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Bitcoin crash coming (39 Viewers)

L3urntout said:
And for this reason I am not a purist and I am fine saying keep your coins on Coinbase / Gemini.

They have much more sophisticated security and a majority of their coins are inaccessible for safety.
Click to expand...

I am not against exchanges but people need to be educated and know that they are leaving themselves exposed when they use a third party.

There is enough of a track record of exchanges ripping people off or going defunct etc. that I am not interested in putting any meaningful money on an exchange. The worst part about it is that when these events happen it tarnishes the reputation of crypto when the real problem is people not taking responsibility for their own assets. It is like saying that USD isn't a trustworthy currency just because your local bank ripped you off. It doesn't make sense but that is the way the person off the street understands these events from a distance.
 
L3urntout said:
And for this reason I am not a purist and I am fine saying keep your coins on Coinbase / Gemini.

They have much more sophisticated security and a majority of their coins are inaccessible for safety.

Sure "not your keys not your coins" but it is about having the option available to you if you so choose.

I got baskets on exchanges, hot wallets, hardware wallets etc
Click to expand...

Mt. Gox

/end discussion

Lemonzest said:
I am not against exchanges but people need to be educated and know that they are leaving themselves exposed when they use a third party.
There is enough of a track record of exchanges ripping people off or going defunct etc. that I am not interested in putting any meaningful money on an exchange. The worst part about it is that when these events happen it tarnishes the reputation of crypto when the real problem is people not taking responsibility for their own assets.
Click to expand...

100% spot on. Anyone that has any crypto of value would be insane to not keep it in a wallet that they have the keys to.
 
Payback said:
Mt. Gox

/end discussion



100% spot on. Anyone that has any crypto of value would be insane to not keep it in a wallet that they have the keys to.
Click to expand...

Right right, counterparty risk yaddayadda.

I myself took a 8k haircut from bitfinex when they were hacked.

But I don't think a regulated US exchange is the same.

If we are to analyze risk if you are new / haven't used the tech, then i would put my money on it being safer on coinbase than on a desktop wallet / web wallet. Obviously hardware wallets are different but I doubt someone is gonna spend $100 to hold a few hundos in crypto.

Hell look at the # of people getting phished through the ledger hack.

On the tier of risky shit I shovel my crypto into, coinbase insolvency is low on the list lol.
 
Lemonzest said:
Yeah I use a hardware wallet and also have a backup of 12 seed words. I am just saying I don't feel comfortable with 30k or so hanging out there. Its just an emotional thing to get over. I want to invest more but can't do it. It is a problem for widespread adoption.

The idea of being your own bank sounds good but it comes with some cost of nerves. I suppose it all depends how confident you are in your tech skills and security protocol.
Click to expand...
It’s the only real safe place to put fit unless you print an offline paper wallet but then what if it gets lost or destroyed

24 words is literally un-crackable
The ledger is just a means to sign the transactions
 
Darson said:
I had $63 in my PayPal balance so I just bought $20 each of Bitcoin, Etherium and Litecoin for a laugh. Will be interesting to see what happens to it over the next few months. Gambol!
Click to expand...
Easy money!

1610398332273.png


Although strictly speaking I'm still down because paypal charged 50c for each transaction.
 
L3urntout said:
Right right, counterparty risk yaddayadda.

I myself took a 8k haircut from bitfinex when they were hacked.

But I don't think a regulated US exchange is the same.

If we are to analyze risk if you are new / haven't used the tech, then i would put my money on it being safer on coinbase than on a desktop wallet / web wallet. Obviously hardware wallets are different but I doubt someone is gonna spend $100 to hold a few hundos in crypto.

Hell look at the # of people getting phished through the ledger hack.

On the tier of risky shit I shovel my crypto into, coinbase insolvency is low on the list lol.
Click to expand...

