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Official Bitcoin, Ethereum, and other Alt coin crypto thread

Coinbase is like a bank. If the feds have a warrant, they can freeze or confiscate your money. A wallet can not be touched by anybody except the holder of the keys.

In addition, a wallet is somewhat anonymous. There is no name associated with a wallet. If you send all your money to a wallet, they can figure it’s yours, but they can’t really prove it. You could be sending money to my wallet to buy a car from me.
Couple this with using DeFi Dexes and no one can follow your money trail. It’s like using cash with peer to peer transactions.

This is why banks and the financial system are scared as hell.
 
Cold storage wallets, their are quite a few different ones but these two are very popular.


So since i dont have a computer or understand how they work...
What are the chances that 5 years from now when i pull the electronic wallet gizmo out of my drawer and plug it in, it no longer works?
 
So since i dont have a computer or understand how they work...
What are the chances that 5 years from now when i pull the electronic wallet gizmo out of my drawer and plug it in, it no longer works?
I have the original ledger and it still works fine, so I would say pretty good.

For what it protects I wouldn't mind dropping coin on a new updated one either.

If your not into fancy electronics then you should do a paper wallet. But honestly if your committed to spending thousands of dollars on computer money shy not spend a little time to learn computers?
 
So since i dont have a computer or understand how they work...
What are the chances that 5 years from now when i pull the electronic wallet gizmo out of my drawer and plug it in, it no longer works?
While I don't much about cold storage wallets, the concept sounds good. You put the cypto in the device which is not plugged into the internet, effectively making it not hackable.

as far an an electronic device working after sitting for 5 years.... I have a metal pole barn on my property up here on the mountain that is used for storage of about anything you can think of, including random electronic devices. It has no HVAC and gets hot in the summer and very cold in the winter. Also very dusty as it's a dirt floor.

Just the other day I was digging around in my shop and I found an old USB storage drive that actually uses spindles. It has been there for over 4 years. Plugged it in and it worked fine. I bet most of the electronics in my shop would also work fine.

So my guess would be the cold storage wallet would be just fine.
 
If your not into fancy electronics then you should do a paper wallet. But honestly if your committed to spending thousands of dollars on computer money shy not spend a little time to learn computers?

I dont know. Im not really sure what i could learn that would benifit me or that would be usefull to my life. I supose learning about cold storage wallets may be, however a paperwallet seems more safe in my head.
 
What are some popular wallets that people use?

The one I have been recommended is Exodus. But I think all the hot wallets are similar. I was told you can trade crypto within an exodus wallet with less fees than at an exchange like Coinbase. The only thing is you can’t trade crypto for is cash. (That has to be done at a exchange)

On the discussion of cold wallets. They are cool but could be destroyed in a fire or lost. In the unlikely senario you need to run to another country, you would need to carry it. If that’s the case, you can carry gold. Of course, it and the gold can be takin at gunpoint. With a hot wallet, all you need is the clothes on your back and the 12 words and borrow a computer. If eleven of the words are in a email, you only need to remember one word.
 
Truthfully a person should be diversified in their storage of assets.

A example would be 1/3 in a exchange, 1/3 in a hot wallet, and 1/3 in cold storage.
 
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I dont know. Im not really sure what i could learn that would benifit me or that would be usefull to my life. I supose learning about cold storage wallets may be, however a paperwallet seems more safe in my head.
There really isnt that much to learn amd you dont "have" to learn any of it. Its just a matter of how you want to handle what you have. How many guns would you buy before buying a gun safe? How many cars would you leave the keys in?
The one I have been recommended is Exodus. But I think all the hot wallets are similar. I was told you can trade crypto within an exodus wallet with less fees than at an exchange like Coinbase. The only thing is you can’t trade crypto for is cash. (That has to be done at a exchange)

On the discussion of cold wallets. They are cool but could be destroyed in a fire or lost. In the unlikely senario you need to run to another country, you would need to carry it. If that’s the case, you can carry gold. Of course, it and the gold can be takin at gunpoint. With a hot wallet, all you need is the clothes on your back and the 12 words and borrow a computer. If eleven of the words are in a email, you only need to remember one word.
Exodus is pretty nice in. Its easy to use and has a lot of nice features. Yes, you can trade coins on it. Hot wallets need to be air gapped though or they are no safer than leaving your coins on an exchange.

If you need a paper wallet take a look at MEW. Free, easy, and fast.
 
