What does 'not your keys, not your coins' mean?

The phrase 'not your keys, not your coins' emphasizes the importance of controlling your private keys when holding cryptocurrencies like Bitcoin. If you store your coins on an exchange, you do not have full control over them, making them vulnerable to hacks or exchange failures. To ensure the safety of your assets, consider using a hardware wallet or a secure software wallet where you manage your own keys.

Why do Bitcoin Maximalists believe Bitcoin is superior to other cryptocurrencies?

Bitcoin Maximalists argue that Bitcoin's decentralized nature, limited supply, and security make it a superior form of money compared to other cryptocurrencies. They believe that many alternative tokens lack the same level of security and utility, often labeling them as speculative or unnecessary. For those interested in cryptocurrency, understanding Bitcoin's unique attributes can help in making informed investment decisions.

How can I avoid falling for cryptocurrency scams?

To avoid cryptocurrency scams, always conduct thorough research before investing. Look for red flags such as promises of guaranteed returns, lack of transparency, or pressure to invest quickly. Use reputable exchanges and wallets, and never share your private keys or sensitive information. Educating yourself about common scams can also help you stay vigilant and protect your investments.

What should I do if I lost access to my cryptocurrency wallet?

If you've lost access to your cryptocurrency wallet, first check if you have a backup of your recovery phrase or private keys. If you do, you can restore access using that information. If not, recovery may be impossible, as most wallets do not have a centralized recovery option. In the future, ensure you securely back up your wallet information to prevent loss.

What are the risks of investing in cryptocurrencies?

Investing in cryptocurrencies carries several risks, including market volatility, regulatory changes, and potential security breaches. Prices can fluctuate dramatically in short periods, leading to significant financial losses. Additionally, the lack of regulation in the crypto space means that investors may have limited recourse in case of fraud or theft. It's crucial to only invest what you can afford to lose and diversify your portfolio.

How can I educate myself about Bitcoin and cryptocurrency?

To educate yourself about Bitcoin and cryptocurrency, start by reading reputable books and articles that cover the basics of blockchain technology and digital currencies. Follow trusted news sources and join online communities or forums where experienced users share insights. Additionally, consider taking online courses that focus on cryptocurrency investing and trading strategies to deepen your understanding.

What does 'not your keys, not your coins' mean?

The phrase 'not your keys, not your coins' emphasizes the importance of controlling your private keys when holding cryptocurrencies like Bitcoin. If you store your coins on an exchange, you do not have full control over them, making them vulnerable to hacks or exchange failures. To ensure the safety of your assets, consider using a hardware wallet or a secure software wallet where you manage your own keys.

Why do Bitcoin Maximalists believe Bitcoin is superior to other cryptocurrencies?

Bitcoin Maximalists argue that Bitcoin's decentralized nature, limited supply, and security make it a superior form of money compared to other cryptocurrencies. They believe that many alternative tokens lack the same level of security and utility, often labeling them as speculative or unnecessary. For those interested in cryptocurrency, understanding Bitcoin's unique attributes can help in making informed investment decisions.

How can I avoid falling for cryptocurrency scams?

To avoid cryptocurrency scams, always conduct thorough research before investing. Look for red flags such as promises of guaranteed returns, lack of transparency, or pressure to invest quickly. Use reputable exchanges and wallets, and never share your private keys or sensitive information. Educating yourself about common scams can also help you stay vigilant and protect your investments.

What should I do if I lost access to my cryptocurrency wallet?

If you've lost access to your cryptocurrency wallet, first check if you have a backup of your recovery phrase or private keys. If you do, you can restore access using that information. If not, recovery may be impossible, as most wallets do not have a centralized recovery option. In the future, ensure you securely back up your wallet information to prevent loss.

What are the risks of investing in cryptocurrencies?

Investing in cryptocurrencies carries several risks, including market volatility, regulatory changes, and potential security breaches. Prices can fluctuate dramatically in short periods, leading to significant financial losses. Additionally, the lack of regulation in the crypto space means that investors may have limited recourse in case of fraud or theft. It's crucial to only invest what you can afford to lose and diversify your portfolio.

How can I educate myself about Bitcoin and cryptocurrency?

