1 00:00:00,280 --> 00:00:03,560 Speaker 1: Everyone, Welcome to another episode of The Markma Show where 2 00:00:03,600 --> 00:00:07,520 Speaker 1: we are talking about bitcoin. Are talking about the decentralized 3 00:00:07,560 --> 00:00:12,600 Speaker 1: revolution that is happening right now. Was a big, big 4 00:00:12,680 --> 00:00:16,239 Speaker 1: year four bitcoin for cryptocurrencies. Of course, as bitcoin is 5 00:00:16,280 --> 00:00:20,800 Speaker 1: not only leading the entire cryptocurrency movement, it's also changing 6 00:00:21,079 --> 00:00:23,760 Speaker 1: the world that we're living in. We're witnessing in real time. 7 00:00:23,760 --> 00:00:26,159 Speaker 1: It's been pretty exciting. Um, make sure you're tuning with 8 00:00:26,200 --> 00:00:29,040 Speaker 1: me each end every week on this channel at this time. 9 00:00:29,360 --> 00:00:31,480 Speaker 1: Go ahead and set a reminder for this on your 10 00:00:31,480 --> 00:00:33,960 Speaker 1: phone if you're not driving. If you are, why don't 11 00:00:33,960 --> 00:00:36,240 Speaker 1: you wait till you pull over. But we are talking 12 00:00:36,240 --> 00:00:39,440 Speaker 1: about bitcoin and it is big. It is the biggest movement. 13 00:00:39,479 --> 00:00:41,360 Speaker 1: And so each and every week I try to bring 14 00:00:41,400 --> 00:00:44,120 Speaker 1: to you. I don't try, I do bring to you 15 00:00:45,320 --> 00:00:48,000 Speaker 1: the information, the education, the up to the minute news 16 00:00:48,080 --> 00:00:51,519 Speaker 1: that you need in order to succeed in this digital revolution, 17 00:00:51,520 --> 00:00:54,720 Speaker 1: this decentralized revolution that's happening. And so thank you for 18 00:00:54,800 --> 00:00:56,760 Speaker 1: joining me. I'm gonna make sure that it is the 19 00:00:56,800 --> 00:00:59,240 Speaker 1: most profitable part of your week, the most important part 20 00:00:59,280 --> 00:01:00,920 Speaker 1: of your week. This is the information that you need 21 00:01:00,960 --> 00:01:05,039 Speaker 1: to know. Now Here, we are finishing out the end 22 00:01:05,120 --> 00:01:09,399 Speaker 1: of it's always that time where we can just seem to, 23 00:01:10,400 --> 00:01:12,600 Speaker 1: you know, look back on the year that just happened 24 00:01:12,600 --> 00:01:16,520 Speaker 1: and ask ourselves, what the heck did happen? Uh, And 25 00:01:16,560 --> 00:01:19,679 Speaker 1: then we kind of have like this blank slate to 26 00:01:19,720 --> 00:01:23,040 Speaker 1: make the next year the best it can be. Uh. 27 00:01:23,120 --> 00:01:25,160 Speaker 1: You know a lot of people set these New Year's resolutions, 28 00:01:25,200 --> 00:01:26,679 Speaker 1: and you want to make more money, and you want 29 00:01:26,680 --> 00:01:28,560 Speaker 1: to lose weight, and you want to have better relationships, 30 00:01:28,560 --> 00:01:31,360 Speaker 1: and on and on and on. Um. There's an old 31 00:01:31,440 --> 00:01:36,039 Speaker 1: Chinese proverb that says that the best time to plant 32 00:01:36,120 --> 00:01:39,720 Speaker 1: a tree it was twenty years ago. The second best 33 00:01:39,720 --> 00:01:42,720 Speaker 1: time to plan a tree is today. And so we 34 00:01:42,760 --> 00:01:45,440 Speaker 1: don't have to wait until New Year's in order to 35 00:01:45,480 --> 00:01:48,160 Speaker 1: make these big changes, but for some reason, psychologically we do. 36 00:01:48,800 --> 00:01:51,640 Speaker 1: And so UM, you know, I think Um, last week 37 00:01:51,680 --> 00:01:53,320 Speaker 1: we talked about some of these things that you can do. 38 00:01:53,400 --> 00:01:55,800 Speaker 1: We talked about tax lost harvesting, which is a good 39 00:01:55,800 --> 00:01:58,640 Speaker 1: thing to do. UM. But I want to talk about 40 00:01:58,720 --> 00:02:02,120 Speaker 1: something else today that is Ah, it's a big issue 41 00:02:02,360 --> 00:02:05,720 Speaker 1: for everyone listening. It's super important and you need to 42 00:02:05,760 --> 00:02:09,120 Speaker 1: make sure that you handle this properly. Um. And here 43 00:02:09,160 --> 00:02:10,840 Speaker 1: at the end of the year, going into two twenty two. 44 00:02:10,919 --> 00:02:15,160 Speaker 1: It's a perfect time to level up your game. All right, now, 45 00:02:15,160 --> 00:02:18,520 Speaker 1: what am I talking about? Well, to set the kind 46 00:02:18,520 --> 00:02:21,080 Speaker 1: of preface, what I want to explain to you today 47 00:02:21,120 --> 00:02:23,919 Speaker 1: is one of my really good friends. And I hate 48 00:02:23,960 --> 00:02:25,360 Speaker 1: to say that he's one of my good friends, because 49 00:02:25,360 --> 00:02:26,960 Speaker 1: it shouldn't have happened to somebody that's one of my 50 00:02:26,960 --> 00:02:29,520 Speaker 1: good friends. But it's happened to me as well, one 51 00:02:29,520 --> 00:02:31,119 Speaker 1: of my good friends. I talked to him this last 52 00:02:31,160 --> 00:02:35,560 Speaker 1: week and he lost over a million dollars of bitcoin 53 00:02:35,960 --> 00:02:40,440 Speaker 1: from his coin base account. And I don't want anybody 54 00:02:40,480 --> 00:02:44,280 Speaker 1: to lose a dollar, much less a million dollars out 55 00:02:44,280 --> 00:02:46,960 Speaker 1: of their coin Base account, which you would think should 56 00:02:46,960 --> 00:02:49,560 Speaker 1: be one of the safest places to keep your bitcoin 57 00:02:49,840 --> 00:02:52,960 Speaker 1: or your cryptocurrency or whatever you have. Now, I made 58 00:02:53,000 --> 00:02:57,239 Speaker 1: a video on YouTube. I think it was July this year. 59 00:02:57,240 --> 00:02:58,919 Speaker 1: You can go back and find it on my YouTube channel, 60 00:02:58,960 --> 00:03:01,919 Speaker 1: and it's you know how I lost two million dollars 61 00:03:01,960 --> 00:03:05,239 Speaker 1: worth of bitcoin. So it's happened to me, it happened 62 00:03:05,240 --> 00:03:07,240 Speaker 1: to one of my one of my good friends, and 63 00:03:07,280 --> 00:03:09,960 Speaker 1: it can certainly happened to you. Happens to thousands of 64 00:03:10,000 --> 00:03:13,600 Speaker 1: thousands of people, and and this year finishing that this year. 65 00:03:13,760 --> 00:03:15,120 Speaker 1: You have a little bit of time off right now 66 00:03:15,160 --> 00:03:17,120 Speaker 1: you have next year set your New Year's resolutions. I 67 00:03:17,200 --> 00:03:21,079 Speaker 1: want you to level up your game. I do not 68 00:03:21,240 --> 00:03:24,079 Speaker 1: want you to lose a single dollar, much less ten thousand, 69 00:03:24,200 --> 00:03:27,480 Speaker 1: hundred thousand or a million, like my good friend. And 70 00:03:27,480 --> 00:03:29,000 Speaker 1: like I said, I hate to say that he's my 71 00:03:29,040 --> 00:03:30,880 Speaker 1: good friend because I should. I should have talked to 72 00:03:30,960 --> 00:03:33,440 Speaker 1: him better. I'm not his coach. I haven't been coaching 73 00:03:33,480 --> 00:03:35,720 Speaker 1: him through this. He's been buying on his own. Um. 74 00:03:35,760 --> 00:03:38,680 Speaker 1: But I need to do a better job reaching out 75 00:03:38,680 --> 00:03:41,480 Speaker 1: to everybody I know personally and making sure the leveling 76 00:03:41,520 --> 00:03:43,760 Speaker 1: up their game. But I'm starting with you. You're hearing 77 00:03:43,800 --> 00:03:46,000 Speaker 1: it first because you're listening to the Marketmas Show. So 78 00:03:46,000 --> 00:03:49,240 Speaker 1: a couple of things we're gonna talk about, UM one, 79 00:03:50,040 --> 00:03:52,840 Speaker 1: the revolution, what is revolutionary to We're gonna talk about 80 00:03:52,840 --> 00:03:54,640 Speaker 1: custody wife should because in the three we're gonna talk 81 00:03:54,680 --> 00:03:57,240 Speaker 1: about options that you have. Four we're gonna talk about 82 00:03:57,280 --> 00:04:01,440 Speaker 1: what he did wrong, even trusting coin bait coin based 83 00:04:01,520 --> 00:04:03,360 Speaker 1: like the best, the safest place to keep it. You 84 00:04:03,360 --> 00:04:06,200 Speaker 1: would think we're talking about ways that you can fix that, 85 00:04:06,360 --> 00:04:08,120 Speaker 1: all right, Because I don't want you to lose to 86 00:04:08,120 --> 00:04:12,240 Speaker 1: the money. That's important. It's it's your money. Imagine losing 87 00:04:12,280 --> 00:04:15,040 Speaker 1: a million dollars. Imagine how sick to your stomach you 88 00:04:15,040 --> 00:04:17,240 Speaker 1: would be. Now, I said, like I said, I made 89 00:04:17,279 --> 00:04:21,200 Speaker 1: a video. I lost two million dollars. Luckily for me, 90 00:04:21,400 --> 00:04:23,680 Speaker 1: I didn't. Well, I don't know. It's it's the same 91 00:04:23,720 --> 00:04:27,360 Speaker 1: either way. Um, at the time of loss, it wasn't 92 00:04:27,360 --> 00:04:30,560 Speaker 1: two million dollars. At the time of loss. I have 93 00:04:30,640 --> 00:04:34,240 Speaker 1: multiple losses because I've lost a lot lost bitcoin and 94 00:04:34,240 --> 00:04:37,960 Speaker 1: other cryptocurrencies multiple ways. I'll explain that to you. At 95 00:04:37,960 --> 00:04:40,400 Speaker 1: the time, I think if I total it all up, 96 00:04:40,400 --> 00:04:43,560 Speaker 1: it was probably less than three hundred thousand dollars of 97 00:04:44,000 --> 00:04:47,599 Speaker 1: loss at the time of loss. But today, adjusted for 98 00:04:47,720 --> 00:04:51,400 Speaker 1: today's prices and cryptocurrencies, it would be about two million dollars. 99 00:04:51,600 --> 00:04:53,760 Speaker 1: So a little bit of purpose, I didn't lose two 100 00:04:53,760 --> 00:04:56,160 Speaker 1: million at once, even though it's about the same, because 101 00:04:56,160 --> 00:04:58,360 Speaker 1: I don't sell. Most of you guys know, I'm never 102 00:04:58,400 --> 00:05:02,440 Speaker 1: selling my bitcoin. My great grandkids are gonna own my bitcoin. 