Has shib run its course? It was supposed to be listed on another exchange but it didnt happen, at least not yet. Was hoping for another bump before cashing out
 
Has shib run its course? It was supposed to be listed on another exchange but it didnt happen, at least not yet. Was hoping for another bump before cashing out
I dunno, but it's down 30% over the past week. If you were gonna dump, you should have a few days ago.

I think I would hold it....
 
Remember that Shib whale that was talked about? The one with like 4-6 billion worth now off the 8k invested?

Blockchain metrics show he is selling now, and price is reflecting that.
 
Remember that Shib whale that was talked about? The one with like 4-6 billion worth now off the 8k invested?

Blockchain metrics show he is selling now, and price is reflecting that.
I saw that, started to sell then. Still hoping the new exchange (cant remember the name) will carry it.
 
It will continue to move upwards with the market for now, since we are in Q4 of the bull market.

Have you been paying attention to the general price increases (we just put in a new all time market high of 1.7T)?

Bitcoin will go sky high then drop, then all the profits will settle into alts and they will explode….and then the market will drop like a overheated rock.
 
Bitcoin will go sky high then drop, then all the profits will settle into alts and they will explode….and then the market will drop like a overheated rock.

When ALL the markets have the bottom fall out of them... $1000 in fake internet money is the least of my worries.

They're be a lot of writing on the wall for me to cash out, especially 10x up.
 
On the discussion of cold wallets. They are cool but could be destroyed in a fire or lost. In the unlikely scenario you need to run to another country, you would need to carry it. If that’s the case, you can carry gold. Of course, it and the gold can be takin at gunpoint. With a hot wallet, all you need is the clothes on your back and the 12 words and borrow a computer. If eleven of the words are in a email, you only need to remember one word.

Just wanted to have this get cleared up...if the cold/"hardware" wallet gets destroyed...(as long as you maintain your private keys) your crypto can be backed up and transferred to a new wallet.

Same goes for if you lose it. You just must keep your private keys to the wallet safe above all else. Hence why some people/companies stamp their private keys on stainless steel plates/washers/etc vs. just written on paper or worse - stored digitally.

It's my understanding too that if someone were to physically steal your hardware wallet; then force you at gunpoint to reveal the contents - some hardware wallets allow you to set up a "dummy" wallet with a dummy pin/phrase that will lead to a wallet with minimal crypto inside. Leaving the majority of the crypto hidden; and able to be backed up once you get a new wallet established.
 
When ALL the markets have the bottom fall out of them... $1000 in fake internet money is the least of my worries.

They're be a lot of writing on the wall for me to cash out, especially 10x up.
This is why they keep printing money and can’t raise the interest rates, the stock market will tank…(sooner)
 
Just wanted to have this get cleared up...if the cold/"hardware" wallet gets destroyed...(as long as you maintain your private keys) your crypto can be backed up and transferred to a new wallet.

Same goes for if you lose it. You just must keep your private keys to the wallet safe above all else. Hence why some people/companies stamp their private keys on stainless steel plates/washers/etc vs. just written on paper or worse - stored digitally.

It's my understanding too that if someone were to physically steal your hardware wallet; then force you at gunpoint to reveal the contents - some hardware wallets allow you to set up a "dummy" wallet with a dummy pin/phrase that will lead to a wallet with minimal crypto inside. Leaving the majority of the crypto hidden; and able to be backed up once you get a new wallet established.

Took me a while to get this concept too. Cold wallets do not hold the crypto. The crypto is on the blockchain ledger. The cold wallet is just a device that allows you to see that ledger. Once you truly understand this, you understand the power of crypto.
 
It will continue to move upwards with the market for now, since we are in Q4 of the bull market.

Have you been paying attention to the general price increases (we just put in a new all time market high of 1.7T)?

Bitcoin will go sky high then drop, then all the profits will settle into alts and they will explode….and then the market will drop like a overheated rock.
My gut is saying if shib hits .00008 again, swap it over to Bitcoin for a long term hold since it seems to be the best long term bet. I only have play money tied up in this, just trying to take advantage of the worthless dollar.

Just looked at shib quick while typing…big oof, back down in the 4’s
 
In the unlikely senario you need to run to another country, you would need to carry it. If that’s the case, you can carry gold. Of course, it and the gold can be takin at gunpoint. With a hot wallet, all you need is the clothes on your back and the 12 words and borrow a computer. If eleven of the words are in a email, you only need to remember one word.

