Cryptocurrency is just slow, bad, unregulated, pretend money. That's the reason it's so rife with fraud. If I had put my money into a boring FDIC insured bank I'd still have all of it right now. I thought cryptocurrency was a good idea, put my money into one of the more trusted exchanges, and now it's gone. I guess I could have stored my wallet on a hard drive or something, just like I could have withdrawn all my cash and put it under my mattress, but I really don't consider that progress.
So I did learn; the banks are regulated for a reason.
Its funny how you did it again, so once again, its weird how you don't feel like an idiot for ever thinking that custodying your money in mismanaged opaque businesses was the problem.
yes, you should have stored your self-custodied your assets and cryptocurrency does not exist for any other reason. unlike banks and brokerage houses, crypto exchanges exist for passing through to your destination: self custody.
who said anything about "progress"? so now you want to pretend like you adopted some ethos about a cryptocurrency future but ignored everything about how to use crypto and pretend you burned because "you believed", but only in a mismanaged business that catered to your greed? okay that's a legitimately hilarious take.
as the late steve jobs said: you're holding it wrong.
What lesson should I be learning here exactly? Again, if I had "custody'd my money in an opaque business" like, you know, A BANK, I would have been fine. Clearly the "opaqueness" isn't an issue.
But I agree, if you want to have your digital monopoly money, it's probably better to play with that on a hard drive and never actually do anything with it.
Its really just the reductiveness of your arguments.
I’m wondering if its it even worth listing the various strawman arguments and rebuttals because its not even clear if you realize they are strawman nonsequiturs. But I’ll continue on good faith.
The most obvious observation being that you wouldnt have received your 7% in a bank, so taking the least risk isnt really the gotcha alternative you present it as. Similarly there are many autonomous crypto services that function without incident, that also offer yield, exchanges and “staking services” like Gemini/FTX/etc were using behind the scenes alongside other things they shouldnt have been using. Many people use stable value assets to earn yield in those autonomous platforms and they are still fine. This has nothing to do with storing it on a hard drive and doing nothing with it. But we can talk about that too, people just use separate addresses: savings, spending, speculation. Savings would be the perpetually offline crypto.
Its really analogous to how you have the rest of your cash and portfolio. The reductive part is that you mentally had a “crypto” position (parked in mismanaged businesses) instead of using crypto. Like people would say they're “using cash”.
People are trying to point that out to you, you saying you were an idiot for considering cryptocurrency when you never actually did.
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