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re: Official CryptoTalk Thread
Posted on 3/9/21 at 7:02 pm to Ross
Posted on 3/9/21 at 7:02 pm to Ross
Thanks for the explanation. I’ll have to find that video. Is it on YouTube or something?
So, you have to plug the wallet into a computer via usb drive? The wallet itself doesn’t interact with the internet?
I’m just going to have to break down and buy one. My main issue right now is I started buying via Robinhood in December bf the big run up. Now I have a dilemma...sell and move to coinbase/cold wallet and take the big tax hit or wait till I’m beyond 12 months and do it then. Probably need to wait and just keep nibbling on coinbase. Killing me not to have another big pile of cash to pile in.
So, you have to plug the wallet into a computer via usb drive? The wallet itself doesn’t interact with the internet?
I’m just going to have to break down and buy one. My main issue right now is I started buying via Robinhood in December bf the big run up. Now I have a dilemma...sell and move to coinbase/cold wallet and take the big tax hit or wait till I’m beyond 12 months and do it then. Probably need to wait and just keep nibbling on coinbase. Killing me not to have another big pile of cash to pile in.
1
Posted on 3/9/21 at 7:05 pm to Ross
Seems like somebody like Apple will come along and create a secure wallet for your phone to keep your BTC. It just needs to develop to that point and ppl won’t even think twice about interacting with it.
Posted on 3/9/21 at 7:05 pm to BLM
quote:
sell and move to coinbase/cold wallet and take the big tax hit or wait till I’m beyond 12 months and do it then.
Robinhood doesn't let you transfer BTC outside of their platform? that's fricked up. Everyone else lets you transfer from exchange to exchange. you'll pay a fee, but you don't have to wait a year to do it. i can transfer everything i got from Binance to CoinBase (if they offer the same coins) if i wanted to.
Posted on 3/9/21 at 7:08 pm to BLM
Yep. I stated that a couple weeks back. And it’s sooner than you think. Proceed accordingly.
Posted on 3/9/21 at 7:15 pm to jimbeam
It’s not just sooner than you think and it’s not going to be just “Apple or somebody.” It’s going to be every bank and financial institution. Your bank account will be your wallet and your debit/credit card will be able to spend your crypto.
My friend asked me several months ago if I could get my money out of crypto and into my bank account. My answer was yes for now but in the future it won’t matter because they will be one in the same.
My friend asked me several months ago if I could get my money out of crypto and into my bank account. My answer was yes for now but in the future it won’t matter because they will be one in the same.
Posted on 3/9/21 at 7:25 pm to finchmeister08
quote:
Robinhood doesn't let you transfer BTC outside of their platform? that's fricked up. Everyone else lets you transfer from exchange to exchange.
You cant buy actual crypto on Robinhood
Posted on 3/9/21 at 7:27 pm to 13SaintTiger
i'm confused then. did he or did he not buy BTC from Robinhood? if he did, then why can't he transfer it? or is he talking about purchasing stocks?
Posted on 3/9/21 at 7:28 pm to tigermed
For those beginning to be interested in crypto, I strongly suggest looking into the Bankless Starter Guide, the Bankless Ultimate Guide, and listen to the first 8 or so Bankless podcasts. These should give you enough information to begin to understand the world and begin making decisions. They put a lot of nonbasics and community stuff behind their paywall, but they offer a wealth of info for beginners for free.
This post was edited on 3/9/21 at 7:32 pm
Posted on 3/9/21 at 7:41 pm to finchmeister08
Robinhood holds the crypto. It never transfers to the investor. Basically let’s you dabble in crypto but you never convert your usd. I originally started in December bf I knew anything about the crypto exchanges. By the time I consumed enough to understand the ins and outs my money has doubled. Now my usd is stuck in RH. Oh well, could be worse...I could have stayed on the sidelines like a lot of ppl I know.
