I believe two of the core philosophies of bitcoin are self reliance and financial sovereignty. So why are so many people wanting to put bitcoin on exchanges and have more government intervention?
If we do not self custody bitcoin, and rely on an exchange, it is no different than taking dollars you earn, and putting them in a bank: they are not your dollars anymore.
This trend of regulation is going to make bitcoin the thing is was designed to fight against. The corrupt financial markets are going to take the wonderful invention of bitcoin, and corrupt it the same way gold was corrupted with leveraged derivatives, and the same way the dollar has been corrupted with the ability to "print" new dollars into existence.
When exchanges fail, just like banks fail, I think the government will seize all that btc and hold it, the same way it seizes other assets.
If an exchange fails, and a government shuts it down like a bank, it is no problem for the government to print dollars to reimburse the customer, and keep the bitcoin for itself. Especially if the scam FDIC is going to start insuring exchanges the way they do banks.
The whole system is a scam. So why are we playing more into the scam? Keep bitcoin in the free market, away from centralization, and let it do what it was made to do, which is be in the hands of the people using it. Learn to use self custody, learn the tools.
Submitted August 01, 2023 at 10:19PM by dcdottech https://bit.ly/454C1EK
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