I always thought “Not Your Wallet, Not Your Crypto” was a paranoid old-head user term until now..

There are a lot of ways to lose money in crypto. I could name 20 huge failed projects or rug pulls in the last 6 months.

We all understand that people are taking advantage of this new market with scams like any new industry, especially when there is a lot of hype and fomo. Cough cough nfts.

I have seen my friends invest in things like Catgirl coin and cum coin as a joke but with some money that makes you think, this is degenerate gambling.

And when they invest in 32bit crypto games that eventually rug pull you think, I saw that coming. I always felt the wiser.

I lost the majority of my portfolio that I built up for years to Celsius’s bad financial choices that left the company insolvent with my and many other peoples money.

Years of progress and gain wiped away. It had finally made me understand the “not your wallets not your coins.” I believed, at the time, that the phrase was just a paranoid old head crypto phrase of the people who had been burnt back in the day.

The industry has grown I thought. People are really missing out on staking and lending gains. I get it now Ok. I get it.

I have been force fed the truth of why have cold storage is crucial in the long term. And after watching a hundreds projects come and go and finally being caught in one’s downfall it is time to get a cold wallet. I am sure many other people have learned this lesson as well recently.

Making a few extra percent APY gains a years is not worth the risk of losing it all. And from now on I will be more conservative with my coins.

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40 thoughts on “I always thought “Not Your Wallet, Not Your Crypto” was a paranoid old-head user term until now..”

  1. Boy I hope Coinbase doesn’t go under – at least not until the ETH merge and I can get my shit unlocked/unstaked on CB and moved to my own custody. Woof.

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  2. Nobody read the terms that basically said “by sending your coins to us, you’re giving us the coins and we’re giving you a dashboard that shows how much you’ve invested in us in the price of whatever coin you sent us. They’re not actually your coins anymore, and that value is an investment in us until [we let] you withdraw them, and there could be conditions we decide to set on that at any time.”

    People just clicked “okay” and sent coins – and learned a lesson.

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  3. >people are really missing out on staking and lending gains

    Staking and lending are not the same. You can stake coins while keeping them in your own custody.

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  4. I own a ledger and have my key phrase etched into a grain of sand in the Sahara to narrow it down for anyone looking.

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  5. Not your keys, not your crypto :-p

    But yeah all these companies going under been a real eye opener! Seems like nothings too big to fail.

    With crypto there’s inherent risk everywhere. Store it yourself and you have the risk of losing a seed phrase Or having the seed phrase stolen.
    Store it on a lending platform or exchange and you have the risk of them going bust or your account gets compromised.

    Gotta weigh up the options that are best for you. It own keys gotta make sure it’s stored safe where it can’t be lost or taken. If using exchanges then make sure emails are secure and spread it across a few big ones.

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  6. You can also mitigate that risk by using well established crypto brokers that have sustainable economics like Binance, Kraken, etc… It’s just like a fiat bank, you wouldn’t giver your money to a small unregulated bank out of nowhere, but you don’t risk much with a big national bank.

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  7. no need for hardware wallet I think, just have a software wallet with a good paid antivirus installed (I use Bitdefender, worth the money) and keep your pc updated, don’t download executables from sketchy sites etc. This way you will be fine.

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  8. I dislike regulations but Exchanges like Celsius and Voyager are getting away with stealing user funds due to lack of regulation

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  9. It’s funny how you can name 20 big name failed projects, but at no point though hmmm maybe this “asset” isn’t safe

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  10. Actually one of the wisest thing I’ve heard was to spread out your investments. Not only on different exchanges, but also different wallets.

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  11. With all the hacks and big crypto companies/exchanges going under it’s a good lesson that your crypto is not safe with anyone except your own wallet and no company is too big to fail.

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  12. See, I can’t picture that happening to Binance. But it CAN happen.. I need to stick that in my mind, and move funds to my ledger, renouncing to all the staking benefits..

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  13. Using a hardware wallet is really not that hard once you get used to it. If you are worried about keeping all your crypto in one place get several wallets or keep half on a wallet and half on major exchange.

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  14. Sorry for your loss. I have gone ultra paranoid mode. I have a ledger and a D’cent cold wallet for two coins not supported on ledger. My son has a Trezor.

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  15. It sucks that it happens but nobody is special and above being wiped out when they rely on others. People will sell out their mom for nothing, you really can’t trust anybody but yourself when it comes to your finances. Especially those you don’t know that you can’t even directly contact.

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  16. Harsh, yet very needed lesson. Hopefully, more crypto users will get to learn it now on others’ example without losing their own coins. To newbies: store your coins on non-custodial wallets that allow you to manage your seed phrase. There are options out there like hardware wallets (which many suggest, and they have their pros and cons) or more flexible, multiplatform ones like Guarda, for example. To the OP: stay safe! Wish you more gains in the near future to compensate with the losses. 🙏

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  17. Dont worry, now you can enjoy all the ‘this time is different’ talk next cycle and laugh at it.

    Literally spent hours on here trying to convince folks it wasnt any different.

    Currently the only different thing is more people lost more money…

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  18. I saw buddies lose all their money in QuadrigaX back in the day. I am too afraid to leave any money or coins on an exchange for the long term, and I am no day trader either.

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