32 sats \ 5 replies \ @0xbitcoiner 18 Jun \ parent \ on: Stacker Saloon
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Last night I read about someone being robbed at home of their bitcoin recently and now things like this seem a bit silly.
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How many have you read about being robbed by exchanges?
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Quite a few, but at least in that scenario you don't have to worry about losing your own life or those of loved ones. The cartoon shows a loved one being handed over to an exchange, which is nearly the polar opposite of what you're actually risking there. I'm all for self-custody, but to not recognize the tradeoffs is asinine.
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Home invasion robbery happens every day in the U.S. The fact that one was robbed at home for bitcoin is not a function of self-custody. It is a function of other security failures. Hell, your more likely to be robbed at home by someone who got your information through KYC information loss through an exchange getting hacked.
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Fair point, but most people don't store their lifesavings at home though. So self-custody increases the harm of home invasion. Draconian KYC laws are a separate issue. You can still have someone custody something for you without them knowing all of your personal info. Many non-KYC custodians might be more secure than having all of your eggs in one basket, so-to-speak.
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