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1 sat \ 7 replies \ @cointastical OP 31 Jan 2022 \ parent \ on: RT @GhostofStoney: "Get your fucking bitcoin off exchanges" bitcoin
I use a number of custodial services. For example, my SN wallet is custodial.
If the amount in it exceeded $10 or whatever, I might transfer most of that balance to something that isn't as easily compromised (e.g., get my twitter account, you got my SN balance ... by simply logging in to SN using it and withdrawing).
I use BlueWallet as my LN wallet. I might have a balance up to $50 or $100 there, before I might transfer to something that isn't as risky to carry around.
But for stacking larger amounts, there's no way I'm letting Kraken, or whomever, sit on those. Do I trust Kraken? More than I do most other exchanges, for example, but an exchange is not the right place for holding my bitcoin.
ColdCard, or some other hardware wallet (with secure seed storage) is the right method -- at least for any amounts I might wish to secure. And for larger amounts, there are vault methods with multisig and such.
There's literally no good reason to leave funds on an exchange beyond what's going to be used for trading in the immediate term (e.g., number of hours, or maybe a few days).
And there's sooooo much history proving to us that leaving bitcoin with a custodian, or lending it out, or leveraging it, ... are great ways to reduce your bitcoin holdings down to near zero.
ColdCard, or some other hardware wallet (with secure seed storage) is the right method -- at least for any amounts I might wish to secure. And for larger amounts, there are vault methods with multisig and such.
Correct me if i'm wrong, but is this like putting money in a mattress? I personally know two dudes that got their precious metal stolen this way. One guy beat to a pulp as well.
And there's sooooo much history proving to us that leaving bitcoin with a custodian, or lending it out, or leveraging it, ... are great ways to reduce your bitcoin holdings down to near zero.
Sounds kinda like the arguments against nuclear power. Because of Chernobyl we have to ban it all. Seems like the more legitimate exchanges are becoming more legitimate all the time. Eg. https://www.gemini.com/legal/user-agreement#section-digital-asset-insurance
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I’m surprised that anyone into Bitcoin enough to be on SN doesn’t actually own their own Bitcoin.
Once you understand the implications,,you MUST hold your own keys to rest easy.
Even the now-shitcoiner antonopolous knows “not your keys not your coins”
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There’s always tradeoffs. Holding your own bitcoin is not a win-win.
As sovereignty increases, so does responsibility. People often have other responsibilities in life and can’t afford to add a whole bunch more. This is why “banks” were invented in the first place.
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It's your funeral, pal.
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or yours. i dont need to tell you how much bitcoin has been lost over the years.
most people don’t want to live a zero-trust life. humans are meant for community.
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To be fair to Antonopolous, he is, as far as I know, the one who coined the term, "Not your keys? Not your bitcoin."
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I personally know two dudes that got their precious metal stolen this way. One guy beat to a pulp as well.
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Plausible deniability. Trezor has had this for a long time.
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Multisig. 2 of 3 using Electrum, for example, has been relatively simple and available for over a half decade now. You can't divulge what you do not possess (the second key).
Now we have things like Coinkite's TapSigner, making multisig even easier.
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