As new and innovative as the crypto sphere is, the I Told You So of the antiquated world still plagues us.
Not Your Keys, Not Your Crypto we love to remind ourselves anytime anyone losses money in exchanges.
Do your research. That was centralized. Did you hold your own keys?
And then we ask ourselves: "Why do people keep falling for these scams?"
And the answer is: Because some of these are not scams.
Let's take SPI for example.
SPI crowd funded STEEM once upon a time. It powered up the STEEM, delegated it for a profit, took the profit, and invested it in other ventures.
When one person buys an SPI token, they are buying Bitcoin, EDS, HIVE, and a plethora of other tokens.
The account keeps growing and growing, and I have full faith that one day it will be worth 1,000,000 USD - and then some.
The "problem" lies in the way the account is set up.
I don't have direct access to the bitcoin and the gold and the EDS tokens.
Does this make the project a scam?
Absolutely not.
I am willingly giving the SPI Team access to my funds because I trust them
Lots of things could go wrong, and even if they do, this would not have been because of a "scam"
Sometimes things just go belly up.
This is true of Index, DHedge, SCV, and even our beloved LEO. Some of these projects are centralized and that just has to be ok.
I belive SPI is a great investment
And there are people who lost money in this recent "FTX scam" who thought they were making a great investment too.
Let's learn what we need, pay attention to the new challenges, and keep growing.
If we keep getting stuck in sayings like "not your keys, not your crypto" we will keep losing out on nuances that perhaps we should be paying attention to.
If this project falls, what falls with it?
What is the age and back experience of the team, and does it matter?
Are there legal implications in my jurisdiction that I need to watch out for?
How much of the castle that I am building is getting built in the sky?
Let's start looking beyond "not your keys, not your crypto" and start asking questions that go further than that.
What questions do you tend to ask yourself when working with a new team?
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I think that every investment involves risk, but you have to know where and to whom you trust your money, you always have to do a lot of research.
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There's just as much risk loosing keys as there is being scammed! There are probably many millions of dollars worth of cryptos in broken hard drives and flash drives.
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That's a huge risk.
Some are good in taking such risk, while others are not.
I believe what's private should be private.
Your keys should be your keys.
Diversification can help get rid of these fears if you allocate your assets properly. After all, even keys can be lost or dispossessed in various ways. Usually when choosing a new team, I ask myself questions about their reliability and my risks. Also, about the time of return on investment.
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Originally, buying SPI was a way of "Keeping the FOMO Away."
I knew that they were buying different assets so I stopped feeling like I needed to buy "everything"
Great psychological aspect! 💪🔥
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There are many scam projects out there really but one needs to be more cautious before delving into them.
People just need to do their research and understand exactly what it is they're investing in.
Too many people just don't take the time to understand before putting their money into things.
If you don't understand it, then you have no right complaining if things don't work out.
DYOR!
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Yes, DYOR.
But what are you researching when you DYOR.
The people who are behind the project? The project itself? Rules and regulations? Its about more than just researching, it is about learning what we are researching.
Yep, all of the above.
But especially the risks of giving custody of your funds to someone else.
It's okay to trust people - like you, I trust the LBI team mysef.
But just understand why there is risk.
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You must take the risk in other to get rid of fears.
And there are certain things that worth ones risk.
My keys are on a piece of paper and I have the codes for all my devices so sometimes I have to send a key to an email so I can get it on another device but not not often. I have notes and my keys on the computer but that never turns on it doesn't turn on at all I can't even use it but it still sits here in front of me when I have coffee I just won't turn on
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Great write up, it is good to try and reduce the risk as much as possible!
Nice one friend. Investment itself is full of risks, same as in crypto invest
I know it sucks when we lost money when there is a scams going on, and we are at the bad end of it.
But we all should always do research when we are investing or trusting someone with our funds.
I guess a protection would be to diversify then you dont lose eveything if it goes bad.
Interesting post my friend i agree with you, everything is a risk at the end of the day we just have to decide if those risks are worth taking.
We must also be prepared that sometimes things may not work out.
Have a successful week ahead @metzli
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Thank you for the thoughtful comment and for the feature.
You are most welcome have the best week ahead
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