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As weird as it might sound, I actually prefer crypto with how you are responsible for token custody, unforgiving code contracts, managing addresses and networks and irreversible transactions. I really have had enough of execs bankrupting firms and walking

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by COINS NEWS 96 Views

A lot of people take issue with having to take responsibility of tokens. When I say this I obviously don't just mean this community who are definitely more experienced, but the many who very much prefer the platform custody model where the firm like a bank holds all their funds and they don't have to worry about security of funds, sending to a wrong address, sending on a wrong network, wanting to cancel a transaction/refund, getting drained from a malicious contract etc.

In a way you sort of can't even blame these people for the "blind convenience" these companies offer. But I have just had it with company after company taking customers money/dumping stock, losing and more often than not stealing it, bankrupting the company and then walking away rich while customers and investors crawl away penniless. Even just recently, SVB and First Republic execs dumped many millions in stock just before the collapses, which were as a result of their poor management in the first place. And within this yes, I am also demonizing Cefi crypto firms who do the same thing as tokens should have never stayed on a platform in the first place. Celsius execs drained 4.7 Billion from the company just before collapse, FTX/Alameda execs "borrowed "billions as well. To date, wallets associated with Luna are still apparently being drained.

Maybe it's just me but I'd much rather take my time learning the fairly tough ways navigating Defi than dump my money directly into the pockets of scammers who seldom are held accountable.

https://nypost.com/2023/03/17/first-republic-execs-dumped-12m-in-stock-before-bank-chaos-report/

https://www.newsweek.com/silicon-valley-bank-ceo-sold-million-stock-before-collapse-1787062

https://cointelegraph.com/news/crypto-user-moves-bitcoin-luna-foundation-guard-wallet-report

https://www.cnbc.com/2022/08/02/celsius-investors-owed-4point7-billion-beg-judge-to-recover-life-savings.html

https://www.nbcnews.com/news/us-news/sam-bankman-fried-ftx-execs-received-billions-hidden-loans-ex-alameda-rcna63132

submitted by /u/OneThatNoseOne
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