WEBVTT - The Mark Moss Show Jan 03, 2022 0:00:00.280 --> 0:00:03.560 Everyone, Welcome to another episode of The Markma Show where 0:00:03.600 --> 0:00:07.520 we are talking about bitcoin. Are talking about the decentralized 0:00:07.560 --> 0:00:12.600 revolution that is happening right now. Was a big, big 0:00:12.680 --> 0:00:16.239 year four bitcoin for cryptocurrencies. Of course, as bitcoin is 0:00:16.280 --> 0:00:20.800 not only leading the entire cryptocurrency movement, it's also changing 0:00:21.079 --> 0:00:23.760 the world that we're living in. We're witnessing in real time. 0:00:23.760 --> 0:00:26.159 It's been pretty exciting. Um, make sure you're tuning with 0:00:26.200 --> 0:00:29.040 me each end every week on this channel at this time. 0:00:29.360 --> 0:00:31.480 Go ahead and set a reminder for this on your 0:00:31.480 --> 0:00:33.960 phone if you're not driving. If you are, why don't 0:00:33.960 --> 0:00:36.240 you wait till you pull over. But we are talking 0:00:36.240 --> 0:00:39.440 about bitcoin and it is big. It is the biggest movement. 0:00:39.479 --> 0:00:41.360 And so each and every week I try to bring 0:00:41.400 --> 0:00:44.120 to you. I don't try, I do bring to you 0:00:45.320 --> 0:00:48.000 the information, the education, the up to the minute news 0:00:48.080 --> 0:00:51.519 that you need in order to succeed in this digital revolution, 0:00:51.520 --> 0:00:54.720 this decentralized revolution that's happening. And so thank you for 0:00:54.800 --> 0:00:56.760 joining me. I'm gonna make sure that it is the 0:00:56.800 --> 0:00:59.240 most profitable part of your week, the most important part 0:00:59.280 --> 0:01:00.920 of your week. This is the information that you need 0:01:00.960 --> 0:01:05.039 to know. Now Here, we are finishing out the end 0:01:05.120 --> 0:01:09.399 of it's always that time where we can just seem to, 0:01:10.400 --> 0:01:12.600 you know, look back on the year that just happened 0:01:12.600 --> 0:01:16.520 and ask ourselves, what the heck did happen? Uh, And 0:01:16.560 --> 0:01:19.679 then we kind of have like this blank slate to 0:01:19.720 --> 0:01:23.040 make the next year the best it can be. Uh. 0:01:23.120 --> 0:01:25.160 You know a lot of people set these New Year's resolutions, 0:01:25.200 --> 0:01:26.679 and you want to make more money, and you want 0:01:26.680 --> 0:01:28.560 to lose weight, and you want to have better relationships, 0:01:28.560 --> 0:01:31.360 and on and on and on. Um. There's an old 0:01:31.440 --> 0:01:36.039 Chinese proverb that says that the best time to plant 0:01:36.120 --> 0:01:39.720 a tree it was twenty years ago. The second best 0:01:39.720 --> 0:01:42.720 time to plan a tree is today. And so we 0:01:42.760 --> 0:01:45.440 don't have to wait until New Year's in order to 0:01:45.480 --> 0:01:48.160 make these big changes, but for some reason, psychologically we do. 0:01:48.800 --> 0:01:51.640 And so UM, you know, I think Um, last week 0:01:51.680 --> 0:01:53.320 we talked about some of these things that you can do. 0:01:53.400 --> 0:01:55.800 We talked about tax lost harvesting, which is a good 0:01:55.800 --> 0:01:58.640 thing to do. UM. But I want to talk about 0:01:58.720 --> 0:02:02.120 something else today that is Ah, it's a big issue 0:02:02.360 --> 0:02:05.720 for everyone listening. It's super important and you need to 0:02:05.760 --> 0:02:09.120 make sure that you handle this properly. Um. And here 0:02:09.160 --> 0:02:10.840 at the end of the year, going into two twenty two. 0:02:10.919 --> 0:02:15.160 It's a perfect time to level up your game. All right, now, 0:02:15.160 --> 0:02:18.520 what am I talking about? Well, to set the kind 0:02:18.520 --> 0:02:21.080 of preface, what I want to explain to you today 0:02:21.120 --> 0:02:23.919 is one of my really good friends. And I hate 0:02:23.960 --> 0:02:25.360 to say that he's one of my good friends, because 0:02:25.360 --> 0:02:26.960 it shouldn't have happened to somebody that's one of my 0:02:26.960 --> 0:02:29.520 good friends. But it's happened to me as well, one 0:02:29.520 --> 0:02:31.119 of my good friends. I talked to him this last 0:02:31.160 --> 0:02:35.560 week and he lost over a million dollars of bitcoin 0:02:35.960 --> 0:02:40.440 from his coin base account. And I don't want anybody 0:02:40.480 --> 0:02:44.280 to lose a dollar, much less a million dollars out 0:02:44.280 --> 0:02:46.960 of their coin Base account, which you would think should 0:02:46.960 --> 0:02:49.560 be one of the safest places to keep your bitcoin 0:02:49.840 --> 0:02:52.960 or your cryptocurrency or whatever you have. Now, I made 0:02:53.000 --> 0:02:57.239 a video on YouTube. I think it was July this year. 0:02:57.240 --> 0:02:58.919 You can go back and find it on my YouTube channel, 0:02:58.960 --> 0:03:01.919 and it's you know how I lost two million dollars 0:03:01.960 --> 0:03:05.239 worth of bitcoin. So it's happened to me, it happened 0:03:05.240 --> 0:03:07.240 to one of my one of my good friends, and 0:03:07.280 --> 0:03:09.960 it can certainly happened to you. Happens to thousands of 0:03:10.000 --> 0:03:13.600 thousands of people, and and this year finishing that this year. 0:03:13.760 --> 0:03:15.120 You have a little bit of time off right now 0:03:15.160 --> 0:03:17.120 you have next year set your New Year's resolutions. I 0:03:17.200 --> 0:03:21.079 want you to level up your game. I do not 0:03:21.240 --> 0:03:24.079 want you to lose a single dollar, much less ten thousand, 0:03:24.200 --> 0:03:27.480 hundred thousand or a million, like my good friend. And 0:03:27.480 --> 0:03:29.000 like I said, I hate to say that he's my 0:03:29.040 --> 0:03:30.880 good friend because I should. I should have talked to 0:03:30.960 --> 0:03:33.440 him better. I'm not his coach. I haven't been coaching 0:03:33.480 --> 0:03:35.720 him through this. He's been buying on his own. Um. 0:03:35.760 --> 0:03:38.680 But I need to do a better job reaching out 0:03:38.680 --> 0:03:41.480 to everybody I know personally and making sure the leveling 0:03:41.520 --> 0:03:43.760 up their game. But I'm starting with you. You're hearing 0:03:43.800 --> 0:03:46.000 it first because you're listening to the Marketmas Show. So 0:03:46.000 --> 0:03:49.240 a couple of things we're gonna talk about, UM one, 0:03:50.040 --> 0:03:52.840 the revolution, what is revolutionary to We're gonna talk about 0:03:52.840 --> 0:03:54.640 custody wife should because in the three we're gonna talk 0:03:54.680 --> 0:03:57.240 about options that you have. Four we're gonna talk about 0:03:57.280 --> 0:04:01.440 what he did wrong, even trusting coin bait coin based 0:04:01.520 --> 0:04:03.360 like the best, the safest place to keep it. You 0:04:03.360 --> 0:04:06.200 would think we're talking about ways that you can fix that, 0:04:06.360 --> 0:04:08.120 all right, Because I don't want you to lose to 0:04:08.120 --> 0:04:12.240 the money. That's important. It's it's your money. Imagine losing 0:04:12.280 --> 0:04:15.040 a million dollars. Imagine how sick to your stomach you 0:04:15.040 --> 0:04:17.240 would be. Now, I said, like I said, I made 0:04:17.279 --> 0:04:21.200 a video. I lost two million dollars. Luckily for me, 0:04:21.400 --> 0:04:23.680 I didn't. Well, I don't know. It's it's the same 0:04:23.720 --> 0:04:27.360 either way. Um, at the time of loss, it wasn't 0:04:27.360 --> 0:04:30.560 two million dollars. At the time of loss. I have 0:04:30.640 --> 0:04:34.240 multiple losses because I've lost a lot lost bitcoin and 0:04:34.240 --> 0:04:37.960 other cryptocurrencies multiple ways. I'll explain that to you. At 0:04:37.960 --> 0:04:40.400 the time, I think if I total it all up, 0:04:40.400 --> 0:04:43.560 it was probably less than three hundred thousand dollars of 0:04:44.000 --> 0:04:47.599 loss at the time of loss. But today, adjusted for 0:04:47.720 --> 0:04:51.400 today's prices and cryptocurrencies, it would be about two million dollars. 0:04:51.600 --> 0:04:53.760 So a little bit of purpose, I didn't lose two 0:04:53.760 --> 0:04:56.160 million at once, even though it's about the same, because 0:04:56.160 --> 0:04:58.360 I don't sell. Most of you guys know, I'm never 0:04:58.400 --> 0:05:02.440 selling my bitcoin. My great grandkids are gonna own my bitcoin. 