The Hubris Of FTX And The Humility Of Bitcoin

Whoever thought they “owned bitcoin” while only holding a bitcoin account with FTX now understands better. I get it: some individuals just feel more comfy buying via an exchange than in a peer-to-peer setting; but if you do that, at least withdraw your bitcoin straight to your wallet!Leverage trading bitcoin. Zhu Su and Kyle Davies, Alex Mashinski, Do Kwon and now Sam Bankman-Fried– they all believed they controlled bitcoin, however bitcoin deemed otherwise.

Link to embedded tweet.Source: @Crypto_crib_Evading The CrossfireThe amazing collapse of FTX has impacted bitcoin markets as well, indicating that its not just those straight included who can be struck hard by these video games. Whoever believed they “owned bitcoin” while only holding a bitcoin account with FTX now understands much better. I get it: some individuals merely feel more comfy buying by means of an exchange than in a peer-to-peer setting; but if you do that, at least withdraw your bitcoin straight to your wallet!Leverage trading bitcoin. While the FTX events were unfolding, bitcoins exchange rate moved +5%, followed by a -13% drop, all within a period of a number of hours. Zhu Su and Kyle Davies, Alex Mashinski, Do Kwon and now Sam Bankman-Fried– they all believed they controlled bitcoin, but bitcoin considered otherwise.