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The BTC thread: When you need some answers, love, advice, or friendship......come here.

Discussion in 'The Kruse Longevity Center' started by Jack Kruse, Jan 3, 2021.

  1. GavinH

    GavinH Gavin Horner

  2. caroline

    caroline Moderator

    Jan - google hard wallet ...there is tons of information
  3. caroline

    caroline Moderator

    Thoughts .....why is bitcoin down the last couple of days?

    we are now the proud owners of a portion of bitcoin :)

    50 years ago I was desperate to buy gold and couldn't ....zero money.

    Oddly - the reason I wanted to buy gold was because of an investor who was very positive and vocal about gold. BTW - He was a Canadian Doctor [Toronto] ;)
    GavinH likes this.
  4. GavinH

    GavinH Gavin Horner

    Congratulations. BTC possibly down due to profit taking by traders, shorts being enacted. Not sure why anyone would sell BTC. I was looking at gold too. Have changed strategy now. 50 years ago - you would have done alright.
    caroline likes this.
  5. caroline

    caroline Moderator

    BTC has dropped since we bought it......
  6. GavinH

    GavinH Gavin Horner

    You won't be saying that soon. I'd like it to stay down while I organise funds.
    Pablo, Theka and caroline like this.
  7. caroline

    caroline Moderator

    I think it was down 16% when we bought and then dropped a little more. Not the least bit worried.
    Alex97232, JanSz and GavinH like this.
  8. Cameron Horner

    Cameron Horner New Member

    Link explaining the Ledger Hack. My understanding is that the Ledger user database was hacked and user contact details stolen. The hackers then sent the users phishing emails to gain access to their Ledger account. In fact on their website it still says beware phishing campaigns. I'm not sure how or if the hackers despite having user account login data can still access your hardware ledger. I am assuming the BTC is stored in the software on your phone, then you use bluetooth to transfer the BTC from phone software account to hardware wallet. So basically, you don't want money hanging around in your ledger account, you always want it going into the hardware wallet. E.g. A process would look like: coinjar (buy BTC) > move to ledger wallet > move to ledger hardware

    Hope that makes sense. And hopefully I'm not wrong. In the end they still recommend hardware wallets. Trezor or Ledger. But they seem to (above wallets) recommend something called: Graystone Bitcoin ETF . Not sure who that's available to...

    Last edited: Jan 12, 2021 at 12:37 AM
    caroline and GavinH like this.
  9. JanSz

    JanSz Gold

  10. Jack Kruse

    Jack Kruse Administrator

    You are not wrong. It was an email trick for phishing. It do not effect the cold storage.
    Pablo and caroline like this.
  11. Janek

    Janek Gold

    "I really don't like GBTC at all. It is not Bitcoin. It is subject to confiscation. And the premium is solely based on legislated retirement accounts that defer taxation. I understand why it exists, but it is all built on special treatment much like interest rates on mortgages.

    GBTC distorts the bitcoin market.
    Barry Siebert created the beast. His brother is starting a new regulated exchange which we did a show about.
    His brother made a rather snide comment when Bitmex was handed the criminal indictment, that by tooting the line he can at least sleep at night. Perhaps he can. But those who trade on the exchange will be subject to confiscation.
    To each his own. I get it. But don't be fooled into thinking a regulated exchange will protect you.
    Just as your decision to stick around in the USA must be a personal one, so this must be.

    But you climb into the system and want all the benefits of the system and you take no other precautions to save your wealth, should the day of reckoning come you have no one but yourself to blame.

    You must realize I have experienced the system first hand.

    I know there is no due process in the US for at least one generation. The election is exposing this to many others.
    My view comes from an ex-felon living in Mexico. So take it for what it is worth."

    words from UglyOldGoat
  12. caroline

    caroline Moderator

    Yes I had read that about ledger To me - this is the scariest part. Bit coin just seems like such a great opportunity for us ....but how do we keep it safe????
    There are tons of stories of people losing it all - for one reason or another.

    I am super worried that I am not tech savvy enuf - which is a huge understatement!
    Pablo likes this.
  13. caroline

    caroline Moderator

    What are your thoughts on storing BTC Janek?
  14. caroline

    caroline Moderator

    Dr. K. - what are your thoughts on storing BTC?
    Alex97232 likes this.
  15. Janek

    Janek Gold

    Get Trezor. Before hack I told my friends to buy trezor, not ledger. Ledger is French electronic. Everybody in Europe knows that in French cars electronics never work properly.