0:05:02.480 --> 0:05:03.960 I'm gonna make sure that's in some sort of a 0:05:04.000 --> 0:05:07.720 trust that they can't even sell it. Um. But so 0:05:08.279 --> 0:05:10.680 it is effectively like losing two million and in a 0:05:10.680 --> 0:05:12.400 couple of years it will be like losing five million, 0:05:12.440 --> 0:05:15.080 and eventually it'll be like losing twenty million. Um, So 0:05:15.240 --> 0:05:17.360 it's going to continue to haunt me. But I didn't 0:05:17.400 --> 0:05:19.640 lose I didn't lose a million dollars at that time. 0:05:20.000 --> 0:05:22.280 I mean imagine that. So anyway, let's talk about this. 0:05:23.279 --> 0:05:24.360 So the first thing I want to do is I 0:05:24.400 --> 0:05:27.479 want to talk about, um, the revolution. All right now, 0:05:27.560 --> 0:05:29.479 you're listening to the Markma Show. We're talking about bitcoin 0:05:29.560 --> 0:05:33.040 and this decentralized revolution. And part of this revolution is 0:05:33.080 --> 0:05:36.719 the fact that I can take custody of my cryptocurrency, 0:05:36.720 --> 0:05:40.240 I can take custody of my property. All right. Now, 0:05:40.520 --> 0:05:44.799 the oldest problem that mankind has had has been how 0:05:44.880 --> 0:05:48.240 do I hold my property without it being stolen? So 0:05:48.279 --> 0:05:50.240 from the beginning of time, the oldest problem was, you know, 0:05:50.240 --> 0:05:53.120 someone's gonna come kill me and take my chickens, steal 0:05:53.160 --> 0:05:56.200 my goats, right, um. And so me and my neighbor 0:05:56.360 --> 0:05:58.680 get together and we formed this group and we try 0:05:58.720 --> 0:06:01.360 to protect to this property. And then we have villages, 0:06:01.400 --> 0:06:03.359 and then we have kingdoms, and then we have nations. 0:06:04.360 --> 0:06:07.640 And the role of the government isn't to tell you 0:06:07.680 --> 0:06:09.359 what you can and can't do with your health, or 0:06:09.360 --> 0:06:10.839 what you can and can't do with your business. The 0:06:10.960 --> 0:06:14.280 role of the government is to protect your private property. 0:06:14.440 --> 0:06:16.679 That's it. That's the whole point of the whole purpose 0:06:16.680 --> 0:06:18.920 of the government in the first place, to protect your 0:06:19.000 --> 0:06:22.000 private property. And of course now they're infringing on our 0:06:22.000 --> 0:06:25.359 private property. The most sacred of which our private property 0:06:25.440 --> 0:06:28.599 is our own body. But that's a whole another subject 0:06:28.600 --> 0:06:30.040 that we're not going to get into. But the oldest 0:06:30.040 --> 0:06:32.440 problem that mankind has had, the entire reason we have 0:06:32.480 --> 0:06:36.480 a government is to protect private property. Of course, whiles 0:06:36.560 --> 0:06:39.240 Marxist doctrination that's coming in and they think that owning 0:06:39.320 --> 0:06:42.400 private property is evil. Of course, the World Economic Forum says, 0:06:42.440 --> 0:06:46.640 by you will own nothing and you'll be happy. Well, 0:06:46.680 --> 0:06:48.360 I ain't gonna be happy about that, and I want 0:06:48.400 --> 0:06:49.760 to make sure you keep your bitcoin. So let's go 0:06:49.760 --> 0:06:51.400 ahead and get into this. So the revolution is how 0:06:51.400 --> 0:06:54.800 do I secure my private property? And Bitcoin fixed it 0:06:55.120 --> 0:06:57.160 and fixed it. So think about this, right, like, how 0:06:57.160 --> 0:06:59.360 do I keep someone from stealing my chickens and my goats? Um, 0:06:59.400 --> 0:07:01.400 if I were to store up my wealth for five 0:07:01.440 --> 0:07:04.760 thousand years, we stored our wealth, Well, there was shells. 0:07:05.080 --> 0:07:07.960 There was rocks, there was feathers. There's all types of 0:07:08.000 --> 0:07:10.120 things that were money. And how do I secure my 0:07:10.240 --> 0:07:12.520 rocks or my shells or my feathers so somebody doesn't 0:07:12.560 --> 0:07:15.920 steal them right or counterfeit them. And then eventually, um, 0:07:15.960 --> 0:07:17.400 you know, all these things were tried for money, and 0:07:17.440 --> 0:07:20.800 eventually gold was settled to be the best money because 0:07:20.800 --> 0:07:26.760 it keeps all the main attributes of money, which are divisible, portable, durable, um, saleable, 0:07:26.840 --> 0:07:29.960 lots of people recognize it, etcetera. And so um, a 0:07:30.000 --> 0:07:32.440 cow doesn't work really good because it's not it's not divisible. 0:07:32.880 --> 0:07:34.320 Somebody doesn't want my whole cow out on a deal, 0:07:34.360 --> 0:07:35.600 and it's not very portable. It's hard to move a 0:07:35.600 --> 0:07:38.760 cow around, etcetera. So gold gold emerged as that form 0:07:38.800 --> 0:07:41.040 of money. But the problem is the more gold that 0:07:41.160 --> 0:07:44.000 I have, the harder it is for me to secure it. 0:07:44.440 --> 0:07:46.200 Think about that, right, if I had a little bit. 0:07:46.520 --> 0:07:49.120 You remember like the old days of of the gold 0:07:49.200 --> 0:07:51.760 rush in California and people were moving to California and 0:07:51.800 --> 0:07:53.560 you heard stories, we're seeing pictures of you know, a 0:07:53.640 --> 0:07:57.040 map and there's a map to where I buried my treasure. 0:07:57.120 --> 0:07:58.560 And so that's what you would do, that's I would 0:07:58.720 --> 0:08:00.800 you would secure it. I'd go hide, had a dig 0:08:00.800 --> 0:08:02.160 a hole in the ground and cover it up, and 0:08:02.160 --> 0:08:05.360 I'd make myself a map. But what happens if I 0:08:05.400 --> 0:08:08.600 were to lose that map? What happens if that map 0:08:08.760 --> 0:08:12.000 fell into somebody else's hands and they went and got it. 0:08:12.120 --> 0:08:14.800 So I had to secure my wealth in my gold, 0:08:15.160 --> 0:08:17.680 and then I had to go hide my gold, and 0:08:17.680 --> 0:08:19.440 I had to make a map, and then I had 0:08:19.440 --> 0:08:21.640 to make sure that that map didn't get lost or 0:08:21.720 --> 0:08:23.760 damaged or go, you know, get burned up in my 0:08:23.800 --> 0:08:26.640 house fire, didn't get stolen, et cetera. And then the 0:08:27.040 --> 0:08:29.440 more gold that I had, then I had to protect 0:08:29.480 --> 0:08:31.600 it even more. So. For example, I had a lot 0:08:31.640 --> 0:08:33.720 of gold, and I might have to get a safe, 0:08:34.040 --> 0:08:37.880 I might have to get like arms security. Eventually I 0:08:37.960 --> 0:08:39.760 might have to just put it into a bank and 0:08:39.800 --> 0:08:42.560 the bank would guard my gold for me. Of course, 0:08:42.600 --> 0:08:45.000 that didn't work out too well for everybody, because by 0:08:45.120 --> 0:08:48.640 n thirty three, when all the gold was sitting in 0:08:48.679 --> 0:08:52.760 the banks, the banks took it all. So you're trying 0:08:52.760 --> 0:08:54.400 to get your you're trying to protect your gold you 0:08:54.440 --> 0:08:56.880 put in the banks, and then the president of the 0:08:56.920 --> 0:09:00.320 United States makes it legal in three to own goal 0:09:00.400 --> 0:09:03.000 and they steal it all from you. So how do 0:09:03.040 --> 0:09:08.400 you protect your assets even from theft of the government. Well, 0:09:08.440 --> 0:09:11.840 that's what bitcoin fixes, all right, this is the revolution. 0:09:11.960 --> 0:09:16.080 I can now hold my bitcoin um with no cost. 0:09:16.760 --> 0:09:18.480 Now I'm gonna explain to you more how we do that. 0:09:18.640 --> 0:09:20.480 You're listening to the Mark Moa Show. We're talking about bitcoin. 