Duped FTX users have learned the importance of self custody


The title isn't a mocking or demeaning statement or anything. A recent documentary showed numerous FTX users who collectively lost million still be optimistic about Bitcoin and crypto as a whole.

"Evan Luthra..lost $2 million in the collapse of FTX..."I do want everybody to understand that the mistake here was not bitcoin, the mistake was not crypto,” Luthra said. “The fundamental reason why we buy bitcoin, why we use bitcoin has not changed.” 

"Jake Thacker...lost hundreds of thousands of dollars on the exchange shortly after he lost his job in the tech industry. “I’m in quite a big hole right now,” Thacker said. “I’m probably going to have to file for bankruptcy.” Thacker told CNBC he “would encourage people to still invest in crypto.”

"Bhagamshi Kannegundla said he first heard about FTX in an advertisement featuring comedian Larry David that aired during the Super Bowl...“I was like, oh my goodness, there’s all these big name people utilizing FTX,” Kannegundla said. “So I was like, OK, hey, I think I’ll be safe using this"....Less than a year later he was out $174,000, representing around 60% of his crypto portfolio, from FTX’s collapse." OK hold on, red alert, major 💩storm ahead: Not only does spotlighting work, but that Larry guy is also one of the people that's mysteriously absent from the FTX list of shame.

So basically speaking and not surprising at all this isn't even mentioned once in the original article, but what these people are talking about is the importance of self custody. I mean, the words "self custody" or anything that even resembles the definition has not been mentioned once in the entire article. Sort of important to mention don't you think considering it was meant to avoid (financial) institutions from the very beginning? Speaking of which, this month marks exactly 15 years since Satoshi send the email that started it all:e3090967c15bdecea5d83b06627638b4fa1fba57547d7a2a5eefb351a9e99de6.jpg

On a side note, if you ever start to think you are getting a bit crazy with all your coins or feel you might be taking big leaps of faith, that last guy Kannegundla settled for like 11% of his total lost value so he could invest in crypto right now.

"Kannegundla said his bankruptcy claim was for $174,000. He received around $19,000 in the sale...Years later, if the FTX bankruptcy process recovers more than the 11 cents on the dollar for his claim, the buyer pockets the difference. Kannegundla said he will have “zero regrets” if that money gets recovered because he has a different strategy. “I wanted to get the cash from the bankruptcy claim, primarily to invest in crypto again...I felt as if there was a good chance for me to make money in the next five to 10 years.”

Yeah, IDK if I would go about it that way. I think if I were in his shoes I'd leave that claim for what it was and start double shifts, OT or maybe a part time job on the side to accumulate as much crypto as possible this year and recover my portfolio. But hey, at least his heart is in the right place, just hope he stores it better this time around.

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Geo-Political & Economical developments
Geo-Political & Economical developments

Things are almost never as they seem. If you sincerely think that world powers would spend their money and resources in order to just "help" citizens from foreign nations, you might want to ask yourself why they've been neglecting and out right murdering their own citizens for decades. What are their true motives for wanting to fund foreign (terror) groups, start global confrontations and wars? I'll let you in on a little secret; It has NOTHING to do with "human rights" nor "democracy".

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