Appeal to community – Please pull your coins into cold storage

I know this post isn't exactly novel, but I think it should be reiterated.

The futures ETF as well as any derivative investment vehicle for BTC will not be good for bitcoin long term.

The entire premise of 21 million coins being a hard cap is threatened each time the legacy financial system adds some derivative instrument on top of btc.

The major problem statement with fiat currencies is banks' abilities to issue unlimited unbacked cash with fractional reserve banking and quantitive easing. If we allow centralized exchanges to hold all of the coins then they can sell as many IOUs for bitcoin as they want, which is no different from your local bank issuing loans for dollars they don't hold. Futures ETFs will give hedge funds ways to manipulate the price as well, and these groups have even less reason to care about bitcoins long term health than exchanges.

This is an appeal to:

1) Remove your coins off of the exchange to cold storage.

I know there are those that are afraid of controlling their own keys, but please put the effort in to properly secure and store your keys. Think of it as both a learning opportunity and your chance to do bitcoin a service as a whole.

I know there are those that like earning passive interest on your coin – Consider starting a lightning node and earning sats in this manner instead of using an exchange's interest program. Your 4% APY for lending your btc to shorters is laughable compared to the amount you may lose over time to price suppression from paper btc and naked shorting.

2) Never, EVER, EVER buy an ETF that doesn't have proof of reserves (hint, the new futures ones DO NOT).

Educate those around you to hold the real thing. not your keys, not your bitcoin. I know there are certain investment monies that need to go into a legacy stock, but this new ETF is not the thing. Either pull the fund and buy real bitcoin or pick Microstrategy with your IRA. At least Saylor is a bitcoin Maxi.

TLDR; I know there is already a "Proof of Keys" day, but I think this should be less of a single day thing and something we do often and unexpectedly to keep exchanges honest.

If the exchanges have to add more btc to their reserves because everyone pulls their coins into cold storage, it will allow the real spot price to come through (Assuming exchanges aren't already keeping an honest 1:1 btc reserve for their customers).

If this post gets even only a handful of people to pull their coins off, I feel that it was worth the time. Thanks for listening.

submitted by /u/Thowaway24243747474
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