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    Author Topic: Don't be deceived to think that self custody has failed.  (Read 438 times)

    • Agathamay
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    November 11, 2026, 07:15:48 AM
     #61
    Quote from: Mrbluntzy on November 09, 2026, 05:24:37 PM
    ‎Some bad advise being spread on different social media is just to make people doubt self custody, but I am making this post to remind you, or so you can also remind the Bitcoiners outside the forum that is beginning to doubt self custody, I want you'll to remember that the wallets that are attributed to Satoshi and are holding lots of Bitcoin has not yet been hacked and the Bitcoins has not been stollen. 
    ‎
    ‎There are roughly 1.1 million Bitcoin attributed to Satoshi’s early mining, these Bitcoin are in different wallet and despite all the hacks that is happening, the private key to those wallet have been safely kept offline, destroyed perhaps. 
    ‎
    ‎Holding your coins in a cold wallet and protecting your key, safely keeping it offline is better than leaving your coins under centralized control.


    Post like this will only convince some greenhorns to believe that centralized custody is the best option.

     https://www.reddit.com/r/Bitcoin/s/jf9yGpmk44
    Quote
    Unpopular Opinion: Self-Custody Is Overrated and Too Risky for Most Crypto Users
    I believe keeping cryptocurrency on centralized exchanges is actually a solid choice. The barrier to entry for cold storage and hardware wallets is extremely high, and a single moment of carelessness can leave you vulnerable to hackers or costly mistakes. Just look at the recent on-chain transaction where a user lost a fortune due to a massive fat-finger error on gas fees.
    I know the counterargument: people always bring up Mount Gox and early exchange hacks. But much like traditional banks in their early days, exchanges had growing pains. Today’s major platforms are vastly more mature in their asset custody and security infrastructure than they were years ago.
    With all the recent happenings in the industry now, it might be difficult  for people to get lured if you are not informed and some thing I'm grateful to the forum for is the rate of Information that that is shared and op thank you for helping to sound this reminder because i believe that as long as our private keys are not exposed then, we dont have to worry so much about safety, scam or even hacks.
    Most times, people fall for scam because they don't take out time to do their research and just hastily jump into financial conclusions.

  • Antotena
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    November 11, 2026, 09:40:14 AM
     #62
    Quote from: Agathamay on November 11, 2026, 07:15:48 AM
    With all the recent happenings in the industry now, it might be difficult  for people to get lured if you are not informed and some thing I'm grateful to the forum for is the rate of Information that that is shared and op thank you for helping to sound this reminder because i believe that as long as our private keys are not exposed then, we dont have to worry so much about safety, scam or even hacks.
    Most times, people fall for scam because they don't take out time to do their research and just hastily jump into financial conclusions.

    Honestly we learned from others mistakes. I think I have learn a lot from mistakes of other people than I have personally made mistake myself. Ever since the Binance hack happened, it's one incident to another. Even this morning, there is an exploit in some chains. Yesterday, Binance also made an announcement about IOS vulnerability that is making seed phrase accessible. Things are getting out of hand with this bugs on chains.

    The forum is a great place where you can get quick information but forum isn't accessible by everyone. There are some places where Bitcointalk is banned, they have to used VPN. But I think Reddit is one of the best place with strong community to get informed about Bitcoin and because the platform is accessible in many places, they are able to access the Bitcoin sub reddits where they do share some of their experiences so that others can learn from their mistakes.
    R


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  • OcTradism
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    November 11, 2026, 11:00:42 AM
     #63
    Quote from: Antotena on November 11, 2026, 09:40:14 AM
    Honestly we learned from others mistakes. I think I have learn a lot from mistakes of other people than I have personally made mistake myself.
    Smart and open-minded people are ready to listen to reminders, learn from them exclusively valuable lessons and expensive mistakes of the other people. They know that if they can learn from the other people's mistakes, they can save a lot of money by minimizing losses from their own mistakes. Unfortunately, such people are only the minority in the community and most people do oppositely, so they learn from their own mistakes and financial losses.

