TC - 350k Yoe - 4.5 Hey Folks, I've been a relatively early investor in crypto and HODL for 2 years and my diversified portfolio has given me good returns(7x) despite the small investment. I haven't pulled out and currently I moved stuff to better exchanges that give good interest like Voyager and crypto dot com etc. My plan was to collect that interest for a year or two during the bearish run. Want to hold for 3-5 years depending on crypto regulations and digital currency adoption from other countries. However I'm a bit apprehensive about black swan events, more specifically Cyber Attacks, which seem sort of inevitable and imminent. If anything can disrupt the whole world after this pandemic, it is most likely cyber attacks and there are some warning signs already. I've seen some info about cold storage and offline wallets like ledger, daedalus, trust etc. I wanted to know if anyone has any experience or info about them and if there could is a way to continue earning interest while the coins are on offline wallet. I remember coming across a video like that but for the life of me I can't find it. Looking for any suggestions, recommendations, feedback or reviews from your experience if you've used a cold storage USB drive wallet. Which one is better and what are the pros and cons #crypto #bitcoin #wallet #finance #cybersecurity #tech #blockchain
Ledger then use defi for loans, staking, etc
I will research this further. Thank you. Not very familiar with defi
Look into eth - aave compound curve. terra (prob slightly more risk) - mirror, anchor.
Move them into an insured custodian. Only reason to try and be your own cold custodian is if you fundamentally mistrust the government. If you are a normal personal you will have much better peace of mind having a custodianship under some like like Coinbase or Anchorage.
Implying that not trusting the govt is abnormal 🙄🙄
I feel coinbase is like the Robinhood of crypto. Infact moved all my stuff from that wallet to voyager to earn interest. Didn't have most coins on it either. Well, tbh I don't trust any govt in the world. It's a clusterfuck of unqualified people and evangelist like performers. They have always been failures and will match that expectation in the future. That's why I want to be prepared
Trezor. Open source cold storage solution. Not your keys, not your crypto. You should be worried about hacks and seizures. IMO if you have over 10k you should get a cold wallet. Ledger is fine but not open source and all their customer info got leaked and the company was like 🤷♂️ oh well. So I dont trust them personally. Sure you can earn interest using custodial services, but the risk is much higher. I wouldnt keep all your eggs in that basket. Probably more like 50-75% cold storage. Backed up properly (the seed should never touch a computer. Period.) 15-25% custodial accounts (really only what you are ok with losing) like exchanges or those interest bearing accounts, and the rest can stay on hot wallets, but hardware wallets kind of eliminate this. I have a hardware cold and hot wallet. They are cheap enough.
I'm thinking of keeping the min amount required to qualify for interest and then storing the rest away because it has increased a lot and I don't want any temptation to sell either, because I'm still up 5x even after the dips. I don't want to pay capital gains in the US. What's the distinction between hardware and cold? Is it the USB drive?
Hardware is one form of cold storage. Meaning your keys never touch a computer.
Send to a cold wallet and keep the private key in an encrypted PDF with 256 bit AES on Google drive. Safe forever
Terrible idea. What if the computer you create the PDF with is compromised? Also, 256 won't be safe forever.
Generate it on a new Linux laptop where you wipe the hard drive and reinstall from scratch. If worried about 256, then hash your password with SHA3, then repeatedly hash that hash till you generate a string of hashes as long as the PDF to generate a one time pad. Directly XOR the PDF with the string of hashes for perfect encryption.
Check out keys.casa
Try Ledger Nano X or Nano S and stake from there.
Yup. Bought a Nano X
Thanks for you suggestions. I got a Trezor and ledger. Will try them out someone soon in couple of weeks
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Trezor if you want to keep them safe and offline, some Coinbase thing for earning interest, but there's no way to keep them in cold storage and earn interest.
Thats not true. You can stake many coins and still keep the keys cold. Luna and cardano are two. +1 for Trezor though.
I forgot about those, though that would mean OP de-diversifying his portfolio to some degree