You cannot travel with more than $10K in cash without catching the eye of the Feds. Good luck carrying gold, even a handful of Kruger rands will set off the metal detectors and you will miss your flight while having to explain to some Fed rep how and why you have that much gold in your possession.

I have personal experience with this, first leaving South Africa in 1990 when full on foreign exchange controls were in effect. You could not just cash your accounts and leave, even if you wanted to. Similar restrictions are pretty common as countries slip into 3rd world cultures. I would have said this would be impossible in the US, but honestly with us slipping more to socialism and big brother, I would not rule it out.

I also have had direct experience with this in the US, ironically bringing money in, rather than taking money out. Imagine arriving in Miami with several tens of thousands of dollars in cash direct from the Caribbean. Yup, that took some explaining, and was only handled because my boss at the time was extremely well connected to several senators.

I think this is partially what scares the .gov, you could have millions of crypto on a USB drive and travel anywhere in the world, and they have virtually zero control.

There was a full time business in South Africa related to defeating currency controls, and most were successful, but you were definitely treading in grey area's if not full on illegal - go direct to jail, if you were caught. Gold only works for amounts less than $100K, and even then you are risking it being confiscated if found and you cannot explain. Now if you were leaving on a yacht, like we did, there was definitely opportunity, or as a number of folks I know, left with uncut diamonds - but unless you knew the business you were risking your life savings or more

Heck, I am about to move the very last of our investments out of South Africa in the next six months, and I will be using Crypto on various drives to accomplish that. This will become increasingly difficult especially in 1st world countries as they figure out ways to control the sheep.
 
Heck, I am about to move the very last of our investments out of South Africa in the next six months, and I will be using Crypto on various drives to accomplish that. This will become increasingly difficult especially in 1st world countries as they figure out ways to control the sheep.
That's the beauty of crypto. You don't need to move it anywhere. Just access it from where you need it.
 
Took me a while to get this concept too. Cold wallets do not hold the crypto. The crypto is on the blockchain ledger. The cold wallet is just a device that allows you to see that ledger. Once you truly understand this, you understand the power of crypto.

I guess I don’t understan. If the cold wallet is Not the only path to your money, why would I use it over hot wallet?

You cannot travel with more than $10K in cash without catching the eye of the Feds. Good luck carrying gold, even a handful of Kruger rands will set off the metal detectors and you will miss your flight while having to explain to some Fed rep how and why you have that much gold in your possession.………..

You bring up multiple good points and some miss information. First, it sounds like you are telling me crypto is a good way to move money. That’s exactly my argument And why I’m buying it. It’s not the only answer, but it is a good one.

Now for particular, you can carry gold (or cash) over 10K on an airplane. You just have to declare it. I agree it will raise some eyebrows, but it’s not illegal. Second, I have carried gold through an airport and yes, it did show on the metal detector. I did not miss my flight. It was no big deal. But in my original post where did I say on an airplane. If you are on the run, I don’t recommend using commercial airlines.

Sorry you had to leave SA. I have friends there that are in the same boat. I visited about fifteen years ago and it was beautiful, but going down hill fast. It’s funny I was just talking to a Canadian friend who moved here fifteen years ago to escape the social experiment there and now he says “where do I go now?” I don’t know what the answer is.
 
I guess I don’t understan. If the cold wallet is Not the only path to your money, why would I use it over hot wallet?


Storing your keys on a hot wallet is more of a security risk as the wallet is connected to the internet.

Blockchain holds the ledger of your assets, your keys unlock the ledger.

A cold wallet puts a air gap between your storage of keys and the internet.

You can even go old school and get paper keys…. At least if you are down with storing code on paper and putting them in the file cabinet
 
Recover the key, recover the crypto.

Your gun safe is only as secure as the way you lock it.
Conceptually, yes.

The difference being - crypto relies on things out of my control. Tech, electricity, connectivity, etc. “Gun safe” is all within my control.

As long as the infrastructure is solid, crypto is.
 
Yet alphabet agencies have bragged about “recovering “ crypto.

Nothing is 100% secure.
This is misleading. They captured a bank robber that put the money in crypto. Than they threatened him with a longer sentence to get him to give up his recover words. So yes they got the money, but no, they didn’t ”break in to crypto”.

Your last line is 100% correct. I would not put all my eggs in the crypto basket.
 
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