- Got a buddy to buy Bitcoin
- Got him to self custody
- Told him to back it up
- He didn't back it up
- He got a new phone
- Bitcoin is gone
Now he won't want to touch Bitcoin again 🤦
Discussion
responsibility is hard
A friend of mine forgot their hardware passphrase…. Hanging by a thread
oh geez 🤦♂
Its like those people who get on the bike and after first fall never sit on the bike again. We have a name for thise people... lol
😢
Same, but her brother knows somebody that can hack it to get her funds back.
I said, "ok, but that's not true."
She hasn't said anything else about it in over a year.
"Lose these words, you lose your bitcoin". That's the phrase I tell people.
Whether you like it or not, Bitkey is the only viable self-custody method for normies.
The last experience I had with a friend was this:
• He became interested in BTC and bought some as well (around ~$20k).
• Since then, he kept complaining that he bought too little and that he should have listened to me.
• I asked him to self-custody his BTC instead of leaving it on Coinbase.
• He wanted me to hold the BTC for him. I said no and offered to explain everything to him instead, including hardware wallets, Sparrow, and so on.
• During the walkthrough he eventually gave up, and when Windows Defender flagged Sparrow on his PC, it felt too scammy to him.
• I even brought my Specter Shield to show him that there was nothing to be afraid of.
Well, since then I’ve given up with him. He indirectly assumed that I was trying to scam him.
We are build different. But to be fair. Nobody explained me how to do it. Bitcoin is self thought I guess
Something similar with me. I gifted him and he lost the backup I gave to him. Of course I have none to help.
I will only onboard close friends in person or on a direct call with them where they will follow my instructions.
When randos who pop into a Bitcoin meetup will listen to me but a close friend is unwilling to spend an hour on it with me, tells me everything I need to know.
In this case it better not to force Bitcoin onto them. They will need to hear about it from someone else. Someone who they take seriously on such matters, which is not you, clearly.
And in such a scenario, your hands are clean.
Can't fix stupid. I'd laugh at him and send him yhe screen shots where I say to back up your key. Lol
Many such cases…. Fuck man, idk, at least put it in a password manager?
Hardcore seedsigner / sparrow plebs will cry harder but there really is only one ‘best’ self custody wallet and signing device for new plebs:
Lose your signing device / hardware wallet? All good.
Lose your phone? All good.
Lose both? All good.
Want to be their trusted contact to help them recover? You can.
Emergency Exit Kit if BitKey goes down so you can move funds independently of Block? Yes you can.
Slick UI / UX ✅
No seed phrases ✅
It’s a no brainer.
#bitcoin #sats #bitkey #recovery #hardwarewallet #selfcustody #multisig
Run the treasury for our fantasy football league and when I was trying to pay out one of the guys this year he had no bitcoin in his aqua wallet I had him download last year to pay him out.
I can see the bitcoin I sent him last year when he won still in the address but he can’t find his seed words
~2.3m sats likely lost forever
many such retards
He wasn’t ready.
I feel like true Self custody includes the back up. The first bitcoin I ever custodied is lost(though that predated seed phrases) You should probably get new people to use Bitkey. It is actually a pretty sweet set up (I have helped 3 people take their bitcoins off exchanges with Bitkey so far). For the noob it’s about as dead simple as it comes.
I used to do credit counseling many years ago. People would basically pay me to spend and hour reviewing their financial situation and then have 3, 45min followup sessions with them to get back on track.
In the couple years, and hundreds of sessions, one thing was clear.
—They have to WANT to understand and make financial changes.
What you’re describing is, YOU wanting them to make changes for themselves. Not the same.
I think its the same in AA, NA or deciding to lose weight or even a fitness goal.
You have to want to change.
🧡👊🏻🍻
I think about this often - what is the best way to introduce someone to bitcoin in a way that they won’t just immediately lose it. I feel like the best ways now is just to use cashapp/bitkey but even still it’s a lot to take in. Also feel like Shamir Secret Sharing is vastly under used to keep slightly more technical people safe
Self custody is a big responsibility. We're used to companies that we can call them in case something goes wrong. With Bitcoin, we are teaching ourselves to be more responsible in how we handle it.
If you aren’t willing to put in the effort to truly learn something, you don’t deserve the knowledge yet…you’re not ready for it.
You can lead a horse to water…
Curiosity, humility, and work are the price of understanding.
Knowledge isn’t handed out.
It’s earned.
You really gotta back your friends keys up yourself until they're actually ready.
If they don't get into Bitcoin on their own, if you're guiding them, you gotta treat them like they are 5.
Can't say you didn't try
Bitcoin is brutal
Which is exactly what the world needs
For now but hopefully not forever
Yep, so many cases.
People gotta take better care of their phones smh
Learning curve is big
never cast pearls before swine
12-24 words. This 💩 is going to be easy. Is what I thought 💭
Everyone I know doesn’t want the responsibility. So, I’ve accepted to let the crisis force them.
While not for me, for most people and Bitcoin amounts, there is absolutely nothing wrong with holding your seed words in a password manager like bitwarden. I don't understsnd why this is so hard.
Do they not already use a password manager?
Bummer. You can only do so much. Maybe he’ll own his mistake. Regardless, he’ll either choose to get back in or will use it out necessity in the future.
So he just didn’t write down 12 words… hope it wasn’t too much
Gotta be kidding me
In the world of presenting the opportunity for self sovereignty, there is always a “high margin of ego.”
You can’t save or help everyone, especially when they behave as if they already have it all figured out.
He'll want to touch it again as the price goes up
Whoopsadaisy.. shoulda listened to Episode 131 🔶 👀