0:09:20.480 --> 0:09:23.560 We're talking about the decentralized revolution. We're talking about how 0:09:23.600 --> 0:09:25.760 you consider your security bitcoin. I just found out my 0:09:25.800 --> 0:09:27.880 buddy lost a million dollars worth a bitcoin, and I'm 0:09:27.880 --> 0:09:29.560 gonna tell you how to make sure that doesn't happen 0:09:29.559 --> 0:09:32.000 to you. I'll be right back. Don't go away, all right, 0:09:32.000 --> 0:09:34.080 Welcome back. You are listening to the markma Show, and 0:09:34.120 --> 0:09:36.600 we're talking about bitcoin. Of course, each and every week 0:09:36.600 --> 0:09:40.760 we're talking about the decentralized revolution that is literally changing 0:09:40.920 --> 0:09:42.600 the world. And when I say changing the world, what 0:09:42.600 --> 0:09:46.840 I mean is that technological revolutions don't just make our 0:09:46.840 --> 0:09:49.400 lives and better. They don't improve our lives. They change 0:09:49.840 --> 0:09:52.360 the way humanity works. We're talking about automobiles, we're talking 0:09:52.400 --> 0:09:55.440 about electricity, we're talking about steam engines that they change 0:09:55.480 --> 0:09:59.800 the force of the projection of the future, of the 0:09:59.800 --> 0:10:02.280 way mankind work. So we're talking about how to secure 0:10:02.320 --> 0:10:04.440 your bitcoin. My buddy I found out this week lost 0:10:04.440 --> 0:10:07.439 a million dollars worth a bitcoin from coin base. Tragic, 0:10:07.960 --> 0:10:10.480 absolutely tragic. I don't want you to lose a dollar. 0:10:10.520 --> 0:10:12.040 So let me tell you what he went, what he 0:10:12.080 --> 0:10:14.679 did wrong, and what you can make sure to do. So, Um, 0:10:14.679 --> 0:10:16.680 what I was talking about is them The oldest problem 0:10:16.720 --> 0:10:20.040 that mankind has had is how do I secure my property? Um, 0:10:20.200 --> 0:10:21.680 We'd put it into gold, and I'd have to go 0:10:21.760 --> 0:10:23.600 bury that gold and have to make a treasure map. 0:10:23.679 --> 0:10:25.280 But I have to protect that treasure map if it 0:10:25.280 --> 0:10:27.439 doesn't burn up in my house or someone steals at etcetera, 0:10:27.520 --> 0:10:30.679 or I lose it, I forget it, etcetera. Um. So then, um, eventually, 0:10:30.679 --> 0:10:32.240 if you have more gold it take, you have to 0:10:32.720 --> 0:10:34.960 you have to spend more time and energy and resources 0:10:35.000 --> 0:10:37.079 to secure that gold. I may have to hire security 0:10:37.080 --> 0:10:38.440 forces where I put it in the bank. And then 0:10:38.480 --> 0:10:44.680 eventually under A two the banks stole your gold. So 0:10:45.360 --> 0:10:47.160 you think you have to protect it from like robbers, 0:10:47.160 --> 0:10:48.920 and the governments there to help you protect your private property. 0:10:48.960 --> 0:10:53.199 But then the government stole your gold, so what can 0:10:53.240 --> 0:10:56.400 we do? So Bitcoin fixes this, so I can now 0:10:56.480 --> 0:10:59.400 take custody of my bitcoin, similar like I could take 0:10:59.400 --> 0:11:01.240 cusso of my goal. The problem is with my gold 0:11:01.280 --> 0:11:03.000 is I had to bury in the ground right where 0:11:03.000 --> 0:11:05.600 I had to hire armed guards. With bitcoin, I can 0:11:05.640 --> 0:11:10.480 secure it cryptographically. So there's a cryptographic key. And as 0:11:10.520 --> 0:11:13.560 long as I secure that key, it costs me zero 0:11:13.679 --> 0:11:16.920 dollars to secure it. It takes no money, it takes 0:11:17.120 --> 0:11:19.480 no resources. I don't need any guards, I don't need 0:11:19.480 --> 0:11:21.600 any vault, I don't need any safe I don't need 0:11:21.640 --> 0:11:23.720 the government or banks to secure it for me. I 0:11:23.760 --> 0:11:28.400 can do it myself. Now here's the problem. Just like 0:11:28.440 --> 0:11:30.400 if I buried my gold in the ground and I 0:11:30.440 --> 0:11:32.680 made a treasure map to go find my gold, because 0:11:32.679 --> 0:11:34.040 he's sure as heck wouldn't want to lose it, or 0:11:34.040 --> 0:11:35.600 if I died, my wife would have the map or 0:11:35.600 --> 0:11:38.960 something like that. Um bitcoin is also similar. I also 0:11:39.000 --> 0:11:41.400 need a treasure map for my bitcoin, and I don't 0:11:41.400 --> 0:11:42.760 need a treasure map. What I need is I need 0:11:42.800 --> 0:11:45.760 a key. I need a key, a cryptographic key to 0:11:45.920 --> 0:11:48.360 access my bitcoin. Now you've heard of there was a 0:11:48.400 --> 0:11:50.240 story going around the news. I think a couple of 0:11:50.280 --> 0:11:51.959 months ago, some guy I think in New York or 0:11:52.000 --> 0:11:53.880 on the East coast somewhere, had mine a bunch of 0:11:53.920 --> 0:11:58.360 bitcoin and throwing his computer away, and he's actively trying 0:11:58.360 --> 0:12:00.800 to locate this computer in the in the dump, in 0:12:00.840 --> 0:12:03.120 the trash dumps because it's got I don't know, billions 0:12:03.120 --> 0:12:06.079 of dollars on it or something like that. Um. But 0:12:06.080 --> 0:12:08.360 what he what he needs is is key. It's not 0:12:08.400 --> 0:12:10.520 on the computer. What you need is the key, and 0:12:10.559 --> 0:12:12.440 the key is kind of like that treasure map. I 0:12:12.520 --> 0:12:14.000 have to protect the key, just like I have to 0:12:14.000 --> 0:12:16.440 protect my treasure map. The good thing is it's much 0:12:16.480 --> 0:12:18.000 easier to do that. And we're gonna talk about that 0:12:18.000 --> 0:12:21.480 in a minute, all right. But there's there's two things 0:12:21.520 --> 0:12:23.000 that I want to I want to break apart for you. 0:12:23.040 --> 0:12:26.120 So one, just like gold, I could secure it myself. 0:12:26.240 --> 0:12:27.560 I can put it in my safe at my house. 0:12:27.559 --> 0:12:28.679 I could bury it in the ground and have a 0:12:28.679 --> 0:12:31.600 treasure map. Or I could give it to a bank 0:12:31.720 --> 0:12:33.640 and let the bank secure it for me. The bank 0:12:33.760 --> 0:12:37.360 security is better than my security. And if I lose 0:12:37.440 --> 0:12:39.400 my map or my key, I could go to the 0:12:39.440 --> 0:12:41.640 bank and show them my ID and they would still 0:12:41.720 --> 0:12:43.760 let me in. I don't have to secure a map. 0:12:44.320 --> 0:12:47.080 The bank takes care of all of that for me. 0:12:47.920 --> 0:12:51.000 The problem is now I'm at risk of the bank 0:12:51.440 --> 0:12:54.760 stealing my gold or my bitcoin. And I know that 0:12:54.760 --> 0:12:59.080 sounds crazy, but it happened. Two They stole the book, 0:12:59.080 --> 0:13:02.480 they stole the gold. If the gold wasn't in the banks, 0:13:02.840 --> 0:13:04.400 they wouldn't have been able to steal it. Imagine the 0:13:04.440 --> 0:13:06.880 move riding across the countryside, across the open plaine, going 0:13:06.920 --> 0:13:09.920 house to house to house with a nation armed with guns, 0:13:09.960 --> 0:13:11.760 and they're gonna take everyone's gold. And would it never 0:13:11.800 --> 0:13:13.360 worked because it was in the bank. Was easy. So 0:13:14.200 --> 0:13:16.480 these are the options with bitcoin. Do I secure myself 0:13:16.800 --> 0:13:18.480 or do I leave it on an exchange like coin 0:13:18.520 --> 0:13:20.600 base or Jim and I are cracking or whatever fill 0:13:20.640 --> 0:13:22.160 in the blank. My buddy left it on coin Base, 0:13:22.679 --> 0:13:25.040 which by the way, is like I said, pretty safe. 0:13:25.080 --> 0:13:27.360 But he made a mistakes. So that's the problem. But 0:13:27.679 --> 0:13:29.680 I can so I can secure it myself and I 0:13:29.679 --> 0:13:31.800 don't have to worry about any counterparty risk, but now 0:13:31.920 --> 0:13:34.400 I'm responsible for security. Or I give it to coin 0:13:34.440 --> 0:13:36.800 base or the bank and I let them secure it 0:13:36.840 --> 0:13:39.440 for me, all right, So that my buddy chose coin Base. 0:13:39.800 --> 0:13:42.199 Those are the two options. He chose coin Base. But 0:13:42.400 --> 0:13:46.400 here's a couple of things that happened. Now, Uh, let 0:13:46.400 --> 0:13:48.440 me let me So that's the pros and cons. Right, 0:13:48.480 --> 0:13:50.440 I can secure it myself, but now have to trust myself, 0:13:51.200 --> 0:13:54.360 um or I give someone else I trust them. So 0:13:54.800 --> 0:13:57.720 what happened? Okay? Well, like I said, there's there's plenty 0:13:57.720 --> 0:13:59.839 of risks that can happen with having somebody else in 0:13:59.880 --> 0:14:03.880 an exchange hold your bitcoin for As a matter of fact, UM, 0:14:04.040 --> 0:14:06.960 I haven't really talked about this publicly yet. UM give 0:14:07.000 --> 0:14:11.040 me next another month and I'm gonna name names here. Um. 0:14:11.080 --> 0:14:15.040 But I had twenty seven bitcoin taken out of my 0:14:15.040 --> 0:14:18.000 my um my exchange account. So a lot of a 0:14:18.000 --> 0:14:19.800 lot of times people think I leave it on the exchange, 0:14:19.800 --> 0:14:23.640 whether it's like I said, cracking Gemini, cooin based bittricks whatever. Um. 0:14:23.680 --> 0:14:25.480 And and it's safe. But just like my buddy lost 0:14:25.520 --> 0:14:27.680 a million dollars with bitcoin, I lost twenty seven bitcoin 0:14:27.720 --> 0:14:29.760 at one time. It's about it's about a quarter million 0:14:29.800 --> 0:14:32.520 dollars at the time. Um, So it's it's not that safe, 0:14:32.880 --> 0:14:34.920 um like you think it is. Now coin Base they 0:14:34.960 --> 0:14:37.520 have like a vault. So oncoin base, that can secure 0:14:37.560 --> 0:14:39.240 my account. I can put in a vault. But here's 0:14:39.240 --> 0:14:41.640 a couple of problems. The first thing is when I 0:14:41.680 --> 0:14:45.920 log into any account UM typically whether it's coin based 0:14:45.960 --> 0:14:50.239 or Gemini cracking, et cetera, bittricks UM, you can secure 0:14:50.280 --> 0:14:54.680 your account with what's called two factor authentication to f A. 0:14:54.680 --> 0:14:56.160 All right, and what that means is that when you 0:14:56.200 --> 0:14:59.880 log into your account, it UM sends you or asked 0:15:00.000 --> 0:15:02.960 you can put in a code from an authentication device. 0:15:03.360 --> 0:15:06.640 So most people use Google Authenticator. You can download it 0:15:06.640 --> 0:15:08.880 for free in the app store. And then UM what 0:15:08.920 --> 0:15:10.240 you do is when you set up your coin based 0:15:10.240 --> 0:15:12.080 account or whatever exchange account you have, it shows you 0:15:12.120 --> 0:15:14.360 look your code. You open up the Google app, you 0:15:14.400 --> 0:15:16.400 scandy QR code. It creates a unique key, and so 0:15:16.440 --> 0:15:19.680 when I log in, it asked me for a second authentication. 0:15:19.720 --> 0:15:21.920 So it says, okay, you put in your using you're 0:15:21.960 --> 0:15:24.400 using name of password, email password, but now we need 0:15:24.440 --> 0:15:27.600 this code from this device. Al right. Well, the first 0:15:27.600 --> 0:15:31.520 problem is, first off, don't reuse passwords, so always use 0:15:31.720 --> 0:15:35.280 a hard unique password. Every time I use something called 0:15:35.360 --> 0:15:39.040 last pass. Last pass gives me generates this this hard password, 0:15:39.040 --> 0:15:41.360 and I say it's hard. It's a minimum of eight characters, 0:15:41.400 --> 0:15:46.880 usually sixteen characters, and it's letters, numbers, caps, small caps, symbols, etcetera. 0:15:47.240 --> 0:15:49.960 So make sure one you have a unique password to 0:15:50.480 --> 0:15:52.800 it asked for that second factor authentication, So you want 0:15:52.800 --> 0:15:55.200 to make sure you have that turned on. If you 0:15:55.240 --> 0:15:58.720 don't have that turned on, that's a big problem. Um. 0:15:58.760 --> 0:16:02.360 And so the third problem is that you should also 0:16:02.560 --> 0:16:07.400 be using a separate email. Use a separate email. So 0:16:07.600 --> 0:16:10.200 if you have a Gmail account or whatever email account 0:16:10.240 --> 0:16:12.760 you have, if your email gets hacked, they could also 0:16:12.840 --> 0:16:16.200 do this, all right, So those are three steps that 0:16:16.240 --> 0:16:19.520 you could do. One to f A to UM, use 0:16:19.520 --> 0:16:22.040 a hard password, and three use a separate email. Now 0:16:22.040 --> 0:16:24.000 here's where my buddy went wrong, and here's where most 0:16:24.000 --> 0:16:27.760 people are going wrong. Two ways he went wrong. One 0:16:28.280 --> 0:16:32.800 he used his primary email address to log into his account. 0:16:33.400 --> 0:16:37.280 And two he used the to f A this two 0:16:37.280 --> 0:16:40.560 factor authentication app. The Google app was on his phone. 0:16:41.400 --> 0:16:43.480 It was on his phone, which of course everybody uses 0:16:43.480 --> 0:16:45.480 it on their phone. That's the whole point, right, Mark, 0:16:46.240 --> 0:16:48.920 You go on your iPhone, your app store, and you're 0:16:48.920 --> 0:16:52.240 doneload the app on your phone. That's how you use it, right, Well, 0:16:52.480 --> 0:16:54.120 that's how you're probably using it. That's how he was 0:16:54.200 --> 0:16:56.760 using it. But that is the problem because what happens 0:16:56.880 --> 0:17:01.040 is these hackers they get into your phone and then 0:17:01.160 --> 0:17:03.440 not only do they have your email, but they also 0:17:03.520 --> 0:17:07.680 have your two f a device on your phone. So 0:17:08.040 --> 0:17:10.159 how do they do that, Well, there's any number of 0:17:10.200 --> 0:17:13.239 ways they do that, and one would be, you know, 0:17:13.800 --> 0:17:15.840 the old way, the fishing way. As you clicked on 0:17:15.880 --> 0:17:19.840 some link, so they sent you some email and it says, hey, 0:17:19.880 --> 0:17:22.520 there's a problem with your PayPal account or your um 0:17:22.640 --> 0:17:25.239 whatever account. I don't know what your coin basic could be, 0:17:25.280 --> 0:17:27.720 whatever account it is, right, So you see some some 0:17:27.840 --> 0:17:29.960 email like that and um, hey you need you know, 0:17:30.000 --> 0:17:31.560 there's a problem. We sent you, an alert, was sent you, 0:17:31.560 --> 0:17:33.320 an update was sent you something you know, click here 0:17:33.359 --> 0:17:35.200 to log intor account. So you click on that link 0:17:35.240 --> 0:17:37.560 and what it does it puts some sort of malware 0:17:37.680 --> 0:17:39.760 or some sort of virus on your phone and then 0:17:39.960 --> 0:17:41.439 they can track your phone that way. So that's one 0:17:41.440 --> 0:17:43.600 way it can happen. To another way that happened, and 0:17:43.640 --> 0:17:45.600 this happens a lot. Go ahead and google this. You'll 0:17:45.600 --> 0:17:48.280 find thousands and thousands of cases of This is what's 0:17:48.440 --> 0:17:51.040 called like a simswap attack. And so what they do 0:17:51.160 --> 0:17:55.560 is somebody will um call the phone company and then they'll, 0:17:55.880 --> 0:17:58.440 you know, give them some song and dance and get 0:17:58.480 --> 0:18:00.960 them to swap over your um. You're listening to the 0:18:00.960 --> 0:18:03.240 Markoll Show. We're talking about bitcoin. We're talking specifically on 0:18:03.240 --> 0:18:05.320 how to secure it. My friend just lost a million 0:18:05.320 --> 0:18:07.160 dollars this week. I want to make sure you don't 0:18:07.200 --> 0:18:08.879 lose any money. I'm gonna give you the steps that 0:18:08.920 --> 0:18:11.080 you need to do secure it. Don't go away, We 0:18:11.160 --> 0:18:13.280 right back, all right, welcome back. You're listening to the 0:18:13.280 --> 0:18:15.480 Mark Moa Show. We're talking about bitcoin. Each and every week. 0:18:15.560 --> 0:18:19.920 We're talking about the decentralized revolution that's happening right before 0:18:20.080 --> 0:18:22.359 very eyes that we're living through. We're witnessing. It is 0:18:22.400 --> 0:18:27.280 a revolution and it is going to be massive. And 0:18:27.280 --> 0:18:30.160 today we're talking about loss, but more importantly, we're talking 0:18:30.160 --> 0:18:32.960 about how to protect ourselves from loss, because I don't 0:18:32.960 --> 0:18:34.600 want to have lost. I told you, you know, I 0:18:34.680 --> 0:18:37.600 lost in today's dollars two million dollars worth a bitcoin. 