To educate yourself about Bitcoin and cryptocurrency, start by reading reputable books and articles that cover the basics of blockchain technology and digital currencies. Follow trusted news sources and join online communities or forums where experienced users share insights. Additionally, consider taking online courses that focus on cryptocurrency investing and trading strategies to deepen your understanding.

cryptocurrency

The Bitcoin Maxis Warned You About FTX

August 11, 2025August 11, 2025

They can not see beyond the paradigm which has actually brought them success to date, and as such they are entirely unqualified to comment on something as paradigmatically various as Bitcoin.Toxic!!! When Bitcoin Maximalists turn cautions into memes, e.g., “not your keys, not your coins,” or announce the importance of “sound cash,” e.g., “Bitcoin fixes this,” they are ignored as if theyre a group of a) zealots, or b) boring and obsoleted. To know that all of this scrap is up shit creek without a paddle brings me levels of joy Ive not felt because Bitcoin broke the previous all-time high in 2021: SourceWhile groups of 20,000 people spend the next couple of weeks on Twitter Spaces in disbelief, questioning “how this couldve occurred,” a small number of newly-minted Bitcoin Maximalists will have been born, a big number of the recent minimalists will have had their positions verified and the veterans … well, well sit back and continue to inform you so. Opinions expressed are totally their own and do not necessarily show those of BTC Inc or Bitcoin Magazine.

They can not see beyond the paradigm which has brought them success to date, and as such they are absolutely unqualified to comment on something as paradigmatically different as Bitcoin.Toxic!!! When Bitcoin Maximalists turn warnings into memes, e.g., “not your keys, not your coins,” or proclaim the significance of “sound money,” e.g., “Bitcoin fixes this,” they are overlooked as if theyre a group of a) zealots, or b) boring and outdated. Only Bitcoin lacks (and I state this as a favorable characteristic) “management” and a head of the snake to slice off or pressure. Thats really the answer to points two and three above.What they see as “flaws” in Bitcoin are exactly its primary set of assets. A lot of the dumb concepts, like NFTs and “tokens on Lightning” will most likely vanish and liquify, while capital allotment toward Bitcoin will re-normalize. To understand that all of this junk is up shit creek without a paddle brings me levels of delight Ive not felt since Bitcoin broke the previous all-time high in 2021: SourceWhile groups of 20,000 individuals invest the next few weeks on Twitter Spaces in disbelief, wondering “how this mightve happened,” a little number of newly-minted Bitcoin Maximalists will have been born, a big number of the recent minimalists will have had their positions validated and the veterans … well, well sit back and continue to tell you so.

Other Questions People Ask

What do Bitcoin Maxis think about FTX and its collapse?

Bitcoin Maximalists view the collapse of FTX as a validation of their long-held beliefs about the importance of self-custody and sound money principles. They argue that the failures of centralized exchanges highlight the risks associated with not holding your own keys, encapsulated in the phrase "not your keys, not your coins." This event serves as a reminder that Bitcoin's decentralized nature is a significant advantage over traditional financial systems. This directly relates to The Bitcoin Maxis Warned You About FTX in practical terms.

How do Bitcoin Maxis respond to criticisms of their views on FTX?

In response to criticisms, Bitcoin Maximalists often emphasize that their perspective is rooted in a deep understanding of Bitcoin's unique properties. They argue that many critics fail to grasp the fundamental differences between Bitcoin and other cryptocurrencies or financial instruments. By framing their warnings as memes, they aim to simplify complex ideas, but this can lead to misunderstandings among those who dismiss them as zealots or outdated.

What lessons can be learned from the FTX situation according to Bitcoin Maxis?

Bitcoin Maximalists believe that the FTX situation underscores the necessity of adhering to principles like self-custody and skepticism towards centralized entities. They argue that this incident will likely lead to a new wave of Bitcoin Maximalists who recognize the value of these principles. Furthermore, they see it as an opportunity for veterans in the space to reinforce their teachings and guide newcomers toward a more secure approach to cryptocurrency investment.

Why do Bitcoin Maxis consider their warnings about FTX important?

Bitcoin Maximalists consider their warnings about FTX crucial because they highlight the inherent risks of relying on centralized platforms. They believe that their insights into sound money and self-custody are not just theoretical but practical lessons that can prevent future losses. By sharing these warnings, they aim to educate others about the potential pitfalls of ignoring Bitcoin's foundational principles.

How might the FTX collapse affect the future of Bitcoin Maximalism?

The collapse of FTX is likely to strengthen the Bitcoin Maximalist movement by validating their long-standing beliefs about the superiority of Bitcoin's decentralized model. As more investors experience losses from centralized exchanges, they may turn to Bitcoin as a safer alternative. This shift could lead to an increase in the number of individuals embracing Bitcoin Maximalism and advocating for its principles in the broader cryptocurrency landscape.

Bitcoin Growth