What happens if a company or exchange collapses?

[specsaregood]

Would you be able to or mind providing more specific guidance?

To be honest and not trying to be an asshole, but if you can't do the searches and study/figure it out yourself, then its probably safer if you leave it on the exchanges.

 

[dannno]

Would you be able to or mind providing more specific guidance?

I like the Ledger Nano S hardware wallet. It's about $135 on amazon, make sure wherever you get it (even amazon) that it is a trusted seller.

Just be really careful, follow the instructions, and learn how to use the device with very small amounts of crypto, learn how to recover your main wallet and hidden wallet if you use that feature. There are all sorts of tutorials and youtube and such. Once you feel really comfortable using it and restoring it and moving crypto around, then you can start putting larger amounts on there.

Your 24 word passphrase is crucial, you cannot lose that or you are completely screwed unless you have a working wallet and pin and can get the funds off. It should not be on a computer unless it is encrypted and really secure, and even then kinda dangerous. You can keep it in a fireproof safe or a safety deposit box or something, you can get kinda creative but be smart. I.e. you could stamp it into a steel plate, put it in a ziplock and bury it on your property or in the wilderness and just write down the GPS coordinates. If you can have a secure backup copy somewhere else, that's good too.

 

[DGambler]

You don't get it, do you? Bitcoin and Ripple and all the rest essentially communicate with each other. The entire purpose of the exchanges is to study and hone how to track interactions between various blockchains so all transactions around the planet can be 100% logged, identified and tracked. The notion that you are trading one "coin" for a different "coin" is idiotic. There is no coin. There are only records of interactions on a single chain and interactions between multiple chains across the planet. And you all are doing the testing for them.

First I've seen this take.. Got an article that discusses it?

 

[Mordan]

I like the Ledger Nano S hardware wallet. It's about $135 on amazon, make sure wherever you get it (even amazon) that it is a trusted seller.

Just be really careful, follow the instructions, and learn how to use the device with very small amounts of crypto, learn how to recover your main wallet and hidden wallet if you use that feature. There are all sorts of tutorials and youtube and such. Once you feel really comfortable using it and restoring it and moving crypto around, then you can start putting larger amounts on there.

Your 24 word passphrase is crucial, you cannot lose that or you are completely screwed unless you have a working wallet and pin and can get the funds off. It should not be on a computer unless it is encrypted and really secure, and even then kinda dangerous. You can keep it in a fireproof safe or a safety deposit box or something, you can get kinda creative but be smart. I.e. you could stamp it into a steel plate, put it in a ziplock and bury it on your property or in the wilderness and just write down the GPS coordinates. If you can have a secure backup copy somewhere else, that's good too.

double encrypt it in a veracrypt container and put it on dropbox. copy it on usb keys.

opsec is the big new skill to have.

 

[Mordan]

First I've seen this take.. Got an article that discusses it?

I would buy a tinfoil hat instead. Also be very very careful. A solar flare will hit us anytime soon and you will lose everything.

 

[devil21]

First I've seen this take.. Got an article that discusses it?

No, because most of the people involved in the crypto mania (prime evidence in this subforum) don't know about anything or care about anything except the illusionary wealth they think will be lavished upon them. Developing a global blockchain system is well documented in globalist white papers (World Government Summit whitepapers are a good place to look, for example). Go learn about how token ring networks operate. Then extrapolate that across the entire planet. NSA, in collaboration with MIT, openly discussed cryptocurrency in 1996, and NSA is an arm of the bankers. Google it. There's a lot more parts I could post but don't see the point. I use multiple avenues of evidence to form a conclusion instead of just reading other people's thoughts (articles) and adopting them as my own. This is all very well planned and the only way for the bankers to roll out their global currency is to push it into the mainstream (unregulated and unofficially, however) and sell it as a get-rich-quick to the young people so they voluntarily act as the global testing team. Put aside all biases and ask yourself one single question. Why have practically all of the advertised "advantages" of crypto currencies turned out to be utterly false? My answer is: because a bill of goods was being sold to get people to adopt something for testing that otherwise could not be effectively tested to the extent needed, while still maintaining project confidentiality.

eta: Look up Lynette Zang's commentaries on yt about ACChain/ACCoin and all things crypto/blockchain. She knows what's going on.

I haven't watched this video but it's probably a good analysis.

 

[TheTexan]

I would buy a tinfoil hat instead. Also be very very careful. A solar flare will hit us anytime soon and you will lose everything.

Are you serious about the solar flare?

 

[unknown]

To be honest and not trying to be an asshole, but if you can't do the searches and study/figure it out yourself, then its probably safer if you leave it on the exchanges.

I can but its nice if you can get guidance from a person who has experience.

 

[unknown]

double encrypt it in a veracrypt container and put it on dropbox. copy it on usb keys.

opsec is the big new skill to have.

What in the fuck did you just say?

Seriously, can you tell me, because I want to know how to do this.

 

[dannno]

What in the fuck did you just say?

Seriously, can you tell me, because I want to know how to do this.

He was talking about the 24 word passphrase that you have to either write down and secure physically in the real world or encrypt onto a computer and secure. It's very difficult to make it secure and hack proof leaving it on a computer system, so most people write it down on a piece of paper and lock it up somewhere, but you CANNOT lose it, hence fireproof safe, maybe keep a backup in a safety deposit box or somewhere offsite that is also safe and secure. Each person has to decide what is best and most secure for them based on their living situation and how much crypto they have. Someone in the city might do it different than someone in the country. Someone with a half BTC might do it differently than someone with 500 BTC.

The point is there is a 24 word passphrase (plus a personal passphrase to get into your 'hidden' wallets) that will allow you to restore your wallets on any compatible wallet device in case you lose your hardware wallet or it gets stolen. A stolen or lost wallet is a ~$135 loss, they won't be able to take your crypto, you just have to buy a new device and restore it to that. The key is keeping the 24 word passphrase safe and secure somewhere.

You can google veracrypt container and watch youtube videos all day and learn about them. I presume you would just write down the 24 words in a text file and put them in the container, then possibly encrypt that into another container, then upload to dropbox account, and keep a backup on some USB thumb drives, I think is what mordan was saying. Even then I'm sure there are more precautions, like you might not wanna be online while doing it, make sure it is a device only you have access to, no keyloggers, malware, etc..

You can google ledger nano s and watch youtube videos all day about how to use the wallet, create and restore wallets, move around crypto, etc.

 

[heavenlyboy34]

With cryptocurrencies you have to accept full 100% responsibility for your own assets. Imagine that. Having to accept personal responsibility for something in this day and age. People aren't used to that, even in the so-called "liberty movement."

+1 The weirdest thing about the fear pr0n I see being peddled about crytpo could almost exactly be said of FRNs that are held in accounts of various types. They're all just numbers in computers nowadays. I don't even own any crypto yet-I can just see that the haters have terrible arguments.

 

[devil21]

+1 The weirdest thing about the fear pr0n I see being peddled about crytpo could almost exactly be said of FRNs that are held in accounts of various types. They're all just numbers in computers nowadays. I don't even own any crypto yet-I can just see that the haters have terrible arguments.

Fuck all that sound money bullshit, right? That's soooo 10 years ago. Digital chip implants is where it's at now, bro!

 

[PRB]

Say I use Bitstamp to buy a crypto and tomorrow they go bankrupt.

Do I lose my investment?

And the Korean exchange that recently collapsed, how did that affect investors?

what happens when a bank collapses? what they hold for you can be gone, so assume it will be. Yay for lack of regulation!!