It's a recurrent nightmare of mine, that somehow, some time in the future, everyday investors will lose access to their pots of wealth. It's scary, but there's a risk we're taking more now, than we used to, with our wealth - custody risk. We're seeing this play out in the crypto-ecosystem now.
Some would suggest this is why you stay away from crypto. Really? Be on high alert here for kettles calling pots black here. Is it not even remotely possible that what's happening in the trustless space, could also unfold in the 'trusted' trad-fi (traditional finance) community?
Custody risk has been amplified more and more over time, where our assets are held on our behalf by someone else (often through technology platforms).
For the most part, our trust is well justified. These are well worn rails which relying on principals we've trusted for quite some time - there's no need to panic. It's just something to consider.
To suggest everyday investors can never lose from a failure in modern day custody practices though? Pure hubris.
We know what happens after pride sets in, just look at crypto, it shows us our future.
In crypto, as with most things, flaws in the system cause blow outs fast - they can't be papered over.
Today, I'm sharing my story of how I recently lost some of my investments through a platform I thought I could trust. I made a mistake in a way, but now I wonder if the risk I didn't consider carefully enough here, exists elsewhere also. Am I paranoid, or just seeing something in advance?
Here is the link referred to in this episode: https://celsius.network/
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