11/13/2022
Get Your BTC into self storage ASAP!
A little over a year ago I had someone who had been in the space a while make a case for keeping your funds on an exchange...
Back then it seemed like only the die hard maxi's and privacy focused individuals were advocating for self storage as the only way.
It seemed like a reasonable decision that you could leave your funds on a reputable exchange and not worry...
There was at least a decent case to be made... But that was in the heart of a bull run where it was good times everywhere.
I wasn't sold on this case to leave your most important assets, assets you were unwilling to lose on an exchange- it just didn't feel right.
And while I believe that you can use exchanges and centralized platforms strategically, there is still a lot of risk that you must be aware of and if you are playing with funds you can't afford to lose, better to not take the risk.
So I've always tried to make the case to keep the majority if not all your btc & crypto in cold storage.
And now, just over a year later, if you are not convinced of the risks inherent in exchanges and centralized platforms and you're yet to self custody, you're not paying attention...
- Luna Collapsed
- Celsius Collapsed
- Voyager Collapsed
- FTX now Collapsed
- Blockfi is Collapsing
- and more will certainly follow...
This is BILLIONS of dollars, p**f gone!
And if you haven't been caught up in any of these collapses then that's fantastic, but don't let your lack of pain in the present make the lesson here not stick in the future.
If you have been caught up in any of these collapses, that sucks and I feel for you.
Have about 30 Litecoin on BlockFi and looks like those are gone.
But my most important asset BTC I always keep in cold storage. Because I can't afford to lose that.
So, what should you do?
Obviously this is not financial advice, and you should do your own research, but you should consider moving your Bitcoin into cold storage TODAY! Not tomorrow or next week. Move it ASAP.
If you hold other "crypto's" and you want to keep them, you should move those to cold storage as well.
And if you are not certain about the differences between bitcoin and other cryptos out there, now is a good time to really do some research so you can understand why they are different.
And going forward, don't let the lesson here fail to make an impact on you. Don't assume "next time will be different".
Practice what has worked for years- "Stay Humble & Stack Sats" & don't risk more than you are willing to lose.
And of course keep your Bitcoin & crypto in cold storage.
If you need help getting your assets into cold storage or you have questions, don't hesitate to reach out.
And to end on a positive note... I personally think that this fallout in the crypto space is good long term.
I lean BTC maxi (not a full maxi) and I think that it's a good thing a lot of these centralized token scams are being removed from the ecosystem- it sucks that it has to be so painful for many, but with their removal, I think BTC has a much clearer path to do what it is meant to do- give property rights to 8 billion+ people in the world, seperate money from the state, and give us all hope for a better financial future!