Its amazing to me that you took an 8k hit and are still advocating on behalf of exchanges. I think its fine using exchanges for a few hundred bucks here or there. Especially as you say in the beginning when people are learning how it works. Personally I think about it in terms of hundreds vs. thousands. I don't mind keeping a few hundred bucks in a wallet on my phone or on an exchange. Anything above 1k I start to care about security and plan to keep that on a hardware wallet.

I also think your faith in a US regulated exchange is misplaced. If you are interested read up on the fairly recent scandal with Quadriga CX which was one of the biggest exchanges in Canada. The guy walked owing like 190M.

One of the main strengths of BTC is decentralization and yet we (humans) insist on putting all the eggs in one basket. Yes these exchanges have good security but on the other hand they also have a giant target on their back for hackers. If I hold 5 or 6 coins on a hard wallet people probably won't bother trying to hack me since they don't know I own BTC and secondly it may not be worth their time.
 
My brokerage account is insured for $500,000 by the US government and for an additional $150,000,000 from a private party insurance policy. Not something I specifically pay for, it is part of the package every account holder is given. No special hardware. No tricky passwords that, if lost, cost me my investment. No secret decoder ring. I get a paper statement every month. I can log on as needed to oversee my investments. I can call the office and get a real person to help me with problems.

Maybe it is just me, but some of the stuff you guys are discussing sounds like a near fatal flaw. I can imagine all sorts of situations, things like a vindictive ex or an unexpected death or the on set of dementia, where someone loses ownership of all their crypto investments.

Something selling for ~~$30,000 per unit ought to have better ways to record ownership than the Rube Goldberg lunacy described in this thread.

And some of you think this is the way of the future? -=- DrStrange
 
DrStrange said:
My brokerage account is insured for $500,000 by the US government and for an additional $150,000,000 from a private party insurance policy. Not something I specifically pay for, it is part of the package every account holder is given. No special hardware. No tricky passwords that, if lost, cost me my investment. No secret decoder ring. I get a paper statement every month. I can log on as needed to oversee my investments. I can call the office and get a real person to help me with problems.

Maybe it is just me, but some of the stuff you guys are discussing sounds like a near fatal flaw. I can imagine all sorts of situations, things like a vindictive ex or an unexpected death or the on set of dementia, where someone loses ownership of all their crypto investments.

Something selling for ~~$30,000 per unit ought to have better ways to record ownership than the Rube Goldberg lunacy described in this thread.

And some of you think this is the way of the future? -=- DrStrange
Click to expand...
It’s the selling point of the currency though hahaha.

I haven’t heard it brought up but does no one care/mention that the early adopters of this were likely sex, gun, and drug traffickers who may be worth millions more because of the hype it’s getting now? No? Ok just me :D
 
ReallyGoodUsername said:
It’s the selling point of the currency though hahaha.

I haven’t heard it brought up but does no one care/mention that the early adopters of this were likely sex, gun, and drug traffickers who may be worth millions more because of the hype it’s getting now? No? Ok just me :D
Click to expand...
Gona go with few
Google when Tim Draper bought like 1000+ BTC for pennies compared to today
 
Lemonzest said:
Its amazing to me that you took an 8k hit and are still advocating on behalf of exchanges. I think its fine using exchanges for a few hundred bucks here or there. Especially as you say in the beginning when people are learning how it works. Personally I think about it in terms of hundreds vs. thousands. I don't mind keeping a few hundred bucks in a wallet on my phone or on an exchange. Anything above 1k I start to care about security and plan to keep that on a hardware wallet.

I also think your faith in a US regulated exchange is misplaced. If you are interested read up on the fairly recent scandal with Quadriga CX which was one of the biggest exchanges in Canada. The guy walked owing like 190M.

One of the main strengths of BTC is decentralization and yet we (humans) insist on putting all the eggs in one basket. Yes these exchanges have good security but on the other hand they also have a giant target on their back for hackers. If I hold 5 or 6 coins on a hard wallet people probably won't bother trying to hack me since they don't know I own BTC and secondly it may not be worth their time.
Click to expand...

