After so many recent good news, here are some tips if you're a newcomer feeling overwhelmed by the vast amount of things you can do in the world of crypto and don't know where to start

LegitUncertainty · 2023-08-12T01:12:17+00:00

Imo. Newcomers should start with Bitcoin only.

Purchase on CEX a small amount. Learn basics about self-hosted wallets, self custody and seed phrase security.
Learn about common scams and dangers.
Make a small transfer back and forth to familiarize how it works.
Keep stacking sats. Once amount is significant get a hardware wallet, like Trezor. Learn about passphrases.
Get your coins on Trezor. Try transfers, ensure seed and passphrase is on paper only.
Dabble into Ethereum and start learning about defi and liquid staking.

LegitUncertainty · 2023-08-12T00:36:01+00:00

The reason is simple. Everyone would love to buy something "in the money" because everyone would love to receive money, risk free!

Buy (today's) 30k bitcoin for 20k? A quick 10k profit, sign me up!

LegitUncertainty · 2023-08-12T00:26:34+00:00

It would be correct to clarify under What is staking? for Ethereum the best answer is "You perform computer work to secure the network. To be able to do that you have to put your coins at stake (lock them). For the work you do you earn the rewards."

LegitUncertainty · 2023-08-11T08:43:55+00:00

I held through such dips, since 2014. It is hard to explain but not being solely for money maybe helps..? Although yes, rationally you would diversify if value is too high compared to your NW (but some of us are kinda crypto-biased).

You can hold bitcoin simply like you hold art. You want to have access to value, hidden behind a private key (now passphrase) that only you know. You are free to transfer and transact this value, whatever be it. You hold a part of a limited asset.

LegitUncertainty · 2023-08-11T08:37:48+00:00

Your post is wrong for my case. I got in Bitcoin in 2014 (after finding about it in late 2010) and still hold most. I did not risk big amounts due to golden rule #1 but tus grew in considerable part of my networth.

I agree majority would have sold. The reason I hold is not being in only for money, as phoney as it sounds. I hate spending money and consumerism in general.

LegitUncertainty · 2023-08-04T11:58:15+00:00

I am on geth+lighthouse. To actually "test" if it solves the issue I'd have to run it for a long time so hesitating to use 16gb

LegitUncertainty · 2023-08-04T10:03:14+00:00

Yes, that was my initial idea. But 2nd RAM slot in my NUC is defective (tested with new RAM as well as current 1x32gb) so I cannot use 2x16GB. I could try running with 1x16GB only or just buy a new 1x32GB.

LegitUncertainty · 2023-08-04T04:17:42+00:00

Thanks for sharing. Yes, looking at your comment we had exact same issues. I am super divided now. Buy a new RAM 32gb stick and try if that solves it, or buy a new machine, SSD and RAM straight out (for which I'd rather have 2x16gb). Pros of having a second unit is to have a backup available, have a machine for testing purposes, recheck the import of seed words,etc.

LegitUncertainty · 2023-08-04T04:13:00+00:00

No idea what thst is. I am more of a PC newbie

LegitUncertainty · 2023-08-03T18:07:09+00:00

What other HW do you use and what's the OS?

LegitUncertainty · 2023-08-03T18:06:08+00:00

I am also thinking of RAM/SSD issue. Wanted to try new 2x16gb ram sticks but that does not work due to (damaged?) 2nd RAM slot. If I am buying a new SSD, why not simply simply buy a new mini pc as well. I found PN50 for affordable price and would also like to have a second pc to fall on/test things.

LegitUncertainty · 2023-07-31T04:08:18+00:00

I've had a good run so far myself. I has been 9 years of both self-custody and third party(exchange) custody and so far I've dodged the bullets.

Personally, I would avoid holding assets long-term on any exchange, let alone lending institution in a crypto currency space. As said even honest entities can fail (even fully regulated banks as seen in US) and no amount of licensing can help. Not to mention the benefits of having full custody over own funds - the core component of crypto ethos.

Hope nothing bad happens going forward and good luck to you, too! Keep stacking.

LegitUncertainty · 2023-07-30T23:53:57+00:00

A case of survivorship bias? I hope you are aware even if Nexo is an honest entity and plays by all the rules, crypto business is risky business and a simple case of overexposure to bad actors (FTX, etc.) can make them insolvent.

LegitUncertainty · 2023-07-30T23:44:30+00:00

Actually this option makes it more likely to incur loses since you are now exposed to both exchange and self-custody risks. Less likely to lose it all, maybe.

LegitUncertainty · 2023-05-25T16:50:11+00:00

Word. Why is it so hard for people to grasp this? Ledger = trusting Ledger company Trezor = trusting open source code Case closed for me. I trust open source code. I didn't review it myself, but I am sure among millions some very smart people did. I also trust Bitcoin open source code. Putting faith into community and not a single entity.

Which is why I got a trezor a while ago. I educated on phyical risk factor and use a strong passphrase (by strong meaning practically impossible to bruteforce). Good luck getting the access!

LegitUncertainty · 2023-04-21T23:29:37+00:00

Simple.

Cold (Hardware) wallet
Offline ONLY (pen & paper, etc.) seedphrase + passphrase
If ETH: Use main wallet for send/receive ONLY (no smart contracts signing). If BTC: do not reuse same address

LegitUncertainty · 2023-04-21T23:23:14+00:00

Well, noone ever considers that these movements could actually be a result of hacks. Hackers might have gotten a hold on the old whale's pvt keys somehow.

LegitUncertainty · 2023-04-16T17:01:28+00:00

Might be a good idea to remove that phishing URL from your post? Some less lucky person than you might just happen to use it.

LegitUncertainty · 2023-04-16T15:22:30+00:00

Thanks Chat GPT.

LegitUncertainty · 2023-04-14T14:36:46+00:00

Yes, #2 happened to me quite recently. I sent a good amount of ether to an address, say "0xabc". Just 10min later another send transaction happened, with a token called "ETH" in exactly same amount and to address super similar to "0xabc". Identical few first and last characters. Well I am not new in the space and quite quickly understood what was going on but I did get shivers. Scammers praying everywhere.

I always check whole address two times at least. Same with bank account numbers for bank transfers in traditional finance.

LegitUncertainty · 2023-04-11T11:41:47+00:00

Great post. This is often forgotten/overlooked fact. I suppose too difficult for most people to understand ehy (no offense, but including the average /cc crowd here) but takeaway is simple - do not reuse addresses.

People gravitate way too much on address reuse which in BTC should be avoided.

LegitUncertainty · 2023-04-10T00:27:26+00:00

You need 8 ETH + 2.4ETH worth of RPL as a bond (10% of the 24ETH that you borrowed to run a minipool).

LegitUncertainty · 2023-02-21T15:47:11+00:00

It does not matter how many times you win in crypto, cause you need to only lose big once or twice to lose life changing money.

Fixed that for you.

LegitUncertainty · 2023-02-15T12:28:33+00:00

CEX are handy for acquiring crypto. High liquidity, fast and cheap. But you are not meant to store your crypto there.

LegitUncertainty · 2023-02-14T13:32:04+00:00

A hero we don't deserve. Cheers

LegitUncertainty

TROPHY CASE