STOP USING CUSTODIAL WALLETS
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- Опубликовано: 16 сен 2024
- Stop using custodial wallets, stop right now, if you have crypto in a custodial wallet transfer it to a non custodial wallet, chucks put their trust in Voyager and look at what they got, Sneeds trust only themselves to protect their seeds.
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I really hate how nowadays crypto is seen more as a stock then an actual currency.
It's only seen as a stock by people who don't actually use it
Because that is how it is being sold to the public...
Because the majority of interest in it is currency trading and speculation. Crypto won’t usurp controlled centralized currencies if the controllers can help it
@@paradiseexpress3639 the point is that nobody actually uses it, so it's only traded as stock or used for tokenomics
Crypto investors are all moonboys, no one cares about actual use-case or the metaverse or any other BS like that.
Someone I know worked on an utility project for scanning NFT collections and spotting undervalued listings and such, hunting for certain traits, and other useful things. The tool had a specific currency attached to it that you had to hold and burn to use the tool's features.
Long story short, the value of that coin went up and up and up and up before the tool was even released, but the moment the tool released and it became an actual product, the coin TANKED and kept tanking and never recovered. It turns out less than 5% of holders were actually interested in using the tool, the other 95% were moonboys looking to get in early and get out with profit at the "top" (aka when the tool launches).
Moral of the story is, crypto is the most speculative bullshit in existence, it's not about use-case or an actual product at all, it's all tulip mania shit.
Runescape gold is a more trustworthy investment than 99% of cryptos
Buying gf
Buying gf
Buying gf
I would invest heavily in runescape commodities if RWT wasn't a bannable offense
@@escre
Or Jagex is aware of how abusable it is and hence why they stay away from RWT.
With Crypto and NFTs, the company's prudence is proven to be spot on
Investing is a way to set aside money while you are busy with life and have that money work for you so that you can fully reap the rewards of your labor in the future. Invest wisely.
Of course, good and profitable signals are the major key to successful trading.
There is an opportunity for newbies to capitalize on, It's quite a shame people can't see this, trading is everything right now.
It always success with Gregory Dubravko.
@@edinsontah595 no
If you don't own the private keys, you don't own the crypto. It's that simple. I don't know how people still don't get this. So many big exchanges have gone bust, hacked or scammed but people don't learn and keep $$$$$ on exchanges. They literally don't know how to even send a crypto transaction!!! It's not like Electrum or Feather wallets are hard to learn. 30 minutes tops. Extra points for using on offset seed as a decoy 😁
@@neighbor472 That was my answer too until a few months ago when I tried Feather. If you like Electrum, Feather's basically the Monero version.
My oh my....And if your private keys were stolen, Then what could you do?
@@su8z3r03 Make sure you have backups and that they are encrypted with a very strong password! If you mean the human-readable seed written on papaer, have a look into a feature called passphrase offset. It's very cool and allows you to make a decoy low value wallet if someone reads the words on the paper but doesn't know the secret 😉
@@su8z3r03
Even if my keys get stolen, the way my hardware wallets works is that they won't be able to access anything unless they know what my seed phrase is
I thing you should just keep a % of your crypto assets if you wanna stack/get some interest. Be it crypto or fiat if possible you should never have all your eggs in one basket
STOP USING CUSTODIAL WALLETS!!
I'm tired of seeing them!! All my friends are using them! On Discord they're using it!
thank god I left discord a couple of years ago. I feel more at peace.
@@alejomakevids I got banned without warning on adam something's discord, never used it since.
I was on a server right? AND ALL OF THE CHANNELS WERE ABOUT CUSTODIAL WALLETS!
@@alejomakevids i got banned from discord for having sexual chat with the bot i made.....
exactly what i thought when i read the title, clicked because im interested to knowing crypto because after 5 years i still dont understand why people put transaction logs on the internet
As an Amish person, with no password manager, I approve of this video.
Why are you using a phone then?
🤨
Getting woke, obviously.
