“Not your keys, not your crypto” – not for everybody


This is definitely an unpopular opinion and I’ll probably get downvoted to the pits of hell especially so in this sub-reddit for saying this but please don’t – hear me out.

“Not your keys, not your crypto” is definitely a mantra chanted over and over again in this sun-reddit but I’m of the opinion it is not for everybody. In fact, not for the large majority of retailer users, and that includes many of us here.

So many people lose their keys or coins the moment they take it off exchanges. They get hacked, scammed, phished or even physically robbed in real life – It happens a lot. You hear about it without fail every single week in this sub reddit.

The attack vectors for cold wallets are plenty as well, from the day you received it is it a compromised or fake hardware device? Did you download the right software? Every time you updated the software, did you update the legitimate software for your hardware token?

Even after you’ve set up, the attacks are ongoing… What if you download a malware in the future on your desktop, dusting attacks, accidentally interacting with a malicious smart contract.

Physically, the risk is there. Your seed phrase on the metal sheet can be stolen in a break in. You could lose your seed in a fire, or it gets compromised in someway.

More gets lost in self-custody than on exchanges.

I’m of the opinion, it is wiser to spread your crypto in the top CEX like Coinbase, binance, Kraken, Gemini and FTX. Secure it with 2FA, 3FA, 4FA with one of them being a physical key like the yubikey.

Please don’t downvote me, but I think this needs to be acknowledged rather than just NYKNYC.

submitted by /u/FinFree4Ever
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