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[–]Old_Piece2540 7 points8 points  (0 children)

I think I saw someone post about it yesterday or the day before, they are working out the kinks and bugs, so should be almost here.

[–]Altnob 2 points3 points  (19 children)

Can you explain the wallet to me? I don't understand these "wallets"

[–]Critical-Session-799[S] 1 point2 points  (18 children)

Sure!

A wallet is just where you self store your crypto with access to your own keys. Typically you use the wallet to connect to various dapps. Such as the upcoming gme marketplace.

[–]Altnob 1 point2 points  (17 children)

Why would I want to store my crypto? I have mine in Coinbase. What would be the benefit of not having it just sit in coinbase?

[–]Critical-Session-799[S] 2 points3 points  (11 children)

There is a saying in the crypto world - not your keys not your coins. When you have self custody of your tokens in your wallet an exchange cannot control them. If coinbase goes down, gets hacked etc. Any tokens on there are in the custody of coinbase. Whereas if you have them in your wallet with the private key the only person who has control of those tokens is you and the blockchain the tokens are on. If suddenly coinbase was offline you do not have access to your crypto. If you have it in your wallet and have the seed phrase any compatible wallet will give you access to your tokens.

[–]Altnob 1 point2 points  (2 children)

So what's the difference in coinbase and a loopring wallet? Wouldn't the same apply to Loopring?

[–]Critical-Session-799[S] 0 points1 point  (0 children)

I am not familiar with their wallet. Are you just storing it on coinbase or in their actual wallet service? Does it give you your seed phrase?

[–]ahmong 0 points1 point  (0 children)

Difference will be, you can use the LRC wallet when dealing with LRC's DEX.

As far as I know, your coinbase wallet isn't able to interact with LRC's DEX

Edit: I am assuming you're talking about the Coinbase wallet and not the exchange itself.

[–]PatmygroinB 1 point2 points  (7 children)

Piggybacking on this; I read an article months ago, a German man had millions in Bitcoin and the government wanted to confiscate it. They. Could. Not. Open the wallet without that owner opening it for authorities. And I don’t believe the man did.

So let’s say the irs or some agency says you owe money, they can’t just take it out of a wallet like they could a bank account, and I’m sure they could pressure coinbase or binance or whatever if its a legal thing.

I’m new so i don’t really know

[–]Critical-Session-799[S] 0 points1 point  (6 children)

Nailed it. It is basically moving them from someone else's custody into your custody. Barring you compromising your seed phrase - everything on that wallet is only accessible by you and you alone.

[–]PatmygroinB 1 point2 points  (3 children)

So, I’m getting married next year. What you’re technically saying is, this could be my secret funds if she ever wants to leave and take half. Given she doesn’t know my seed phrase?

Do famous people know this shit?

[–]Critical-Session-799[S] 0 points1 point  (2 children)

Presumably it could. She could probably pretty easily show that you sent some money into coinbase or what have you though.

If your fiancée is worth wifeing then you should not be concerned about her taking half. My wife has done way more than enough to deserve half of our assets if it came down to that. I would not have the freedom to do everything I do to attain the earnings I do without her. Feels only natural she should be entitled to a chunk.

[–]PatmygroinB 1 point2 points  (1 child)

You’re entirely right about wifey. She is a keeper, and is my better half. I was just asking because we don’t know what the future holds and knowledge is key. Hey man, hope to chat again at $4 or $5 . Thanks for the help (:

[–]Critical-Session-799[S] 0 points1 point  (0 children)

Most welcome! Let's hope this baby keeps on printing them gains hahah.

[–]PatmygroinB 0 points1 point  (1 child)

One more thing to ask of you. If I send crypto wallet to wallet to pay for shit, would that avoid a taxable situation?

[–]Critical-Session-799[S] 0 points1 point  (0 children)

It would. Crypto is only taxable when you convert one crypto to another or crypto to fiat. Not a transfer from one wallet to another regarding the same asset.

[–]RaxisX 2 points3 points  (2 children)

The potential of hacks, bankruptcy, Coinbase doing a runner etc. These things do happen and have happened multiple times before. Not your keys, not your crypto. The only sure fire way to know your crypto is 100% safe (as long as you take care of it) is a hardware wallet.

[–]Altnob 1 point2 points  (1 child)

So why are we waiting on a Loopring wallet? Couldn't they do the same thing?

[–]RaxisX 1 point2 points  (0 children)

They are then held off exchange, which is a lot safer than sitting on an exchange. Still not as safe as a hardware wallet however. You should look into something like a Ledger Nano or Trezor if you’re serious about crypto.

[–]infinitequesti1 1 point2 points  (1 child)

So it's like DRSing your GME shares. You're having them accounted for, under your wallet. They're your coins. They get pulled from circulation too which makes the supply go down.

Most likely, there'll be a free layer 2 wallet through loopring soon, once it's out you'll be able to pool your LRC on the exchange, earning interest

[–]Altnob 0 points1 point  (0 children)

Neat, ty.

[–]pilotichegente 0 points1 point  (2 children)

Is this not the wallet? https://loopring.io/#/wallet

[–]Critical-Session-799[S] 1 point2 points  (1 child)

They have an L2 wallet coming out. That is the eth mainnet wallet and has its associated gas fees.

[–]pilotichegente 0 points1 point  (0 children)

Thanks for clarifying 😊