It's hard work and sacrifice , leaving in an amish paradise
@@athanasiospapazoglou7310 yup
"I lost x amount fiat currency" "I made x amount of fiat currency but didnt sell" enjoy your inflation
True, doing it for the money when it's gonna be worth nothing unfortunately more soon than I hope
The Bogdanoffs came back from the dead only to say "dump it" one last time
For storage of large amounts you should make an offline paper wallet (cold storage) which can only accept incoming payments until you connect it to the internet. That's the ultimate based method 👍
This is a lot of effort, though... If you're investing big, try a Ledger or a Trezor. Secure if you upgrade frequently and don't give out your keys
@@franciskafieh I'll admit I haven't tried any commercial hardware wallet but making a paper wallet isn't difficult at all. There are webpages you can download and run offline that print the wallet for you. The difficult part is storing it securely but a bank safe is a good option for that, like it would be for gold etc.
@@JamesWilson01 You're right, it's easy to make. Just talking about ease of transferring to sell, make payments, etc. Paper wallet is completely fine if your house doesn't flood and you're going to HODL. But honestly, crypto wallets are pretty cheap. If you're holding millions, you might as well pay a hundred bucks
@@franciskafieh They both have they're ups and downs. Once you take a paper wallet online to spend something it's now a hot wallet so you have to make a new paper one for cold storage. They're really only convenient for holding, which is what they're designed for. I don't know any real details of hardware wallets other than they're not free and you have to trust them but lots of people say lots of good things about them so there must be advantages there too!
I feel you but paper is weak af. Brain is great but has similar issues.
The fireproof/waterproof slabs with the tiles, are fully worth it if you have any real amount.
"They can't sell your stocks without your permission" - Tell that to Robinhood
I find it sad that there are still people who use Robinhood because of user interface.
@@johnchristian7788 It drives me nuts, I got a friend who I routinely bug with the latest crap they do or are found out about who just refuses to move over his portfolio.
They want to make money from it. They don't care about the intended purpose.
But what is the intended purpose? Crypto has horrendously expensive transaction fees, it's useless as everyday money.
@@perz1val please inform me of the transaction fees of layer 2s of ethereum, nano, monero. Learn about stuff before talking shit.
@@perz1val wrong. Just because BTC and ETH have (or had?) outrageous transaction fees doesn't mean that every cryptocurrency does.
that's what i saiddddd lollllllll 80% of people think of crypto as the numbers game, like a stonk
"Not your keys, not your coins." - Max Keiser
"It isn't clear to me the benefit of betting on a losing horse when the experience of history has shown us that there are only two real cryptocurrencies. So, listen to shitcoiners at your own peril." - Peter B. Jordanson
>Password manager in (current year)
My trusty pile of notebooks, with are inside a safe, buried beneath my dog's house, completely decimates your electrical gay box of spinning disks.
FBI: interesting.... (taking notes)
But how do you log into your accounts? You dig it up every time?
Unfathomably based
If you don't own the keys, you don't own the crypto. I hate that custodial wallets even exist. It's like having an encryption company keeping all your PGP keys for you
Custodial wallets are a ripoff. Most of them have such a high "minimum withdrawable amount" that even if you make some profit by trading you still can't withdraw it. Granted not all wallets do that stuff and you have to pay gas fees but the wallets that have this arbitrary restriction don't state that before you deposit your funds
@my real name i checked if i can cashout in my country on their site before using their app and it said i can. Now my account is mysteriously restricted after i dumped money on it and i cant sell. Avoid yourself the headache
shit, I lost 2 wallets back in the 2010's that had more than 2 btc I them because I didn't back anything up or write my info down, it haunts me sometimes...
I was in Voyager early on. I ended up dipping out after they never allowed me to transfer VeChain to my actual wallet even after multiple support tickets submitted.
I left and keep everything on my actual wallet now. Glad I did.
Live and learn.
6:20 But... but in Web 3.0 you don't need a password manager! Everything is decentralised!
