Some days ago, a friend asked me if I still buying/hodling/earning sats. Yes, of course, my DCA plan with bitcoins is active and still doing it, I said.

Not a fanboy, just a hodler

But you're just a fanatic -he replied- that doesn't wacht how the cryptomarket is doing it, and then started to tell me the things about FTX, LUNA, CZ..blablabla, not to the point but doing a TL:DR, basically we're fucked because all these CeFi morons played casino-style with their users' money. After some minutes, I replied that I'm doing fine because I have my sats outside, not in a exchange.
He looked at me as if I'm saying something...alien. And that's a moment of reveal when I explained my status as a self-custodian hodler and not dependant of exchanges. Most people don't understand that leaving your sats in a exchange doesn't add sats to your account, they just saying to you that you own a certain amount, you really don't have a penny. Once this matter is settled, the question reamains: how in the actual world this liquidation processing is good for us? It's very simple. FTX claimed they had money and now, we know they don't, they lied, so there are fake money inside their ecosystem with fake bitcoins inside.
So, let's do the math quickly:
Angel farts = fake money Fake money = Fake bitcoin Fake bitcoin != bitcoin
So, FTX and others are paying their shitcoinery.

What do we need in order to achieve the real price of bitcoin?

We need to drain all the fake money and keep only real sats. Remember, the real bitcoin is scarce and you can't print as you wish. My NFA1 for you? Keep stacking sats, be humble with those who need your help, enjoy your life and stay away from exchanges as much as you can.
Oh, oh, and of course, please tell your relatives and loved ones that keep all their sats off the exchanges.

Footnotes

  1. Non-financial advice
Yea they were selling paper bitcoin. To me that's bullish because it shows a significant amount of demand last bull run was bottled up and never bid up the price of true blue Bitcoin.
If the market were rational at a minimum the Bitcoin price would do nothing but as we know, it is not. Wait for the wash out and I think the next bull run would be biblical.
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Exactly my thoughts. We need to rebuild the price discovery.
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The most telling (and least talked about thing) of the FTX fiasco is that they had exactly 0 BTC on their balance sheet. None. The firm didn't own a single bitcoin.
What does this tell us? Well lots....tells us a bit about the goblin-duos view of bitcoin, however more importantly it tells us they didn't hold bitcoin because it was harder to manipulate the price of it rather then using a collection of useless low-liquidity shitcoins. That is: scammers prefer not to use bitcoin.
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Bitcoin is fine of course, it's not a company.
Heaps of companies will shut down over the years, but Bitcoin will continue to exist.
That's why you need to have your coins in your own cold storage.
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My HW is doing really good sir. Also my self-custodial wallet from my phone (Samourai) is the best to mix
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