0:18:38.400 --> 0:18:39.840 Eventually it will be a hundred million dollars for the 0:18:39.880 --> 0:18:41.520 bitcoin that I lost, and I don't want that to 0:18:41.520 --> 0:18:43.240 happen to you. My buddy just this week lost a 0:18:43.280 --> 0:18:45.480 million dollars a bitcoin, and so I'm explaining how to 0:18:45.680 --> 0:18:48.240 secure that. So he was sitting on coin base, which 0:18:48.240 --> 0:18:50.639 you would think is pretty safe. Um, he relied on 0:18:50.760 --> 0:18:53.200 them for a security, but he had some problems. So 0:18:53.440 --> 0:18:56.800 the first thing is that, UM, when you log in, 0:18:56.880 --> 0:19:00.479 you need to have a separate hard password, unique password 0:19:00.480 --> 0:19:03.040 that you even't use anywhere. Um. And then the to 0:19:03.240 --> 0:19:05.320 f A, the second factor authentication, you need to have 0:19:05.400 --> 0:19:07.960 that turned on. But what you need to do is 0:19:08.040 --> 0:19:10.600 make sure that your to f A device is not 0:19:10.800 --> 0:19:16.280 on your primary phone. Okay, so what I do is, um, 0:19:16.320 --> 0:19:18.639 I have an old Android phone. You can go to 0:19:18.680 --> 0:19:21.960 Walmart and buy one for fifty bucks and wipe it clean. 0:19:22.000 --> 0:19:23.600 I mean, if it's branding from Walmart, you don't have 0:19:23.640 --> 0:19:25.240 to my old phone. I just you know when of 0:19:25.280 --> 0:19:28.160 the settings and factory reset reset it. And I used 0:19:28.240 --> 0:19:31.240 that as my two f A device. So the reason 0:19:31.280 --> 0:19:33.840 why is it's not on my primary phone. So if 0:19:33.880 --> 0:19:36.680 my phone is hacked, which is the target, right, people 0:19:36.680 --> 0:19:39.000 are gonna try and attack my phone, they can't get 0:19:39.000 --> 0:19:41.080 my two factor authentication. So with my buddy who lost 0:19:41.119 --> 0:19:44.280 a million dollars security and bitcoint it's all in coin based, 0:19:44.359 --> 0:19:47.159 is all good. But somebody hacked his phone. And I 0:19:47.200 --> 0:19:48.560 was explaining, so one way to do that as you 0:19:48.600 --> 0:19:50.760 click on a malicious link. You know. Um, So if 0:19:50.760 --> 0:19:52.159 you ever see an email it says, hey, there's an 0:19:52.160 --> 0:19:54.000 alert and update. We have something for you. Click here 0:19:54.000 --> 0:19:56.840 to log into your account, don't do it. Don't click 0:19:56.880 --> 0:19:58.960 on that link. Um. If if you think, if you 0:19:58.960 --> 0:20:01.400 think it's legit, just go to the actual website, log 0:20:01.400 --> 0:20:03.080 into your account and then the message should be there. 0:20:03.080 --> 0:20:05.040 Don't click on the links. That's one Another way I 0:20:05.040 --> 0:20:07.080 was saying is that they do like the simswap attacks 0:20:07.480 --> 0:20:10.080 where they'll go to the phone company and they'll you know, 0:20:10.600 --> 0:20:12.359 I don't know, I don't know the story. They'll cry, 0:20:12.359 --> 0:20:15.439 they'll beg, they'll plead whatever. Um, you know, I I 0:20:15.560 --> 0:20:17.240 need to you know, get into my account and to 0:20:17.320 --> 0:20:20.240 change my account whatever. Um, I don't know all the 0:20:20.240 --> 0:20:22.960 stories they tell. I haven't done it, but they'll get 0:20:22.960 --> 0:20:25.560 the phone company to give them access to your account. 0:20:25.840 --> 0:20:29.280 A T and T, Verizon, T Mobile, they're all being 0:20:29.280 --> 0:20:32.240 sued for this. It all happens, um. And So the 0:20:32.280 --> 0:20:35.760 point is is if somebody were to hack my phone, 0:20:36.320 --> 0:20:38.840 it wouldn't matter because my two f A device isn't 0:20:38.960 --> 0:20:40.560 on there. So this is most likely what happened to 0:20:40.560 --> 0:20:43.800 my buddy. Um, they got into his phone somehow. Um 0:20:43.800 --> 0:20:46.200 they went to coin base. Uh, they probably they got 0:20:46.240 --> 0:20:47.960 into his phone. They got into his email. He was 0:20:48.040 --> 0:20:52.000 using MSN MSN email, so he's still to this day, 0:20:52.040 --> 0:20:54.159 it's been a couple of weeks now, Um, he hasn't 0:20:54.160 --> 0:20:57.400 been able to get his ms in email even recovered. 0:20:57.880 --> 0:21:01.000 So they got into his phone somehow. He doesn't know how. 0:21:01.520 --> 0:21:04.720 It's not The point is not to try to secure 0:21:04.760 --> 0:21:06.760 your phone. The point is to not make your phone 0:21:06.800 --> 0:21:08.560 the weak point. So I don't know how he got 0:21:08.600 --> 0:21:10.840 on his phone. Maybe he clicked on a link, maybe 0:21:10.840 --> 0:21:13.520 they maybe they got into the phone company. Maybe there's 0:21:13.520 --> 0:21:15.280 somebody on the inside at one of these phone companies. 0:21:15.320 --> 0:21:17.440 I don't know. And the point is not to try 0:21:17.440 --> 0:21:18.680 to fix that. The point is not to make that 0:21:18.720 --> 0:21:20.359 a weak point. So they got into his phone, they 0:21:20.359 --> 0:21:23.600 found at his email. Um, they probably searched his email. 0:21:23.600 --> 0:21:25.600 They found you know, whatever crypto accounts he had. They 0:21:25.600 --> 0:21:27.639 probably found his coin based account, and now they have 0:21:27.680 --> 0:21:31.400 his email to log in. But UM, and then they 0:21:31.440 --> 0:21:33.960 can they do a password reset which sends to his email, 0:21:33.960 --> 0:21:36.240 which they have access to his email right, and then 0:21:36.320 --> 0:21:38.359 they log in and goes to to f A. You know, 0:21:38.400 --> 0:21:40.480 they want the second factor authentication, but they have his phone, 0:21:40.520 --> 0:21:41.879 so then they just generate the key right on his 0:21:41.920 --> 0:21:45.960 phone and they logged into his account. So they locked 0:21:46.040 --> 0:21:47.880 him out of his ms and account. So they logged 0:21:47.880 --> 0:21:50.080 into his ms AN account, locked him out, changed the 0:21:50.080 --> 0:21:53.560 password on that, UM, gained access to his coin base account, 0:21:54.080 --> 0:21:57.679 and most likely transferred all his bitcoin out of there, 0:21:57.680 --> 0:21:59.720 out of his account and into one of their accounts. 0:22:00.119 --> 0:22:01.560 And it's been a couple of weeks now and to 0:22:01.640 --> 0:22:03.240 this day he still hasn't got access to his coin 0:22:03.240 --> 0:22:04.960 Basse account either. So he hasn't got access to his 0:22:05.000 --> 0:22:07.240 ms AN account or his coin Base account even to 0:22:07.280 --> 0:22:09.320 this day. So the point is, like I said, not 0:22:09.359 --> 0:22:11.159 to try to figure out how to secure your phone. 0:22:11.359 --> 0:22:13.439 The point is is not to make your phone a 0:22:13.480 --> 0:22:15.880 week point. And you do that by again one having 0:22:15.920 --> 0:22:19.720 a unique hard password. Use something like last pass to 0:22:20.119 --> 0:22:24.080 organize them too. UM. Do not use your primary phone 0:22:24.200 --> 0:22:28.879 as your second factor authentication, use a secondary device. Go 0:22:29.040 --> 0:22:31.399 spend fifty bucks at Walmart. Buy an old phone or 0:22:31.440 --> 0:22:33.680 use an old one and just factory reset it, UH 0:22:33.720 --> 0:22:35.919 fifty bucks. Even if you have to spend five hundred 0:22:35.960 --> 0:22:38.480 dollars on a new phone, it's still cheaper than losing 0:22:38.480 --> 0:22:40.360 a million dollars a bit worn like my buddy did. Right, 0:22:40.480 --> 0:22:44.640 So get that secondary device. And then third, don't use 0:22:44.680 --> 0:22:47.720 an email that's your primary email. So I use an 0:22:47.760 --> 0:22:51.479 email from Proton Proton Mail. It's like a secure encrypted email. 