Yes, there are shady CEXs out there, which is why you need to choose one that is established, and has insurance.

That said, none of the users of that CEX were killed, tortured, or had their loved ones threatened--unlike what can happen if you use self-custody.


ROFL. If the purpose of Bitcoin was, "to teach people to be more responsible", it would have about 47 users worldwide  .

And self-custodied funds can be sized and taken as well, so I'm not sure what the point was there.

I feel it is to teach people to hold their funds instead of trusting banks and financial institutions. And there are more than 47 users who are responsible hodlers of their own Bitcoin... you know that right? lol

if self-custody is done correctly it cannot be seized. Maybe it can be given up but not seized without the owner allowing it.

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It surprises me that you don't  think they can kidnap and force people to enpty their custodian wallets just to save themselves or their relatives while still torturing  and even killing victims ?
You're acting like it's kind of totally immune to such

So far, they are holding it the right way. They are supporting the great cause and in one way or the other, they are forced to learn something. But does it mean that because they want to learn, they shouldn't care about the profit ?

I dont know about 99.99 holding it - there are quite a lot of people (considerably more than 47 ) that are using Bitcoin on a daily basis. Our entire business operates on Bitcoin - and I know more than a few dozen others that do as well.

I use Bitcoin only - I have no bank accounts - I have no IRA - no stocks - no cash - just Bitcoin.  If someone does not take Bitcoin - I pay with my Gemini credit card (only credit card I have) and then pay the Gemini bill directly with Bitcoin. I have done this since 2023.

Those who do not use it and simply hodl it have missed the point. It was designed and intended to be used as money.

as for "given up" there is nothing the govt can do to force me to give up my Bitcoin - I don't hold one sat on any custodial service.


I think we are just going to have to agree to disagree.

Sure, but that doesn't mean they use it "in order to learn something". They use it because they are forced to for some reason.


ROFL

Oh my god, really? Do you not understand that this is absolutely no different than using a normal bank? That Gemini is... a normal bank that fully tracks everything you (the real, personally-identified you) do?

You gain no benefit in using Gemini over using an ordinary credit card in terms of personal privacy. Using it exposes you to all of the privacy issues any credit card would. That it has a (virtual) balance of Bitcoin within it is immaterial.

Bitcoin has taught you nothing! 

If someone loses bitcoins in self-custody due to their own weakness or ignorance, the custody is not responsible, but the person who was unable to use the facility is. Moreover, a single wallet failure will never be considered a threat to all wallets. It is certainly wrong to say that if one wallet is hacked, the entire self-custody system will be hacked.

Since Bitcoin is the most volatile, insurance companies will not be interested in taking insurance against it, and even if they do take insurance, there will be many conditions that will definitely be difficult for the investor to accept. If the insurance companies refuse to pay their insurance money as conditions due to hacking or bankruptcy of the exchange, then there is no logic in taking that insurance.

If you have to take the help of a third party to use Bitcoin, there is no need to use Bitcoin. Of course, I think there is no alternative to self-custody. If you want to use and hold Bitcoin as you wish without relying on third party, there is definitely no alternative to self-custody.

Those who want to hold Bitcoin for the long term, if they use a hardware wallet and store their seed phrase and keep private key properly in offline, then it is definitely the safest for them to hold Bitcoin. Since the original purpose of Bitcoin's creation was to rely on its decentralized system where everyone will have the benefit of money transactions without the help of any third party. If someone does not use self-custody, then he will be deprived of the benefits of Bitcoin's decentralized system.