Don't be deceived to think that self custody has failed.

[Kelvinid]

Self custody as the name implies has to do with self responsibility for keeping your investment safe. There must be the knowledge necessary to maintain and manage it and stay safe and that's the main point of it. So it involves a learning curve that must be mastered and put into practice and know the right tools to use, else the knowledge is a waste. 
The keys must not be given out to anyone who is not trustworthy and even those trustworthy, care must be taken.

The reason why some crypto investors leave their coins in centralized exchange instead because they are still in doubt if they can make all these responsibilities and take full custody of their own coins. Their knowledge and experiences aren't that extensive enough, however its still not a valid reason to just stick with centralized exchange and leave it there like they really have the full confidence that it will work for long term.

Self-custody is the only key, its just that others do not see its essence or they don't just trust even those hardware wallets.

[Davidvictorson]

Well, from the Reddit post, I would say that everyone is entitled to their own opinions. Self custody is not a must. There are people who prefer to keep their bitcoins in centralized exchanges for whatever reasons best known to them, and that has worked for them so far because despite the whole hacks, there are still some centralized exchanges that have not been hacked. This gives them strong stronger belief in centralized exchanges. On the other hand, there are also proponent of self custody just like you and me and that does not mean that the other person is wrong and we are right it is just about your preference. Self custody comes with a lot of responsibilities, which some folks just do not like to carry. As for us who are proponents of self custody, we must continue to the top of our game with our security.

[Jubilee58]

I know there are still people who are there to deceive Bitcoin investors, and this has started long ago. Some of us the the difference between self custody, and dumping our asset in cryptocurrency exchanges, and in this very forum it is being rang like bell why investors should prioritize self custody instead of exchanges.
Crypto exchanges are not a safe place to store our Bitcoin because of how vulnerable they are to scammers, of recent there were many exchanges that was attacked including binance, and there was huge loss incured, and such attack do go on from time to time.
I equally know that sometimes even cryptocurrencies in self custody wallet can be attacked, but in this case it can be caused by the wallet owner. If you are conscious enough about the safety of your private wallet, you will never yield to the schemes of this online criminals.

There are still safe Bitcoin wallets, and that is because the custodians of those wallets are also safety conscious. However, the safety of your Bitcoin asset is more guaranteed in your hand than in cryptocurrency exchanges.

[promise444c5]

Using a cold storage offline wallet like Electrum cold storage with a strong password is enough to keep your coins safe from hackers. You can also use multisig wallet like 2 of 3 multisig wallet. It's our responsibility to become smart as all these hacks played out and improve our wallet security by affording any error that will lead to your wallet being compromised.

You mean passphrase? Or you forgot to add both password  passphrase, because that’s the right way to put it..

Yes, strong password is good against unauthorized/remote access.. Unauthorized physical access is mostly likely for cold storage setup [ not HW wallet] but it may not fully protect against  physical access attack.

Sure, can’t access the wallet on spot  but they can have a copy which may give them access to the master private and public key, the seed and the passphrase when they finally get through. So password is also important.