[ExI] lotta splainin to do

[Giovanni Santostasi]

Almost every single problem with crypto is that we fail in upholding crypto
promise: decentralization. I lost 32 BTC because they were sitting in an
exchange (while I was trading it) where the owner fled away with the funds
(the exchange was called Mintpal, one of the largest at that time).
Unfortunately when you deposit crypto in an exchange you lose control of it
in a sense because the wallet is owned by the exchange and not you. It is a
pretty stupid thing to do in particular when it happened to me that was
early on when exchanges were even less secure than now.  We need
decentralized exchanges. There are few but they are not very liquid. We
need to find solutions to this.
Giovanni


On Mon, Nov 14, 2022 at 7:17 PM spike jones via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

>
>
>
>
> We have a lot of digital currency followers here, so perhaps some
> kindhearted hipster can offer me an explanation simple enough a rocket
> scientist can understand (one who never owned a bitcoin or was convinced
> the notion of digital currency could work.)
>
>
>
> I keep hearing of this FTX digital money exchange, but I don’t understand
> it.  Some news agencies are reporting that it was looted by someone,
> possibly an insider, but that makes no sense because the main selling point
> of bitcoin was that ownership is maintained by blockchain, which is said to
> be inherently secure.  So… this looter, what did she steal?  Digital
> currency?  Or did FTX have a huge pile of paper currency, and if so, why
> did FXT have a huge pile of cash when inflation is at 8%?
>
>
>
> But if they did, was that cash in a safe, then some sneaky scoundrel with
> the combination hauled away the loot in the back of a very sturdy
> heavily-loaded delivery truck?  A USA bill has about 1g mass, so a million
> bills is a ton, so even if all that moola was in the largest American bill,
> the 100, we are still talking 4 tons of currency said to be missing and
> that just doesn’t sound like something that would be easily carted away.
> It would be a heeellll of a job just loading the truck.  But if it is
> digital currency which was stolen, how can they suppose the looter somehow
> got away with 400 megabucks?
>
>
>
> This story makes no sense to me.  A puzzled rocket scientist I am.
>
>
>
> Adrian or some of you other hep cats, do explain please.
>
>
>
> spike
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