The benefits of self-custody outweigh the risk of exchanges

[LegendaryK]

I have never met a newbie yet that was unwilling or unable to self-custody with the right support around him or that lost anything while doing it.

I have.  Or at the very least, Newbies who are willing to learn self custody until they find out there is an easy way out, which is Exchanges and Custodial Wallets.  It is very hard to make someone move from the comfort of Banking to storing Bitcoin at their own risk.

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Regards,
PrivacyG

Why are they so resistant to it? I really dont get it. Its scary and uncomfortable at first, but you can just store a few bucks at first and then get used to it fast. Its a superior experience in the end, to have all the benefits of a decentralized asset.

No it is a pain in the ass.

It slows down trading time, it loses profit in transaction fees, it requires a security mentality to be active at all times.

The decentralization mantra, and idiot hodl mentality is only for btc cult idiots that never earn fiat.
Because to earn fiat you have to sell/trade coins for fiat.

While you covet your btc precious in your basement,
others will be using their fiat profits to pay bills, buy cars and houses, and improve their family's lifestyle.  
And to do that they need exchanges.

[tadamichi]

I have never met a newbie yet that was unwilling or unable to self-custody with the right support around him or that lost anything while doing it.

I have.  Or at the very least, Newbies who are willing to learn self custody until they find out there is an easy way out, which is Exchanges and Custodial Wallets.  It is very hard to make someone move from the comfort of Banking to storing Bitcoin at their own risk.

-
Regards,
PrivacyG

Why are they so resistant to it? I really dont get it. Its scary and uncomfortable at first, but you can just store a few bucks at first and then get used to it fast. Its a superior experience in the end, to have all the benefits of a decentralized asset.

No it is a pain in the ass.

It slows down trading time, it loses profit in transaction fees, it requires a security mentality to be active at all times.

The decentralization mantra, and idiot hodl mentality is only for btc cult idiots that never earn fiat.
Because to earn fiat you have to sell/trade coins for fiat.

While you covet your btc precious in your basement,
others will be using their fiat profits to pay bills, buy cars and houses, and improve their family's lifestyle.  
And to do that they need exchanges.

For once your contribution was actually helpful, thanks. If a fiat mindset like youre describing is actually widespread out there, it would explain a lot of behaviour and makes a lot of sense. If someone is honest about it, i respect it more than someone acting like they want to have rational arguments when in reality they just want to pump their bags quickly and the how + truth doesn’t matter. To me fiat is a worthless piece of trash and a scam, that i cant wait to get rid of. And im willing to go till jail if i can help to make this ponzi fall, so our perspectives might differ. Couldn’t care less if im making profits, yet im making them. But i care about the world being run by incompetent weak soft feudalists that lost their soul trough greed, control fetishes, god complexes and pleasure addictions, which is more important than a desire for material things and comfort. Discipline is strength, greed is weakness.

[tadamichi]

I get you think that, but consider this
how much volume of bitcoin are you transacting in every month verses how much fiat volume are you transacting in every month.
Whichever has the higher transaction volume is really the one you are supporting.

I save more Bitcoin than i spend fiat, so more Bitcoin. Leave nothing in my bank and spend Bitcoin or cash when i can. I cant force everyone to accept Bitcoin or to pay me in Bitcoin when they don’t want to. It’s clear what im supporting, not just by the way i handle my money. Yet what im supporting and my individual actions will be meaningless, if not much more people opt out too. So it’s not just about me and even if i get more extreme about not touching fiat, it won’t make any difference currently. It’s a collective decision that determines which path we’re choosing in the end, i made my individual decision and am doing my part to make it possible. If this fails then atleast i have the peace of mind knowing that nothing could’ve worked to fix this mess or to change something, because it’s people itself that refuse to fix it and that the current system was just a better reflection of the true nature of humanity.

[Mauser]

You may have heard of James Howells and his $11 million plan to find a hard drive with $181 million in Bitcoin. That is a risk of self-custody. His chance of finding his bitcoin is actually good.

How can you have 181 million USD in one single wallet? This is really bad decision making and if everything is really lost than there is nobody to blame than himself. Already with a few thousand USD in cryptos I would recommend to split it between multiple wallets. It's going to reduce the risk of losing it considerably and it makes it much harder for thieves or scammer to get their hands on all your coins. Also having backups can  save us. In general though I agree with you that we should store our own coins don't leave them at an exchange. The security risks of an exchange is too big for long periods of time. I would rather lose my money based on my own fault than having someone else steal it from me. If I can't have my own coins than nobody else should have them.

[Jamie the Best]

To start with, people should always be aware of their responsibility in life: be it BTC or anything else. Nobody cares about you really  You have only yourself. As for the recent case with FTX, it’s only proved how early we are. We are on the stage of learning from our mistakes and trying to prevent such cases in future.