History rhymes again!

         Almost like predictive programming, we may be heading to the final capitulation of the crypto market. You probably have been watching the FTX meltdown on top of all the "conspiracies" that came with it. While I am unaffected, I know people, who I converse with regularly, that have suffered because of this event.

         They aren't newbs to the crypto space. Some of them have been veterans from previous market cycles. They recognized that they fell into this situation due to their complacency. They thought FTX was too big to fail, and it was getting cozy with the regulators.

         Platforms like FTX offer people "passive" returns via lending or so-called staking on assets. Often, these returns are on assets that don't have native staking. Sounds familiar? Same soup, different name.

         My grandmother used to say, "你要他們的利, 他們要你的本." The rough translation is you want the interest while the other party wants your capital.

         As the meltdown unfolds, I have received several emails from the exchanges I use:

         They are all scrambling to declare that they are solvent entities to prevent further bank runs.

         Does it matter to me? No.

         I use exchanges as an on-and off-ramp. I'm not interested in leaving assets lingering on exchanges. I only have a small number of stablecoins to ensure asset withdrawal when I purchase them. Otherwise, it would usually take several days before I can move my coins off the exchange. I'd much rather risk several hundred dollars than be faced with the prospect of not being able to withdraw.

         If a coin has native staking, do it with your wallet. If it doesn't, don't get greedy and relinquish control of your assets. Greed has destroyed many people and will continue at a large scale if nothing changes.

         I understand the appeal of getting several percentages back on valuable assets like BTC. The return potential can be very high when we see how the market behaves during a bull market. In my opinion, if you want to participate in that scheme, don't go all in.

         Remember, not your keys, not your coins.

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