103 00:05:02,480 --> 00:05:03,960 Speaker 1: I'm gonna make sure that's in some sort of a 104 00:05:04,000 --> 00:05:07,720 Speaker 1: trust that they can't even sell it. Um. But so 105 00:05:08,279 --> 00:05:10,680 Speaker 1: it is effectively like losing two million and in a 106 00:05:10,680 --> 00:05:12,400 Speaker 1: couple of years it will be like losing five million, 107 00:05:12,440 --> 00:05:15,080 Speaker 1: and eventually it'll be like losing twenty million. Um, So 108 00:05:15,240 --> 00:05:17,360 Speaker 1: it's going to continue to haunt me. But I didn't 109 00:05:17,400 --> 00:05:19,640 Speaker 1: lose I didn't lose a million dollars at that time. 110 00:05:20,000 --> 00:05:22,280 Speaker 1: I mean imagine that. So anyway, let's talk about this. 111 00:05:23,279 --> 00:05:24,360 Speaker 1: So the first thing I want to do is I 112 00:05:24,400 --> 00:05:27,479 Speaker 1: want to talk about, um, the revolution. All right now, 113 00:05:27,560 --> 00:05:29,479 Speaker 1: you're listening to the Markma Show. We're talking about bitcoin 114 00:05:29,560 --> 00:05:33,040 Speaker 1: and this decentralized revolution. And part of this revolution is 115 00:05:33,080 --> 00:05:36,719 Speaker 1: the fact that I can take custody of my cryptocurrency, 116 00:05:36,720 --> 00:05:40,240 Speaker 1: I can take custody of my property. All right. Now, 117 00:05:40,520 --> 00:05:44,799 Speaker 1: the oldest problem that mankind has had has been how 118 00:05:44,880 --> 00:05:48,240 Speaker 1: do I hold my property without it being stolen? So 119 00:05:48,279 --> 00:05:50,240 Speaker 1: from the beginning of time, the oldest problem was, you know, 120 00:05:50,240 --> 00:05:53,120 Speaker 1: someone's gonna come kill me and take my chickens, steal 121 00:05:53,160 --> 00:05:56,200 Speaker 1: my goats, right, um. And so me and my neighbor 122 00:05:56,360 --> 00:05:58,680 Speaker 1: get together and we formed this group and we try 123 00:05:58,720 --> 00:06:01,360 Speaker 1: to protect to this property. And then we have villages, 124 00:06:01,400 --> 00:06:03,359 Speaker 1: and then we have kingdoms, and then we have nations. 125 00:06:04,360 --> 00:06:07,640 Speaker 1: And the role of the government isn't to tell you 126 00:06:07,680 --> 00:06:09,359 Speaker 1: what you can and can't do with your health, or 127 00:06:09,360 --> 00:06:10,839 Speaker 1: what you can and can't do with your business. The 128 00:06:10,960 --> 00:06:14,280 Speaker 1: role of the government is to protect your private property. 129 00:06:14,440 --> 00:06:16,679 Speaker 1: That's it. That's the whole point of the whole purpose 130 00:06:16,680 --> 00:06:18,920 Speaker 1: of the government in the first place, to protect your 131 00:06:19,000 --> 00:06:22,000 Speaker 1: private property. And of course now they're infringing on our 132 00:06:22,000 --> 00:06:25,359 Speaker 1: private property. The most sacred of which our private property 133 00:06:25,440 --> 00:06:28,599 Speaker 1: is our own body. But that's a whole another subject 134 00:06:28,600 --> 00:06:30,040 Speaker 1: that we're not going to get into. But the oldest 135 00:06:30,040 --> 00:06:32,440 Speaker 1: problem that mankind has had, the entire reason we have 136 00:06:32,480 --> 00:06:36,480 Speaker 1: a government is to protect private property. Of course, whiles 137 00:06:36,560 --> 00:06:39,240 Speaker 1: Marxist doctrination that's coming in and they think that owning 138 00:06:39,320 --> 00:06:42,400 Speaker 1: private property is evil. Of course, the World Economic Forum says, 139 00:06:42,440 --> 00:06:46,640 Speaker 1: by you will own nothing and you'll be happy. Well, 140 00:06:46,680 --> 00:06:48,360 Speaker 1: I ain't gonna be happy about that, and I want 141 00:06:48,400 --> 00:06:49,760 Speaker 1: to make sure you keep your bitcoin. So let's go 142 00:06:49,760 --> 00:06:51,400 Speaker 1: ahead and get into this. So the revolution is how 143 00:06:51,400 --> 00:06:54,800 Speaker 1: do I secure my private property? And Bitcoin fixed it 144 00:06:55,120 --> 00:06:57,160 Speaker 1: and fixed it. So think about this, right, like, how 145 00:06:57,160 --> 00:06:59,360 Speaker 1: do I keep someone from stealing my chickens and my goats? Um, 146 00:06:59,400 --> 00:07:01,400 Speaker 1: if I were to store up my wealth for five 147 00:07:01,440 --> 00:07:04,760 Speaker 1: thousand years, we stored our wealth, Well, there was shells. 148 00:07:05,080 --> 00:07:07,960 Speaker 1: There was rocks, there was feathers. There's all types of 149 00:07:08,000 --> 00:07:10,120 Speaker 1: things that were money. And how do I secure my 150 00:07:10,240 --> 00:07:12,520 Speaker 1: rocks or my shells or my feathers so somebody doesn't 151 00:07:12,560 --> 00:07:15,920 Speaker 1: steal them right or counterfeit them. And then eventually, um, 152 00:07:15,960 --> 00:07:17,400 Speaker 1: you know, all these things were tried for money, and 153 00:07:17,440 --> 00:07:20,800 Speaker 1: eventually gold was settled to be the best money because 154 00:07:20,800 --> 00:07:26,760 Speaker 1: it keeps all the main attributes of money, which are divisible, portable, durable, um, saleable, 155 00:07:26,840 --> 00:07:29,960 Speaker 1: lots of people recognize it, etcetera. And so um, a 156 00:07:30,000 --> 00:07:32,440 Speaker 1: cow doesn't work really good because it's not it's not divisible. 157 00:07:32,880 --> 00:07:34,320 Speaker 1: Somebody doesn't want my whole cow out on a deal, 158 00:07:34,360 --> 00:07:35,600 Speaker 1: and it's not very portable. It's hard to move a 159 00:07:35,600 --> 00:07:38,760 Speaker 1: cow around, etcetera. So gold gold emerged as that form 160 00:07:38,800 --> 00:07:41,040 Speaker 1: of money. But the problem is the more gold that 161 00:07:41,160 --> 00:07:44,000 Speaker 1: I have, the harder it is for me to secure it. 162 00:07:44,440 --> 00:07:46,200 Speaker 1: Think about that, right, if I had a little bit. 163 00:07:46,520 --> 00:07:49,120 Speaker 1: You remember like the old days of of the gold 164 00:07:49,200 --> 00:07:51,760 Speaker 1: rush in California and people were moving to California and 165 00:07:51,800 --> 00:07:53,560 Speaker 1: you heard stories, we're seeing pictures of you know, a 166 00:07:53,640 --> 00:07:57,040 Speaker 1: map and there's a map to where I buried my treasure. 167 00:07:57,120 --> 00:07:58,560 Speaker 1: And so that's what you would do, that's I would 168 00:07:58,720 --> 00:08:00,800 Speaker 1: you would secure it. I'd go hide, had a dig 169 00:08:00,800 --> 00:08:02,160 Speaker 1: a hole in the ground and cover it up, and 170 00:08:02,160 --> 00:08:05,360 Speaker 1: I'd make myself a map. But what happens if I 171 00:08:05,400 --> 00:08:08,600 Speaker 1: were to lose that map? What happens if that map 172 00:08:08,760 --> 00:08:12,000 Speaker 1: fell into somebody else's hands and they went and got it. 173 00:08:12,120 --> 00:08:14,800 Speaker 1: So I had to secure my wealth in my gold, 174 00:08:15,160 --> 00:08:17,680 Speaker 1: and then I had to go hide my gold, and 175 00:08:17,680 --> 00:08:19,440 Speaker 1: I had to make a map, and then I had 176 00:08:19,440 --> 00:08:21,640 Speaker 1: to make sure that that map didn't get lost or 177 00:08:21,720 --> 00:08:23,760 Speaker 1: damaged or go, you know, get burned up in my 178 00:08:23,800 --> 00:08:26,640 Speaker 1: house fire, didn't get stolen, et cetera. And then the 179 00:08:27,040 --> 00:08:29,440 Speaker 1: more gold that I had, then I had to protect 180 00:08:29,480 --> 00:08:31,600 Speaker 1: it even more. So. For example, I had a lot 181 00:08:31,640 --> 00:08:33,720 Speaker 1: of gold, and I might have to get a safe, 182 00:08:34,040 --> 00:08:37,880 Speaker 1: I might have to get like arms security. Eventually I 183 00:08:37,960 --> 00:08:39,760 Speaker 1: might have to just put it into a bank and 184 00:08:39,800 --> 00:08:42,560 Speaker 1: the bank would guard my gold for me. Of course, 185 00:08:42,600 --> 00:08:45,000 Speaker 1: that didn't work out too well for everybody, because by 186 00:08:45,120 --> 00:08:48,640 Speaker 1: n thirty three, when all the gold was sitting in 187 00:08:48,679 --> 00:08:52,760 Speaker 1: the banks, the banks took it all. So you're trying 188 00:08:52,760 --> 00:08:54,400 Speaker 1: to get your you're trying to protect your gold you 189 00:08:54,440 --> 00:08:56,880 Speaker 1: put in the banks, and then the president of the 190 00:08:56,920 --> 00:09:00,320 Speaker 1: United States makes it legal in three to own goal 191 00:09:00,400 --> 00:09:03,000 Speaker 1: and they steal it all from you. So how do 192 00:09:03,040 --> 00:09:08,400 Speaker 1: you protect your assets even from theft of the government. Well, 193 00:09:08,440 --> 00:09:11,840 Speaker 1: that's what bitcoin fixes, all right, this is the revolution. 194 00:09:11,960 --> 00:09:16,080 Speaker 1: I can now hold my bitcoin um with no cost. 195 00:09:16,760 --> 00:09:18,480 Speaker 1: Now I'm gonna explain to you more how we do that. 196 00:09:18,640 --> 00:09:20,480 Speaker 1: You're listening to the Mark Moa Show. We're talking about bitcoin. 