[ditonal]

No, people think that if self-custody your private keys carefully, nobody can steal your coins.

If you participate in actual DeFi where you keep your keys and participate via smart contracts, nobody can steal your coins.

All of this was true and is true. What happened is that corporations adopted the language of cryptocurrency to mean something totally different to trick consumers, like calling FTX a DeFi platform.

You want a villain, it ain’t the maxis who kept repeating “not your keys, not your coin”. It’s VCs like a16z, sequoias, and paradigm who lended credibility to centralized exchanges that defrauded people who ignored the cryptocurrency advocates.

The FTX story only strengthens the facts and narratives the cryptocurrency advocates have been saying. The real fraud is happening in venture capital which is rotten to the core.

And by the way, bitcoin is down this year but not nearly as much as VC darlings like Carvana and Affirm.

VC is the scam. VC is the engine of pump and dumps in both TradFi and crypto centralized exchanges. The real voices of cryptocurrency have been vindicated.

[freejazz]

>"No, people think that if self-custody your private keys carefully, nobody can steal your coins."

Yeah, people think that. But what does that have to do with FTX. Yeah, if you never sent money to FTX, they couldn't take it. What insight!

[siftrics]

It has to do with FTX because people are taking the FTX situation and using it to blame crypto.

SBF stole users' deposits. Fact.

SBF could not have done this had FTX been a self-custody DEX. Fact.

Crypto's sole purpose is to prevent the theft that occurred. Fact.

The theft happened because crypto was not used. The theft happened because users did not self-custody (which they could have, as is demonstrated by the billions of dollars custodied in numerous DEXs today). Fact.

[freejazz]

The fact that this happened in the crypto space is prima facie evidence that "Crypto's sole purpose is to prevent the theft that occurred. Fact." is wrong. Full stop.

[siftrics]

You're conflating the entire crypto space (rife with theft and fraud) with funds self-custodied on a blockchain (never once has seen theft because it is mathematically prevented).

[freejazz]

I'm not conflating anything. This is the crypto space. The crypto space isn't only DEXs, it's full of CEXs and its where the vast majority of money is.