Coinbase

[disneysteve]

All I know is the owner Sam Bankman Freid's wealth went from billionaire status to average Joe per the news but it's hard to believe someone that rich didn't diversify and have other investments.

I don't follow crypto at all and have no idea what happened in this case, but I've read enough stories that have said some people were all in with crypto putting their entire portfolio into it because they were convinced it was the way to go. So I have no trouble believing that this idiot did just that.

[myrdale]

From what I gather (may be mistaken), it was a crypto wallet company that has gone belly-up, taking with it over $1B (with a "B") in various crypto currencies.

Use that accurate? Does this failure & it's aftermath indicate any sort of danger in the crypto arena?

My understanding is FTX is a token used by their exchange. The value of FTX has dropped from $25 to <$2 over the last few weeks. It is not clear to me that if you have a wallet on their exchange that you have lost other cryto you may have there, only the value of what you have in FTX.

I did watch a few older interviews of this guy, and he seemed to push the idea of their exchange being similar to a bank. Also just because the bank went bust, doesn't mean the banker did.

As far as danger, I don't believe so. When you realize the US Federal Reserve system is all based on faith, you'll realize cryto isn't that much different.

[QuarterMillionMan]

Delightful - thank you QMM.

James another drop $3 Shping. It's been a while since the last drop but better late than never.

[james.hendrickson]

QMM - good catch. I had checked coinbase this morning and didn't see the drop.

Okay...so here is another site if you want to pick up a bit more free crypto.

This company P00ls helps digital creators make their own currencies.

https://www.p00ls.io/?locale=en

How their model works is DJs, models, musicians, etc, all issue their own crypto, which is used to get access to the creator's work, concerts, etc.

Most of the coins are probably pretty worthless, since they're pegged to the economic and popular success of the infliuencer, but some might be worthwhile. The key thing is they are giving away small amouts for free if you want to grab some.

[QuarterMillionMan]

Cryptos have been ratcheting up recently, anyone else making some good gains. Cold storage is the safest way to store cryptos but feels weird having $11,272 on this little USB device.

[disneysteve]

Cold storage is the safest way to store cryptos but feels weird having $11,272 on this little USB device.

Am I understanding you correctly that your crypto is actually stored solely on a USB thumb drive? If so, that sounds incredibly irresponsible. That device could easily get lost or damaged and then what happens? Or is the USB drive just a backup copy in case something happens to the original online somewhere?

[QuarterMillionMan]

Can someone smarter than me explain it but yes disneysteve all of your above points are valid. If the Ledger which is the USB device is lost or damaged, I do have a 24 word pass code which can be used to retrieve the bitcoins using a new Ledger device. It's complicated someone else please explain it so I can get a better understanding as well.

[disneysteve]

If the Ledger which is the USB device is lost or damaged, I do have a 24 word pass code which can be used to retrieve the bitcoins using a new Ledger device.

So that one device isn't the only copy or access, right? That makes more sense. Entrusting everything to that one little device would be a recipe for disaster.

[QuarterMillionMan]

I had wondered what if Ledger goes out of business could I transfer my bitcoins to another hardware wallet such as Trezor. This short video says yes. And it explains that the Ledger is basically a key and the cryptos are actually stored on the blockchain so losing or damaging the Ledger won't lose the cryptos.
What If Ledger Goes Bankrupt And You Need To Restore Your Funds? - YouTube

[QuarterMillionMan]

Correct the Ledger is not the only access to my cryptos. Another dilemma I'm debating is that I still have $6000 in bitcoin at Coinbase and $3000 in bitcoin at Robinhood. I intend to transfer most of that over but I didn't want to put it all on the Ledger (putting it all in one basket so to speak). So, I'm thinking of getting a Trezor to put those remaining bitcoins. But just like having too many bank accounts or stock brokerages which I'm trying to consolidate, not sure if I should keep spreading it all over the place but I guess it's a good problem to have.

[disneysteve]

Correct the Ledger is not the only access to my cryptos. Another dilemma I'm debating is that I still have $6000 in bitcoin at Coinbase and $3000 in bitcoin at Robinhood. I intend to transfer most of that over but I didn't want to put it all on the Ledger (putting it all in one basket so to speak). So, I'm thinking of getting a Trezor to put those remaining bitcoins. But just like having too many bank accounts or stock brokerages which I'm trying to consolidate, not sure if I should keep spreading it all over the place but I guess it's a good problem to have.

If Ledger isn't actually where the crypto is "stored" and you maintain access to it even if Ledger shuts down, what difference does it make? What do you gain by spreading it out to different Ledger-equivalents?

[QuarterMillionMan]

My thinking is instead of having just 1 key (Ledger), having 2 keys (a Ledger and a Trezor).

[disneysteve]

My thinking is instead of having just 1 key (Ledger), having 2 keys (a Ledger and a Trezor).

Would that be safer in some way?

[QuarterMillionMan]

Not really, but it’ll cost an extra $100, I need to go back to the drawing board.

[QuarterMillionMan]

James learn & earn $3 on KAVA, get it before it's gone.