Not Your Keys Not Your Crypto And The Exceptions
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?
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?
Posted Using LeoFinance Beta