197 00:09:20,480 --> 00:09:23,560 Speaker 1: We're talking about the decentralized revolution. We're talking about how 198 00:09:23,600 --> 00:09:25,760 Speaker 1: you consider your security bitcoin. I just found out my 199 00:09:25,800 --> 00:09:27,880 Speaker 1: buddy lost a million dollars worth a bitcoin, and I'm 200 00:09:27,880 --> 00:09:29,560 Speaker 1: gonna tell you how to make sure that doesn't happen 201 00:09:29,559 --> 00:09:32,000 Speaker 1: to you. I'll be right back. Don't go away, all right, 202 00:09:32,000 --> 00:09:34,080 Speaker 1: Welcome back. You are listening to the markma Show, and 203 00:09:34,120 --> 00:09:36,600 Speaker 1: we're talking about bitcoin. Of course, each and every week 204 00:09:36,600 --> 00:09:40,760 Speaker 1: we're talking about the decentralized revolution that is literally changing 205 00:09:40,920 --> 00:09:42,600 Speaker 1: the world. And when I say changing the world, what 206 00:09:42,600 --> 00:09:46,840 Speaker 1: I mean is that technological revolutions don't just make our 207 00:09:46,840 --> 00:09:49,400 Speaker 1: lives and better. They don't improve our lives. They change 208 00:09:49,840 --> 00:09:52,360 Speaker 1: the way humanity works. We're talking about automobiles, we're talking 209 00:09:52,400 --> 00:09:55,440 Speaker 1: about electricity, we're talking about steam engines that they change 210 00:09:55,480 --> 00:09:59,800 Speaker 1: the force of the projection of the future, of the 211 00:09:59,800 --> 00:10:02,280 Speaker 1: way mankind work. So we're talking about how to secure 212 00:10:02,320 --> 00:10:04,440 Speaker 1: your bitcoin. My buddy I found out this week lost 213 00:10:04,440 --> 00:10:07,439 Speaker 1: a million dollars worth a bitcoin from coin base. Tragic, 214 00:10:07,960 --> 00:10:10,480 Speaker 1: absolutely tragic. I don't want you to lose a dollar. 215 00:10:10,520 --> 00:10:12,040 Speaker 1: So let me tell you what he went, what he 216 00:10:12,080 --> 00:10:14,679 Speaker 1: did wrong, and what you can make sure to do. So, Um, 217 00:10:14,679 --> 00:10:16,680 Speaker 1: what I was talking about is them The oldest problem 218 00:10:16,720 --> 00:10:20,040 Speaker 1: that mankind has had is how do I secure my property? Um, 219 00:10:20,200 --> 00:10:21,680 Speaker 1: We'd put it into gold, and I'd have to go 220 00:10:21,760 --> 00:10:23,600 Speaker 1: bury that gold and have to make a treasure map. 221 00:10:23,679 --> 00:10:25,280 Speaker 1: But I have to protect that treasure map if it 222 00:10:25,280 --> 00:10:27,439 Speaker 1: doesn't burn up in my house or someone steals at etcetera, 223 00:10:27,520 --> 00:10:30,679 Speaker 1: or I lose it, I forget it, etcetera. Um. So then, um, eventually, 224 00:10:30,679 --> 00:10:32,240 Speaker 1: if you have more gold it take, you have to 225 00:10:32,720 --> 00:10:34,960 Speaker 1: you have to spend more time and energy and resources 226 00:10:35,000 --> 00:10:37,079 Speaker 1: to secure that gold. I may have to hire security 227 00:10:37,080 --> 00:10:38,440 Speaker 1: forces where I put it in the bank. And then 228 00:10:38,480 --> 00:10:44,680 Speaker 1: eventually under A two the banks stole your gold. So 229 00:10:45,360 --> 00:10:47,160 Speaker 1: you think you have to protect it from like robbers, 230 00:10:47,160 --> 00:10:48,920 Speaker 1: and the governments there to help you protect your private property. 231 00:10:48,960 --> 00:10:53,199 Speaker 1: But then the government stole your gold, so what can 232 00:10:53,240 --> 00:10:56,400 Speaker 1: we do? So Bitcoin fixes this, so I can now 233 00:10:56,480 --> 00:10:59,400 Speaker 1: take custody of my bitcoin, similar like I could take 234 00:10:59,400 --> 00:11:01,240 Speaker 1: cusso of my goal. The problem is with my gold 235 00:11:01,280 --> 00:11:03,000 Speaker 1: is I had to bury in the ground right where 236 00:11:03,000 --> 00:11:05,600 Speaker 1: I had to hire armed guards. With bitcoin, I can 237 00:11:05,640 --> 00:11:10,480 Speaker 1: secure it cryptographically. So there's a cryptographic key. And as 238 00:11:10,520 --> 00:11:13,560 Speaker 1: long as I secure that key, it costs me zero 239 00:11:13,679 --> 00:11:16,920 Speaker 1: dollars to secure it. It takes no money, it takes 240 00:11:17,120 --> 00:11:19,480 Speaker 1: no resources. I don't need any guards, I don't need 241 00:11:19,480 --> 00:11:21,600 Speaker 1: any vault, I don't need any safe I don't need 242 00:11:21,640 --> 00:11:23,720 Speaker 1: the government or banks to secure it for me. I 243 00:11:23,760 --> 00:11:28,400 Speaker 1: can do it myself. Now here's the problem. Just like 244 00:11:28,440 --> 00:11:30,400 Speaker 1: if I buried my gold in the ground and I 245 00:11:30,440 --> 00:11:32,680 Speaker 1: made a treasure map to go find my gold, because 246 00:11:32,679 --> 00:11:34,040 Speaker 1: he's sure as heck wouldn't want to lose it, or 247 00:11:34,040 --> 00:11:35,600 Speaker 1: if I died, my wife would have the map or 248 00:11:35,600 --> 00:11:38,960 Speaker 1: something like that. Um bitcoin is also similar. I also 249 00:11:39,000 --> 00:11:41,400 Speaker 1: need a treasure map for my bitcoin, and I don't 250 00:11:41,400 --> 00:11:42,760 Speaker 1: need a treasure map. What I need is I need 251 00:11:42,800 --> 00:11:45,760 Speaker 1: a key. I need a key, a cryptographic key to 252 00:11:45,920 --> 00:11:48,360 Speaker 1: access my bitcoin. Now you've heard of there was a 253 00:11:48,400 --> 00:11:50,240 Speaker 1: story going around the news. I think a couple of 254 00:11:50,280 --> 00:11:51,959 Speaker 1: months ago, some guy I think in New York or 255 00:11:52,000 --> 00:11:53,880 Speaker 1: on the East coast somewhere, had mine a bunch of 256 00:11:53,920 --> 00:11:58,360 Speaker 1: bitcoin and throwing his computer away, and he's actively trying 257 00:11:58,360 --> 00:12:00,800 Speaker 1: to locate this computer in the in the dump, in 258 00:12:00,840 --> 00:12:03,120 Speaker 1: the trash dumps because it's got I don't know, billions 259 00:12:03,120 --> 00:12:06,079 Speaker 1: of dollars on it or something like that. Um. But 260 00:12:06,080 --> 00:12:08,360 Speaker 1: what he what he needs is is key. It's not 261 00:12:08,400 --> 00:12:10,520 Speaker 1: on the computer. What you need is the key, and 262 00:12:10,559 --> 00:12:12,440 Speaker 1: the key is kind of like that treasure map. I 263 00:12:12,520 --> 00:12:14,000 Speaker 1: have to protect the key, just like I have to 264 00:12:14,000 --> 00:12:16,440 Speaker 1: protect my treasure map. The good thing is it's much 265 00:12:16,480 --> 00:12:18,000 Speaker 1: easier to do that. And we're gonna talk about that 266 00:12:18,000 --> 00:12:21,480 Speaker 1: in a minute, all right. But there's there's two things 267 00:12:21,520 --> 00:12:23,000 Speaker 1: that I want to I want to break apart for you. 268 00:12:23,040 --> 00:12:26,120 Speaker 1: So one, just like gold, I could secure it myself. 269 00:12:26,240 --> 00:12:27,560 Speaker 1: I can put it in my safe at my house. 270 00:12:27,559 --> 00:12:28,679 Speaker 1: I could bury it in the ground and have a 271 00:12:28,679 --> 00:12:31,600 Speaker 1: treasure map. Or I could give it to a bank 272 00:12:31,720 --> 00:12:33,640 Speaker 1: and let the bank secure it for me. The bank 273 00:12:33,760 --> 00:12:37,360 Speaker 1: security is better than my security. And if I lose 274 00:12:37,440 --> 00:12:39,400 Speaker 1: my map or my key, I could go to the 275 00:12:39,440 --> 00:12:41,640 Speaker 1: bank and show them my ID and they would still 276 00:12:41,720 --> 00:12:43,760 Speaker 1: let me in. I don't have to secure a map. 277 00:12:44,320 --> 00:12:47,080 Speaker 1: The bank takes care of all of that for me. 278 00:12:47,920 --> 00:12:51,000 Speaker 1: The problem is now I'm at risk of the bank 279 00:12:51,440 --> 00:12:54,760 Speaker 1: stealing my gold or my bitcoin. And I know that 280 00:12:54,760 --> 00:12:59,080 Speaker 1: sounds crazy, but it happened. Two They stole the book, 281 00:12:59,080 --> 00:13:02,480 Speaker 1: they stole the gold. If the gold wasn't in the banks, 282 00:13:02,840 --> 00:13:04,400 Speaker 1: they wouldn't have been able to steal it. Imagine the 283 00:13:04,440 --> 00:13:06,880 Speaker 1: move riding across the countryside, across the open plaine, going 284 00:13:06,920 --> 00:13:09,920 Speaker 1: house to house to house with a nation armed with guns, 285 00:13:09,960 --> 00:13:11,760 Speaker 1: and they're gonna take everyone's gold. And would it never 286 00:13:11,800 --> 00:13:13,360 Speaker 1: worked because it was in the bank. Was easy. So 287 00:13:14,200 --> 00:13:16,480 Speaker 1: these are the options with bitcoin. Do I secure myself 288 00:13:16,800 --> 00:13:18,480 Speaker 1: or do I leave it on an exchange like coin 289 00:13:18,520 --> 00:13:20,600 Speaker 1: base or Jim and I are cracking or whatever fill 290 00:13:20,640 --> 00:13:22,160 Speaker 1: in the blank. My buddy left it on coin Base, 291 00:13:22,679 --> 00:13:25,040 Speaker 1: which by the way, is like I said, pretty safe. 292 00:13:25,080 --> 00:13:27,360 Speaker 1: But he made a mistakes. So that's the problem. But 293 00:13:27,679 --> 00:13:29,680 Speaker 1: I can so I can secure it myself and I 294 00:13:29,679 --> 00:13:31,800 Speaker 1: don't have to worry about any counterparty risk, but now 295 00:13:31,920 --> 00:13:34,400 Speaker 1: I'm responsible for security. Or I give it to coin 296 00:13:34,440 --> 00:13:36,800 Speaker 1: base or the bank and I let them secure it 297 00:13:36,840 --> 00:13:39,440 Speaker 1: for me, all right, So that my buddy chose coin Base. 298 00:13:39,800 --> 00:13:42,199 Speaker 1: Those are the two options. He chose coin Base. But 299 00:13:42,400 --> 00:13:46,400 Speaker 1: here's a couple of things that happened. Now, Uh, let 300 00:13:46,400 --> 00:13:48,440 Speaker 1: me let me So that's the pros and cons. Right, 301 00:13:48,480 --> 00:13:50,440 Speaker 1: I can secure it myself, but now have to trust myself, 302 00:13:51,200 --> 00:13:54,360 Speaker 1: um or I give someone else I trust them. So 303 00:13:54,800 --> 00:13:57,720 Speaker 1: what happened? Okay? Well, like I said, there's there's plenty 304 00:13:57,720 --> 00:13:59,839 Speaker 1: of risks that can happen with having somebody else in 305 00:13:59,880 --> 00:14:03,880 Speaker 1: an exchange hold your bitcoin for As a matter of fact, UM, 306 00:14:04,040 --> 00:14:06,960 Speaker 1: I haven't really talked about this publicly yet. UM give 307 00:14:07,000 --> 00:14:11,040 Speaker 1: me next another month and I'm gonna name names here. Um. 308 00:14:11,080 --> 00:14:15,040 Speaker 1: But I had twenty seven bitcoin taken out of my 309 00:14:15,040 --> 00:14:18,000 Speaker 1: my um my exchange account. So a lot of a 310 00:14:18,000 --> 00:14:19,800 Speaker 1: lot of times people think I leave it on the exchange, 311 00:14:19,800 --> 00:14:23,640 Speaker 1: whether it's like I said, cracking Gemini, cooin based bittricks whatever. Um. 312 00:14:23,680 --> 00:14:25,480 Speaker 1: And and it's safe. But just like my buddy lost 313 00:14:25,520 --> 00:14:27,680 Speaker 1: a million dollars with bitcoin, I lost twenty seven bitcoin 314 00:14:27,720 --> 00:14:29,760 Speaker 1: at one time. It's about it's about a quarter million 315 00:14:29,800 --> 00:14:32,520 Speaker 1: dollars at the time. Um, So it's it's not that safe, 316 00:14:32,880 --> 00:14:34,920 Speaker 1: um like you think it is. Now coin Base they 317 00:14:34,960 --> 00:14:37,520 Speaker 1: have like a vault. So oncoin base, that can secure 318 00:14:37,560 --> 00:14:39,240 Speaker 1: my account. I can put in a vault. But here's 319 00:14:39,240 --> 00:14:41,640 Speaker 1: a couple of problems. The first thing is when I 320 00:14:41,680 --> 00:14:45,920 Speaker 1: log into any account UM typically whether it's coin based 321 00:14:45,960 --> 00:14:50,239 Speaker 1: or Gemini cracking, et cetera, bittricks UM, you can secure 322 00:14:50,280 --> 00:14:54,680 Speaker 1: your account with what's called two factor authentication to f A. 323 00:14:54,680 --> 00:14:56,160 Speaker 1: All right, and what that means is that when you 324 00:14:56,200 --> 00:14:59,880 Speaker 1: log into your account, it UM sends you or asked 325 00:15:00,000 --> 00:15:02,960 Speaker 1: you can put in a code from an authentication device. 326 00:15:03,360 --> 00:15:06,640 Speaker 1: So most people use Google Authenticator. You can download it 327 00:15:06,640 --> 00:15:08,880 Speaker 1: for free in the app store. And then UM what 328 00:15:08,920 --> 00:15:10,240 Speaker 1: you do is when you set up your coin based 329 00:15:10,240 --> 00:15:12,080 Speaker 1: account or whatever exchange account you have, it shows you 330 00:15:12,120 --> 00:15:14,360 Speaker 1: look your code. You open up the Google app, you 331 00:15:14,400 --> 00:15:16,400 Speaker 1: scandy QR code. It creates a unique key, and so 332 00:15:16,440 --> 00:15:19,680 Speaker 1: when I log in, it asked me for a second authentication. 333 00:15:19,720 --> 00:15:21,920 Speaker 1: So it says, okay, you put in your using you're 334 00:15:21,960 --> 00:15:24,400 Speaker 1: using name of password, email password, but now we need 335 00:15:24,440 --> 00:15:27,600 Speaker 1: this code from this device. Al right. Well, the first 336 00:15:27,600 --> 00:15:31,520 Speaker 1: problem is, first off, don't reuse passwords, so always use 337 00:15:31,720 --> 00:15:35,280 Speaker 1: a hard unique password. Every time I use something called 338 00:15:35,360 --> 00:15:39,040 Speaker 1: last pass. Last pass gives me generates this this hard password, 339 00:15:39,040 --> 00:15:41,360 Speaker 1: and I say it's hard. It's a minimum of eight characters, 340 00:15:41,400 --> 00:15:46,880 Speaker 1: usually sixteen characters, and it's letters, numbers, caps, small caps, symbols, etcetera. 341 00:15:47,240 --> 00:15:49,960 Speaker 1: So make sure one you have a unique password to 342 00:15:50,480 --> 00:15:52,800 Speaker 1: it asked for that second factor authentication, So you want 343 00:15:52,800 --> 00:15:55,200 Speaker 1: to make sure you have that turned on. If you 344 00:15:55,240 --> 00:15:58,720 Speaker 1: don't have that turned on, that's a big problem. Um. 345 00:15:58,760 --> 00:16:02,360 Speaker 1: And so the third problem is that you should also 346 00:16:02,560 --> 00:16:07,400 Speaker 1: be using a separate email. Use a separate email. So 347 00:16:07,600 --> 00:16:10,200 Speaker 1: if you have a Gmail account or whatever email account 348 00:16:10,240 --> 00:16:12,760 Speaker 1: you have, if your email gets hacked, they could also 349 00:16:12,840 --> 00:16:16,200 Speaker 1: do this, all right, So those are three steps that 350 00:16:16,240 --> 00:16:19,520 Speaker 1: you could do. One to f A to UM, use 351 00:16:19,520 --> 00:16:22,040 Speaker 1: a hard password, and three use a separate email. Now 352 00:16:22,040 --> 00:16:24,000 Speaker 1: here's where my buddy went wrong, and here's where most 353 00:16:24,000 --> 00:16:27,760 Speaker 1: people are going wrong. Two ways he went wrong. One 354 00:16:28,280 --> 00:16:32,800 Speaker 1: he used his primary email address to log into his account. 355 00:16:33,400 --> 00:16:37,280 Speaker 1: And two he used the to f A this two 356 00:16:37,280 --> 00:16:40,560 Speaker 1: factor authentication app. The Google app was on his phone. 357 00:16:41,400 --> 00:16:43,480 Speaker 1: It was on his phone, which of course everybody uses 358 00:16:43,480 --> 00:16:45,480 Speaker 1: it on their phone. That's the whole point, right, Mark, 359 00:16:46,240 --> 00:16:48,920 Speaker 1: You go on your iPhone, your app store, and you're 360 00:16:48,920 --> 00:16:52,240 Speaker 1: doneload the app on your phone. That's how you use it, right, Well, 361 00:16:52,480 --> 00:16:54,120 Speaker 1: that's how you're probably using it. That's how he was 362 00:16:54,200 --> 00:16:56,760 Speaker 1: using it. But that is the problem because what happens 363 00:16:56,880 --> 00:17:01,040 Speaker 1: is these hackers they get into your phone and then 364 00:17:01,160 --> 00:17:03,440 Speaker 1: not only do they have your email, but they also 365 00:17:03,520 --> 00:17:07,680 Speaker 1: have your two f a device on your phone. So 366 00:17:08,040 --> 00:17:10,159 Speaker 1: how do they do that, Well, there's any number of 367 00:17:10,200 --> 00:17:13,239 Speaker 1: ways they do that, and one would be, you know, 368 00:17:13,800 --> 00:17:15,840 Speaker 1: the old way, the fishing way. As you clicked on 369 00:17:15,880 --> 00:17:19,840 Speaker 1: some link, so they sent you some email and it says, hey, 370 00:17:19,880 --> 00:17:22,520 Speaker 1: there's a problem with your PayPal account or your um 371 00:17:22,640 --> 00:17:25,239 Speaker 1: whatever account. I don't know what your coin basic could be, 372 00:17:25,280 --> 00:17:27,720 Speaker 1: whatever account it is, right, So you see some some 373 00:17:27,840 --> 00:17:29,960 Speaker 1: email like that and um, hey you need you know, 374 00:17:30,000 --> 00:17:31,560 Speaker 1: there's a problem. We sent you, an alert, was sent you, 375 00:17:31,560 --> 00:17:33,320 Speaker 1: an update was sent you something you know, click here 376 00:17:33,359 --> 00:17:35,200 Speaker 1: to log intor account. So you click on that link 377 00:17:35,240 --> 00:17:37,560 Speaker 1: and what it does it puts some sort of malware 378 00:17:37,680 --> 00:17:39,760 Speaker 1: or some sort of virus on your phone and then 379 00:17:39,960 --> 00:17:41,439 Speaker 1: they can track your phone that way. So that's one 380 00:17:41,440 --> 00:17:43,600 Speaker 1: way it can happen. To another way that happened, and 381 00:17:43,640 --> 00:17:45,600 Speaker 1: this happens a lot. Go ahead and google this. You'll 382 00:17:45,600 --> 00:17:48,280 Speaker 1: find thousands and thousands of cases of This is what's 383 00:17:48,440 --> 00:17:51,040 Speaker 1: called like a simswap attack. And so what they do 384 00:17:51,160 --> 00:17:55,560 Speaker 1: is somebody will um call the phone company and then they'll, 385 00:17:55,880 --> 00:17:58,440 Speaker 1: you know, give them some song and dance and get 386 00:17:58,480 --> 00:18:00,960 Speaker 1: them to swap over your um. You're listening to the 387 00:18:00,960 --> 00:18:03,240 Speaker 1: Markoll Show. We're talking about bitcoin. We're talking specifically on 388 00:18:03,240 --> 00:18:05,320 Speaker 1: how to secure it. My friend just lost a million 389 00:18:05,320 --> 00:18:07,160 Speaker 1: dollars this week. I want to make sure you don't 390 00:18:07,200 --> 00:18:08,879 Speaker 1: lose any money. I'm gonna give you the steps that 391 00:18:08,920 --> 00:18:11,080 Speaker 1: you need to do secure it. Don't go away, We 392 00:18:11,160 --> 00:18:13,280 Speaker 1: right back, all right, welcome back. You're listening to the 393 00:18:13,280 --> 00:18:15,480 Speaker 1: Mark Moa Show. We're talking about bitcoin. Each and every week. 394 00:18:15,560 --> 00:18:19,920 Speaker 1: We're talking about the decentralized revolution that's happening right before 395 00:18:20,080 --> 00:18:22,359 Speaker 1: very eyes that we're living through. We're witnessing. It is 396 00:18:22,400 --> 00:18:27,280 Speaker 1: a revolution and it is going to be massive. And 397 00:18:27,280 --> 00:18:30,160 Speaker 1: today we're talking about loss, but more importantly, we're talking 398 00:18:30,160 --> 00:18:32,960 Speaker 1: about how to protect ourselves from loss, because I don't 399 00:18:32,960 --> 00:18:34,600 Speaker 1: want to have lost. I told you, you know, I 400 00:18:34,680 --> 00:18:37,600 Speaker 1: lost in today's dollars two million dollars worth a bitcoin. 