July 18, 2024
1 Solar System Way, Planet Earth, USA
Crypto

Give me self-custody or give me death

It seems like this year is passing at the speed of light, doesn't it? I can't believe it's already June. Everyone is in vacation mode and ready to relax by the pool and forget about the daily routine of work and caring for a family.

I completely understand the feeling. Who doesn't want to stop thinking about devastating inflation, high interest rates, credit card debt, and the feeling that no matter what you do you can't get ahead in life? It almost seems like this whole system is rigged against you, right?

Well, to be honest, it is, but that's a story for another time. The powers that be who want you fat, happy and stupid have largely accomplished that mission. Now that they have managed to stun the population, they can literally do whatever they want and get away with it with impunity.

The thing is, their arrogance has taken over. The Federal Reserve and its zero interest rate policy (ZIRP) ruined things to the detriment of the American people and the federal government.

Before the 2020 pandemic, the government struggled to keep the inflation rate around its 2 percent benchmark. Certain economic factors, such as improved technology, the declining birth rate, the retirement of baby boomers, and globalization, caused inflation to trend downward over time.

The Federal Reserve, in its infinite wisdom and constantly worried about deflation, continued to cut interest rates to stimulate borrowing and lending in the American economy, which worked for a while until we hit 2008 and the Great Financial Crisis ( GFC).

The rise in debt and loans overheated the housing market and nearly brought down the global economy, but fortunately we had the “powerful” government to step in and fix a problem they helped create. That said, you would think they would have learned their lesson and gotten their fiscal house in order.

It's the government, of course not! They didn't do anything of the sort, what they did do was continue to overspend during the 2020 pandemic. No matter which political party was in power, spending kept going up and up.

Did you know that former President Trump added $8.4 trillion to the national debt while in office And isn't President Biden doing much better with total debt appearing to hover around the $7.9 to $8 trillion mark? Needless to say, the government is bankrupt and living on borrowed time.

Whoever “wins” the elections will be the captain of a sinking ship. Medicare and Social Security don't work and are completely unaffordable, but politicians can't bring themselves to tell the millions of Americans who “paid” for their entire working lives that there is no pot of money reserved for them and that it's just a matter of an elaborate fiscal plan to finance the government.

You are NOT entitled to receive social security “benefits”, I hope you already know that. If the government told you to screw you, that you wouldn't get Social Security or Medicare, there's nothing you can do about it. There are no lawsuits you can file to force the government to give you your money back or elect the “right” congressman to fix things. Once the government taxes your paycheck, that money is gone forever.

The government cannot be trusted to hold up their end of the deal or not debase the currency and destroy your quality of life. With a government like this, why trust them with anything? Self-custody of assets will determine who the winners and losers will be over the next 5 to 10 years.

Storm clouds gathering

I don't know about you, but I have the unsettling feeling that we are on the brink of something important. It's going to be a paradigm shift for everyone. If you look towards the horizon you can see all the pieces falling into place. Just take a look at what's going on:

The United States government is $34 trillion in debt and there is no end in sight.

Israel/Gaza War

Israel bombs Iranian army in Syria

BRICS expansion and de-dollarization continue

China/Taiwan

Russia/Ukraine War

Global birth rate below replacement levels

All over the world there is open hostility or simmering tensions ready to erupt openly. I'm not sure if this is what the world felt like before World War II, but it sure feels like the world is falling apart. With all this happening, how can the current dollar-based system be trusted to protect your hard-earned wealth?

Nothing new under the sun

If you have large amounts of dollars in the bank, your assets are at risk. Banks may confiscate or severely restrict access to your money, especially during a bank run or some other unforeseen crisis. This is exactly what happened in 2013 during the eurozone crisis.

During this time, Cyprus' two largest banks were in trouble and needed a bailout from the European Union. The Cypriot government was desperate and the EU knew it, so in classic mafia style they insisted that the bank do a bail-in using customer funds!

There is nothing worse than these people. According to a 2018 survey, 55 percent of households exceeding the $100,000 deposit threshold experienced direct financial losses, and 28 percent experienced a bail-in of deposits.

If you think it can't happen to you, think again. I bet the Cypriots thought it couldn't happen to them, but it did. Now is not the time to be complacent and think that everything is fine. If you are a Bitcoiner, you understand the world we live in now.

This is why self-custody of your assets, primarily Bitcoin, is a must if you want to survive economic armageddon with your wealth intact.

Self-custody is the best tool for economic freedom

Satoshi created Bitcoin and gave us the monetary policy we need to change humanity's trajectory from endless fiat wars and a dystopian surveillance state to a bright orange future where human potential can flourish.

In addition to creating a fair and equitable monetary system, Satoshi gave us the ability to self-custody our wealth without the need for intermediaries like a bank. A simple Bitcoin wallet address and your private key is all you need to protect your assets from confiscation by a malicious third party. This is truly revolutionary, I mean, this is a true historical moment from 1776 that It was returned on January 3, 2009.

Self-custody gives you the ability to cross borders with your estate and start over in a new place if things get tough. You can't do that with gold, you can't do that with silver, you can't do that with your 401k or the shiny new Bitcoin ETFs.

Neither your keys nor your coin is the mantra that must be instilled in the head of every new person who enters Bitcoin. Trusting a custodian to store your wealth in Bitcoin is as risky as keeping money in the bank.

There is so much educational material and Bitcoiners willing to help people new to Bitcoin that, frankly, it is unacceptable for anyone to hold any amount of Bitcoin on an exchange. If most Bitcoin holders keep their coins on an exchange or buy a Bitcoin ETF instead of the real deal, what are we doing here? It's self-custody or bankruptcy. This is the mission we have at hand. Are you ready soon?

This is a guest post by Robert Hall. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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