Jovans Telegram post
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Ok dude ... I’m on board, and I agree, in theory ... competing currencies and all that, bankerless world ... I see it.
Here is my problem, the bubble of all things is about to pop, and it actually lines up perfectly with Q. In fact, part of me thinks we are waiting for economy to tank to get closer to precipice. But Crypto only derives value from fiat. If Fiat “crashes”, and there is a stock market tank ... is everyone going to rush into crypto ?? They should, but I feel like it’s going to be opposite ... I am trying to find ways to preserve capital for when this pops, and the options are small.
Cryptos value derives of 3 things.
Personally, I've wanted to wade into crypto, but I found the instructions for setting up a secure wallet to be (a) extremely inconvenient, and (b) intimidating, in that if I were to make a mistake, I'd potentially lose everything in my wallet.
Maybe you're just a lot smarter than me, or maybe you just know a better way to set up a wallet. If you can point me to a "super easy"(but secure) way to set up a wallet, I'd be willing to give it a try, and I would be grateful to you. Maybe some other anons reading this would be as well. Thanks for your time.
You should get a hardware wallet. I'm using a Ledger Nano X. The setup instructions are pretty straight forward, especially for a PC. Though the only issue I had was setting up the app on the phone since it took me a second to realize the wallet I use isn't BlueTooth enabled (so I had to purchase a separate cable to connect it.)
There are other good options out there. With a hardware wallet, as long as you write down your pass phrase somewhere then you'll always be able to recover your assets.
To acquire crypto, you either mine it using a computer rig, or you can buy it from a trading platform like Coinbase, Binance, Kraken, Coinify, etc.
agree 100%. Hardware wallets are essential, if you don't maintain your crypto in your possession, it can be lost, confiscated, or hacked.
Ledger Nano S or X, are great options, and hardware wallets are very easy to set up. Plug into your PC, record the seed (12 or 24-word password) on a piece of paper. Never take a photo of it, or type it into your computer. Save it somewhere safe and you will never lose your crypto. As long as you have that seed pass phrase you can recover your crypto even if your Ledger is damaged or lost. Your crypto is actually stored on the blockchain and not in the Ledger wallet. If you lose your passphrase but still have your Leger and the local passcode you can open your wallet and transfer your cryto to a new wallet where you have your passphrase.
IN summary, hardware wallets offer some redundancy to avoid losing your crypto. Keep your passphrase safe and available you will never lose anything. Lose your passphrase and your wallet... then your toast.
Thanks for your recommendation, but I'm going to be honest, I'm still intimidated by the idea of a Ledger Nano (even the S). For one, the cost is a big one for someone just dipping his toes into the waters of crypto. Also, I've had hardware devices fail enough times to make me wonder if a hardware wallet is a good idea. I searched for "easiest crypto wallet" and "Exodus" came up. Is there any reason not go for Exodus when I'm starting out?
Not only is crypto's value derived from fiat currency - it is dependent upon electricity. There's a reason why the cabal and the Bible are so concerned with gold.
Crypto is another tool for oppression.
It's not even necessarily based on electricity, more so computation and number theory. And let's face it, social marketing.
How much electricity a coin consumes depends on the design of the coin. Most of the more recent ones try to make it so that you just can't use a large dam in china to mine a lot of coin. They minimize the energy arbitrage aspet.