What’s trending on Twitter right now? Everything about the recent FTX collapse, including the recurring quote: “not your key, not your crypto.” I've seen several posts telling people to withdraw all of their crypto from exchanges and store it in a cold wallet. We now know that putting your crypto in exchanges is risky; you simply cannot trust your custodian completely. Not even Binance (which is very open about their crypto holdings) is completely safe from bankruptcy. You are the only person you can rely on to keep your crypto safe.
This post isn't just about crypto. Custody risk existed long before crypto was invented. In the crypto space, we always say “not your key, not your crypto”. So, in the metal space “not your metal, not your metal?” Self-custody has always been the most secure way to safeguard precious metals such as gold and silver since the dawn of time. Because the metals are physically available to you rather than simply written on paper stating how much you own. Unless it’s a piece of paper physically backed by your government, but I think we've moved on from that era.
Speaking of paper silver, who knows how much it inflates the silver and gold markets? The more they investigate the FTX case, the more we realize Sam Bankman-Fried is a morally bankrupt psychopathic liar. Remember how SBF deliberately said that only the FTX Global is the only one affected and the FTX.us is fully solvent? Well, not anymore.
[https://www.reddit.com/r/Invest_Voyager/comments/yseo3x/ftxus_files_for_bankruptcy/]
The point is that SBF is a bad actor in crypto, but what makes us believe that the manipulative bastards on COMEX or any big bank are better people than SBF? FTX has been exposed for selling customers "fake Bitcoin,"
https://twitter.com/BTC_Archive/status/1591839060083064832
- BTC_Archive
if you think about it those fake BTC are basically “paper Bitcoin”. Paper metals have a much larger market than FTX's paper BTC. Who knows when the paper metals will collapse; I think it's okay to trade paper metals, just don't get too comfortable holding them.
[https://www.bullionstar.com/blogs/bullionstar/infographic-paper-silver-vs-physical-silver/]
