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2 sats \ 3 replies \ @NorthKoreanHostage 19 Nov 2022 \ on: Why so much hate to the Exchanges? bitcoin

Maybe you haven't heard.

FTX and other Bitcoin exchanges created their own shitcoin tokens. They operated them as Ponzi schemes and used them as collateral for loans that they used to speculate with leverage and using user funds.

They stole and lost billions of their depositor's investment dollars.

They preyed on new users who didn't understand anything about crypto. Their marketing focused on misleading the public about Bitcoin, while at the same time lying about how their Ponzi scheme was superior.

Lessons to learn:

  1. Only buy Bitcoin
  2. Always self custody your Bitcoin. Never leave Bitcoin on the exchanges because they unscrupulously use your deposits for financial shenanigans at the cost of the users.
  3. Never use leverage to trade Bitcoin. Just buy and hold. It's that simple.
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2 sats \ 2 replies \ @Hermit OP 19 Nov 2022

I heard something about that, yes Lol

But that is like you are saying that there is shoes company that uses child labor in kind of slavery conditions, so I shouldn't buy shoes again from any shoes company. And my only options are making my own shoes or go barefoot?

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2 sats \ 1 reply \ @inevitable 19 Nov 2022

I think in our case it would be fair enough to use bitcoin-only exchanges and services. For instance I'm still using the Ledger nano s, that I bought when I first heard about cold storage, but today I cringe every time I use their shitcoinful app. The only reason I'm not changing it is convenience - it works OK. But my next hardware key will most definitely NOT be a Ledger.

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22 sats \ 0 replies \ @NorthKoreanHostage 20 Nov 2022

Coldcard is Bitcoin only.

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