TheAwakening on Nostr: It’s not enough to buy Bitcoin, you must also take it into self custody. Why? ...
It’s not enough to buy Bitcoin, you must also take it into self custody.
Why?
Imagine asking a complete stranger to purchase bitcoin for you because you really believe in it. Imagine countless others doing the the same with this same stranger. Since none of these people, including you, said, send me the Bitcoin, the stranger decides not to make the purchases or does purchase it and then sells it later once he is confident you trust him to keep it. Either way, the stranger does send you a statement each month that says that you have the Bitcoin you think you purchased. If the price of Bitcoin is truly determined by supply and demand, how does the true demand for Bitcoin get reflected in the price of Bitcoin given these 2 scenarios. To make things worse, the stranger decides to use some of the money to manipulate the market downward using the money you thought was purchasing Bitcoin. He also uses the money to buy himself a big mansion.
If ALL of those people had immediately taken self custody of their Bitcoin after purchasing it, the true demand for Bitcoin would be reflected in its price and all those people would have their Bitcoin today. Imagine where the price would be today!
You hear it said over and over again, “Not your keys, not your coins”, lots of implications in that little jingle!!
Why?
Imagine asking a complete stranger to purchase bitcoin for you because you really believe in it. Imagine countless others doing the the same with this same stranger. Since none of these people, including you, said, send me the Bitcoin, the stranger decides not to make the purchases or does purchase it and then sells it later once he is confident you trust him to keep it. Either way, the stranger does send you a statement each month that says that you have the Bitcoin you think you purchased. If the price of Bitcoin is truly determined by supply and demand, how does the true demand for Bitcoin get reflected in the price of Bitcoin given these 2 scenarios. To make things worse, the stranger decides to use some of the money to manipulate the market downward using the money you thought was purchasing Bitcoin. He also uses the money to buy himself a big mansion.
If ALL of those people had immediately taken self custody of their Bitcoin after purchasing it, the true demand for Bitcoin would be reflected in its price and all those people would have their Bitcoin today. Imagine where the price would be today!
You hear it said over and over again, “Not your keys, not your coins”, lots of implications in that little jingle!!