So the wallet knows to whom he belongs and who he does not belong! /s
It's all magic you know
WHAT DOES /S MEAN I DONT UNDERSTAND I DONT UNDERSTAND I DONT UNDERSTAND I DONT UNDERSTAND I DONT UNDERSTAND I DONT UNDERSTAND I DONT UNDERSTAND THE VOICES THE VOICES THE VOICES THE VOICES THE VOICES THE VOICES
@@cd-yx3nv if you're serious, it's a reddit thing where you point out that the sentence is, indeed, sarcasm or a joke. At least I'm pretty sure that's what it means.
@@cd-yx3nv sarcasm indicator either when you want to be obvious about it or are dealing with people who cant tell
I HATE THE WEB 3.0!
I HATE THE WEB 3.0!
I HATE THE WEB 3.0!
0:45 this is the first time i've seen mental outlaw genuinely angry and it is the funniest shit ever LOL
That part was funny asf 😂
I love that you are a crypto person who actually understands the point of crypto.
doggydoogeroos to the moon
buy high sell low
It's been nothing but exploits, outages, scams and massive crashes in the crypto market this year. Trust is hard to get and easy to lose.
Combine that with actual global recession looming and I doubt this is even close to the bottom. I'm personally not going to hold anything through this, just going to keep some stables in exchanges to try some shorts (I don't recommend doing this)
I've been trading for the last couple of years
If you don't trade massive size then decentralized CEXs like DYDX are a pretty good option
This year? Have you never looked into the past, I mean Mt. Gox is the first place my mind goes when it comes to trusting an exchange. (I’m highly critical of exchanges especially since they centralize a decentralized currency.)
Wut lmfao 99% of defi is stronger than ever , Eth has never had downtime….
They wanted convienence and comfort what they got was more of the same.
"They're gonna auction off your doggy-doo coins."
My favorite quote of the month.
Friendly reminder that there are people out there who hold their crypto on exchanges long term some even with a goal of holding for 5+ years so imagine a guy who had like 10 bitcoins that he purchased many years ago for reasonably cheap and he kept those coins on an exchange that went bankrupt without him even realizing as he's one of those who "buy and forget" peopel and one day when he decides to finally after many years check his account only to find out that it doesn't even exist anymore and his bitcoins are now gone.
ok?
Crypto bros are just actual chatbots at this point
Thanks for making me use keypassSC btw, thanks to your videos I am now completely safe.
Going to five guys and getting tendies? Truly a cryptokiddy
Modern Money Crimes are so sneaky and public at same time!
Pause all activity > File Bankruptcy > Escape with funds 💀
You trust a password manager to not have backdoors?
Man, you are an educator, thanks for this video! I wish I have known you before
I've always been kinda hesitant about password managers, but I think this video has pushed me over the edge to get one and start changing all my passwords and whatnot
DON'T use safety deposit boxes. They get seized and "misplaced" all the time.
I have a public playlist explaing this. Also, a lot of finanical institutions are moving away fromit.
The 0:46 part is a masterpiece. I can’t stop rewatching this
Just added this to our wallet playlist, keep up the great work!
The corgie clip was perfect.
Now, I'm no cryptographer yet, Im now just doing my Cryptography module but...
I'm fairly sure the concept or learning points of crypto...is to secure your private key
Secure your goddamn seed phrases
Why is that so difficult to understand, especially if you're dealing with cryptocurrency
Especially if you hold 2.5 million worth of cryptocurrency too
NOT YOUR KEYS NOT YOUR COINS NOT YOUR KEYS NOT YOUR COINS NOT YOUR KEYS NOT YOUR COINS NOT YOUR KEYS NOT YOUR COINS
Even the original bitcoin wallet on your Windows PC is safer than custodian wallets xd I actually just got myself a ledger nano s and so far im pretty happy
This just might be the year that trust is lost in crypto.
