Oh gaaaash 
Discussion
Someone please educate this kid
His fear of losing his $120,000 by him making a mistake is well-founded, at least in his mind.
His lack of educating himself about hardware wallets and securely storing his mnemonic phrase on steel and in multiple locations is gonna bite him in the ass. Maybe multi-sig would be better for his peace-of-mind.
His ignoring the “not your keys, not your coins” mantra and not getting his corn off of exchanges is also gonna bite him in the ass.
Well said.
He could educate himself properly on this in about 2 hours and the cost of the hardware setup is ~0.25% of his stack - 2 hours and a fraction spent to protect that much wealth is a minuscule investment versus entrusting a third party in an industry rife with fraud and corruption.
One of the biggest mistakes people make is completely fucking up their threat modelling. Like goldbugs refusing Bitcoin because of the threat of an EMP wiping out electronics worldwide, or Climate Cultists believing the world is going to end whilst ignoring how impossible it’s going to be to live in the economy their ideology will bring about.
Get your threat modelling right people!!
Threat modeling for sure 💪
Sleep like a baby with proper education
Guy has never heard of multi-sig? I would need to lose AT MINIMUM 4 things to lose access to the bulk of my stack, and if I was dumb enough to store them all at the same location... well I am sure everyone would appreciate my donation.
It's understandable. I always advocate for holding your own keys but some ppl don't want that tradeoff, they have more thrust in one institution. That's why fedimint came up, a middle ground between holding your keys and leaving then in an exchange.
The poor UX of self custody is real and it will push people towards ETFs and exchanges until it improves.
This guy is just expressing the opinion held by most people who aren't hardcore bitcoin enthusiasts.
While I agree that this is a little silly, it does highlight the fact that MANY people will be experiencing fear in a mass adoption situation. Perfect for a trusted entrepreneur to make a solution for the people unwilling to take self-custody.
If you know this bloke Joe, SLAP HIM HARD
Everyone is different, and for many, having someone else custody their coins makes sense.
It is (after all) exactly why banks were created in the first place...to help protect people's investments in a safe place so that they wouldn't be lost in some type of catastrophe.
Despite what banks have become(!) that use case still exists....
Not in the case of “crypto” exchanges with minimal regulation and almost certainly un-insured balances…
The rugs will continue until self custody improves. - nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx
But in all seriousness, 4 years of not reading into the bitcoin rabbit hole will do this to ya I guess.
Hey chatgpt, write me a message of an NPC storing his bitcoin. 🤣
NGMI
Most slaves choose to be slaves for their refusal to upgrade their emotional world
there are two types of people in this world: men and babies. and he is not a man.
I'm joking, I don't really give a shit as long as I remember my twelve words ;) you do you
Imagine thinking if you hold your own keys you could only have a single hardware wallet to hold all your value in. And your setup could only be a single key. And lastly and most ridiculous that having a single custodian doesn’t introduce the biggest rug pull risk of them all.
They're afraid of accidentally wiping out their savings with a single mistake... Have they considered keeping that kinda money on exchange requires them to make zero mistakes to have their savings wiped out...
"I don't trust myself so I'd rather trust some faceless entity who doesn't give two shits about me instead." 🙄 ok...
He must not research much because if he did, he'd realize all these services that help folk set up multisig wallets exist. And they have a lot more then $120k on those cold storage wallets. As for me I lost all my Sats in a boating accident. Lost my favorite guns at the same time.
Sometimes it is the only way to learn, make all the mistakes yourself... Poor bastard.
im suss on this reddit account and this post
isnt it funny how the etf is supposedly just around the corner. it suits their narrative that bitcoin is finally coming 'home' to wall street
they want your bitcoin
they want you to fear self-custody
they want you afraid
fear is how they control you