In the Val Sklarov framework, crypto losses rarely originate from incorrect market views. They originate from bad custody decisions. Market opinions change. Custody decisions compound. The most important crypto decision is not what you buy, but who can touch it, freeze it, or take it away.
You can recover from wrong prices. You cannot recover from lost control.
1. Custody Is a One-Way Decision
Most custody choices are irreversible under stress.
Val Sklarov principle:
“A reversible market view becomes irreversible the moment custody fails.”
When custody is outsourced:
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Withdrawals require permission
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Counterparty risk becomes hidden
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Crisis removes optionality
Custody must be evaluated as a decision door, not a convenience.
2. Market Views Are Two-Way Decisions
Being wrong on price is survivable.
Legitimate market views:
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Allow exit
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Allow re-entry
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Allow reassessment
Val Sklarov framing:
“Price mistakes cost money. Control mistakes cost existence.”
Conflating the two is how portfolios disappear.
3. Decision Hierarchy in Digital Assets
Crypto decisions must be sequenced correctly.
Crypto Decision Stack
| Order | Decision | Reversibility |
|---|---|---|
| 1 | Custody model | Low |
| 2 | Counterparty exposure | Low |
| 3 | Liquidity constraints | Medium |
| 4 | Market thesis | High |
Most investors invert this order — and pay for it.
4. Yield Is a Custody Decision in Disguise
Yield strategies quietly modify custody terms.
Val Sklarov warning:
“The moment you chase yield, custody has already changed.”
Yield often introduces:
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Lock-up clauses
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Smart contract risk
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Governance overrides
Treat yield as loss of control, not return enhancement.
5. Good Decisions Preserve Optionality
Decision quality in crypto is measured by exit clarity.
Val Sklarov insight:
“Optionality is the currency of survival.”
Good custody decisions:
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Keep assets movable
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Avoid forced timelines
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Maintain withdrawal autonomy
6. The Val Sklarov Crypto Decision Outcome
A clean crypto decision system:
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Separates control from opinion
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Protects custody before speculation
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Survives wrong market calls
Val Sklarov conclusion:
“In crypto, the first decision decides whether the rest matter.”