Not Your Keys, Not Your Crypto – 252

Blocked by crypto customers fail in Dispute over coin transfers there so a Bankruptcy judge has ruled that Transfers made as of November 10 2021 by The cryptocurrency Firm block Phi are Void therefore the customers who Attempted to retrieve almost 300 million Dollars in crypto following the freezing Of transfers last year are not entitled To the digital assets as tweeted out by Bitcoin magazine just in judge rules That blocked by users gave up legal Rights to their Bitcoin by using the Platform and all the 300 million dollars Of crypto deposits are now property of Block five take your Bitcoin off of Exchanges not your keys not your crypto Yet again another example of this and it Goes back to that individual financial Responsibility with great power comes Great responsibility I always like to Say Obviously quoting Spider-Man when it Comes to cryptocurrency and holding your Own Bitcoin holding your own crypto in General is Paramount here look when we Look at something like the Bitcoin white Paper and we determine that the goal of Cryptocurrency in the from the very Get-go with peer-to-peer transactions Without a third party facilitating those Transactions we know that from a Fundamental standpoint from a principled Standpoint you shouldn't participate Within centralized entities unless

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Absolutely necessary examples of Absolutely necessary are of course Bridging yourself from a Fiat system or The archaic Fiat systems into Cryptocurrency and back out there is no Other reason for that to be a a form of Storing your cryptocurrency in fact you Should be getting it straight out into Fiat or straight back into something you Control this brings up a lot of Potential issues surround funding a lot Of different coins though as we talk About it because there are some coins That are not really even possible for You to hold in a decentralized manner And until those are resolved for those Particular coins it it makes it just a Little bit less appealing to me examples Of this would be utilizing something Like Zell core right I would even though I would say that it's a better form than A centralized exchange like block fi That is utilizing something like Gemini For because custody it still has some of Those ties to centralization so be very Careful and pay attention to if you have Your keys can you recover those keys a Good example is like if you generate a Seed phrase on metamask can you recover That you can recover that seed phrase on Trust wallet the actual wallet that You're holding it in doesn't actually Matter because you've generated that Outside of it if you generate a key or a

Backup of a wallet that is required for You to basically recover that to that Specific application then you have less Control over that cryptocurrency all Right the the company filed for Bankruptcy in November of 2021 one and Plans to either sell or reorganize its Business to repay creditors those who Maintain their Assets in interest Bearing accounts forfeited certain Ownership rights while those in Custodial accounts did not the judge Concluded that blackfy ceased all Transfers on November 10th 2021 at 8 15 PM after the freeze some customers Attempted to relocate their assets to Safer custodial wallets and were Informed via the company's app that the Transfer was successful Kaplan stated During a brief court hearing that these Notices were Incorrect and that the user Interface did not accurately reflect the Transactions the issue of ownership of Digital coins and other assets in crypto Company bankruptcies has become a Central question in recent years in a Similar case the ruling was based on Celsius having control over the assets And could use them to generate interest Or invest them as it's all fit rather Than the customers having direct Ownership of the assets the idea was Highlighted in the Celsius case where a Federal judge ruled that about 600 000

Customers of the company did not own the Assets they deposited into their Accounts due to the language in the user Agreements similar disputes have Arisen In other high-profile crypto Bankruptcies including those of Mount Cox and quadriga CX in both cases Customers claimed ownership of the Digital assets they had deposited on the Platforms but court rulings have found That the bankrupt companies had control Over the assets and therefore owned them The lack of clear regulatory guidelines You want to know what's even more effed Up as I read that because the US Government confiscated that Bitcoin from Mount gox and from all the hacks and Then is now selling it back onto the Market so it's like basically if you Really want to get tinfoil hat you have A you have a strategy by the U.S Government to confiscate or steal from Its citizens and then profit off of it It just it makes me so mad The lack of clear regulatory guidelines For crypto companies has led to Uncertainty over asset ownership and Left customers vulnerable to potential Losses in the event of company failures Has the crypto industry grows and more Companies emerge Regulators are under Increasing pressure to establish clear Rules and protections for customers to Avoid these types of disputes in the

Future No let me be extremely clear with Everyone regulation is not going to save You it will save the dumb idiot that Bought Shiba Inu on crypto.com and holds It there it's not going to save you it's Not going to provide you Financial Stability and freedom what does is Controlling your own keys and realizing That getting out of any company that is Participating with in this centralized Format in the old Fiat system is the Only way to protect yourself it's the Only way to do it and is the way that You have to move forward if you expect Any actual change to take place and the Fact is regulation is not going to solve Jack it's not going to it's Impossible it's like trying to regulate Pirate Bay and torrents and all of that It's impossible it will not happen and So you need to learn to protect yourself It's your responsibility thanks for Checking out this clip from the crypto Finding show you can check out the full Episode here or more crypto content down Here also I'd like you to check out my Locals page at son of a tech.locals.com Where you can become a member for free Or choose to be a five dollar a month Supporter that unlocks additional Content

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