Cryptocurrency Master Thread

[DaBigTrain]

My ETH and BTC are growing bigly

(compared to the last 2 years)

(they’ve just barely gone over what I bought them for 3 years ago)

Sir do you even understand how the 4 year cycles work?

[Stupid Fitz]

Guys, we are going to be rich 

[catastrophe]

My ETH and BTC are growing bigly

(compared to the last 2 years)

(they’ve just barely gone over what I bought them for 3 years ago)

Sir do you even understand how the 4 year cycles work?

If I did I’d probably be a lot richer.

[IPA4Me]

75 -> 55 -> 100K+

I trimmed some longs this morning. Will re-enter on pullback.

[DaBigTrain]

Guys, we are going to be rich 

 

[XocolateThundarr]

I just checked the value of some of my holdings....

[DaBigTrain]

Saylor dropping the hammer this morning.

https://twitter.com/Swan/status/1767176262076825820

[wetwillie]

Didn't he have to liquidate microstrategy's BTC holdings and they tossed him out of the company?

[DaBigTrain]

Didn't he have to liquidate microstrategy's BTC holdings and they tossed him out of the company?

No, he doesn't have paper hands like Elon.

[DaBigTrain]

This started shipping today. Another option for self custody of your Bitcoin. It's a project that Block and Jack are creating.

https://bitkey.world/en-US

[Stupid Fitz]

This started shipping today. Another option for self custody of your Bitcoin. It's a project that Block and Jack are creating.

https://bitkey.world/en-US

I have a Trezor thingy and a bunch of words written down and buried in my yard. Is this thingy better?

[DaBigTrain]

This started shipping today. Another option for self custody of your Bitcoin. It's a project that Block and Jack are creating.

https://bitkey.world/en-US

I have a Trezor thingy and a bunch of words written down and buried in my yard. Is this thingy better?

What you have done is very good. This just adds some added safety features. So if you have your words on a piece of paper and your house burns down you lose access forever. So a lot of people have their phrases on a metal plate that is fireproof. This just allows you to have another safety net if you lose the device and your phone you can still get stuff back by verifying your identity.

So what you have is great this just adds some new features. As people continue to build it’s just making it easier to safely self custody while also adding new features and better interfaces.

[DaBigTrain]

For example

https://twitter.com/raoulgmi/status/1768038741463953717

[catastrophe]

Are all those physical devices just ways to keep your recovery phrase?

[wetwillie]

^
Boomer

[DaBigTrain]

Are all those physical devices just ways to keep your recovery phrase?

No, they are meant to provide air gaping from the internet. So the random word generator is completely offline and so your recovery phrase never leaves the device. It’s just an extra layer of security so you know you and only you know your recovery phrase.

[catastrophe]

Ok well I didn’t mean like literally you crack it open to find your recovery phrase. But when you say “extra layer of security so you and only you know your recovery phrase” it seems like all it does is securely store your recovery phrase.

[DaBigTrain]

Ok well I didn’t mean like literally you crack it open to find your recovery phrase. But when you say “extra layer of security so you and only you know your recovery phrase” it seems like all it does is securely store your recovery phrase.

I have an answer to all of this but Tapatalk is not being fun, so I will have strong arguments to all of this tomorrow

[XocolateThundarr]

Ok well I didn’t mean like literally you crack it open to find your recovery phrase. But when you say “extra layer of security so you and only you know your recovery phrase” it seems like all it does is securely store your recovery phrase.

[Stupid Fitz]

Ok well I didn’t mean like literally you crack it open to find your recovery phrase. But when you say “extra layer of security so you and only you know your recovery phrase” it seems like all it does is securely store your recovery phrase.

Pretty sure it converts your actual bitcoin in to something lighter so you can carry it around easier. Way better than a bunch of coins in your pocket.

[catastrophe]

Ok well I didn’t mean like literally you crack it open to find your recovery phrase. But when you say “extra layer of security so you and only you know your recovery phrase” it seems like all it does is securely store your recovery phrase.

I guess the question is this: regardless of the wallet I use, if someone knew my recovery phrase could they get my BTC?

[wetwillie]

If they have physical access to your device and your recovery phase they can get your keys.

[catastrophe]

If they have physical access to your device and your recovery phase they can get your keys.

So then if I lose my physical wallet (or it gets stolen) I cannot access my crypto?

[XocolateThundarr]

If they have physical access to your device and your recovery phase they can get your keys.

So then if I lose my physical wallet (or it gets stolen) I cannot access my crypto?

If you have a ledger, you can access it if you buy another ledger and use your recovery information.  Not sure about the other brands.  I had an old ledger that was outdated due to memory issues and had to purchase a new one.  Set the new one up with my existing recovery information and was good to go. 

[catastrophe]

So I briefly tried to figure this out myself. My understanding is (still) that if you set up one wallet to hold your crypto, you can probably access the same crypto through other wallets by using your seed phrase, but that some wallets use a different encryption that makes that unlikely.

So to me it seems like a tradeoff between security and accessibility. Either you can worry about someone else getting ahold of your seed phrase and tampering with your crypto, or you can worry about the extra secure product you're using going defunct and not being able to use your seed phrase in a different wallet.