Remember the Freedom convoy incident
I said this like 4 months ago, but it's even more true now that cryptobros are speedrunning the reason banking regulations exist
Kinda unrelated, but I gotta say that including a Fort Knox walk-in gun safe with an Atlas Survival Shelters sticker on it in your B-roll footage is pretty freaking based!
makes sense. but trading on forex is just as sketchy. lots of platforms dont allow US traders. and banks just dont like you doing it directly, even though it's perfectly legal
The issue is then, it would make using an exchange a big pain to have to keep moving it on and off.
It's really not as difficult as it seems. Crypto transfers are (usually) fast depending on the network. I have a Ledger Nano and it's working fine for me. Just make sure you use an exchange with no exchange->wallet withdrawal fees.
transactions take a few seconds to a few minutes
@@franciskafieh what exchange has no transfer fees though?
@@aransin167 I'm in Canada and I use newton. They don't charge any fees themselves, and they cover up to $5 worth of network fees. If u want to try it out, lmk and I'll give you a promo link so that we can both make some money lol. They have some of the best buy rates in canada. not sure if it's available outside of canada, might wanna check that out...
I've never paid fees to withdraw. It will tell you before you withdraw if it is going to charge you, which is amazing. The only coin you might be paying network fees on is ETH, because the gas is so high.... Everything else I've tried... BTC, a bunch of altcoins, I've never been charged
I like how you do the hard thinking for us (:
>drop this video
>btc also drops
AAAAAAAAAAAAAH
>XMR is up
>Converts [REDACTED] XMR into [REDACTED] BTC
always buy the dip anonymously.
@@MentalOutlaw Id rather yeet options contracts. Been doing great in both the bull and bear markets
I like how certain platforms advertise defi on centralized exchanges
I was using Voyager because they offered 9% return on USDC, it was my college fund (I know) so I wanted to make some percentage off it since I wasn’t gonna use it for anything else besides its intended purpose. Lesson learned anyways
did you just lose everything?
Yeah, that's the thing. Afaik Voyager had some of the best yields, but you need to transfer your crypto to their exchange to get the yields... I think most of those 'lending exchanges' work like that. Even if you have a hardware wallet, it becomes useless if your money isn't in it lol. Just gotta stick to normal staking I guess...
anyone who guarantee's roi is a scam period
@@your-mom-irl yeah. At least it wasn’t that much. I work full time to pay for my tuition so I just have to start working even more to recover the losses. I feel bad for the people that lost even more
@@alejowtf917 damn dude. i hope a class action or something can get you some money back
Bitcoin only. Keep it off an exchange. Own your keys.
Thank you for the advice as usual Kenny
If you’re not skeptical, you will be by the time crypto is done with you.
U dont know anything. Go flip some burgers
@@Lobonova lol you read that totally wrong. Crypto was made by libertarians, for libertarians. Libertarians are skeptical by nature. I know you’ve got a smooth brain, but if you think about it really hard, what I’m saying will make sense. Just so you don’t hurt yourself, here’s a little help: skeptical people don’t use custodial wallets.
@@christek Autistic
@@Lobonova nah fam, you need that job more than him
@@marcogenovesi8570 true
backup important stuff to dvd. wont f up. like ever. not affected by magnets. doesn’t one day randomly f up and lose data
CDs/DVDs may rot after few years, depending on quality. Be sure to "refresh" your backups regularly.
The EU is currently working on banning non-custodial wallets
lmao
i would like to see them try, they can and will never stop it!
Lel
How would they achieve that without surveillance software on every computer? I guess they could use traffic analysis to detect cryptocurrency transfers.
@@Jupiter__001_ Don’t know, they want to force KYC on every non-custodial wallet😂
Possession is 9/10ths of the law as they say.
What ia kudistoal wallets? I don't know about it
Give me all your crypto, and I'll totally keep it safe™ That's what a custodial wallet is.
Well if you spell the word the way it says in the title and type it into a search engine instead of youtube you can find out
e. g. binance and similar
Where you don't (exclusively) own the private keys to the wallet.