401 00:18:38,400 --> 00:18:39,840 Speaker 1: Eventually it will be a hundred million dollars for the 402 00:18:39,880 --> 00:18:41,520 Speaker 1: bitcoin that I lost, and I don't want that to 403 00:18:41,520 --> 00:18:43,240 Speaker 1: happen to you. My buddy just this week lost a 404 00:18:43,280 --> 00:18:45,480 Speaker 1: million dollars a bitcoin, and so I'm explaining how to 405 00:18:45,680 --> 00:18:48,240 Speaker 1: secure that. So he was sitting on coin base, which 406 00:18:48,240 --> 00:18:50,639 Speaker 1: you would think is pretty safe. Um, he relied on 407 00:18:50,760 --> 00:18:53,200 Speaker 1: them for a security, but he had some problems. So 408 00:18:53,440 --> 00:18:56,800 Speaker 1: the first thing is that, UM, when you log in, 409 00:18:56,880 --> 00:19:00,479 Speaker 1: you need to have a separate hard password, unique password 410 00:19:00,480 --> 00:19:03,040 Speaker 1: that you even't use anywhere. Um. And then the to 411 00:19:03,240 --> 00:19:05,320 Speaker 1: f A, the second factor authentication, you need to have 412 00:19:05,400 --> 00:19:07,960 Speaker 1: that turned on. But what you need to do is 413 00:19:08,040 --> 00:19:10,600 Speaker 1: make sure that your to f A device is not 414 00:19:10,800 --> 00:19:16,280 Speaker 1: on your primary phone. Okay, so what I do is, um, 415 00:19:16,320 --> 00:19:18,639 Speaker 1: I have an old Android phone. You can go to 416 00:19:18,680 --> 00:19:21,960 Speaker 1: Walmart and buy one for fifty bucks and wipe it clean. 417 00:19:22,000 --> 00:19:23,600 Speaker 1: I mean, if it's branding from Walmart, you don't have 418 00:19:23,640 --> 00:19:25,240 Speaker 1: to my old phone. I just you know when of 419 00:19:25,280 --> 00:19:28,160 Speaker 1: the settings and factory reset reset it. And I used 420 00:19:28,240 --> 00:19:31,240 Speaker 1: that as my two f A device. So the reason 421 00:19:31,280 --> 00:19:33,840 Speaker 1: why is it's not on my primary phone. So if 422 00:19:33,880 --> 00:19:36,680 Speaker 1: my phone is hacked, which is the target, right, people 423 00:19:36,680 --> 00:19:39,000 Speaker 1: are gonna try and attack my phone, they can't get 424 00:19:39,000 --> 00:19:41,080 Speaker 1: my two factor authentication. So with my buddy who lost 425 00:19:41,119 --> 00:19:44,280 Speaker 1: a million dollars security and bitcoint it's all in coin based, 426 00:19:44,359 --> 00:19:47,159 Speaker 1: is all good. But somebody hacked his phone. And I 427 00:19:47,200 --> 00:19:48,560 Speaker 1: was explaining, so one way to do that as you 428 00:19:48,600 --> 00:19:50,760 Speaker 1: click on a malicious link. You know. Um, So if 429 00:19:50,760 --> 00:19:52,159 Speaker 1: you ever see an email it says, hey, there's an 430 00:19:52,160 --> 00:19:54,000 Speaker 1: alert and update. We have something for you. Click here 431 00:19:54,000 --> 00:19:56,840 Speaker 1: to log into your account, don't do it. Don't click 432 00:19:56,880 --> 00:19:58,960 Speaker 1: on that link. Um. If if you think, if you 433 00:19:58,960 --> 00:20:01,400 Speaker 1: think it's legit, just go to the actual website, log 434 00:20:01,400 --> 00:20:03,080 Speaker 1: into your account and then the message should be there. 435 00:20:03,080 --> 00:20:05,040 Speaker 1: Don't click on the links. That's one Another way I 436 00:20:05,040 --> 00:20:07,080 Speaker 1: was saying is that they do like the simswap attacks 437 00:20:07,480 --> 00:20:10,080 Speaker 1: where they'll go to the phone company and they'll you know, 438 00:20:10,600 --> 00:20:12,359 Speaker 1: I don't know, I don't know the story. They'll cry, 439 00:20:12,359 --> 00:20:15,439 Speaker 1: they'll beg, they'll plead whatever. Um, you know, I I 440 00:20:15,560 --> 00:20:17,240 Speaker 1: need to you know, get into my account and to 441 00:20:17,320 --> 00:20:20,240 Speaker 1: change my account whatever. Um, I don't know all the 442 00:20:20,240 --> 00:20:22,960 Speaker 1: stories they tell. I haven't done it, but they'll get 443 00:20:22,960 --> 00:20:25,560 Speaker 1: the phone company to give them access to your account. 444 00:20:25,840 --> 00:20:29,280 Speaker 1: A T and T, Verizon, T Mobile, they're all being 445 00:20:29,280 --> 00:20:32,240 Speaker 1: sued for this. It all happens, um. And So the 446 00:20:32,280 --> 00:20:35,760 Speaker 1: point is is if somebody were to hack my phone, 447 00:20:36,320 --> 00:20:38,840 Speaker 1: it wouldn't matter because my two f A device isn't 448 00:20:38,960 --> 00:20:40,560 Speaker 1: on there. So this is most likely what happened to 449 00:20:40,560 --> 00:20:43,800 Speaker 1: my buddy. Um, they got into his phone somehow. Um 450 00:20:43,800 --> 00:20:46,200 Speaker 1: they went to coin base. Uh, they probably they got 451 00:20:46,240 --> 00:20:47,960 Speaker 1: into his phone. They got into his email. He was 452 00:20:48,040 --> 00:20:52,000 Speaker 1: using MSN MSN email, so he's still to this day, 453 00:20:52,040 --> 00:20:54,159 Speaker 1: it's been a couple of weeks now, Um, he hasn't 454 00:20:54,160 --> 00:20:57,400 Speaker 1: been able to get his ms in email even recovered. 455 00:20:57,880 --> 00:21:01,000 Speaker 1: So they got into his phone somehow. He doesn't know how. 456 00:21:01,520 --> 00:21:04,720 Speaker 1: It's not The point is not to try to secure 457 00:21:04,760 --> 00:21:06,760 Speaker 1: your phone. The point is to not make your phone 458 00:21:06,800 --> 00:21:08,560 Speaker 1: the weak point. So I don't know how he got 459 00:21:08,600 --> 00:21:10,840 Speaker 1: on his phone. Maybe he clicked on a link, maybe 460 00:21:10,840 --> 00:21:13,520 Speaker 1: they maybe they got into the phone company. Maybe there's 461 00:21:13,520 --> 00:21:15,280 Speaker 1: somebody on the inside at one of these phone companies. 462 00:21:15,320 --> 00:21:17,440 Speaker 1: I don't know. And the point is not to try 463 00:21:17,440 --> 00:21:18,680 Speaker 1: to fix that. The point is not to make that 464 00:21:18,720 --> 00:21:20,359 Speaker 1: a weak point. So they got into his phone, they 465 00:21:20,359 --> 00:21:23,600 Speaker 1: found at his email. Um, they probably searched his email. 466 00:21:23,600 --> 00:21:25,600 Speaker 1: They found you know, whatever crypto accounts he had. They 467 00:21:25,600 --> 00:21:27,639 Speaker 1: probably found his coin based account, and now they have 468 00:21:27,680 --> 00:21:31,400 Speaker 1: his email to log in. But UM, and then they 469 00:21:31,440 --> 00:21:33,960 Speaker 1: can they do a password reset which sends to his email, 470 00:21:33,960 --> 00:21:36,240 Speaker 1: which they have access to his email right, and then 471 00:21:36,320 --> 00:21:38,359 Speaker 1: they log in and goes to to f A. You know, 472 00:21:38,400 --> 00:21:40,480 Speaker 1: they want the second factor authentication, but they have his phone, 473 00:21:40,520 --> 00:21:41,879 Speaker 1: so then they just generate the key right on his 474 00:21:41,920 --> 00:21:45,960 Speaker 1: phone and they logged into his account. So they locked 475 00:21:46,040 --> 00:21:47,880 Speaker 1: him out of his ms and account. So they logged 476 00:21:47,880 --> 00:21:50,080 Speaker 1: into his ms AN account, locked him out, changed the 477 00:21:50,080 --> 00:21:53,560 Speaker 1: password on that, UM, gained access to his coin base account, 478 00:21:54,080 --> 00:21:57,679 Speaker 1: and most likely transferred all his bitcoin out of there, 479 00:21:57,680 --> 00:21:59,720 Speaker 1: out of his account and into one of their accounts. 480 00:22:00,119 --> 00:22:01,560 Speaker 1: And it's been a couple of weeks now and to 481 00:22:01,640 --> 00:22:03,240 Speaker 1: this day he still hasn't got access to his coin 482 00:22:03,240 --> 00:22:04,960 Speaker 1: Basse account either. So he hasn't got access to his 483 00:22:05,000 --> 00:22:07,240 Speaker 1: ms AN account or his coin Base account even to 484 00:22:07,280 --> 00:22:09,320 Speaker 1: this day. So the point is, like I said, not 485 00:22:09,359 --> 00:22:11,159 Speaker 1: to try to figure out how to secure your phone. 486 00:22:11,359 --> 00:22:13,439 Speaker 1: The point is is not to make your phone a 487 00:22:13,480 --> 00:22:15,880 Speaker 1: week point. And you do that by again one having 488 00:22:15,920 --> 00:22:19,720 Speaker 1: a unique hard password. Use something like last pass to 489 00:22:20,119 --> 00:22:24,080 Speaker 1: organize them too. UM. Do not use your primary phone 490 00:22:24,200 --> 00:22:28,879 Speaker 1: as your second factor authentication, use a secondary device. Go 491 00:22:29,040 --> 00:22:31,399 Speaker 1: spend fifty bucks at Walmart. Buy an old phone or 492 00:22:31,440 --> 00:22:33,680 Speaker 1: use an old one and just factory reset it, UH 493 00:22:33,720 --> 00:22:35,919 Speaker 1: fifty bucks. Even if you have to spend five hundred 494 00:22:35,960 --> 00:22:38,480 Speaker 1: dollars on a new phone, it's still cheaper than losing 495 00:22:38,480 --> 00:22:40,360 Speaker 1: a million dollars a bit worn like my buddy did. Right, 496 00:22:40,480 --> 00:22:44,640 Speaker 1: So get that secondary device. And then third, don't use 497 00:22:44,680 --> 00:22:47,720 Speaker 1: an email that's your primary email. So I use an 498 00:22:47,760 --> 00:22:51,479 Speaker 1: email from Proton Proton Mail. It's like a secure encrypted email. 