37 Comments

Money is basically just an accounting journal entry in a computer. SWIFT is just a computer messaging system. What's more likely, Russia just ceases to exist as we now know it, or they set up their own SWIFT-like system (perhaps blockchain based) with China and neutral countries? India and Brazil, plus the Gulf states, seem to be staying out of this fight. Consider that even freaking ISIS was able to sell oil in the 2014s, completely illegally on the black market but still sold. Russian oil isn't going anywhere, and Russia will come up with a method for people to pay for it. SWIFT is giant shot to hit Russia with, but it is a shot that can only be fired once.

All of this is just an observation and analysis, not an endorsement of any faction.

tl;dr, expect more crypto and blockchain adoption.

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China already has something called CIPS I believe. Blocking Russia is part of the plan to accelerate the use of CIPS, and for them to introduce the digital dollar for all people.

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Has never been a bigger advertisement for the need to self custody then now. I am making it a daily exercise to remember my seed phrase.

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But don’t just rely on memory ✌️

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30yo leaving the military, will stay with family and use the GI bill. Looking for best way to live off investments, need(want) at least ~$2k a month while in school. Have 2BTC, 5ETH, 27k STX, $30k managed stocks(inheritance) and $45k in gov retirement account.

Stacking 27k STX produces about $350 a month(xverse), so hoping STX and BTC price movement boosts that in due time.

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Mar 1, 2022Liked by BowTied Bull

Your best bet is to start an WiFi money biz as BTB lays out in other posts.

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author

Agreed

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What post do you recommend starting with? You have a lot of them!

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founding

Easy, find a school in a high cost of living area with online classes and 100% GI Bill reimbursement. Golden Gate University in San Francisco is a good example. Dude from my unit collects $5k/mo tax free BAH taking classes there for free w GI Bill while living in another city.

Basically, any school in SF/LA and NYC gonna pay you out big with BAH.

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Staking ETH is another option, but won’t make you rich (~5% pa, so about 60$/month).

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What do you suggest for someone who is travelling a lot and not willing or able to carry your hardware wallets everywhere and not comfortable keeping it at home while being away?

In that case does a bank safe vault make sense?

Or in a place like Singapore a gold vault where you can more easily and anonymously store your assets?

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author

No never use a third party that's the entire point of the article. You would want to memorize your seed phrases so you don't have to carry anything

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I've heard Andreas Antonopoulos say that mobile devices are better than laptops to set up hot wallet as they carry better security. Specifically for beginners who do not know the 'right' way to set up wallet on a laptop

Not a security expert so cannot verify, but the reasoning he provided sounded legit

If any security experts on the Jungle can confirm this - might be useful for a few beginners in the jungle!

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Basically you mean Android Phone / iPhones are more secure than Windows/Mac computers?

Why? That seems right but I'd love to know more

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Iguana - for BTC, do you have an opinion on Casa? Gnosis seems like a great option for ETH. Thanks for the write up!

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For the 1M > level - since you can't store bitcoin on it, do you just spread your bitcoin across multiple hardware wallets?

Honestly setting up my own server for storing BTC sounds scary lol. Mainly worried I would make a mistake somewhere along the way.

The thought of hardware wallets being compromised terrifies me lol. It's stopped me from investing a larger % of my NW in crypto above 33%.

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author

Check BowTiedIguana post on advanced security

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Mar 2, 2022·edited Mar 2, 2022Liked by BowTied Bull

Just finished reading every post and comment by Iguana. Very very helpful. No longer nervous lol... Just gotta go implement everything now

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Really got the timing right on the post Bull. Thanks once again

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Excellent post! Thank you for the breakdown.

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Have metamask installed with ledger integrated - is there still significant risk of that?

Got about 200k

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Did you read the article?

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Yes. Don't keep everything in one hardware wallet.

Question is if it safe or unsafe to have metamask connected to a ledger compared to only have metamask.

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Mar 1, 2022Liked by BowTied Bull

It is safer to to use a Ledger with MetaMask than just using a MetaMask wallet. Assuming you haven't imported the private key/mnemonic into MetaMask turning it into a hot wallet and making the Ledger pointless.

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In a scenario where there is no electricity let's say now Ukraine or some other country in a war etc how will BTC and other computer coins be useful without electricity in a total blackout?

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Mar 1, 2022Liked by BowTied Bull

How useful is cash that burned up in your apartment that was hit with a rocket? How useful are gold coins you stored in a safe you can no longer access? For that matter, how useful is cash or gold or diamonds if the government prevents you from leaving the country, or confiscates it upon exit or entry? How useful is cash sitting in my wallet or bank account, 8,000 miles away from where I want to put it to use to help someone? You can always dream up a scenario where computer coins don't work. There are many scenarios where computer coins work 1000x better than other existing media.

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Mar 1, 2022Liked by BowTied Bull

use starlink

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Mar 1, 2022Liked by BowTied Bull

It isnt. But most money has no value when you're under rocket fire. The only thing that matters in War is surviving, transport/exit or guns & ammo. For everything else you need a medium of exchange.

The point is people are able to donate to Ukraine and Russian individuals despite the banks/sanctions/SWIFT. That is powerful. They still need to get out or get to another place that lets them use crypto for value or to swap to Fiat. We'll see what exchanges allow Russians to withdraw Fiat.

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Diesel generators, portable solar panels and even bigger powerbanks will be sufficient to power up smartphone or laptop just to sign a transaction and hopefully acquire escape path from war zone.

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a small satellite dish ideally otherwise different hardware for antenas etc, and *all* firmware libraries and *documentation* downloaded already to bring comm back... People usually forget the software/doc part...

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Best hot wallet for Bitcoin? Ideally mobile

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founding

A Ledger can connect to a phone through usb or bluetooth

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exodus

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What would be a better alternative to a safe deposit box?

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Mar 1, 2022Liked by BowTied Bull

A second home, a (very) trusted friend or family member, potentially an estate attorney, bury the seed phrase in your backyard, etc.

Although safety deposit boxes aren’t bad. You just need to have other viable alternatives as well. There are a lot of scenarios where a safe deposit box makes sense. And that’s the whole point of a multisig set up.

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What would be a better alternative to a safe deposit box?

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Curious as well - I don't trust a safe with a ledger. But having all ledgers in the same place defeats the purpose.

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