Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[Tailgate 3054]

Anyone here have experience with Unchained Capital in Austin? I need to get a long-term cold storage plan. I haven’t had the nerves to drop my crypto on a thumb drive/ledger etc. 

 

[bernorange 8385]

5 hours ago, Tailgate said:

I haven’t had the nerves to drop my crypto on a thumb drive/ledger etc. ...

What is your hesitation on using a Ledger?  I've been using a Ledger Nano X for about a year and a half now.  Works great.

[Tailgate 3054]

2 hours ago, bernorange said:

What is your hesitation on using a Ledger?  I've been using a Ledger Nano X for about a year and a half now.  Works great.

I’m not as tech savvy as I used to be. I have heard once you have a seed phrase it doesn’t matter what it’s on. My original concern was hardware/drive failing.
My neighbor is using unchained and likes how they work. Was just curious if anyone here has looked at them.

Also, right before I was going to go on ledger some time ago…someone told me ledger may actually have access to drives/your crypto? Like they released a recovery option for a fee…meaning they have a way in?

I do want to do something sooner than later…

 

 

Edited Sunday at 01:33 PM by Tailgate

[Captainant 28383]

48 minutes ago, Tailgate said:

I’m not as tech savvy as I used to be. I have heard once you have a seed phrase it doesn’t matter what it’s on. My original concern was hardware/drive failing.
My neighbor is using unchained and likes how they work. Was just curious if anyone here has looked at them.

Also, right before I was going to go on ledger some time ago…someone told me ledger may actually have access to drives/your crypto? Like they released a recovery option for a fee…meaning they have a way in?

I do want to do something sooner than later…

 

 

Inb4 Binance gets discovered cooking their books and selling coins they don't have. It's the terminal stage of every crypto exchange.

[Intelligent investor 7]

8 hours ago, Tailgate said:

Anyone here have experience with Unchained Capital in Austin? I need to get a long-term cold storage plan. I haven’t had the nerves to drop my crypto on a thumb drive/ledger etc. 

 

I use Unchained for my multisig cold storage. You can schedule a consultation with them to go over how they set up the vaults to store your coin. I believe it’s $250 annually to have it set up. 
 

You’ve been around a while so the coin balance is probably getting large where it’s a little daunting. I found their set up to be straightforward. More security, more peace of mind, but you still control your coins. 
 

https://unchained.com

[Nice Guy Eddie 13707]

@Tailgate The hardware wallets are solid. There are two points of failure. One if you forget the seed phrase AND lose the device/forgot the day-to-day password. That’s up to you to remember and store the info somewhere safe. Two if someone shows up to your house and threatens you with harm if you don’t unlock and transfer your funds. Don’t tell people you have crypto or a wallet.

for anyone new to the game, the coins or tokens are never on a drive or device. The coins are only on the blockchain. the blockchain is just a giant ledger of accounts and Ledger, or whatever device, gives you access to your page of the blockchain.

You could transfer $1M to a Ledger, smash it with a hammer and access your funds in the day or two to buy a new Ledger.

 

[Nice Guy Eddie 13707]

I left out a third point of failure with hardware wallets: if you die or are incapacitated and no one has the ability to find the passwords/seed phrase.

couple of wallet (hardware or online) tips:

• Make sure you know what you’re doing before sending money. Selecting the wrong network or not filling in a field may lead to loss.
• First time or rusty, send a very small amount to verify your knowledge. This mitigates item 1 above. Yes, it doubles any transfer fee but that’s ok.
• dont panic if the coins don’t immediately show up. Some networks like Bitcoin may take up to an hour to fully confirm. Most likely you will see the transaction amounts in progress but not fully released to your wallet. A watched pot never boils.
  • also there can be other delays. If transferring from an exchange or service, they may give themselves a day to send it. Just check the exchange transaction status.

[Intelligent investor 7]

9 hours ago, Tailgate said:

Anyone here have experience with Unchained Capital in Austin? I need to get a long-term cold storage plan. I haven’t had the nerves to drop my crypto on a thumb drive/ledger etc. 

 

Sorry I didn’t put together that you’ve never had a hardware wallet. Unchained does a concierge onboarding where they hold your hand through the entire process of setting stuff up. You’ll feel very comfortable with the setup when you’re done. 
 

it will be a 2 of 3 setup meaning there’s 3 sets of private keys. Two signatures are needed to move coins. You’ll hold two keys on two separate hardware wallets and Unchained has the 3rd. So if you lost the seed phrase to one of your own wallets then with Unchained you could still move or sell your coins with their key and your second one you hold. It adds an extra layer of backup to holding your coins. And, like I said, they deal with not tech savvy people all the time and will make setup easy. 
 

 

[bernorange 8385]

2 hours ago, Tailgate said:

I’m not as tech savvy as I used to be. I have heard once you have a seed phrase it doesn’t matter what it’s on. My original concern was hardware/drive failing.
...

Also, right before I was going to go on ledger some time ago…someone told me ledger may actually have access to drives/your crypto? Like they released a recovery option for a fee…meaning they have a way in?