499 00:22:52,400 --> 00:22:55,120 Speaker 1: And the only reason I ever use that email address 500 00:22:55,200 --> 00:22:58,199 Speaker 1: is to log into exchange accounts. That's it. Nobody knows it. 501 00:22:58,600 --> 00:23:01,239 Speaker 1: I barely remember what it is. Um. I only use 502 00:23:01,320 --> 00:23:03,920 Speaker 1: that email to log in. So if somebody got access 503 00:23:03,960 --> 00:23:07,200 Speaker 1: to my phone, they would never find out the email 504 00:23:07,560 --> 00:23:10,520 Speaker 1: that I used to log into exchanges. Um, they wouldn't 505 00:23:10,560 --> 00:23:14,560 Speaker 1: be able to find my password because it's a unique 506 00:23:14,560 --> 00:23:16,879 Speaker 1: hard pass where everyone and even if they got all that, 507 00:23:16,880 --> 00:23:18,080 Speaker 1: they wouldn't be able to do the to f A 508 00:23:18,119 --> 00:23:19,680 Speaker 1: because I don't keep it on my phone. I keep 509 00:23:19,680 --> 00:23:21,880 Speaker 1: it on another device. If he would have just done 510 00:23:21,920 --> 00:23:24,480 Speaker 1: those things, he would have had a million dollars back, 511 00:23:24,600 --> 00:23:27,160 Speaker 1: or he wouldn't have lost his million dollars. That's saying, 512 00:23:27,720 --> 00:23:30,359 Speaker 1: and so um, that's it. That's how you protect yourself 513 00:23:30,440 --> 00:23:32,240 Speaker 1: from the SIM swap. It's how you protect yourself from 514 00:23:32,240 --> 00:23:34,639 Speaker 1: getting hacked, etcetera. All right, but that's only part of it. 515 00:23:34,840 --> 00:23:36,360 Speaker 1: That's only part of it, all right. So there's I'm 516 00:23:36,359 --> 00:23:38,560 Speaker 1: gonna talk to you in stages, all right. Like I said, 517 00:23:38,560 --> 00:23:42,400 Speaker 1: with gold, the more gold you have, the more UM 518 00:23:42,560 --> 00:23:46,080 Speaker 1: lengths you have to go to to secure it. Right, 519 00:23:46,119 --> 00:23:48,199 Speaker 1: If I have a couple hundred dollars worth, it's not 520 00:23:48,240 --> 00:23:49,320 Speaker 1: that big of a deal. If I have a couple 521 00:23:49,359 --> 00:23:51,639 Speaker 1: of million dollars worth, it's a much bigger deal. If 522 00:23:51,640 --> 00:23:54,440 Speaker 1: I have a few billion dollars worth, and it's it's 523 00:23:54,440 --> 00:23:57,240 Speaker 1: a serious series problem. Right And so UM, that's that's 524 00:23:57,280 --> 00:24:00,000 Speaker 1: the first step. Separate email, Separate to f a device, 525 00:24:01,160 --> 00:24:04,320 Speaker 1: any card password, all right, Now, that takes care of 526 00:24:04,320 --> 00:24:06,600 Speaker 1: it if you have it on exchange like a coin 527 00:24:06,640 --> 00:24:09,320 Speaker 1: base or or something like that. UM. Also you can 528 00:24:09,359 --> 00:24:12,399 Speaker 1: secure your accounts by one UM a lot of a 529 00:24:12,400 --> 00:24:17,960 Speaker 1: lot of exchanges. UM will limit withdraw, So for example, 530 00:24:18,359 --> 00:24:22,480 Speaker 1: you can say only addresses that I white list. Can 531 00:24:22,520 --> 00:24:24,359 Speaker 1: do that now. Of course, if they gain complete access 532 00:24:24,359 --> 00:24:26,880 Speaker 1: to your account, they can white list their own accounts. UM. 533 00:24:27,040 --> 00:24:30,120 Speaker 1: So also do that like secure, make sure noybody gets 534 00:24:30,119 --> 00:24:31,680 Speaker 1: ext you account, but then also make sure they can't 535 00:24:31,720 --> 00:24:35,160 Speaker 1: hack from within. And so one inside one of those 536 00:24:35,200 --> 00:24:38,320 Speaker 1: exchange accounts, you would add the addresses that are only 537 00:24:38,480 --> 00:24:42,200 Speaker 1: able to be white listed. UM. Coin Base has something 538 00:24:42,240 --> 00:24:46,119 Speaker 1: where it's um UM. They like a vault, so you 539 00:24:46,119 --> 00:24:47,919 Speaker 1: can move stuff into a vault, and then you can 540 00:24:47,920 --> 00:24:50,880 Speaker 1: set rules. So you could say, for example, UM, if 541 00:24:51,080 --> 00:24:54,640 Speaker 1: if a transfer is initiated, it has to wait seventy 542 00:24:54,640 --> 00:24:57,840 Speaker 1: two hours, and it has to send emails to these 543 00:24:57,880 --> 00:25:01,000 Speaker 1: three different emails. UM. So even if they got control 544 00:25:01,040 --> 00:25:03,399 Speaker 1: of one your primary email, it would still get notified 545 00:25:03,440 --> 00:25:05,440 Speaker 1: of these two or three other emails. Right, So you 546 00:25:05,440 --> 00:25:07,120 Speaker 1: can set kind of rules like that, But the first 547 00:25:07,119 --> 00:25:08,679 Speaker 1: thing is make sure they don't get access to your account, 548 00:25:08,680 --> 00:25:10,280 Speaker 1: because if they got extras you account, thing will change 549 00:25:10,280 --> 00:25:13,600 Speaker 1: those rules. So first make sure your account access secure 550 00:25:13,680 --> 00:25:16,520 Speaker 1: to take the proper steps inside. Like I said, white 551 00:25:16,520 --> 00:25:19,040 Speaker 1: list email addresses, use some of these time delayed things 552 00:25:19,119 --> 00:25:21,960 Speaker 1: like that. That's good as well. But okay, so now 553 00:25:21,960 --> 00:25:25,840 Speaker 1: that that's kind of framed up, that's if we want 554 00:25:25,880 --> 00:25:29,480 Speaker 1: to keep our bitcoin on an exchange. I don't want 555 00:25:29,520 --> 00:25:32,399 Speaker 1: to remember the whole revolution of bitcoin is that I 556 00:25:32,440 --> 00:25:35,960 Speaker 1: don't have to keep I can custody my own money. 557 00:25:36,000 --> 00:25:39,520 Speaker 1: That's the whole thing, because when I keep my bitcoin 558 00:25:39,640 --> 00:25:44,000 Speaker 1: or my cryptocurrency on an exchange, it introduces counterparty risk 559 00:25:44,160 --> 00:25:46,200 Speaker 1: that now I'm at risk of them. Now, like I said, 560 00:25:46,359 --> 00:25:50,040 Speaker 1: I believe their security is pretty good. Coin basis security 561 00:25:50,119 --> 00:25:52,520 Speaker 1: is is is really good. Now didn't help my buddy 562 00:25:52,520 --> 00:25:54,440 Speaker 1: because he didn't do all the right steps. Of course 563 00:25:54,440 --> 00:25:56,199 Speaker 1: they didn't teach you this, which is why I'm teaching you. 564 00:25:56,240 --> 00:25:58,760 Speaker 1: But now you have to worry about the risk of 565 00:25:58,840 --> 00:26:02,000 Speaker 1: coin base taking your So what could potentially happen with that? Well, 566 00:26:02,040 --> 00:26:06,360 Speaker 1: like I said, three two, they seized all the gold UM. 567 00:26:06,400 --> 00:26:08,840 Speaker 1: And we see today UM in the last this year 568 00:26:08,880 --> 00:26:12,720 Speaker 1: specifically really heating up more in Europe, but even some 569 00:26:12,760 --> 00:26:14,760 Speaker 1: regulators here in the US we've seen them starting to 570 00:26:14,800 --> 00:26:20,160 Speaker 1: talk about UM limiting custody or or or not allowing 571 00:26:20,240 --> 00:26:22,520 Speaker 1: you to take custody of your own coin. So you know, 572 00:26:22,600 --> 00:26:25,239 Speaker 1: potentially UM the government could take some action against one 573 00:26:25,240 --> 00:26:27,959 Speaker 1: of these exchanges and say, hey, you're no longer allowed 574 00:26:28,000 --> 00:26:30,760 Speaker 1: to let people withdraw their funds. They could say that, 575 00:26:30,800 --> 00:26:33,520 Speaker 1: for example, no one can no one can withdraw anymore Um, 576 00:26:33,600 --> 00:26:35,879 Speaker 1: there's countless stories of people going to you know, Cuba, 577 00:26:36,040 --> 00:26:38,080 Speaker 1: logging into their coin based account from Cuba, the IP 578 00:26:38,160 --> 00:26:39,880 Speaker 1: getting flagged and in their account it's locked. They can't 579 00:26:39,880 --> 00:26:43,680 Speaker 1: get in things like that. UM. So now I don't 580 00:26:43,680 --> 00:26:46,679 Speaker 1: want to take the risk, the counter party risk of 581 00:26:46,760 --> 00:26:50,119 Speaker 1: having them sees my money, um frees my account for 582 00:26:50,160 --> 00:26:53,200 Speaker 1: some reason, unknown reason. UM So I want to take 583 00:26:53,240 --> 00:26:55,800 Speaker 1: custody of it myself. That's that's the that's a chief decide. 584 00:26:55,840 --> 00:26:57,440 Speaker 1: So if I want to take custody with myself, how 585 00:26:57,480 --> 00:26:59,920 Speaker 1: do I do it? All? Right? Well, there's three main 586 00:27:00,240 --> 00:27:02,480 Speaker 1: ways that you can do it. I want to walk 587 00:27:02,520 --> 00:27:05,520 Speaker 1: you through those from the easiest way and then then 588 00:27:05,520 --> 00:27:09,040 Speaker 1: this uh and the single most important step you have 589 00:27:09,119 --> 00:27:11,760 Speaker 1: to take. Regardless of which of these three routes you take, 590 00:27:12,160 --> 00:27:13,760 Speaker 1: take it through the easiest way, the medium way, and 591 00:27:13,800 --> 00:27:15,199 Speaker 1: the harder way. And like I said, level up your 592 00:27:15,200 --> 00:27:17,560 Speaker 1: game in two And it depends on how much money 593 00:27:17,560 --> 00:27:20,120 Speaker 1: you have. Um. If you have just a couple of bucks, um, 594 00:27:20,320 --> 00:27:21,639 Speaker 1: you know now you don't worry about it. If you've 595 00:27:21,640 --> 00:27:23,159 Speaker 1: got a couple of million bucks, you probably want to 596 00:27:23,160 --> 00:27:25,480 Speaker 1: do the hardest the hardest way, because it's going to 597 00:27:25,560 --> 00:27:27,040 Speaker 1: be worth it. You listen to the markmo Show. We're 598 00:27:27,040 --> 00:27:30,120 Speaker 1: talking about bitcoin, cryptocurrencies and the decentralized revolution. We're talking 599 00:27:30,119 --> 00:27:34,400 Speaker 1: about how to secure your bitcoin, secure cryptocurrencies in two 600 00:27:34,640 --> 00:27:36,960 Speaker 1: My buddy just lost a million dollars this week out 601 00:27:36,960 --> 00:27:38,840 Speaker 1: of his coin base account. I don't want you to 602 00:27:38,960 --> 00:27:41,399 Speaker 1: lose a single dollar, so don't go away. I'll be 603 00:27:41,480 --> 00:27:43,480 Speaker 1: right back. All right, welcome back. You're listening to the 604 00:27:43,480 --> 00:27:46,280 Speaker 1: markma Show. We're talking about bitcoin and cryptocurrencies and the 605 00:27:46,359 --> 00:27:52,800 Speaker 1: decentralized revolution that's happening. The revolution is lots of things, um, 606 00:27:53,080 --> 00:27:55,080 Speaker 1: talk about them eat you every week. One of the 607 00:27:55,119 --> 00:27:58,199 Speaker 1: most revolutionary things about this is that now I have 608 00:27:58,240 --> 00:27:59,920 Speaker 1: a way to secure my property in a way that 609 00:28:00,040 --> 00:28:01,800 Speaker 1: nobody can steal it. And not only do I have 610 00:28:01,840 --> 00:28:03,080 Speaker 1: a way to do that, I have a way to 611 00:28:03,119 --> 00:28:06,320 Speaker 