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ItIsYourPersonality t1_ixna03k wrote

Reply to comment by MajesticWaterBuffalo in Reuters: Global regulators to target crypto platforms after FTX crash by Globalist2

It’s so funny to see people so uneducated about a subject trying to take a victory lap over things they do not understand.

Crypto bros are rejoicing that scams they pointed out years ago are finally proving to be scams. Centralized exchanges are simply taking customer money and buying other things with it instead of backing customer assets. That why Not Your Keys = Not Your Crypto.

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celtic1888 t1_ixnbrz2 wrote

And the goal posts are dragged even further by the crypto bros………

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Aazadan t1_ixnxwat wrote

Naa. I’m as anti crypto as you can get, and exchanges are still a good deal more sketchy than even the more speculative coins out there.

Exchanges exist primarily to let people bypass blockchain limitations, when it’s those very limitations that are what allow crypto to deliver on any promised benefits. Basically, whether you agree that there are benefits to crypto or not, the benefits of all transactions being on a ledger, security, and so on rely on the blockchain actually being used.

A market where such an idea can prove successful or not can’t exist with exchanges in the picture, and it never could.

That said, a lot of people like them for the convenience. Despite the fact that every single one of them has proven to be a scam.

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UsedToBsmart t1_ixojfsb wrote

It’s the circle of life, a scam trading platform for a scam investment.

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ItIsYourPersonality t1_ixnbuq1 wrote

You’re really highlighting your knowledge on the subject.

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celtic1888 t1_ixncldk wrote

Yes…. The cry of the crypto bros

‘You don’t understand our genius’

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ItIsYourPersonality t1_ixnd0ur wrote

If you don’t understand that giving someone you don’t know all of your money in exchange for pixels on a webpage is stupid, then no you don’t understand my “genius” (I’d call it common knowledge personally, but it’s apparently not common to you).

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Agent_Angelo_Pappas t1_ixnid1h wrote

Most my money exists digitally in a ledger. 30 years on still have it. Turns out you can safely store your savings digitally if you just know who to give it to take care of it(in my case a regulated federally insured bank)

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t-poke t1_ixqo8b7 wrote

I have no problem giving my bank all my money in exchange for pixels on a webpage because they’re highly regulated and the government insures it if something does go wrong.

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TheNewGirl_ t1_ixo77oz wrote

so its worse than normal money and normal banks

because I can put my money in a bank to utilize whatever services or purchuse any goods I desire and it is still my money even if I leave it there for years ...

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ElectronicOcelot3251 t1_ixpagq6 wrote

Nope not even close. The whole point of crypto is self custody and you actually own your assets. A CEX is more like a bank. They don't actually have your money.

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t-poke t1_ixqo1pq wrote

Imagine if after a bank collapse, instead of the FDIC covering everyone’s loss, a bunch of obnoxious internet bros blamed the victims by saying “nOt yOuR CaSh, NOT YoUr MOnEy!”

Crypto is a shit stain on the underwear of humanity.

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