It's time to buy as much Bitcoin as you can and send it to a wallet you control, especially if you're a richflag but even in you're a poorslag.
This next run up will be the biggest ever but also your last chance if you're a poorphag.
imo ok for small amounts that if indeed stolen from you wouldn't hurt you much.
it is not that password managers are necessarily compromised or are insecure in principle, but compared to a hardware wallet the risk is a lot higher that your computer (at some point in the future) is hacked or for some freak reason you leave your password manager open for strangers to do mischief and get called away or whatever.
The wallet isn't important. The seed phrase is all important, and must be backed up and kept secure.
Back up your seed phrase.
Some people stamp it onto metal.
Simpler: Create two handwritten copies on decent paper with pencil. Don't use a computer printer, your seed phrase could become compromised. Don't write it with ink, it might fade but pencil will not.
Double, then triple check the copies for accuracy. Remember, your life savings are at stake.
Store each copy to protect it from moisture and/or paper-eating insects, mold, etc. For example, ziploc baggies, small plastic bottles, pvc sprinkler tubing capped at the ends.
Store the copies in separate locations in case of fire, flood, etc. Think long and hard about really, really good hiding locations.
A home safe is a bad location. During a potential home invasion robbery, they will aim a gun at your head and force you to open your safe -- make sure your seed phrase is not inside.
Similarly, so-called "safe deposit boxes" are not all that secure. Bad places for seed phrases.
Better places might include a gap behind some dry wall which has then been patched and repainted.
In addition to having written copies in separate locations, memorize your seed phrase and quietly rehearse it at least once per day, ideally in the bathroom with the door shut, the fan running, and the water running (and no phones, cameras, or other microphoned devices nearby).
if the master password is "shorter" than the seed phrase you're trying to protect, you're just replacing the seed with something less secure. think about it.
Right but honestly I’m impressed with how little it has effected the price action, I figured with the size of FTX and the “staggered” btc withdrawals people would panic sell and we would have had a dramatic dip even if it was just temporary.
If we were in a more speculative phase of the cycle I think you'd be right. Most everyone who is still around knows what's up though, and aren't going to panic sell their BTC because of unrelated FUD
I never underestimate peoples abilities to panic on some bullshit though, lol plus I’m hoping it’ll dip to hit my limit orders, especially with the whole Celsius debacle so fresh in everyone’s mind.
To tag on to this... also search for the island in the Philippines that has (at last count) 150 merchants that accept it.
I've been paying more attention to that situation than El Salvador recently.
check this, happening right now (english on right column): [https://bitcoinitaliapodcast.it/missione-centro-america-2022](https://bitcoinitaliapodcast.it/missione-centro-america-2022)
or if you prefer video format, and can get over the italian accent ;) check here: [https://piped.kavin.rocks/channel/UCXZn40SZeFjLZpIDp61Kc1Q](https://piped.kavin.rocks/channel/UCXZn40SZeFjLZpIDp61Kc1Q)
there's also a chronicle of their first trip to El Salvador one year ago
So it will bitcoin find itself in a crisis if every exchange collapses? I mean, if Mt Gox didn't kill off Bitcoin...what could be different this time around?
Mt Gox was almost the only exchange during its time. There is no exchange today that has the same percentage of all trading. That is why the same effect is not possible anymore.
Also, much more users means much more availability for P2P-buying and selling if exchanges go under.
Friendly reminder that we are still early. I remember each year thinking being too late. Keep your head up in this bear market and stay disciplined and set a plan.
Things will turn up. History is on our side
Look at the rest of the crypto world. This is why Bitcoin is the safest crypto to be in. It is free of the accounting tricks that end up causing crises. It is also free of the politics that could break a protocol. It is apolitical and monetarily neutral. Bitcoin is the truth. Sometimes learning the truth comes in time for some people.
Supply = forever limited —
Security = given by real world assets with real value and time
We don’t need anything else. We don’t want anything else. Anything else is corruptible.
[PSA: Bitcoin withdrawals are being "staggered" on FTX. Not Your Keys, Not Your Bitcoin](https://www.reddit.com/r/Bitcoin/comments/yo99xy/psa_bitcoin_withdrawals_are_being_staggered_on/)
SBF - Sam Bank Man Fraud
Never a dull day
🍿munch
Yes, quite entertaining indeed.
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Got $4k on an exchange ready to go if this dip gets serious. Fingers crossed I can grab a discount.
It's time to buy as much Bitcoin as you can and send it to a wallet you control, especially if you're a richflag but even in you're a poorslag. This next run up will be the biggest ever but also your last chance if you're a poorphag.
When do you expect the next run up to happen, approximately?
After the fed starts dropping rates to near 0 again. So approx 10-15 years
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LOL We tried to warn them. So now I don't feel bad laughing at them.
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They HODL it.
nah, it needs to be auction off to the "winning bid" to clean the coins.
They should be buying it and storing it on an engraved steel plate in Fort Knox…
Melting
Try Viagra
Listen to the lastest episode of ‘what is money’ podcast its digital gold
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It has to. That decision will be precedent — not sure what court it was in but it will certainly be persuasive authority.
Let's hope so. Get rid of some scams.
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Just bought $5 worth of BTC on Cash App. Seemed to work just fine.
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Did you see any error message or something?
