11-17-2022, 10:42 PM
Not under your bed, not your cash
<!-- SC_OFF --><div class="md"><p>Is that the same as "not your keys, not your coin"?</p> <p>Basically, we're asking people in crypto to self-custody, which is something people had to do hundreds of years ago when banks didn't exist.</p> <p>People in general don't want to self-custody. It's a risk. People would rather let people who are "experts" provide custody. IE. If everyone hid their cash and gold under their bed, there'd be a lot more robberies. You'd have to basically defend your own assets with a gun. </p> <p>In crypto, it's similar. You'd have to store your own private key. Not get your computer hacked, remotely broken in. Do you write down your private key? What happens if it's lost? Do you put it in Defi? But DeFi can be hacked as well and it happens so frequently. </p> <p>I hate exchanges with a passion. But let's be honest here. Exchanges are currently acting like unregulated banks. Banks are extremely useful to people. Hence, people continue to put their tokens in these exchanges.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/senttoschool"> /u/senttoschool </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxl8pa/not_under_your_bed_not_your_cash/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxl8pa/not_under_your_bed_not_your_cash/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>Is that the same as "not your keys, not your coin"?</p> <p>Basically, we're asking people in crypto to self-custody, which is something people had to do hundreds of years ago when banks didn't exist.</p> <p>People in general don't want to self-custody. It's a risk. People would rather let people who are "experts" provide custody. IE. If everyone hid their cash and gold under their bed, there'd be a lot more robberies. You'd have to basically defend your own assets with a gun. </p> <p>In crypto, it's similar. You'd have to store your own private key. Not get your computer hacked, remotely broken in. Do you write down your private key? What happens if it's lost? Do you put it in Defi? But DeFi can be hacked as well and it happens so frequently. </p> <p>I hate exchanges with a passion. But let's be honest here. Exchanges are currently acting like unregulated banks. Banks are extremely useful to people. Hence, people continue to put their tokens in these exchanges.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/senttoschool"> /u/senttoschool </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxl8pa/not_under_your_bed_not_your_cash/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yxl8pa/not_under_your_bed_not_your_cash/">[comments]</a></span>