Quote:
Originally Posted by Biggie Smalls Web Writing
They wouldn't lose it all if they bought any coin even the biggest shitcoin and moved it to a hardware wallet.
Instead, they trusted FTX and left the coins there on exchange and Sam & his fuck buddy gambled it away..
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Right, but what failed here was centralization. MTgox, BTC-e, FTX, etc all centralized. So was FTT, the FTX token. So are all cryptos that offer staking (ie: ADA, ETH, SOL), because someone, some entity needs to issue the stakings, that would be a centralized control. It's created out of thin air just as fiat is. Unlike Bitcoin where energy and time is needed to mine it, true hard money.
This FTX/SBF implosion is a reminder to NOT trust anyone! Trust math & protocol, the only decentralized one of those is Bitcoin.