Why I Think Crypto is Stupid

I recently read an article on Wired about Faruk Ozer, The CEO of Turkey’s biggest Cryptocurrency business. That article outlines how tens of thousands of Turkish people were victims of Ozer’s theft of their crypto wallets and all of their assets. The thing that stood out to me is how easy it was for him to simply download their accounts onto a thumb drive and be off with their money. In the wake of the crypto crimes of Sam Bankman-Fried (FTX) and Changpeng Zhao (Binance) I fail to understand why anyone would trust their financial assets and future to something so easily stolen. Unlike banks, there is no FDIC insurance. Unlike stocks and bonds there is no physical document to show ownership. (Yes, I realize that most transactions exist in the ’ether’ but using a reputable trading house provides a level of safety that they are unlikely to steal your money.