I mean Coinbase's hot wallets are insured and there is an article floating somewhere on how they create their cold wallets, I found the process fascinating.

I did mention that I keep coins in multiple baskets of hot/cold/exchanges for the same reason you are stating. But imo we are splitting hairs on the marginal benefits. Completely different story when I sign up on a foreign exchange in which it is literally in their TOS to not serve US traders / I know is completely unregulated. Not to mention it is your own risk profile to determine how much you want to leave on an exchange and/or opportunity cost. I swing trade and it makes more sense for me to keep it a portion on the exchange. I also get the sense that few people here actually SPEND / USE their crypto and are adopting a long-term secure and hold mindset, which I can understanding wanting amazing security for. But is Coinbase really going to rug you when they are going to IPO for like 20B? Or you think the Winklevoss twins aren't going to protect their own assets better than you can? Doubtful in my mind.

@DrStrange

We get it the unknown is scary, and it would be simply too much to ask for you to actually use it. The actual difference is you can strawman random scenarios all you want but if those are your concerns then wealth should probably be lower on your tier list of priorities. And fear not, the point of progress is to abstract difficult concepts so that even the layman can use them. But it isn't my quest to seek to be average, and using wallets is easy/safe if you are someone who actually interacts with their coins beyond letting it sit in storage. Easy to use and unforgiving are not mutually exclusive concepts.

Also interesting enough Vitalik just posted a write up on improving wallets
https://vitalik.ca/general/2021/01/11/recovery.html
 
ReallyGoodUsername said:
This. Plenty of time for the market to shake up and flip on its head before it settles.
Click to expand...
Watch the past three cycles
On the nose
Every three years

100-1000
It’s a bubble
2000 - 20,000
It’s a bubble

now more institutional buying and this year coinbase will have an IPO and probably crypto ETF

20-100k
It’s a bubble

I’ll make bets on Jan 2024 once more adoption on top of square and PayPal now take it

50k will be nothing

10K ETH will happen

every PayPal user can’t own one ETH

every millionaire can’t own one BTC

biggest transfer of wealth in history will involve crypto

it’s the internet of money
 
SuckoutKing said:
Bitcoin won't be mainstream until they workout all this hocus pocus to keep your investment secure. Still aways away imo.
Click to expand...

I agree that the security best practices right now is way too cumbersome. The underlying tech and built in benefits are one of the best inventions in the last few decades.
 
HaRDHouSeiNC said:
Watch the past three cycles
On the nose
Every three years

100-1000
It’s a bubble
2000 - 20,000
It’s a bubble

now more institutional buying and this year coinbase will have an IPO and probably crypto ETF

20-100k
It’s a bubble

I’ll make bets on Jan 2024 once more adoption on top of square and PayPal now take it

50k will be nothing

10K ETH will happen

every PayPal user can’t own one ETH

every millionaire can’t own one BTC

biggest transfer of wealth in history will involve crypto

it’s the internet of money
Click to expand...
Unless or until its not :D

Not saying it won't be just that there's a non-inmaterial possibility it won't be.
 
Lemonzest said:
I agree that the security best practices right now is way too cumbersome. The underlying tech and built in benefits are one of the best inventions in the last few decades.
Click to expand...
Yah exchanges will become insured like banks with FDIC
It’s a billion times better than with the first ones

you can have a crypto debit card now

they are insured

soon enough there will be mass adoptions and everyone will have access to crypto establishments like CDC and insured accounts with a card

it’s already happening
 
ReallyGoodUsername said:
Unless or until its not :D

Not saying it won't be just that there's a non-inmaterial possibility it won't be.
Click to expand...
If the use case was shrinking sure
It’s only growing
Hedge funds are buying

PayPal is buying more than is minted every day
ETFs coming
Already have futures trading

soon it will be even bigger we’ve scratched 10% or less of its application

ETH backs DEFI

it’s only growing
 

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