    Quote
    Ever since the Binance hack happened, it's one incident to another. Even this morning, there is an exploit in some chains. Yesterday, Binance also made an announcement about IOS vulnerability that is making seed phrase accessible. Things are getting out of hand with this bugs on chains.
    Then, what's happened so far, many people still leave their bitcoin and cryptocurrencies on Binance and other centralized exchanges. They don't feel need of withdrawing funds from CEX to their non custodial wallets during these chaotic time.
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  • Akaenyi
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    November 11, 2026, 11:25:22 AM
     #64
    Quote from: Cryptomultiplier on November 09, 2026, 06:00:51 PM
    Self custody as the name implies has to do with self responsibility for keeping your investment safe. There must be the knowledge necessary to maintain and manage it and stay safe and that's the main point of it. So it involves a learning curve that must be mastered and put into practice and know the right tools to use, else the knowledge is a waste. 
    The keys must not be given out to anyone who is not trustworthy and even those trustworthy, care must be taken.


    Self custody have not failed, it remains the best method to store your cryptocurrency, it puts you in charge which is a big responsibility, I guess that many people who are against it are those that are scared of being in total control of their coins but they should know that if they choose otherwise they have lost their control. Not your keys not your coins, I wish that these people that are advocating for exchanges understands that "exchanges" are basically to exchange coins, they are not supposed to be a store house to leave all your crypto assets in them. If you learn about self custody and do what is entailed inorder not to lose your coins as a result of your ignorance there wouldn't be a good reason to leave it in the custody of a third party.

  • Aliciaworld
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    November 11, 2026, 11:35:52 AM
     #65
    Quote from: Mrbluntzy on November 09, 2026, 05:24:37 PM
    I believe keeping cryptocurrency on centralized exchanges is actually a solid choice. The barrier to entry for cold storage and hardware wallets is extremely high, and a single moment of carelessness can leave you vulnerable to hackers or costly mistakes. Just look at the recent on-chain transaction where a user lost a fortune due to a massive fat-finger error on gas fees.
    I know the counterargument: people always bring up Mount Gox and early exchange hacks. But much like traditional banks in their early days, exchanges had growing pains. Today’s major platforms are vastly more mature in their asset custody and security infrastructure than they were years ago.

    I agree that crypto is still in it's early stages, (BTC just turned 18 a couple of weeks ago) and as such is subject to the issues of security and infrastructure, but as time goes on and with the current events unfolding, it is safer to say that centralized exchanges now serve as a down of insurance against thefts when we see that withdrawals are suspended for a bit and then resumed again with users being able to pull their funds.

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    November 11, 2026, 12:31:16 PM
     #66
    Quote from: Akaenyi on November 11, 2026, 11:25:22 AM
    Self custody have not failed, it remains the best method to store your cryptocurrency, it puts you in charge which is a big responsibility, I guess that many people who are against it are those that are scared of being in total control of their coins but they should know that if they choose otherwise they have lost their control. Not your keys not your coins, I wish that these people that are advocating for exchanges understands that "exchanges" are basically to exchange coins, they are not supposed to be a store house to leave all your crypto assets in them. If you learn about self custody and do what is entailed inorder not to lose your coins as a result of your ignorance there wouldn't be a good reason to leave it in the custody of a third party.
    Self custody might have given so many people full control over their Bitcoin, but i still think we should also understand that self costody also comes with serious responsibility and not just hyping self custody like tyat because u belief they are beginners here and why I said it comes with responsibility is because it’s just like saving your private keys on your own just like you are having your own bank, and there is no customer care support to recover your funds if you lose your seed phrase or make even a small mistake and thats why I sing it in this platform everyday like a song we should not rush into self custody without understanding how to secure your wallet and back up your keys properly because I have see cases like this and I don’t pray to be in that kind of situation.
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