So, no! Instead of educating newcomers about wallet software, let's just accept they're irresponsible, uninformed, and let's just make them leave their coins to somebody else. Sounds rational.
Topic: 99% of People Will Lose Crypto in Self Custody - page 7. (Read 948 times)
This assertion can be translated to: "Only the 1% of the people in cryptocurrencies are responsible", which to be honest might be a good approach. Legitimate, crypto bitcoin users are included in that 1%, de facto. So, if by 99%, he means the users who leave shitcoins in his exchange, who buy made-up useless tokens, and who don't know what's the point of cryptocurrencies to begin with? If that's so, I can agree with him.
So, no! Instead of educating newcomers about wallet software, let's just accept they're irresponsible, uninformed, and let's just make them leave their coins to somebody else. Sounds rational.
So, no! Instead of educating newcomers about wallet software, let's just accept they're irresponsible, uninformed, and let's just make them leave their coins to somebody else. Sounds rational.
While he has a slight point, I'm really not a fan of the 99% number, knowing how frequently attacked centralized exchanges are.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
It's actually pretty easy to lose a bitcoin wallet even if you're diligent. All it takes is forgetting your password or failing to discover a corrupted backup, and boom - your coins are gone. There isn't a bullet-proof solution that's going to work 100% of the time. Technology needs to take into account that no one is going to be a perfect custodian--ever. You may get lucky and your mistake won't be a costly one, but user error is basically inevitable.
I think that's the kind of mistake you only make once though. Early on in my Bitcoin experience I made the mistake of thinking that all my coins were held in my wallet so if I had my private key backed up I would be fine. Then when my computer crashed I learned about change addresses and coin control. I still have the crashed hard drive with what I estimate is tens of thousands or possibly hundreds of dollars worth of BTC on it. Maybe someday I'll try and recover it. The lesson I learned was far greater though. I think a lot of people have these sorts of things happen, which is why Bitcoin's actual market cap is probably significantly lower than it appears, and also why so many coins never move...
While he has a slight point, I'm really not a fan of the 99% number, knowing how frequently attacked centralized exchanges are.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
It's actually pretty easy to lose a bitcoin wallet even if you're diligent. All it takes is forgetting your password or failing to discover a corrupted backup, and boom - your coins are gone. There isn't a bullet-proof solution that's going to work 100% of the time. Technology needs to take into account that no one is going to be a perfect custodian--ever. You may get lucky and your mistake won't be a costly one, but user error is basically inevitable.
I won't say I disagree with his point because he makes an important point in this case. What is the point of storing your funds in a self-custody wallet when the coin is vulnerable to attack and lost by the owner? People have lost their savings in their personal wallet due to illiteracy and lack of sufficient knowledge about self-custodian wallets. A campaign for it is necessary which in my opinion will reduce the effect of it happening. Also, me seeing this as a favorable speech for people to save their money in his Binance exchange wallet.
Quote
“And also today, very fundamentally, if a person passes away, they don’t have a way to give to their next of kin. Whereas we have a standard operating procedure [for that].”
Quite an outstanding feature, inheriting coins is almost impossible with self custody. Hence offering such a service will open a reason for and reinforce an unending debate in the crypto community; those that promote self custody and those that don't. The opposing sides can backup claims with the binance inheritance features.
On the contrary, however, I'm glad the self custody campaign spreading on social media, forums and some blogs is highly effective. CZ himself is not only worried, but surprised that the people control this cryptocurrency world not just some specific individuals running against the will of the bitcoin creator. Satoshi wishes for self custody, and he must have thought about inheriting coins as well, but if a person passes out the whole community will inherit their coins not just his family.
What will happen to the cryptocurrency community if someone inherits Satoshi's share of bitcoin?
While he has a slight point, I'm really not a fan of the 99% number, knowing how frequently attacked centralized exchanges are.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
Recently, when people are withdrawing their money to personalized wallets, CZ says that out of these people 99% of them will lose money, as only 1% of the people are capable of handling the non-custodial wallets.
‘99% of People' Will Lose Crypto Storing in Self-Custody: Binance CEO Changpeng Zhao
He may be right because most people do not understand the risk, if they are not careful they could lose all their crypto. Some may lose their private keys and others may connect their wallet at scam sites and they will be deprived of their funds.
Education and understanding of non-custodial wallets is necessary. A lot of people have move funds out of binance recently, lets see if they know how to safeguard their bitcoin/ altcoins in these wallets.
‘99% of People' Will Lose Crypto Storing in Self-Custody: Binance CEO Changpeng Zhao
He may be right because most people do not understand the risk, if they are not careful they could lose all their crypto. Some may lose their private keys and others may connect their wallet at scam sites and they will be deprived of their funds.
Education and understanding of non-custodial wallets is necessary. A lot of people have move funds out of binance recently, lets see if they know how to safeguard their bitcoin/ altcoins in these wallets.
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