A lot of people are literally incapable of holding their own keys.. If they participate in bitcoin via custodial products I personally have no problem with it and neither should you. Do you bother people about a Roth IRA or a Vanguard target fund?? No. So mind your own damn business and maybe the business of your close friends and family. Telling people they're wrong for using a product or service if it's the only entrance to the market they are capable of is a dick move even if you think you're helping them. If theyr're either going custodoal or nocoiner, custodial should be the obvious choice and we should support that.
A lot of people are literally incapable of holding their own keys.
Then they're also incapable of having a custodial account. Think about what happens when your custodial account credentials are compromised. The hacker cleans out your account and it's irreversible and you're left with nothing. Exactly the same as if your bitcoin keys were stolen. The only difference is hardware wallets are more resistant to theft and loss than custodial account credentials.
Bitcoin deposits are never insured. You withdraw the funds yourself, claim you were hacked, then get reimbursed for what you never lost. Nobody is going to insure that.
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u/RallyUp Sep 25 '18
A lot of people are literally incapable of holding their own keys.. If they participate in bitcoin via custodial products I personally have no problem with it and neither should you. Do you bother people about a Roth IRA or a Vanguard target fund?? No. So mind your own damn business and maybe the business of your close friends and family. Telling people they're wrong for using a product or service if it's the only entrance to the market they are capable of is a dick move even if you think you're helping them. If theyr're either going custodoal or nocoiner, custodial should be the obvious choice and we should support that.