0:22:52.400 --> 0:22:55.120 And the only reason I ever use that email address 0:22:55.200 --> 0:22:58.199 is to log into exchange accounts. That's it. Nobody knows it. 0:22:58.600 --> 0:23:01.239 I barely remember what it is. Um. I only use 0:23:01.320 --> 0:23:03.920 that email to log in. So if somebody got access 0:23:03.960 --> 0:23:07.200 to my phone, they would never find out the email 0:23:07.560 --> 0:23:10.520 that I used to log into exchanges. Um, they wouldn't 0:23:10.560 --> 0:23:14.560 be able to find my password because it's a unique 0:23:14.560 --> 0:23:16.879 hard pass where everyone and even if they got all that, 0:23:16.880 --> 0:23:18.080 they wouldn't be able to do the to f A 0:23:18.119 --> 0:23:19.680 because I don't keep it on my phone. I keep 0:23:19.680 --> 0:23:21.880 it on another device. If he would have just done 0:23:21.920 --> 0:23:24.480 those things, he would have had a million dollars back, 0:23:24.600 --> 0:23:27.160 or he wouldn't have lost his million dollars. That's saying, 0:23:27.720 --> 0:23:30.359 and so um, that's it. That's how you protect yourself 0:23:30.440 --> 0:23:32.240 from the SIM swap. It's how you protect yourself from 0:23:32.240 --> 0:23:34.639 getting hacked, etcetera. All right, but that's only part of it. 0:23:34.840 --> 0:23:36.360 That's only part of it, all right. So there's I'm 0:23:36.359 --> 0:23:38.560 gonna talk to you in stages, all right. Like I said, 0:23:38.560 --> 0:23:42.400 with gold, the more gold you have, the more UM 0:23:42.560 --> 0:23:46.080 lengths you have to go to to secure it. Right, 0:23:46.119 --> 0:23:48.199 If I have a couple hundred dollars worth, it's not 0:23:48.240 --> 0:23:49.320 that big of a deal. If I have a couple 0:23:49.359 --> 0:23:51.639 of million dollars worth, it's a much bigger deal. If 0:23:51.640 --> 0:23:54.440 I have a few billion dollars worth, and it's it's 0:23:54.440 --> 0:23:57.240 a serious series problem. Right And so UM, that's that's 0:23:57.280 --> 0:24:00.000 the first step. Separate email, Separate to f a device, 0:24:01.160 --> 0:24:04.320 any card password, all right, Now, that takes care of 0:24:04.320 --> 0:24:06.600 it if you have it on exchange like a coin 0:24:06.640 --> 0:24:09.320 base or or something like that. UM. Also you can 0:24:09.359 --> 0:24:12.399 secure your accounts by one UM a lot of a 0:24:12.400 --> 0:24:17.960 lot of exchanges. UM will limit withdraw, So for example, 0:24:18.359 --> 0:24:22.480 you can say only addresses that I white list. Can 0:24:22.520 --> 0:24:24.359 do that now. Of course, if they gain complete access 0:24:24.359 --> 0:24:26.880 to your account, they can white list their own accounts. UM. 0:24:27.040 --> 0:24:30.120 So also do that like secure, make sure noybody gets 0:24:30.119 --> 0:24:31.680 ext you account, but then also make sure they can't 0:24:31.720 --> 0:24:35.160 hack from within. And so one inside one of those 0:24:35.200 --> 0:24:38.320 exchange accounts, you would add the addresses that are only 0:24:38.480 --> 0:24:42.200 able to be white listed. UM. Coin Base has something 0:24:42.240 --> 0:24:46.119 where it's um UM. They like a vault, so you 0:24:46.119 --> 0:24:47.919 can move stuff into a vault, and then you can 0:24:47.920 --> 0:24:50.880 set rules. So you could say, for example, UM, if 0:24:51.080 --> 0:24:54.640 if a transfer is initiated, it has to wait seventy 0:24:54.640 --> 0:24:57.840 two hours, and it has to send emails to these 0:24:57.880 --> 0:25:01.000 three different emails. UM. So even if they got control 0:25:01.040 --> 0:25:03.399 of one your primary email, it would still get notified 0:25:03.440 --> 0:25:05.440 of these two or three other emails. Right, So you 0:25:05.440 --> 0:25:07.120 can set kind of rules like that, But the first 0:25:07.119 --> 0:25:08.679 thing is make sure they don't get access to your account, 0:25:08.680 --> 0:25:10.280 because if they got extras you account, thing will change 0:25:10.280 --> 0:25:13.600 those rules. So first make sure your account access secure 0:25:13.680 --> 0:25:16.520 to take the proper steps inside. Like I said, white 0:25:16.520 --> 0:25:19.040 list email addresses, use some of these time delayed things 0:25:19.119 --> 0:25:21.960 like that. That's good as well. But okay, so now 0:25:21.960 --> 0:25:25.840 that that's kind of framed up, that's if we want 0:25:25.880 --> 0:25:29.480 to keep our bitcoin on an exchange. I don't want 0:25:29.520 --> 0:25:32.399 to remember the whole revolution of bitcoin is that I 0:25:32.440 --> 0:25:35.960 don't have to keep I can custody my own money. 0:25:36.000 --> 0:25:39.520 That's the whole thing, because when I keep my bitcoin 0:25:39.640 --> 0:25:44.000 or my cryptocurrency on an exchange, it introduces counterparty risk 0:25:44.160 --> 0:25:46.200 that now I'm at risk of them. Now, like I said, 0:25:46.359 --> 0:25:50.040 I believe their security is pretty good. Coin basis security 0:25:50.119 --> 0:25:52.520 is is is really good. Now didn't help my buddy 0:25:52.520 --> 0:25:54.440 because he didn't do all the right steps. Of course 0:25:54.440 --> 0:25:56.199 they didn't teach you this, which is why I'm teaching you. 0:25:56.240 --> 0:25:58.760 But now you have to worry about the risk of 0:25:58.840 --> 0:26:02.000 coin base taking your So what could potentially happen with that? Well, 0:26:02.040 --> 0:26:06.360 like I said, three two, they seized all the gold UM. 0:26:06.400 --> 0:26:08.840 And we see today UM in the last this year 0:26:08.880 --> 0:26:12.720 specifically really heating up more in Europe, but even some 0:26:12.760 --> 0:26:14.760 regulators here in the US we've seen them starting to 0:26:14.800 --> 0:26:20.160 talk about UM limiting custody or or or not allowing 0:26:20.240 --> 0:26:22.520 you to take custody of your own coin. So you know, 0:26:22.600 --> 0:26:25.239 potentially UM the government could take some action against one 0:26:25.240 --> 0:26:27.959 of these exchanges and say, hey, you're no longer allowed 0:26:28.000 --> 0:26:30.760 to let people withdraw their funds. They could say that, 0:26:30.800 --> 0:26:33.520 for example, no one can no one can withdraw anymore Um, 0:26:33.600 --> 0:26:35.879 there's countless stories of people going to you know, Cuba, 0:26:36.040 --> 0:26:38.080 logging into their coin based account from Cuba, the IP 0:26:38.160 --> 0:26:39.880 getting flagged and in their account it's locked. They can't 0:26:39.880 --> 0:26:43.680 get in things like that. UM. So now I don't 0:26:43.680 --> 0:26:46.679 want to take the risk, the counter party risk of 0:26:46.760 --> 0:26:50.119 having them sees my money, um frees my account for 0:26:50.160 --> 0:26:53.200 some reason, unknown reason. UM So I want to take 0:26:53.240 --> 0:26:55.800 custody of it myself. That's that's the that's a chief decide. 0:26:55.840 --> 0:26:57.440 So if I want to take custody with myself, how 0:26:57.480 --> 0:26:59.920 do I do it? All? Right? Well, there's three main 0:27:00.240 --> 0:27:02.480 ways that you can do it. I want to walk 0:27:02.520 --> 0:27:05.520 you through those from the easiest way and then then 0:27:05.520 --> 0:27:09.040 this uh and the single most important step you have 0:27:09.119 --> 0:27:11.760 to take. Regardless of which of these three routes you take, 0:27:12.160 --> 0:27:13.760 take it through the easiest way, the medium way, and 0:27:13.800 --> 0:27:15.199 the harder way. And like I said, level up your 0:27:15.200 --> 0:27:17.560 game in two And it depends on how much money 0:27:17.560 --> 0:27:20.120 you have. Um. If you have just a couple of bucks, um, 0:27:20.320 --> 0:27:21.639 you know now you don't worry about it. If you've 0:27:21.640 --> 0:27:23.159 got a couple of million bucks, you probably want to 0:27:23.160 --> 0:27:25.480 do the hardest the hardest way, because it's going to 0:27:25.560 --> 0:27:27.040 be worth it. You listen to the markmo Show. We're 0:27:27.040 --> 0:27:30.120 talking about bitcoin, cryptocurrencies and the decentralized revolution. We're talking 0:27:30.119 --> 0:27:34.400 about how to secure your bitcoin, secure cryptocurrencies in two 0:27:34.640 --> 0:27:36.960 My buddy just lost a million dollars this week out 0:27:36.960 --> 0:27:38.840 of his coin base account. I don't want you to 0:27:38.960 --> 0:27:41.399 lose a single dollar, so don't go away. I'll be 0:27:41.480 --> 0:27:43.480 right back. All right, welcome back. You're listening to the 0:27:43.480 --> 0:27:46.280 markma Show. We're talking about bitcoin and cryptocurrencies and the 0:27:46.359 --> 0:27:52.800 decentralized revolution that's happening. The revolution is lots of things, um, 0:27:53.080 --> 0:27:55.080 talk about them eat you every week. One of the 0:27:55.119 --> 0:27:58.199 most revolutionary things about this is that now I have 0:27:58.240 --> 0:27:59.920 a way to secure my property in a way that 0:28:00.040 --> 0:28:01.800 nobody can steal it. And not only do I have 0:28:01.840 --> 0:28:03.080 a