    I would also use green wallet on top of it so you have multi signature: https://blockstream.com/green/

    It would be recommended to build your own de-googled phone to use crypto apps on it. Also having de-googled laptop with linux, vpn, tunneling would be nice idea.

    Tho there is no privacy with bitcoin and your transactions can be very easily linked to you so privacy steps are unnecessary but seeing what's going on with parler and with censorship in general I don't mind it.

    Watch this:

    When you configure trezor you will write down your seed phrase: https://en.bitcoin.it/wiki/Seed_phrase

    If whatever happens to your hardwallet you may restore it through that seed, so actually seed is the most important thing. So you must store it properly: https://www.bitgear.com.au/how-to-securely-store-your-hardware-wallet-seed/

    Feel free to ask questions here. I will try my best to help you.
    Pablo and GavinH like this.
  16. caroline

    caroline Moderator

    thanks for your reply. I ordered ledger last nite. I had to do something and ledger is the one recommended on Swyftx.

    I hope I don't regret that. I will read those above links now.

    Thankyou Janek.
  17. Dan2

    Dan2 New Member

    @Janek "Also having de-googled laptop with linux, vpn, tunneling would be nice idea."

    I've started learning about these things recently, and started using Linux Mint. Suggestions of where to learn more to do related to this? The details are a lot to try to contextualize (to judge how good the information is) for someone new to the subject.
  18. Janek

    Janek Gold

    r/privacy on reddit

    degoogling phone: https://e.foundation/

    also when u look for software add "open-source" to searching.
    GavinH and Dan2 like this.
  19. Jack Kruse

    Jack Kruse Administrator

    Companies issue more shares, governments print more money, miners mine more gold, drillers drill more oil. Bitcoin supply is fixed, it will always be the same, never change. It can't be debased, diluted, or inflated. This means thermodynamically BTC holds its value best while all other assets are incapable of this.
  20. Jack Kruse

    Jack Kruse Administrator

    Money used by people to protect themselves in times of crisis far exceeds the gold market cap
    Michael J. Saylor “thinks there’s between $300 and $400 trillion worth of fiat instruments: cash, debt, stock, commercial real estate indices”. On this colossal mass of money, Michael J. Saylor estimates that “50% and 75% is simply seeking a store of value as a container”.

    The example given by Michael J. Saylor concerning index funds is relevant in my opinion:

    “Like when I buy the S&P 500 Index or the Vanguard fund, I’m not buying it because I equally love all 500 S&P stocks equally in proportion to their market caps… I bought the index because I had a million dollars and I knew if it was cash it would be debased in purchasing power and so I needed to put it into something which was going to return more than the economic hurdle rate, or the cost of capital.”

    For Michael J. Saylor, it makes sense to consider that all the money dedicated to being placed in a store of value ends up in Bitcoin. Indeed, Bitcoin is the best store of value for the greatest number of people on Earth. Buying Bitcoin simply requires a smartphone and an Internet connection.

    Bitcoin could therefore drain much more than $100T in theory:

    “In theory, all monetary energy that’s simply looking for a store of value safe haven index should presumably drain out of real estate, cash, stocks and bonds into the Bitcoin network and as that happens the price discovery will return to real estate and bonds…”

    If the top is not $100T, Michael J. Saylor estimates that it will rather be between $100T and $300T of today’s money:

    “The top is more than $100 trillion, it’s somewhere between $100 trillion and $300 trillion in today’s money.”

    Bitcoin price can legitimately target 14 million dollars in the future
    By reaching a market cap of $300T, Bitcoin would see its price reach $14 million. While this may sound crazy to some people today, Michael J. Saylor’s demonstration is extremely solid once you understand that Bitcoin is the best store of value that exists in the world.

    The best store of value in the world will necessarily ultimately attract all the money that is intended to be protected from the ravages of monetary inflation and censorship. It is therefore only a matter of time before the Bitcoin market cap reaches heights that many still imagine unreachable.

    Bitcoin is used to that anyway. In fact, when it was created, nobody would have imagined that Bitcoin would be so close to a market cap of 1,000 billion dollars. Bitcoin has always been an outsider, and it will continue to be so in the months and years to come.

    In the meantime, there is only one thing to do: you need to have the same confidence in Bitcoin as Michael J. Saylor, who has repeatedly admitted that MicroStrategy has been ready for HODL Bitcoin for over 100 years. So, the long-term vision in Bitcoin is the key to being among those who will benefit the most from it.
    Theka, Alex97232, Pablo and 3 others like this.

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