Oddbean new post about login | logout A minor correction: #Bitcoin is not risk free at all. But when you understand it, it breaks through the fairy tale of the things that are normally perceived as low risk or risk free. Bitcoin *exposes* risk in all its forms where it is usually obscured or dishonestly portrayed. By revealing the truth and nature of risk everywhere, bitcoin proves itself to be the least risky, and promises a massive reward for those open to seeing the reality of our volatile world. nostr:note1et8hydcmpxsj4g0j3ec8u7pvald9qcfaveujcwze4cugsw87a5vsz3x6fn
I was having this conversation with @corndalorian yesterday in response to this meme: @note1j37gsx0prh0jru4tq9gy02h8nmqmkrngs70p3z4wdgu8z8gq0vqqtzhdx6 There's a false sense of security when you have your wealth locked up in the bank. It feels good and it shouldn't. There's also anxiety that comes with holding your keys. It doesn't always feel good. But it should.
I feel the exact opposite 😂
I'm in that second group today. Mostly because I still have a lot of work to do educating my wife and solidifying an inheritance plan for my kids. I think that's one of the biggest challenges when getting rid of a trusted third party.
The way I look at it is that a custodian is guaranteed to rug or be 6102d before your death. Basically a 0% chance to pass on your wealth with a custodian. So even with an imperfect setup you at least have a non-zero chance of passing on your wealth with self-custody.
You know with certainty when you’re going to die?
No, but I am more comfortable with my setup now than trusting a custodian to pass on my wealth. Worst case with custodian the coins go to an oppressive govt. Worst case with self-custody the coins are lost and donated to all Bitcoiners.
Fair enough. Worst case scenarios are good to account for, but there are many possible outcomes in between those extremes. Understanding the risks inherent in your setup is crucial for anyone. There are many factors to consider in each person’s individual situation. At the end of the day though, he who holds the keys controls the coins. So self custody is the gold (orange?) standard. 😂
Yea I don't disagree with you. The point is that bitcoin isn't a risk free asset. Holding your own keys should always give you a tinge of anxiety, or at the very least awareness of potential threats. Similar to carrying a firearm.
For sure, it is something I think about daily.
I've always been blocked and abused by the legacy financial system, I had anxiety anytime I opened my banking app, so much so I would only do it once a month. I had anxiety at first when using a hardware wallet because it was new, but now I feel better than ever being free from the abuse of the bank and credit system. Even if bitcoin never went up in value I would be eternally grateful for that ability alone.
owning a share of highly profitable companies which produce goods and services needed and appreciated by a large number of people paying dividends are lower risk
No risk better.
Depends on the timeframe. Stocks are highly monetized. Won't always be.
store of value story of btc is a myth was wrong destroyed value for me shares worked as store of value delivered same or higher dividends when crimes happened and the market went down i do not care what will happen in 500 years from now
Then you made some really silly decisions. Sorry about that! No asset has a better track record.
There are certainly caveats to this. There are assets that have performed better than bitcoin from the previous peak to today's price, time frame matters.
the whole market did and they gave you dividends meanwhile. profit sharing bitcoin gave me nothing but financial pain
sure it was a mistake to buy i agree now it is too late to sell that is why i never bought any more my shares never disappointed me
Been DCAing into Bitcoin for 7 years. Have also been deeply invested in various stocks because it's part of my compensation. Although those stocks by and large would be considered winners over the last 5 years, Bitcoin has outperformed by multiples. Idk what you did. Likely bought during the covid top and are now salty. That's too bad. Wishing you all the best!
i made tons of money with shares for decades lost tons of money with bitcoin on paper not a store of value big lie
Sorry you've had a bad time trading! You're objectively in the minority. But I'm sure you're super smart! Good job!
you sound like a bully one of those with a dog miuzzler on your face harrassing other people
How is that working out to think straight? 🕷️