People who say “don’t keep your coins on exchanges” are like old people who lived through the Great Depression not trusting banks

In the early days of crypto, it made perfect sense not to trust exchanges. Most exchanges were run by weebs out of their parents basements. Mt. Goxx wiped out a whole generation of potential crypto millionaires. There were no adults in the room.

These days, there are reputable exchanges available. Coinbase isn’t going to exit scam when they’re publicly traded on the NASDAQ. You might get into trouble if you’re trading with 1000X leverage on Bitmex or buying AssCoin on Cryptopia2, but you can assess your own level of risk.

We’re at the point where you hear way more stories about people getting robbed holding their own keys than you do losing their coins on exchanges. How much of this is user error? Probably most of it, but most people aren’t experts. Telling crypto beginners to get their coins off of exchanges ASAP is a great way to get them to lose it all and swear of crypto forever.

I know crypto folks like to gatekeep and clown on people losing their coins in stupid ways, but if the dream is mass adoption, it’s not going to happen if it’s inaccessible to normies and hazardous to use. Reputable exchanges are the best case scenario for 90% of the population owning crypto.

In 2021, there’s nothing wrong with keeping your coins on an exchange if it’s a reputable one. I get the whole freedom angle, but freedom comes with risks that most people aren’t ready for.

Edit: Shout out to everyone assblasted at this post reporting my entire post history. I’m already permabanned, you can stop now.