The thing you are forgetting is the lindy effect of your hardware device. The longer you have a hardware device, the less likely it could be compromised and you could lost your funds.

If you decide to change wallets, you have a risk that your new device is compromised or a technical risk that you fuck something up. Also,never send all your funds at once on a new wallet. You need to send the funds gradually over multiple months or even years.

And OBVISOULY UTXO PER UTXO. NEVer mix your utxos

Reply to this note

Please Login to reply.

Discussion

UTXO per UTXO

aka Bitcoins are not fungible

aka Bitcoins are not money

I agree about sending slowly in tranches, but getting good at setting up new wallets is a skill everyone should develop. Otherwise you risk being left behind the cutting edge of Bitcoin security because it’s “Lindy” and you get got like Luke got got.

Yup security is a moving target

Also nothing wrong with combining/consolidating UTXOs as long as you know what you’re gaining and what you’re losing

What happenes to Luke?

Lost his coins in a server hack. Not sure exact details, but they got most of his stack.

From what I heard Luke was using his own custom made wallet that was not even offline because he did not trust coldcard or other wallet providers.

I would not compare that to having a cold card

But what even is the “Lindy effect”? 🤷🏻‍♀️ I need to know.

Also, self custody was the biggest barrier to my going all in. Just reading through that made my chest tight. 😓

Lindy effect means the older something is and still running, the more special/valuable it is. Ex.

Chistianity/bible

Bitcoin

Thanks. Learned something new today!