147 sats \ 1 reply \ @DarthCoin 13 Apr \ on: I owe DarthCoin one bitcoin_beginners
Mastering LN wallets:
https://darth-coin.github.io/beginner/getting-started-stack-sats-en.html
Its a really tough balance. I think about that father alot (who had 500M and left his daughter 100M). I mean sure you can only leave your kid $1m but then what....give the rest away? That leads to its own turmoil with the kids as they feel you gave the money to strangers....
I don't pretend to know the answer honestly. The lawyers in the office used to say "giving away money is 10x harder than making it" and I understand their view.
Some families do a tiered approach: $1m trust at 25....then $5m at 35....$5m at 45...etc.. Others try to do "merit" based giving: $1m when graduating college, $1m when you get married, etc etc
Neither system is perfect and both can be either gamed by kids or abused in the sense that it just leads them to do nothing substantial with their lives.
One father invested all his money back into his company at time of his death (of which his children werent at the time shareholders in) and said that his kids should get jobs in the company and work their way up into an shareholder position.
No easy solutions, to be honest.
I hope I never have to touch my Bitcoin stash, as I plan to save it all for my children. I will use resources from @DarthCoin and @BTCsessions to educate them about Bitcoin and its underlying principles. We will learn the philosophies and writings of @dergigi and Shinobi (https://bitcoinmagazine.com/authors/shinobi). By doing this, I want to pass on not only my Bitcoin but also the knowledge and values that come with it.
A few thoughts:
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You say you lost sats because of Gemini earn, but you're using exchanges? Use HodlHodl, Peach, Bisq or Robosats...
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Having one massive UTXO isn't great either. Presumably you didn't buy all these sats just for them to sit there looking pretty. Eventually you may want to spend some (or all of them). Just imagine going to a convenience store and paying for a pack of gum with a money clip that has ALL OF YOUR EARTHLY MONEY VISIBLE FOR THE WORLD TO SEE... Sorry all caps, but you get the idea. You sound like someone who bought on a KYC exchange... So "they" know you have this money, and they can track ALL of your spending. So buy KYC-free sats and/or coinjoin with Whirlpool (available through Samourai (android) or Sparrow (desktop)). And Passport HWW let's you even mix to cold storage!
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Stack weekly or monthly, your UTXO will be more manageable. Daily stacking is... well not great when it comes to this externality. Because you should ideally be getting a UTXO at point of sale (sale of fiat I mean).
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Yes! Get some steel. Many people provide this. One that comes to mind is the Ronin Dojo team that makes the Tanto. Look at my links.
strongly disagree here.
if you don’t know what you’re doing you don’t put all eggs in one basket.
“i think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere”
- Stanley Druckenmiller
“if you want to make a lot of money, resist diversification”
- Jim Rogers
“diversification is a protection against ignorance. it makes very little sense for those who know what they’re doing”
- Warren Buffett
“the idea of excessive diversification is madness”
- Charlie Munger