Posted on 3/9/21 at 7:47 pm to tigermed
Interesting. Amazing the changes we’ll see in our lifetime.
So, the cold wallet stuff will likely go away with all the conventional custodians getting up to speed?
So, the cold wallet stuff will likely go away with all the conventional custodians getting up to speed?
Posted on 3/9/21 at 7:59 pm to BLM
Personal cold storage will never go away because it’s so secure, private, and almost impossible to confiscate. But it will decline in market share and only the most technical or those that live under brutal regimes will use it
Posted on 3/9/21 at 8:48 pm to BLM
Robinhood is doesn’t give you the option to transfer your Bitcoin to another exchange? That’s stupid and they shouldn’t have rolled that out until it was implemented. They’re website does they are working on it though.
Posted on 3/9/21 at 8:53 pm to DallasTiger11
Like people in the US?
Posted on 3/9/21 at 9:12 pm to BLM
quote:
I need to do this but seems complicated. I’m sure it isn’t but I’m just not a computer guy. Honestly, all this cold wallet/hot wallet stuff is what’s going to keep a lot of retail investors from ever investing in crypto.
im sure most retail investors will buy in way before they know that a cold wallet is even a thing. They won't care, and it wont affect them. because its totally optional.
Posted on 3/9/21 at 9:17 pm to BLM
quote:It will only become more important as the value grows. No way in hell would I place my trust in a non insured exchange over what I would eventually consider life changing money.
So, the cold wallet stuff will likely go away with all the conventional custodians getting up to speed?
Another plausible reason will be as value grows, the more governments will try to crack down. They could theoretically confiscate assets on an exchange. They can't confiscate your cold storage tokens.
This post was edited on 3/9/21 at 9:19 pm
Posted on 3/9/21 at 9:42 pm to TigerTatorTots
Damn many downvoters out against owning your own keys. Maybe people are just more trusting that I am. I just put very little faith in companies and governments to protect my interests.
Posted on 3/9/21 at 9:47 pm to TigerTatorTots
I’m not a DVer (obviously Monica). To one of your points though, I would suspect that security with someone like CB would only increase over time as the threats increase. Also, some platforms may choose to insure wallets up to a certain degree. Just my two satoshi’s.
Posted on 3/9/21 at 9:50 pm to jimbeam
I’d agree that big time exchanges security is top notch and will always continue to improve. There’s still a small chance of hack occurring. There is zero chance via cold storage. Edited- zero chance if you aren’t lazy. Triple check your address, create a pass phrase, and clone your wallet.
To your second point, if insuring becomes a thing, it’s a game changer. Until then, I go as if it’s not a thing.
To your second point, if insuring becomes a thing, it’s a game changer. Until then, I go as if it’s not a thing.
This post was edited on 3/9/21 at 9:53 pm
Posted on 3/9/21 at 9:53 pm to TigerTatorTots
I’m on your side. Cold wallets are definitely not for everyone but I see the value in taking complete control of your security.
I trust the exchanges because if they were hacked the exchange is completely screwed and their trust and business model dies; so they’ve got a lot riding on the security of the exchanges, but I see nothing wrong with trusting yourself. I also frankly don’t 100% trust Uncle Sam to not do something pretty stupid and want some of my assets under direct control.
I trust the exchanges because if they were hacked the exchange is completely screwed and their trust and business model dies; so they’ve got a lot riding on the security of the exchanges, but I see nothing wrong with trusting yourself. I also frankly don’t 100% trust Uncle Sam to not do something pretty stupid and want some of my assets under direct control.
This post was edited on 3/9/21 at 9:59 pm
Posted on 3/9/21 at 10:01 pm to Ross
quote:
I trust the exchanges because if they were hacked the exchange is completely screwed, so they’ve got a lot riding on the security of the exchanges
Well, I'm not opposed to people keeping some crypto on exchanges, but exchanges are enormous targets for hackers many have been successfully hacked despite the catastrophic consequences factor.
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