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100 sats \ 0 replies \ @TheBTCManual 13 Nov 2022 \ on: Thoughts on FTX Collapse: fiat incentives, shitcoin games, and counterparty risk bitcoin
Way too much paper claims on bitcoin on all these exchanges, these proof of reserves or attestations are a joke and people have way too much confidence thinking everyone who runs these services are some genius traders that have found some magical way to generate yield, they're actively trading and sure they eat retails lunch but one mistake and they've got a massive a hole, a hole they filled with customer funds.
Don't pay for other peoples mistakes hold your own bitcoin