@Rise Of Gru 🅥 the balls to say it in the same chat as the channel creator XD
(P.S. I know that it's a bot, I just find it funny)
I’m at work laughing way too hard. Gotta come back and watch this later 😭
Thanks! You are like the tech savvy older brother I never had
I've been saying this for years. I keep all mine on the ledger. Big 🧠
Lol I used voyager for like a month two years ago but never fully closed my account due to the fractions of a cent left over after I emptied all my money out, hoping that one day I’d be able to squeeze another cent or two out of the account lol.
But more realistically I never open the app ever and only get emails from the company and watching them slowly go belly up has been actually very entertaining lmaoooo
Ah, a fellow Feed & Seed enthusiast, I see.
F O R M A L L Y
C H U C K 'S
There is winners and losers in everything and how do we even know they’re telling the truth?
Trezor is great, although the devices are pretty expensive to get started.
As soon as you said internet money i instantly went to south park when cartman made a viral video and wanted his internet money. Then the Mt gox meme of "and its gone".
I know he ‘bout to drop that DoggyDo coin on us
Dont use a password manager for your keys, get a hardware wallet like Ledger or Trezor
I can like instantly because of the title. But people don't care, until they lose them :')
could you share with us your IT journey?
would love to know about your experience
I have been considering using a password manager (I don't really have any crypto, but for regular stuff). But I have not prioritized rabbit holin how they work. I guess you wouldn't want a cloud password manager, but a local one. But then you need a password to protect your passwords but I guess the one hard to remember password is better than a whole bunch of them. I am sort of waiting for the day some popular cloud password manager will have a breach and cause a big stir. Would love a video about password managers, maybe you have already made one and I should go find it. Keep up the good content!
I have a few hundred bucks worth of ETH in a custodial wallet from mining. Buying a hard wallet would cost too much in comparison. I don't plan on getting enough crypto to warrant a hard wallet.
I`ll watch it later, but my like is already yours! Keep on!
Anyone have any thoughts on which way Monero is going to go? Positive: There's a network upgrade in August with more privacy features and probably multisig transactions which are much more secure against theft. Also it's got the first mover advantage as a privacy coin. Negative: Bitcoin is introducing privacy features such as Lightning which in the worst case scenario could make Monero irrelevant. I'm still investing in Monero for now while it's cheap but have to admit to being a little worried because most people haven't even heard of Monero (yet!)
Monero is used on the darkweb. It's one of the few cryptos that is actually used as a currency, so it is one of the few that seems to be safe.
Lightning has nothing to do with privacy. DYOR ✌️
@@Rakkoonn Yes, that's a good point. It means people actually buy and sell stuff with it so it will retain value while that continues. But what if bitcoin becomes just as private? Either it won't be trusted by the criminals and rejected as being backdoored by the glowies or it could have some great new feature and be completely open source in which case they gradually abandon monero. Oh well, I was a bitcoin early adopter who would be a multimillionaire now if I hadn't got excited by the unexpected high prices and sold far too soon. Won't make the same mistake again! 😉
@@DimaIns I thought it made Taproot more private, but, yeah, it wasn't the best example for sure. In the end, it's not the names I'm bothered by though, it's the features themselves. I hope they're not trusted!
@@BGP00 It won't be over for a while, that's one thing I'm fairly certain of at least. It does all come down to the timing though. A lot of crypto investors including myself are techies who don't have much experience with stocks which is both an advantage and a disadvantage 🤣
As soon as I saw that they were lending based on crypto . I knew it was going to blow up. Lending on a volatile currency has to be the dumbest idea anyone has come up with .
Just moved all my ether and bitcoin to my own wallet a few weeks ago after a few of those custodial companies died and it made me see the writing on the wall. I used coin base, but I don't know how much longer they will last at the current rate. I think it will be in the dumper for the next 5 years while people lose interest in scams, regulatory frameworks are built, and shit coins die out. In the interim I will let my meger coins sit in my private wallet.
Damn your impression with the doggie doos had me rolling
At the start of the downturn I bought a Trezor and pulled my ETH and BTC off Coinbase. I still have some shit coins on there, like BAT and stuff, but that is funny money and I am not worried about losing 50 USD of shit coins.