way to do that, I have a way to 0:28:03.119 --> 0:28:06.320 do it that cost me no money, cost me no money, um, 0:28:06.359 --> 0:28:07.800 and it's portable. I can take it with me anywhere 0:28:07.840 --> 0:28:09.919 I want. It's pretty amazing. But the problem is that 0:28:09.920 --> 0:28:15.080 now the responsibility lies on me to secure it. UM. 0:28:15.119 --> 0:28:17.200 I just went and saw the New Spider Man movie 0:28:17.240 --> 0:28:22.280 with my kids over the weekend, and uh, I think 0:28:22.320 --> 0:28:23.840 I saw the very first Spider Man and then I 0:28:23.920 --> 0:28:26.080 just seen this most recent one, and I think in 0:28:26.160 --> 0:28:27.639 both of them they said the same thing, which is 0:28:28.080 --> 0:28:30.720 as a spider man's uncle ben. I think in the 0:28:30.720 --> 0:28:33.280 new one it was maybe aunt May told him I 0:28:33.320 --> 0:28:37.080 forget anyway, But they said, hey, with great power comes 0:28:37.119 --> 0:28:39.880 great responsibility. I think it's what they said something like that. Right, 0:28:39.920 --> 0:28:41.640 So the more power you have, the more responsibility. And 0:28:41.640 --> 0:28:44.080 that's kind of a bitcoin right. I have now great 0:28:44.120 --> 0:28:47.040 power to hold to custody my own assets in a 0:28:47.080 --> 0:28:49.680 way that nobody can steal them, but it now requires 0:28:49.720 --> 0:28:52.240 great responsibility on my part that I don't mess it up. 0:28:53.200 --> 0:28:55.000 And so my buddy lost a million dollars because he 0:28:55.000 --> 0:28:56.840 didn't get it figured out right. He thought he trusted 0:28:56.840 --> 0:28:58.160 the coin based to do it, but he didn't secure 0:28:58.160 --> 0:29:00.320 his account properly. His phone was a week. But if 0:29:00.360 --> 0:29:01.640 you missed all that, go back and listen to it. 0:29:01.640 --> 0:29:04.640 I give you some good points. Now I covered why 0:29:04.680 --> 0:29:06.360 you wouldn't want to leave it on exchange. They could 0:29:06.360 --> 0:29:07.560 take it from me, they can see that, they could 0:29:07.600 --> 0:29:10.560 freeze it, all those things. Um So I personally like 0:29:10.680 --> 0:29:13.000 to custody it myself. And now there's three main ways 0:29:13.000 --> 0:29:14.960 that you can do this, and we'll take them from 0:29:15.000 --> 0:29:17.200 easier to harder. So the first way is simple UM 0:29:17.200 --> 0:29:19.920 going to the app store and download any number of wallets, 0:29:20.440 --> 0:29:24.480 so there's no shortage of cryptocurrency wallets out there that 0:29:24.640 --> 0:29:27.400 you can use, and a couple of things that you 0:29:27.400 --> 0:29:30.400 want to do one UM download one of the one 0:29:30.400 --> 0:29:33.440 of the UM apps from the app store. If you're 0:29:33.480 --> 0:29:36.760 just using bitcoin, I like blue Wallet, blue Wallt's really good, 0:29:37.480 --> 0:29:41.280 and download the app. Now what you need to do, 0:29:41.480 --> 0:29:44.280 And this is where most people fail right off the bat. 0:29:44.360 --> 0:29:46.160 As a matter of fact, again, another friend of mine, 0:29:46.240 --> 0:29:48.840 I feel bad about telling you this story. It was 0:29:48.880 --> 0:29:52.920 a couple of years ago, probably back in when bitcoin 0:29:53.040 --> 0:29:55.320 was in the you know, five figure range. I don't 0:29:55.320 --> 0:29:57.680 remember what it was at the time, a couple thousand 0:29:57.680 --> 0:29:59.840 bucks or whatever, and I was trying to get my 0:30:00.000 --> 0:30:01.760 it into bitcoin for a while, but he just wasn't 0:30:01.760 --> 0:30:04.680 really interested. And we went on a trip together and 0:30:04.680 --> 0:30:07.960 I owed him some money, I think, and so I'm like, hey, 0:30:07.960 --> 0:30:10.880 I'm gonna pay you in bitcoin because I want you 0:30:10.920 --> 0:30:12.440 to have some skin in the games. I gave him 0:30:12.440 --> 0:30:15.320 like bitcoin at the time. I used to spend quite 0:30:15.320 --> 0:30:17.480 a bit of bitcoin back then, and now now I 0:30:17.640 --> 0:30:20.520 never spend bitcoin because in the future it's worth too 0:30:20.560 --> 0:30:25.240 much money. So like a year ago, um, I think 0:30:25.240 --> 0:30:27.239 it was earlier this year, maybe like February March this year, 0:30:27.240 --> 0:30:30.520 and when bitcoin got up to and he's like, hey, hey, 0:30:31.440 --> 0:30:33.200 that that bitcoin you gave me, Like I still have it, 0:30:33.160 --> 0:30:36.720 it's I think it's worth now, um, but I don't 0:30:36.720 --> 0:30:38.280 don't remember how to get access to I don't remember 0:30:38.320 --> 0:30:39.960 what happened to it. I've had like three new phones 0:30:40.000 --> 0:30:43.320 since then, and I'm like, oh, man, like I didn't. 0:30:43.720 --> 0:30:47.120 I didn't. I didn't educate you properly. Uh So let 0:30:47.120 --> 0:30:49.640 me educate you properly, all right. So you download the 0:30:49.680 --> 0:30:51.840 app on your phone and then you can transfer the 0:30:51.880 --> 0:30:54.240 bitcoin there. So from your coin based account or whatever 0:30:54.320 --> 0:30:56.440 you can, you can transfer it to the app on 0:30:56.480 --> 0:30:59.360 your phone. That's your wallet, all right. But the key 0:30:59.480 --> 0:31:02.960 thing year is that you need to back up the wallet. 0:31:03.080 --> 0:31:06.480 You need to generate a seed phrase, So go into 0:31:06.480 --> 0:31:09.480 the settings and create back up, and it's going to 0:31:09.600 --> 0:31:16.080 give you twelve words that are random like uncle, monkey, banana, wrench, ocean, whatever, 0:31:16.440 --> 0:31:18.640 like twelve random words. You can do twenty four as well, 0:31:19.000 --> 0:31:21.040 and you want to write those down on a piece 0:31:21.080 --> 0:31:22.959 of paper. Don't put them on the internet, don't put 0:31:23.000 --> 0:31:24.600 them on your ever note, don't put them in Google docs. 0:31:24.920 --> 0:31:27.840 Put them on a physical piece of paper, And that 0:31:28.000 --> 0:31:30.280 is your key. If you if if you lose your phone, 0:31:30.320 --> 0:31:34.680 if your phone gets stolen, um, whatever the case is. Um, 0:31:34.720 --> 0:31:37.160 you can just go get any new wallet, download any 0:31:37.160 --> 0:31:38.760 wallet you want, don't have to be the same one, 0:31:38.840 --> 0:31:41.120 and you can just say restore from back up and 0:31:41.160 --> 0:31:43.719 you put those twelve words in and you'll instantly have 0:31:43.880 --> 0:31:46.560 your key back. All right, So that those twelve words, 0:31:46.600 --> 0:31:48.400 that seed phrase is kind of like your treasure map 0:31:48.440 --> 0:31:50.560 to the gold that we were talking about before. You 0:31:50.600 --> 0:31:52.520 have to protect that just like a just like a gold. 0:31:52.680 --> 0:31:55.040 You know, the person had to protect their gold, um 0:31:55.120 --> 0:31:56.880 the map. You know, they don't want to burn down 0:31:56.960 --> 0:31:59.080 their house. They don't want to fall into the wrong hands. 0:31:59.080 --> 0:32:00.600 You have to do the same thing with a key. 0:32:00.800 --> 0:32:02.840 Let you write down on paper as well. You might 0:32:02.840 --> 0:32:04.560 want to make a couple of copies. You can maybe 0:32:04.600 --> 0:32:07.000 put one at your parents house, put one and you're safe, 0:32:07.040 --> 0:32:08.960 you know, leave one at your office or wherever you 0:32:09.000 --> 0:32:12.120 can do that that they're safe. Alright. So that's step 0:32:12.200 --> 0:32:14.320 number one. So like my buddy. He had gotten two 0:32:14.400 --> 0:32:16.120 or three new phones, and he didn't remember what phone 0:32:16.120 --> 0:32:17.959 it was on, and he didn't have a backup phrase, 0:32:17.960 --> 0:32:19.880 and he was just stuck. Now, the good news is 0:32:19.920 --> 0:32:22.200 he was able to go back. He didn't trade in 0:32:22.240 --> 0:32:24.040 his old phone. He actually had it in a drawer. 