My stock broker just decided that I should not be allowed to log into my account without installing their spyware 2FA app. All for my own security, obviously.
I couldn’t contact support, I couldn’t generate any statements, I couldn’t delete my account. I couldn’t do anything. They basically held my money hostage until I comply with their demands.
I don’t own my stocks in my brokerage account. I don’t own my money in my bank account. I do own my cryptocurrency though (or rather I would, if I didn’t lose it all in a boating accident 😉).
P.S. I was able to recover access to my account thanks to having a separate phone, specifically designated to install spyware and other crap. I will be looking into changing my stock broker to a one that tries harder to pretend that I own anything there.
Fair points. But there is a way to own your own money as well: literally take cash and put it in your home safe. I do that with my emergency fund.
But I’m with you on the crypto front. I have multiple wallets incase one fails though.
But there is a way to own your own money as well: literally take cash and put it in your home safe. I do that with my emergency fund.
Yep, that works and yep that’s what I do as well (because of 1. diversification 2. grocery shops in my area not supporting XMR / other cryptos for payment).
The thing is, while I may own those pieces of paper and somebody cannot take it from me without violence (in contrast to the banks and brokers where it is a matter of pressing a few keys), government can easily make it so that my pieces of paper lose all or most of their value overnight. And I am not talking just about the “normal” inflation, but about things like this.
With proper cryptocurrency (“memecoins”, “stablecoins” and other bullshit does not count) no entity can confiscate / devalue your money. Of course nothing is perfect, you just change one kind of risk (government doing its thing, physical theft) to other kind of risk (bug in the software, cyber theft, volatility, inability to use your money without internet, etc.), but I think the point about it being the only thing you can really own kinda stands.