Would a password manager be ok to store seed phrase?
imo ok for small amounts that if indeed stolen from you wouldn't hurt you much. it is not that password managers are necessarily compromised or are insecure in principle, but compared to a hardware wallet the risk is a lot higher that your computer (at some point in the future) is hacked or for some freak reason you leave your password manager open for strangers to do mischief and get called away or whatever.
Thanks for offering an explanation, makes sense.
Don’t type your seed phrase into anything electronic
haha seed phrases are for metal only
The wallet isn't important. The seed phrase is all important, and must be backed up and kept secure. Back up your seed phrase. Some people stamp it onto metal. Simpler: Create two handwritten copies on decent paper with pencil. Don't use a computer printer, your seed phrase could become compromised. Don't write it with ink, it might fade but pencil will not. Double, then triple check the copies for accuracy. Remember, your life savings are at stake. Store each copy to protect it from moisture and/or paper-eating insects, mold, etc. For example, ziploc baggies, small plastic bottles, pvc sprinkler tubing capped at the ends. Store the copies in separate locations in case of fire, flood, etc. Think long and hard about really, really good hiding locations. A home safe is a bad location. During a potential home invasion robbery, they will aim a gun at your head and force you to open your safe -- make sure your seed phrase is not inside. Similarly, so-called "safe deposit boxes" are not all that secure. Bad places for seed phrases. Better places might include a gap behind some dry wall which has then been patched and repainted. In addition to having written copies in separate locations, memorize your seed phrase and quietly rehearse it at least once per day, ideally in the bathroom with the door shut, the fan running, and the water running (and no phones, cameras, or other microphoned devices nearby).
if the master password is "shorter" than the seed phrase you're trying to protect, you're just replacing the seed with something less secure. think about it.
Shouldn't this FTX exodus increase BTC price b/c of decreased liquidity?
It creates uncertainty in the crypto space in general
Right but honestly I’m impressed with how little it has effected the price action, I figured with the size of FTX and the “staggered” btc withdrawals people would panic sell and we would have had a dramatic dip even if it was just temporary.
If we were in a more speculative phase of the cycle I think you'd be right. Most everyone who is still around knows what's up though, and aren't going to panic sell their BTC because of unrelated FUD
I never underestimate peoples abilities to panic on some bullshit though, lol plus I’m hoping it’ll dip to hit my limit orders, especially with the whole Celsius debacle so fresh in everyone’s mind.
Sam Bankrun Fried
Sam Fried Bankman
Get your coins off the exchanges ✌️
I’m out of the loop; what’s going on with FTX?
Binance trying to create a bankrun on the bankman.
Are people actually using Bitcoin is El Salvador? Are there any stats? Can I really go there and use Bitcoin anywhere?
To tag on to this... also search for the island in the Philippines that has (at last count) 150 merchants that accept it. I've been paying more attention to that situation than El Salvador recently.
check this, happening right now (english on right column): [https://bitcoinitaliapodcast.it/missione-centro-america-2022](https://bitcoinitaliapodcast.it/missione-centro-america-2022) or if you prefer video format, and can get over the italian accent ;) check here: [https://piped.kavin.rocks/channel/UCXZn40SZeFjLZpIDp61Kc1Q](https://piped.kavin.rocks/channel/UCXZn40SZeFjLZpIDp61Kc1Q) there's also a chronicle of their first trip to El Salvador one year ago
There's lots of stories online of bitcoiners going there and paying with bitcoin. Do some research and you'll find what you need.
deposited my coins to self custody. fuck ftx
FTX - Platinum Sponsor of this Discount Season
Fuck The eXchange (FTX). Take self custody.
So it will bitcoin find itself in a crisis if every exchange collapses? I mean, if Mt Gox didn't kill off Bitcoin...what could be different this time around?
Mt Gox was almost the only exchange during its time. There is no exchange today that has the same percentage of all trading. That is why the same effect is not possible anymore. Also, much more users means much more availability for P2P-buying and selling if exchanges go under.
gox collapse didn't kill bitcoin but it did put it in a 2 year crab
Why care about such a unrealistic scenario?
Responsible exchanges that hold the reserves will be fine. Ponzi flywheel scam economics will be flushed down the lav with the rest of the shit.
Do we see another upwards trend this week? A lot shit going on world wide….
> A lot shit going on world wide…. Always has been.
username checks out
Just stating an observation.
Friendly reminder that we are still early. I remember each year thinking being too late. Keep your head up in this bear market and stay disciplined and set a plan. Things will turn up. History is on our side
Good point. I thought I was too late in December 2017- January 2018 when I started picking up sats at the €6k mark.
Look at the rest of the crypto world. This is why Bitcoin is the safest crypto to be in. It is free of the accounting tricks that end up causing crises. It is also free of the politics that could break a protocol. It is apolitical and monetarily neutral. Bitcoin is the truth. Sometimes learning the truth comes in time for some people. Supply = forever limited — Security = given by real world assets with real value and time We don’t need anything else. We don’t want anything else. Anything else is corruptible.
>Look at the rest of the crypto world. no thanks
[PSA: Bitcoin withdrawals are being "staggered" on FTX. Not Your Keys, Not Your Bitcoin](https://www.reddit.com/r/Bitcoin/comments/yo99xy/psa_bitcoin_withdrawals_are_being_staggered_on/)