Every time I store crypto in an exchange, I lose it. Every time. I’m having visions of losing everything in my Gemini account, followed soon after by everything in my Robinhood Crypto account.
Nobody seems to have been able to well-articulate the problem with crypto so let me explain it. The problem with crypto is that if I do the responsible thing and not trust myself with keeping my money safe, I get fucked; and if I do the “actually responsible” thing and store it on some password-protected wallet file on a medium in my house? I’m likely to A) forget the password, B) lose the storage medium or C) lose the bits stored on the medium due to a fluke EMP from the sun.
The solution is regulating exchanges and insuring deposits with them, but then they’re just banks and crypto is just the US Dollar.
Winkle and Voss need to take the L on this one and count their blessings that they were born white, male billionaires in the United States.