1: do it that cost me no money, cost me no money, um, 612 00:28:06,359 --> 00:28:07,800 Speaker 1: and it's portable. I can take it with me anywhere 613 00:28:07,840 --> 00:28:09,919 Speaker 1: I want. It's pretty amazing. But the problem is that 614 00:28:09,920 --> 00:28:15,080 Speaker 1: now the responsibility lies on me to secure it. UM. 615 00:28:15,119 --> 00:28:17,200 Speaker 1: I just went and saw the New Spider Man movie 616 00:28:17,240 --> 00:28:22,280 Speaker 1: with my kids over the weekend, and uh, I think 617 00:28:22,320 --> 00:28:23,840 Speaker 1: I saw the very first Spider Man and then I 618 00:28:23,920 --> 00:28:26,080 Speaker 1: just seen this most recent one, and I think in 619 00:28:26,160 --> 00:28:27,639 Speaker 1: both of them they said the same thing, which is 620 00:28:28,080 --> 00:28:30,720 Speaker 1: as a spider man's uncle ben. I think in the 621 00:28:30,720 --> 00:28:33,280 Speaker 1: new one it was maybe aunt May told him I 622 00:28:33,320 --> 00:28:37,080 Speaker 1: forget anyway, But they said, hey, with great power comes 623 00:28:37,119 --> 00:28:39,880 Speaker 1: great responsibility. I think it's what they said something like that. Right, 624 00:28:39,920 --> 00:28:41,640 Speaker 1: So the more power you have, the more responsibility. And 625 00:28:41,640 --> 00:28:44,080 Speaker 1: that's kind of a bitcoin right. I have now great 626 00:28:44,120 --> 00:28:47,040 Speaker 1: power to hold to custody my own assets in a 627 00:28:47,080 --> 00:28:49,680 Speaker 1: way that nobody can steal them, but it now requires 628 00:28:49,720 --> 00:28:52,240 Speaker 1: great responsibility on my part that I don't mess it up. 629 00:28:53,200 --> 00:28:55,000 Speaker 1: And so my buddy lost a million dollars because he 630 00:28:55,000 --> 00:28:56,840 Speaker 1: didn't get it figured out right. He thought he trusted 631 00:28:56,840 --> 00:28:58,160 Speaker 1: the coin based to do it, but he didn't secure 632 00:28:58,160 --> 00:29:00,320 Speaker 1: his account properly. His phone was a week. But if 633 00:29:00,360 --> 00:29:01,640 Speaker 1: you missed all that, go back and listen to it. 634 00:29:01,640 --> 00:29:04,640 Speaker 1: I give you some good points. Now I covered why 635 00:29:04,680 --> 00:29:06,360 Speaker 1: you wouldn't want to leave it on exchange. They could 636 00:29:06,360 --> 00:29:07,560 Speaker 1: take it from me, they can see that, they could 637 00:29:07,600 --> 00:29:10,560 Speaker 1: freeze it, all those things. Um So I personally like 638 00:29:10,680 --> 00:29:13,000 Speaker 1: to custody it myself. And now there's three main ways 639 00:29:13,000 --> 00:29:14,960 Speaker 1: that you can do this, and we'll take them from 640 00:29:15,000 --> 00:29:17,200 Speaker 1: easier to harder. So the first way is simple UM 641 00:29:17,200 --> 00:29:19,920 Speaker 1: going to the app store and download any number of wallets, 642 00:29:20,440 --> 00:29:24,480 Speaker 1: so there's no shortage of cryptocurrency wallets out there that 643 00:29:24,640 --> 00:29:27,400 Speaker 1: you can use, and a couple of things that you 644 00:29:27,400 --> 00:29:30,400 Speaker 1: want to do one UM download one of the one 645 00:29:30,400 --> 00:29:33,440 Speaker 1: of the UM apps from the app store. If you're 646 00:29:33,480 --> 00:29:36,760 Speaker 1: just using bitcoin, I like blue Wallet, blue Wallt's really good, 647 00:29:37,480 --> 00:29:41,280 Speaker 1: and download the app. Now what you need to do, 648 00:29:41,480 --> 00:29:44,280 Speaker 1: And this is where most people fail right off the bat. 649 00:29:44,360 --> 00:29:46,160 Speaker 1: As a matter of fact, again, another friend of mine, 650 00:29:46,240 --> 00:29:48,840 Speaker 1: I feel bad about telling you this story. It was 651 00:29:48,880 --> 00:29:52,920 Speaker 1: a couple of years ago, probably back in when bitcoin 652 00:29:53,040 --> 00:29:55,320 Speaker 1: was in the you know, five figure range. I don't 653 00:29:55,320 --> 00:29:57,680 Speaker 1: remember what it was at the time, a couple thousand 654 00:29:57,680 --> 00:29:59,840 Speaker 1: bucks or whatever, and I was trying to get my 655 00:30:00,000 --> 00:30:01,760 Speaker 1: it into bitcoin for a while, but he just wasn't 656 00:30:01,760 --> 00:30:04,680 Speaker 1: really interested. And we went on a trip together and 657 00:30:04,680 --> 00:30:07,960 Speaker 1: I owed him some money, I think, and so I'm like, hey, 658 00:30:07,960 --> 00:30:10,880 Speaker 1: I'm gonna pay you in bitcoin because I want you 659 00:30:10,920 --> 00:30:12,440 Speaker 1: to have some skin in the games. I gave him 660 00:30:12,440 --> 00:30:15,320 Speaker 1: like bitcoin at the time. I used to spend quite 661 00:30:15,320 --> 00:30:17,480 Speaker 1: a bit of bitcoin back then, and now now I 662 00:30:17,640 --> 00:30:20,520 Speaker 1: never spend bitcoin because in the future it's worth too 663 00:30:20,560 --> 00:30:25,240 Speaker 1: much money. So like a year ago, um, I think 664 00:30:25,240 --> 00:30:27,239 Speaker 1: it was earlier this year, maybe like February March this year, 665 00:30:27,240 --> 00:30:30,520 Speaker 1: and when bitcoin got up to and he's like, hey, hey, 666 00:30:31,440 --> 00:30:33,200 Speaker 1: that that bitcoin you gave me, Like I still have it, 667 00:30:33,160 --> 00:30:36,720 Speaker 1: it's I think it's worth now, um, but I don't 668 00:30:36,720 --> 00:30:38,280 Speaker 1: don't remember how to get access to I don't remember 669 00:30:38,320 --> 00:30:39,960 Speaker 1: what happened to it. I've had like three new phones 670 00:30:40,000 --> 00:30:43,320 Speaker 1: since then, and I'm like, oh, man, like I didn't. 671 00:30:43,720 --> 00:30:47,120 Speaker 1: I didn't. I didn't educate you properly. Uh So let 672 00:30:47,120 --> 00:30:49,640 Speaker 1: me educate you properly, all right. So you download the 673 00:30:49,680 --> 00:30:51,840 Speaker 1: app on your phone and then you can transfer the 674 00:30:51,880 --> 00:30:54,240 Speaker 1: bitcoin there. So from your coin based account or whatever 675 00:30:54,320 --> 00:30:56,440 Speaker 1: you can, you can transfer it to the app on 676 00:30:56,480 --> 00:30:59,360 Speaker 1: your phone. That's your wallet, all right. But the key 677 00:30:59,480 --> 00:31:02,960 Speaker 1: thing year is that you need to back up the wallet. 678 00:31:03,080 --> 00:31:06,480 Speaker 1: You need to generate a seed phrase, So go into 679 00:31:06,480 --> 00:31:09,480 Speaker 1: the settings and create back up, and it's going to 680 00:31:09,600 --> 00:31:16,080 Speaker 1: give you twelve words that are random like uncle, monkey, banana, wrench, ocean, whatever, 681 00:31:16,440 --> 00:31:18,640 Speaker 1: like twelve random words. You can do twenty four as well, 682 00:31:19,000 --> 00:31:21,040 Speaker 1: and you want to write those down on a piece 683 00:31:21,080 --> 00:31:22,959 Speaker 1: of paper. Don't put them on the internet, don't put 684 00:31:23,000 --> 00:31:24,600 Speaker 1: them on your ever note, don't put them in Google docs. 685 00:31:24,920 --> 00:31:27,840 Speaker 1: Put them on a physical piece of paper, And that 686 00:31:28,000 --> 00:31:30,280 Speaker 1: is your key. If you if if you lose your phone, 687 00:31:30,320 --> 00:31:34,680 Speaker 1: if your phone gets stolen, um, whatever the case is. Um, 688 00:31:34,720 --> 00:31:37,160 Speaker 1: you can just go get any new wallet, download any 689 00:31:37,160 --> 00:31:38,760 Speaker 1: wallet you want, don't have to be the same one, 690 00:31:38,840 --> 00:31:41,120 Speaker 1: and you can just say restore from back up and 691 00:31:41,160 --> 00:31:43,719 Speaker 1: you put those twelve words in and you'll instantly have 692 00:31:43,880 --> 00:31:46,560 Speaker 1: your key back. All right, So that those twelve words, 693 00:31:46,600 --> 00:31:48,400 Speaker 1: that seed phrase is kind of like your treasure map 694 00:31:48,440 --> 00:31:50,560 Speaker 1: to the gold that we were talking about before. You 695 00:31:50,600 --> 00:31:52,520 Speaker 1: have to protect that just like a just like a gold. 696 00:31:52,680 --> 00:31:55,040 Speaker 1: You know, the person had to protect their gold, um 697 00:31:55,120 --> 00:31:56,880 Speaker 1: the map. You know, they don't want to burn down 698 00:31:56,960 --> 00:31:59,080 Speaker 1: their house. They don't want to fall into the wrong hands. 699 00:31:59,080 --> 00:32:00,600 Speaker 1: You have to do the same thing with a key. 700 00:32:00,800 --> 00:32:02,840 Speaker 1: Let you write down on paper as well. You might 701 00:32:02,840 --> 00:32:04,560 Speaker 1: want to make a couple of copies. You can maybe 702 00:32:04,600 --> 00:32:07,000 Speaker 1: put one at your parents house, put one and you're safe, 703 00:32:07,040 --> 00:32:08,960 Speaker 1: you know, leave one at your office or wherever you 704 00:32:09,000 --> 00:32:12,120 Speaker 1: can do that that they're safe. Alright. So that's step 705 00:32:12,200 --> 00:32:14,320 Speaker 1: number one. So like my buddy. He had gotten two 706 00:32:14,400 --> 00:32:16,120 Speaker 1: or three new phones, and he didn't remember what phone 707 00:32:16,120 --> 00:32:17,959 Speaker 1: it was on, and he didn't have a backup phrase, 708 00:32:17,960 --> 00:32:19,880 Speaker 1: and he was just stuck. Now, the good news is 709 00:32:19,920 --> 00:32:22,200 Speaker 1: he was able to go back. He didn't trade in 710 00:32:22,240 --> 00:32:24,040 Speaker 1: his old phone. He actually had it in a drawer. 