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10 sats \ 4 replies \ @ChrisS 4 Aug \ on: Returning to the Bitcoin Community After a Long Journey bitcoin_beginners
Welcome back! I’m curious on your thought process of giving up after mt gox. If you thought bitcoin was a revolutionary technology before mt gox, other than being pissed about losing the money, was there anything else that made you change your mind about bitcoin and what it could be?
The hack of Mt. Gox was the trigger, but the amount of btc I had in the exchange wasn't that much. So it was not the whole reason.
I started into buying bitcoin for its ability to move funds without relying on a third party (banking), but of course I need it to be secure. When I found out that Mt. Gox was hacked, I wasn't assured that the btc is secured. So, I moved on to different ways to move my funds. I realize now, I blamed the whole btc ecosystem for a single party mistake, but I guess I was none the wiser.
Does it make sense?
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In 2015, I worked for a bank until 2017 . I realized how fragile it was. People in the banking industry can know so much about you, and your information actually for sale. And not mentioned the normalized/institutionalized scams and frauds happening....
That is when I started to look at bitcoin again, and I left it there. Self custody this time.
Last year, I checked my Multibit Wallet, downloaded the blockchain, and my btc still there, all safe and sound. So I started catching up again. Installed electrum, moved my btc to the new wallet.
And this year when I got my Mt. Gox balance back, I bought a cold storage device and moved 80% of my btc there. I use the 20% as my learning fund, some sats went to LN so I can sign up here and bought my first post.
Tried some DeFi, using Wrapped BTC and Avee, but it's all complicated, so I'm just gonna hold and DCA for now.