The seed phrase is your master "password".  Every wallet/address has a master password (or seed phrase).  Even the wallet/address assigned to you by a CEX like Coinbase has a seed phrase (but they keep custody of it, not you).  Seed phrases are composed of 12 (or 18 or 24) words from the BIP39 Standard and are just a translation of the random character string that cryptos actually use.

https://cryptonews.com/academy/seed-phrase/

When you get a Ledger and set it up, you will generate a master password/seed phrase.  You should safeguard this password.  I got the Cryptotag Zeus from Ledger to punch the code into titanium plates.  No worries about fading ink, water or fire or so on.  With your seed phrase secured, you can gain access to your wallets/addresses on any Ledger device - so if your Ledger Nano/Flex shits the bed, you can replace it and recover access to your wallets/accounts.

Ledger introduced a "Ledger Recover" service that is provided by CoinCover.  Reading through their service agreement, it sounds a lot like its structured similar to what Unchained Capital or a multisig wallet does:

Quote

...
1. Service Description
As soon as reasonably practicable following completion of the Service Activation Requirements by you, Coincover shall:

safely store one (1) of the three (3) encrypted fragments (the “Coincover Fragment”) which collectively comprise the encrypted pre-bip39 version of the secret recovery phrase for use by you in connection with your Ledger Recover subscription;

procure that Ledger shall safely store one (1) of the three (3) encrypted fragments (the “Ledger Fragment”) which collectively comprise the encrypted pre-bip39 version of the secret recovery phrase for use by you in connection with your Ledger Recover subscription;
...

https://www.coincover.com/ledger-recover-terms-and-conditions

It is not a back door into the Ledger device.  It's an optional service that distributes safeguarding of your seed phrase.

[Tailgate 3054]

Appreciate these comments. Will be reviewing holding my own device or letting unchained handle it. 

[B00M 6725]

16 hours ago, Tailgate said:

Anyone here have experience with Unchained Capital in Austin? I need to get a long-term cold storage plan. I haven’t had the nerves to drop my crypto on a thumb drive/ledger etc. 

 

I’ve always been under the impression that you’re at much greater risk leaving your coins on exchanges. None of it is particularly simple but ledger is simple enough with no recurring cost. 

 

Also, here’s a deep dive on the current state of bitcoin:

https://www.lynalden.com/december-2024-newsletter/

Edited Sunday at 10:49 PM by B00M

[Nice Guy Eddie 13707]

Michael Saylor of microstrategy announces another 15k btc purchase. I wonder if their inclusion in the nasdaq 100 gives him more borrowing power. At some point his flywheel of Borrow USD to buy BTC to borrow USD, etc. must find a maximum amount, right? I believe he’s borrowing with convertible equity bonds so if the stock price grows faster than the btc price, maybe it won’t stop.  Until btc faces a large correction or crash.

 

 

 

[Captainant 28383]

1 minute ago, Nice Guy Eddie said:

Michael Saylor of microstrategy announces another 15k btc purchase. I wonder if their inclusion in the nasdaq 100 gives him more borrowing power. At some point his flywheel of Borrow USD to buy BTC to borrow USD, etc. must find a maximum amount, right? I believe he’s borrowing with convertible equity bonds so if the stock price grows faster than the btc price, maybe it won’t stop.  Until btc faces a large correction or crash.

 

 

 

It's wild how they're getting out into an industrial index when they haven't changed their product or offering at all and simply just bought a large tranche of a single asset. It defies logic 

[Parliament 14558]

Borrowing money to buy crypto.

 

[Intelligent investor 7]

10 minutes ago, Parliament said:

Borrowing money to buy crypto.

 

 

17 minutes ago, Nice Guy Eddie said:

Michael Saylor of microstrategy announces another 15k btc purchase. I wonder if their inclusion in the nasdaq 100 gives him more borrowing power. At some point his flywheel of Borrow USD to buy BTC to borrow USD, etc. must find a maximum amount, right? I believe he’s borrowing with convertible equity bonds so if the stock price grows faster than the btc price, maybe it won’t stop.  Until btc faces a large correction or crash.

 

 

 

When they use convertible bonds, they are pre-announced because they have to state sizing, maturation, interest rate etc. These are being bought by selling equity. They have the largest ever at the market shelf offering ever filed.

18 minutes ago, Captainant said:

It's wild how they're getting out into an industrial index when they haven't changed their product or offering at all and simply just bought a large tranche of a single asset. It defies logic 

Nasdaq 100 Index: What It Is, How It's Weighted and Traded

 

 

[Vegas64 705]

I sold yesterday at 106k. Will get back in if/when it dips to 80's. That's the play I think, pick and choose windows. Bitcoin might or might not be stupid and have no practical value, but it's long past the exit velocity to make it a tradeable commodity with very little risk (unlike every alt-coin).

[Nice Guy Eddie 13707]

1 hour ago, Vegas64 said:

I sold yesterday at 106k. Will get back in if/when it dips to 80's. That's the play I think, pick and choose windows. Bitcoin might or might not be stupid and have no practical value, but it's long past the exit velocity to make it a tradeable commodity with very little risk (unlike every alt-coin).

I never fault anyone for profit selling but I’m uncertain if we will see 80 again. But congrats on the profit. 

[Intelligent investor 7]

Pretty good short explainer for their target audience