0:32:24.160 --> 0:32:25.640 He's able to find it, he's able to restore, and 0:32:25.680 --> 0:32:27.000 he's able to get access to it. So that's the 0:32:27.040 --> 0:32:30.160 good news. So he didn't lose it, luckily. But that's 0:32:30.200 --> 0:32:31.760 the first thing. So downloading app on your phone, take 0:32:31.800 --> 0:32:34.440 cussing to yourself, and back up your key, all right, now, 0:32:35.120 --> 0:32:37.240 that's that's step on one. The problem with that is 0:32:37.280 --> 0:32:39.719 that you're it's still on your phone, and so if 0:32:39.760 --> 0:32:42.400 your phone gets hacked, like my buddy's phone got hacked, 0:32:42.600 --> 0:32:44.760 then they could still get access to that because it's 0:32:44.760 --> 0:32:48.600 on your phone. That's the problem. So the way that 0:32:48.680 --> 0:32:50.800 I approach these, we call these like software wallets. We 0:32:50.840 --> 0:32:53.200 call them hot wallets, hot wallets because they're always connected 0:32:53.200 --> 0:32:56.200 to the internet. I look at those like I would 0:32:56.200 --> 0:32:58.760 look at my my wallet, my bitcoin, my my bill fold, 0:32:58.840 --> 0:33:01.880 or whatever you wanna call it, um, whatever money I 0:33:01.920 --> 0:33:04.160 have have in my wallet, Like I have some cash, 0:33:04.200 --> 0:33:05.200 I go to the a t M, I pull out 0:33:05.200 --> 0:33:07.240 a Hunter box, I'm walking around whatever. So I'm walking 0:33:07.280 --> 0:33:10.760 around money. If I were to lose that wallet, um 0:33:10.800 --> 0:33:12.719 with a couple hunt a Hunter Bucks or whatever in it, 0:33:12.720 --> 0:33:14.040 it's not the end of the world, like I'm bombed. 0:33:14.040 --> 0:33:15.400 I don't want to lose money. You don't get me wrong, 0:33:15.400 --> 0:33:17.000 but it's like, it's not not my life savings. I'm 0:33:17.000 --> 0:33:19.440 not walking around with my life savings. So don't walk 0:33:19.480 --> 0:33:21.880 around with all your bitcoin in your hot wallet on 0:33:21.880 --> 0:33:25.200 your phone. Okay, so but you're walking around money in 0:33:25.280 --> 0:33:27.800 that like you would with your wallet, all right, So 0:33:27.800 --> 0:33:29.440 what do you do with the rest? Well, the rest 0:33:29.520 --> 0:33:32.520 should go into what's called a hardware wallet or a 0:33:32.560 --> 0:33:36.120 cold wallet cold storage. So the hot remember it's always 0:33:36.160 --> 0:33:38.560 connect to the internet, that's on your computer or on 0:33:38.600 --> 0:33:41.800 your phone. The cold storage is something that's not connected 0:33:41.840 --> 0:33:43.800 to the internet. And so you can use a hardware 0:33:43.800 --> 0:33:47.920 wallet to do that. And uh, A couple of couple 0:33:47.920 --> 0:33:51.600 of easy ones are Treasure t e R, t t R, 0:33:51.800 --> 0:33:55.120 e z o R, dot Io, or a Ledger. I'm 0:33:55.160 --> 0:33:57.120 not sponsored by any of them. I'm not not telling 0:33:57.120 --> 0:33:59.280 you which ones to use, but use this hard wallet 0:33:59.320 --> 0:34:01.880 and what that does is that secures your key. So 0:34:01.960 --> 0:34:05.040 my key sits. It's like a little USB device and um, 0:34:05.560 --> 0:34:08.560 when I want to sign a transaction, I plug it 0:34:08.600 --> 0:34:11.080 into my computer, it signs it with the key, and 0:34:11.080 --> 0:34:14.040 then I unplug it again so it's not connected to 0:34:14.320 --> 0:34:16.799 the computer, it's cold, and then I can put that 0:34:16.880 --> 0:34:20.200 in my am I safe or whatever. Now, just like 0:34:20.280 --> 0:34:22.400 the hot wallet, the app on your phone, you do 0:34:22.480 --> 0:34:24.799 the same thing, which is when you transfer to it, 0:34:24.840 --> 0:34:26.719 you want to back it up. You want to create 0:34:26.760 --> 0:34:29.160 a seed phrase. Remember it's twelve or twenty four words. 0:34:29.440 --> 0:34:31.560 Obviously the twenty four words are gonna be safer and 0:34:31.560 --> 0:34:33.759 more secure than twelve words. You have to decide your 0:34:33.840 --> 0:34:37.439 level of security that you want to use, all right, Um, 0:34:37.520 --> 0:34:40.120 And then if you want to take another step further, 0:34:40.160 --> 0:34:42.160 which is what I'm doing now, is then you create 0:34:42.200 --> 0:34:45.359 a multi signature set up. So instead of having one 0:34:45.520 --> 0:34:50.560 hardware wallet key, I have three. So what happens is 0:34:50.640 --> 0:34:54.719 now in order to get a transaction signed, instead of 0:34:54.840 --> 0:34:58.360 having um, just one key that could be stolen or 0:34:58.400 --> 0:35:01.560 hacked or damaged or whatever, or I need three. Well, 0:35:01.600 --> 0:35:03.879 actually what I need is I need two of three, 0:35:04.520 --> 0:35:06.600 So I have three different keys at three different locations 0:35:06.640 --> 0:35:09.440 and then two of the three have to sign the 0:35:09.480 --> 0:35:12.359 transaction and that way, UM, if one of them gets 0:35:12.440 --> 0:35:15.200 damaged or lost or stolen or hacked, they can't get 0:35:15.239 --> 0:35:18.680 my account unless they get access to two of them 0:35:18.719 --> 0:35:23.680 at the same time. So that's the next step. And uh, 0:35:23.800 --> 0:35:26.120 some companies that can help you with that would be like, well, 0:35:26.120 --> 0:35:27.759 one you can set up yourself. You can download like 0:35:27.800 --> 0:35:30.400 specter um on your computer and then you can just 0:35:30.400 --> 0:35:32.680 build your own multi signature I think Exodus wallet on 0:35:32.719 --> 0:35:34.040 your computer. You can do that. So there's a few 0:35:34.080 --> 0:35:36.640 softwares that you can build that out on your own UM, 0:35:36.840 --> 0:35:39.200 or you can use a company a service to help 0:35:39.239 --> 0:35:41.520 you with that. UM. The two kind of leaders in 0:35:41.520 --> 0:35:45.719 the space are COSA and unchained cap So there's a 0:35:45.760 --> 0:35:50.040 couple of options for you on that as well. But regardless, 0:35:50.320 --> 0:35:52.080 even if you're using that multi sick, you're still using 0:35:52.080 --> 0:35:55.120 that hardware wallet, the cold wallet. You still want to 0:35:55.120 --> 0:35:58.040 back up that seed phrase. And even if you could 0:35:58.040 --> 0:35:59.480 back it up on the Harbor wallet and you could 0:35:59.480 --> 0:36:01.399 destroy it to hammer smash that put it inunder garbage 0:36:01.400 --> 0:36:03.799 supposed whatever you want to do. And all you need 0:36:03.880 --> 0:36:07.200 to know is those twelve words that is your treasure 0:36:07.200 --> 0:36:10.680 map that you have to protect. UM. The third and 0:36:10.760 --> 0:36:12.560 final step or I don't know what. I don't know 0:36:12.560 --> 0:36:14.799 if it's it's probably fifth by now. The final step 0:36:14.920 --> 0:36:16.400 is that I do is that I also use a 0:36:16.440 --> 0:36:19.439 dedicated laptop. So I have a laptop that I bought 0:36:19.480 --> 0:36:21.840 a couple hundred bucks, and I use that laptop to 0:36:22.239 --> 0:36:25.200 do all my cryptocurrency stuff. I don't log in from 0:36:25.200 --> 0:36:29.200 my primary computer with my primary email. And I don't 0:36:29.239 --> 0:36:32.120 do that because if for some reason I got something 0:36:32.200 --> 0:36:34.879 on my computer, they could gain access to that. So 0:36:35.280 --> 0:36:37.680 I only use I use this brand new computer. That 0:36:37.800 --> 0:36:40.480 the only thing it's ever done, it's never had email 0:36:40.560 --> 0:36:43.839 on it. It's never had I've never downloaded software, I've 0:36:43.880 --> 0:36:46.040 never listened to music, has never done anything. The only 0:36:46.040 --> 0:36:48.239 thing that laptop has ever done is logged onto my 0:36:48.239 --> 0:36:52.640 cryptocurrency accounts with my unique email address that I've only 0:36:52.680 --> 0:36:55.520 ever used for crypto accounts UM and my two f 0:36:55.560 --> 0:36:58.000 A device. It's on a separate device. And again that 0:36:58.080 --> 0:37:01.799 laptops four bucks. But again I lost two million dollars 0:37:01.840 --> 0:37:04.799 in bitcoin. Though spending four hundred bucks is definitely worth 0:37:04.840 --> 0:37:07.000 it for me. What do you think I'd love to 0:37:07.040 --> 0:37:08.799 hear your feedback. Give me a shout out. You're listening 0:37:08.800 --> 0:37:12.000 to the Mark moa Schau talking about bitcoin. Thanks for listening.