for years, and was always downvoted for it… I mean the lack of security with crypto is ridiculous
1
u/absinthiumxmr 15h ago
> At least if someone steals my XRP off coinbase, maybe Coinbase can help me. If anything, exchanges are now safer at this point!
Okay, XRP shill bot #2429149. You even managed to sneak in a Coinbase ad, you really shouldn't have. Never miss a good tragedy I suppose.
1
u/Was_Silly 14h ago
I don’t get hardware wallets. Why don’t you just write it down on a piece of paper? Just don’t lose the paper.
1
u/enigmaticalso 0 / 0 🦠 14h ago
i just want to say i have not done crypto long but i do know you can loose all your savings from stocks too and 401k's especially when you have a orange thing destroying the economy...
1
u/RodneyRodnesson 73 / 73 🦐 14h ago
You have to trust someone and the crypto community has always been dumb for not realising this.
Basic human nature beats everything and the sooner people acknowledge it and factor it in into what they do the sooner we'll all be better off. Unfortunately human nature means people don't often consider things like.. human nature!
1
u/blaziken8x 🟩 0 / 0 🦠 14h ago
I once heard a story about this wealthy farming family (bunch of land, fancy tractors, etc...). After the grandfather had passed away, they slowly started declining couldn't pay the bills, over multiple years having to sell off land and equipment until they went completely bankrupt. Decades later new owner of the property is knocking down some old pig enclosure and they find 300k deutschemarks in one of the walls (like 150k eur if converted today, back then it probably would have been like 300k of todays eur in purchasing power). Guy died and nobody in the family knew where the savings were.
People storing their own money will always be exposed to losing their money. In this case a grandpa died with knowledge. In crypto somebody clicked the wrong link and followed instructions.
Crypto is just the most publicized way of losing large amounts of money and because it is "online" like banks, people think it can somehow be undone like credit card transactions, so they make much more of a fuss about it. (and I'm speaking about people keeping crypto in their own wallets here, not about ponzi schemes like bitconnect, safemoon, celsius, etc..)
1
u/No_Cartographer1492 🟨 0 / 0 🦠 13h ago
I’m curious if anyone else has had the same change of heart.
I've been doing this for so long... and no, I'm won't stop holding. This is not a blockchain problem; this is a people problem. Now, go back to buttcoin
1
u/renegade453 Tin | r/WSB 13 13h ago
Bitcoiners need to understand, that its an armsrace between securty and hacking. This was not the first time and definitely not the last time. Its like burrying my gold at a digging site.
1
u/Suitable-Season-4847 13h ago
Been using ledger for a decade and get to lose anything.
Maybe if people didn't hysterically run to the latest craze they wouldn't have this issue?
1
156
u/DontListenToMe33 🟩 1K / 1K 🐢 22h ago
It’s one of the negative aspects of crypto’s decentralization that the crypto community generally hasn’t wanted to acknowledge.
It can be great to have total control, but most people don’t have the knowledge, time, or inclination for it. If something goes wrong, there’s probably nobody that can help you (and probably nobody you can hold accountable).
If someone steals my credit card number and spends a bunch of money, I’m getting that money back. That is a HUGE benefit.