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What % of the size of your #bitcoin stack have you spent on securing it? Any bitcoin security expenses count, safes, metal seed storage, security keys, hardware wallets, dedicated offline computers, running your own nodes, safety deposit boxes, subscription to vpns and password managers, or whatever.

A noob planning ahead with a hardware wallet and steel plate but few sats yet might be 50%. So might a whole coiner who had a walk in safe built into their house. Someone with millions all on exchange would be at or near 0%.

I'm just curious because I'm looking at another secure my sats spend and I wonder where I fall on the paranoid spectrum. I'm currently a little under 5% myself based on memory. I think that feels a little paranoid but a bull run easily puts it under 1%.

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Discussion

Crizzo 2y ago

Someone with Bitcoin on an exchange doesn't have a Bitcoin stack. They have an IOU stack.

I've probably spent about 1% on devices, node, and seed storage.

Bill Cypher 2y ago

Agreed. That 0 security spending is definitely reflected in their risk profile.

Lonelypumpkins 2y ago

I think up to 5% is reasonable...but then again, if someone had $2k of BTC and wanted to buy a coldcard, I would support that decision. New security devices that increase your knowledge & experience are valuable in that respect though too.

Also keep in mind that if you're comparing it to other investments, 5% might sound like a high expense, but there are zero ongoing expenses for hodling.

Bill Cypher 2y ago

I'm planning to buy a lot more bitcoin in the future so I'm not too worried about it. I want to get my setup right before the next bull run makes fees more outrageous and my current security feel very inadequate.

Many of those items have other security uses as well, like my yubikeys and onlykeys, but I 100% counted them against bitcoin since I use them for that and that is why I bought them originally.

Lonelypumpkins 2y ago

NVK has said something to the effect of when considering your setup, figure that BTCUSD is 10x what it is now...it'll probably be there sooner than you think, and when it's there, fees might be high and you'll be more anxious about moving your hodl around.