711 00:32:24,160 --> 00:32:25,640 Speaker 1: He's able to find it, he's able to restore, and 712 00:32:25,680 --> 00:32:27,000 Speaker 1: he's able to get access to it. So that's the 713 00:32:27,040 --> 00:32:30,160 Speaker 1: good news. So he didn't lose it, luckily. But that's 714 00:32:30,200 --> 00:32:31,760 Speaker 1: the first thing. So downloading app on your phone, take 715 00:32:31,800 --> 00:32:34,440 Speaker 1: cussing to yourself, and back up your key, all right, now, 716 00:32:35,120 --> 00:32:37,240 Speaker 1: that's that's step on one. The problem with that is 717 00:32:37,280 --> 00:32:39,719 Speaker 1: that you're it's still on your phone, and so if 718 00:32:39,760 --> 00:32:42,400 Speaker 1: your phone gets hacked, like my buddy's phone got hacked, 719 00:32:42,600 --> 00:32:44,760 Speaker 1: then they could still get access to that because it's 720 00:32:44,760 --> 00:32:48,600 Speaker 1: on your phone. That's the problem. So the way that 721 00:32:48,680 --> 00:32:50,800 Speaker 1: I approach these, we call these like software wallets. We 722 00:32:50,840 --> 00:32:53,200 Speaker 1: call them hot wallets, hot wallets because they're always connected 723 00:32:53,200 --> 00:32:56,200 Speaker 1: to the internet. I look at those like I would 724 00:32:56,200 --> 00:32:58,760 Speaker 1: look at my my wallet, my bitcoin, my my bill fold, 725 00:32:58,840 --> 00:33:01,880 Speaker 1: or whatever you wanna call it, um, whatever money I 726 00:33:01,920 --> 00:33:04,160 Speaker 1: have have in my wallet, Like I have some cash, 727 00:33:04,200 --> 00:33:05,200 Speaker 1: I go to the a t M, I pull out 728 00:33:05,200 --> 00:33:07,240 Speaker 1: a Hunter box, I'm walking around whatever. So I'm walking 729 00:33:07,280 --> 00:33:10,760 Speaker 1: around money. If I were to lose that wallet, um 730 00:33:10,800 --> 00:33:12,719 Speaker 1: with a couple hunt a Hunter Bucks or whatever in it, 731 00:33:12,720 --> 00:33:14,040 Speaker 1: it's not the end of the world, like I'm bombed. 732 00:33:14,040 --> 00:33:15,400 Speaker 1: I don't want to lose money. You don't get me wrong, 733 00:33:15,400 --> 00:33:17,000 Speaker 1: but it's like, it's not not my life savings. I'm 734 00:33:17,000 --> 00:33:19,440 Speaker 1: not walking around with my life savings. So don't walk 735 00:33:19,480 --> 00:33:21,880 Speaker 1: around with all your bitcoin in your hot wallet on 736 00:33:21,880 --> 00:33:25,200 Speaker 1: your phone. Okay, so but you're walking around money in 737 00:33:25,280 --> 00:33:27,800 Speaker 1: that like you would with your wallet, all right, So 738 00:33:27,800 --> 00:33:29,440 Speaker 1: what do you do with the rest? Well, the rest 739 00:33:29,520 --> 00:33:32,520 Speaker 1: should go into what's called a hardware wallet or a 740 00:33:32,560 --> 00:33:36,120 Speaker 1: cold wallet cold storage. So the hot remember it's always 741 00:33:36,160 --> 00:33:38,560 Speaker 1: connect to the internet, that's on your computer or on 742 00:33:38,600 --> 00:33:41,800 Speaker 1: your phone. The cold storage is something that's not connected 743 00:33:41,840 --> 00:33:43,800 Speaker 1: to the internet. And so you can use a hardware 744 00:33:43,800 --> 00:33:47,920 Speaker 1: wallet to do that. And uh, A couple of couple 745 00:33:47,920 --> 00:33:51,600 Speaker 1: of easy ones are Treasure t e R, t t R, 746 00:33:51,800 --> 00:33:55,120 Speaker 1: e z o R, dot Io, or a Ledger. I'm 747 00:33:55,160 --> 00:33:57,120 Speaker 1: not sponsored by any of them. I'm not not telling 748 00:33:57,120 --> 00:33:59,280 Speaker 1: you which ones to use, but use this hard wallet 749 00:33:59,320 --> 00:34:01,880 Speaker 1: and what that does is that secures your key. So 750 00:34:01,960 --> 00:34:05,040 Speaker 1: my key sits. It's like a little USB device and um, 751 00:34:05,560 --> 00:34:08,560 Speaker 1: when I want to sign a transaction, I plug it 752 00:34:08,600 --> 00:34:11,080 Speaker 1: into my computer, it signs it with the key, and 753 00:34:11,080 --> 00:34:14,040 Speaker 1: then I unplug it again so it's not connected to 754 00:34:14,320 --> 00:34:16,799 Speaker 1: the computer, it's cold, and then I can put that 755 00:34:16,880 --> 00:34:20,200 Speaker 1: in my am I safe or whatever. Now, just like 756 00:34:20,280 --> 00:34:22,400 Speaker 1: the hot wallet, the app on your phone, you do 757 00:34:22,480 --> 00:34:24,799 Speaker 1: the same thing, which is when you transfer to it, 758 00:34:24,840 --> 00:34:26,719 Speaker 1: you want to back it up. You want to create 759 00:34:26,760 --> 00:34:29,160 Speaker 1: a seed phrase. Remember it's twelve or twenty four words. 760 00:34:29,440 --> 00:34:31,560 Speaker 1: Obviously the twenty four words are gonna be safer and 761 00:34:31,560 --> 00:34:33,759 Speaker 1: more secure than twelve words. You have to decide your 762 00:34:33,840 --> 00:34:37,439 Speaker 1: level of security that you want to use, all right, Um, 763 00:34:37,520 --> 00:34:40,120 Speaker 1: And then if you want to take another step further, 764 00:34:40,160 --> 00:34:42,160 Speaker 1: which is what I'm doing now, is then you create 765 00:34:42,200 --> 00:34:45,359 Speaker 1: a multi signature set up. So instead of having one 766 00:34:45,520 --> 00:34:50,560 Speaker 1: hardware wallet key, I have three. So what happens is 767 00:34:50,640 --> 00:34:54,719 Speaker 1: now in order to get a transaction signed, instead of 768 00:34:54,840 --> 00:34:58,360 Speaker 1: having um, just one key that could be stolen or 769 00:34:58,400 --> 00:35:01,560 Speaker 1: hacked or damaged or whatever, or I need three. Well, 770 00:35:01,600 --> 00:35:03,879 Speaker 1: actually what I need is I need two of three, 771 00:35:04,520 --> 00:35:06,600 Speaker 1: So I have three different keys at three different locations 772 00:35:06,640 --> 00:35:09,440 Speaker 1: and then two of the three have to sign the 773 00:35:09,480 --> 00:35:12,359 Speaker 1: transaction and that way, UM, if one of them gets 774 00:35:12,440 --> 00:35:15,200 Speaker 1: damaged or lost or stolen or hacked, they can't get 775 00:35:15,239 --> 00:35:18,680 Speaker 1: my account unless they get access to two of them 776 00:35:18,719 --> 00:35:23,680 Speaker 1: at the same time. So that's the next step. And uh, 777 00:35:23,800 --> 00:35:26,120 Speaker 1: some companies that can help you with that would be like, well, 778 00:35:26,120 --> 00:35:27,759 Speaker 1: one you can set up yourself. You can download like 779 00:35:27,800 --> 00:35:30,400 Speaker 1: specter um on your computer and then you can just 780 00:35:30,400 --> 00:35:32,680 Speaker 1: build your own multi signature I think Exodus wallet on 781 00:35:32,719 --> 00:35:34,040 Speaker 1: your computer. You can do that. So there's a few 782 00:35:34,080 --> 00:35:36,640 Speaker 1: softwares that you can build that out on your own UM, 783 00:35:36,840 --> 00:35:39,200 Speaker 1: or you can use a company a service to help 784 00:35:39,239 --> 00:35:41,520 Speaker 1: you with that. UM. The two kind of leaders in 785 00:35:41,520 --> 00:35:45,719 Speaker 1: the space are COSA and unchained cap So there's a 786 00:35:45,760 --> 00:35:50,040 Speaker 1: couple of options for you on that as well. But regardless, 787 00:35:50,320 --> 00:35:52,080 Speaker 1: even if you're using that multi sick, you're still using 788 00:35:52,080 --> 00:35:55,120 Speaker 1: that hardware wallet, the cold wallet. You still want to 789 00:35:55,120 --> 00:35:58,040 Speaker 1: back up that seed phrase. And even if you could 790 00:35:58,040 --> 00:35:59,480 Speaker 1: back it up on the Harbor wallet and you could 791 00:35:59,480 --> 00:36:01,399 Speaker 1: destroy it to hammer smash that put it inunder garbage 792 00:36:01,400 --> 00:36:03,799 Speaker 1: supposed whatever you want to do. And all you need 793 00:36:03,880 --> 00:36:07,200 Speaker 1: to know is those twelve words that is your treasure 794 00:36:07,200 --> 00:36:10,680 Speaker 1: map that you have to protect. UM. The third and 795 00:36:10,760 --> 00:36:12,560 Speaker 1: final step or I don't know what. I don't know 796 00:36:12,560 --> 00:36:14,799 Speaker 1: if it's it's probably fifth by now. The final step 797 00:36:14,920 --> 00:36:16,400 Speaker 1: is that I do is that I also use a 798 00:36:16,440 --> 00:36:19,439 Speaker 1: dedicated laptop. So I have a laptop that I bought 799 00:36:19,480 --> 00:36:21,840 Speaker 1: a couple hundred bucks, and I use that laptop to 800 00:36:22,239 --> 00:36:25,200 Speaker 1: do all my cryptocurrency stuff. I don't log in from 801 00:36:25,200 --> 00:36:29,200 Speaker 1: my primary computer with my primary email. And I don't 802 00:36:29,239 --> 00:36:32,120 Speaker 1: do that because if for some reason I got something 803 00:36:32,200 --> 00:36:34,879 Speaker 1: on my computer, they could gain access to that. So 804 00:36:35,280 --> 00:36:37,680 Speaker 1: I only use I use this brand new computer. That 805 00:36:37,800 --> 00:36:40,480 Speaker 1: the only thing it's ever done, it's never had email 806 00:36:40,560 --> 00:36:43,839 Speaker 1: on it. It's never had I've never downloaded software, I've 807 00:36:43,880 --> 00:36:46,040 Speaker 1: never listened to music, has never done anything. The only 808 00:36:46,040 --> 00:36:48,239 Speaker 1: thing that laptop has ever done is logged onto my 809 00:36:48,239 --> 00:36:52,640 Speaker 1: cryptocurrency accounts with my unique email address that I've only 810 00:36:52,680 --> 00:36:55,520 Speaker 1: ever used for crypto accounts UM and my two f 811 00:36:55,560 --> 00:36:58,000 Speaker 1: A device. It's on a separate device. And again that 812 00:36:58,080 --> 00:37:01,799 Speaker 1: laptops four bucks. But again I lost two million dollars 813 00:37:01,840 --> 00:37:04,799 Speaker 1: in bitcoin. Though spending four hundred bucks is definitely worth 814 00:37:04,840 --> 00:37:07,000 Speaker 1: it for me. What do you think I'd love to 815 00:37:07,040 --> 00:37:08,799 Speaker 1: hear your feedback. Give me a shout out. You're listening 816 00:37:08,800 --> 00:37:12,000 Speaker 1: to the Mark moa Schau talking about bitcoin. Thanks for listening.