Crypto 360°

Forenote: I NEVER had an account on FTX. I also hold shitcoins, and I'm aware of the risks associated with holding them. And I'm happy to buy bitcoin at today's discount price of 16,000 USD, but we should show sympathy for those who lost money with FTX today.

A long long time ago I remember posting somewhere on reddit about the amount of crypto anyone should keep on an exchange. Basically, one response that I got was, "If it's about the same amount as one month's salary, I'd get it off ASAP." and that's been my threshold ever since.

However, there's a group of people who will keep that amount on an exchange for the sake of generating profits or because they don't understand self-custody.

So, my question is, without any irony or sarcasm or anything like that, "Is it our fault that people were not immediately withdrawing any bitcoin they had purchased from their exchanges?" This is how we find out, very quickly, I might add, who is swimming naked.

I feel like there should be a more explicit incentive to do this.

On a side / unrelated note: I'm absolutely shocked that SBF, having accumulated billions of dollars in just 5 years' time through arbitrage trading, made a mistake that is at Mark Karpeles levels of "lack of attention to detail." In every interview that I saw him in, he seemed level-headed, didn't come across as arrogant, and seemed to have a solid idea of what he wanted FTX to do. Did the company have plans to IPO? All I know is they had plans to allow their users to engage in both stock and cryptocurrency trading on their platform. It's just that when you hit "billionaire" status, what could drive you to desire more?

submitted by /u/sgtslaughterTV
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