There are two types of crypto investors:
Stonks
Currency of the Future
I honestly wish the currency of the future camp could get a serious foothold.
Who will keep Corporation in check when the government is gone
Not your wallet, not your coins. It's one of the oldest crypto mantras.
One Thing I Learned Today:
I found out that theres Chicken Tenders at Five Guys and I need them now
I have it on fairly good authority that Kuppy will be a buyer of Monero at $50, make of that what you will.
The main difference between investing in crypto and gambling is that with gambling, the odds are at least somewhat close to 50%.
As for hardware wallets, I wouldn't store millions on them, because you can't copy the secret to another device off-site. I'd much rather generate a seed on a permanently offline machine, encrypt it, write it to various media (paper, USB, optical, whatever) and store one at home, one in a deposit box and one somewhere safe with a close relative. You need spare keys...
The thing is that 90% of people I’ve talk to about crypto is that they look at crypto like as an investment. When it’s just currency. Even the CEO of Exodus wallet made this quite clear that Exodus stock is a real asset. Crypto is a currency for just buying things.
Cryptocurrency exchanges are a centralizing force to a decentralized currency, they are an unnecessary evil that people must open up their eyes to.
An exchange is never going to operate for the benefit of the consumer: either they will go to big to fail or nickel and dime you for your transactions. **An exchange is always looking out for its own self interests.**
Honestly this is something I would like to see fixed, I would love to take a shot at it but I don’t have the funding or the expertise to program up a simple exchange right now.
No Sneed. No feed. Only Chucks.
Hardware wallets only store the keys not the actual assets. The asset remains on the blockchain and subject to market fluctuations. It is not the same as dollar bills in your traditional wallet. If you entrust your keys (private) to a third party, the third party controls access to your assets. As long as people understand reality they can make their own decisions.
I use pen and paper for passwords until I find something FOSS to manage it natively on my system. I am sure that I can burn all of that paper once I find something FOSS that is hard to compromise or impersonate me. Something that handles credentials in a smarter way to access the passwords.
yes
Fyi regarding stocks.
If YOU own a substantial amount of share in company XYZ - request that you get the actual certificate of ownership from the broker.
Yes there are many consumer insurance safety mechanisms in place - but you owning the paper stock certificate that grants you rights of the underlying asset is the EXACT SAME as you holding the private keys to a non custodial crypto wallet.
Contact your broker. Brokers are different.
they don’t make fucking tenders at five guys
That's what I wanted to say.
secret menu, go ask the CUSTODIAL behind their toilets
And if you buy hardware wallet, you gotta be 100% sure it was not tampered with before you got it. It gotta have all the manufacturer's seals intact. There have been some incidents, where people got millions stolen off their supposedly secure wallet.
Cold wallet, seed phrase in offsite storage (bank deposit box, for me). Don't make your pass phrases digital if you can
With a hardware wallet you still need to store your recovery phrase.
It is Tulip Mania for a reason. We have FDIC until they find some excuse (like China they are trying to emulate) to not pay FDIC.
Preach!
using binance, mainly because of all the ways you can get more from the crypto you own (plus it has its own mining pool etc etc)
Louis Rossmann has Futo on stream rn, you can ask em questions if u want, figured you'd habe good questions Kenny
The stupid doggy doo coins have gotten out of hand. DOGE was a kind of fun y meme for a sec, but when it had that spike in value, multiple coins with "shib" in the name popped up to confuse newcomers into thinking it was doge
00:45-1:19 🤣🤣🤣😂😂😂😂
I don't wanna be that guy but 1inch + metamask is a pretty easy way to set up stop losses with a hardware wallet. You can even set the allowance for how much 1inch is allowed to spend in case of a hack.
Dude...at 0:43 is that Chester Bennington? lol
Crypto old timer: "not your keys, not your coins".
Cryptobrodude: "banks are crap. the not-bank Celcius is giving a 100000% APY"
What password manager do you suggest? You have your ear to the ground when it comes to this. I'd like to know your opinion