Pretty sure that if there is enough reward, your hardware in someone else's hands gets hacked.
Multi sig is a thing for a reason.
Buy yeah, holding your own crypto is a huge PITA. Even trivial amounts can cause a lot of stress when you think that losing something or forgetting a PIN could cost you hundreds or thousands of dollars.
This is why the ETF scene is going to big deal and why for so long GBTC held a premium. Exposure without possession. Also, ROTH IRA or other tax advantaged holdings could provide a significant shield against taxes on the upside since these listed securities are available on all major trading platforms.
What a horrible idea above -lets take highly speculative 'asset' with zero intrinsic value and create multi level derivatives out of it and then push it down to common public.
Wow, didn't we hear that before (i.e. with real estate)? How well did that work out?
And yes, also lets push it into people's accounts where they have zero ability to replenish them (IRAs ,etc) - once it went to zero or lost 95% of its value, you can not just repeat your contributions from say 2013-2019, when it is gone ->it is gone.
I think we have seen this movie before in all boom/bust cycles
- fad becomes somehow seen as 'asset' and Ponzi scheme starts , ever and ever faster looking for next idiot to sell hot air to
- early adopters dump and run, cashing out
- more and more greed sets in and people start to look at how to "popularize " it, open it up to wider public, make it available for the 'common man'. Fees = $$$
- financial intermediates collect their fees (sale loads, expense ratios, etc)
- it inevitably blows us
- people IRAs/401s and any pension plans stupid enough to go for the fad get crashed.
- a cry to heaven is called along with demands of heads on the pike for all those who were selling crypto hard. lies, theft, and other crimes would be claimed to have happen. few scapegoats would be found. TV talking heads would be pointing out that aloof dork/nerd person who said how this would 'change the world' to direct blame to for everything that was lost through greed.
- financial industry walks out fine (see that fineprint saying we are not responsible for value of the 'asset' and you are assuming the investment risk as well as decisions on suitability for yourself), may be even get next bailout (to help the 'common man' of cause!) , and keep donating to our very democratic party which it bought fully.
- common population will not learn anything at all and continue to blame others for following their own greed ('I saw it on my XYZ major financial broker site so of cause it was real, right? Right?!")
- rinse, repeat.