Speaker 1: Everyone, Welcome to another episode of The Markma Show where
Speaker 1: we are talking about bitcoin. Are talking about the decentralized
Speaker 1: revolution that is happening right now. Was a big, big
Speaker 1: year four bitcoin for cryptocurrencies. Of course, as bitcoin is
Speaker 1: not only leading the entire cryptocurrency movement, it's also changing
Speaker 1: the world that we're living in. We're witnessing in real time.
Speaker 1: It's been pretty exciting. Um, make sure you're tuning with
Speaker 1: me each end every week on this channel at this time.
Speaker 1: Go ahead and set a reminder for this on your
Speaker 1: phone if you're not driving. If you are, why don't
Speaker 1: you wait till you pull over. But we are talking
Speaker 1: about bitcoin and it is big. It is the biggest movement.
Speaker 1: And so each and every week I try to bring
Speaker 1: to you. I don't try, I do bring to you
Speaker 1: the information, the education, the up to the minute news
Speaker 1: that you need in order to succeed in this digital revolution,
Speaker 1: this decentralized revolution that's happening. And so thank you for
Speaker 1: joining me. I'm gonna make sure that it is the
Speaker 1: most profitable part of your week, the most important part
Speaker 1: of your week. This is the information that you need
Speaker 1: to know. Now Here, we are finishing out the end
Speaker 1: of it's always that time where we can just seem to,
Speaker 1: you know, look back on the year that just happened
Speaker 1: and ask ourselves, what the heck did happen? Uh, And
Speaker 1: then we kind of have like this blank slate to
Speaker 1: make the next year the best it can be. Uh.
Speaker 1: You know a lot of people set these New Year's resolutions,
Speaker 1: and you want to make more money, and you want
Speaker 1: to lose weight, and you want to have better relationships,
Speaker 1: and on and on and on. Um. There's an old
Speaker 1: Chinese proverb that says that the best time to plant
Speaker 1: a tree it was twenty years ago. The second best
Speaker 1: time to plan a tree is today. And so we
Speaker 1: don't have to wait until New Year's in order to
Speaker 1: make these big changes, but for some reason, psychologically we do.
Speaker 1: And so UM, you know, I think Um, last week
Speaker 1: we talked about some of these things that you can do.
Speaker 1: We talked about tax lost harvesting, which is a good
Speaker 1: thing to do. UM. But I want to talk about
Speaker 1: something else today that is Ah, it's a big issue
Speaker 1: for everyone listening. It's super important and you need to
Speaker 1: make sure that you handle this properly. Um. And here
Speaker 1: at the end of the year, going into two twenty two.
Speaker 1: It's a perfect time to level up your game. All right, now,
Speaker 1: what am I talking about? Well, to set the kind
Speaker 1: of preface, what I want to explain to you today
Speaker 1: is one of my really good friends. And I hate
Speaker 1: to say that he's one of my good friends, because
Speaker 1: it shouldn't have happened to somebody that's one of my
Speaker 1: good friends. But it's happened to me as well, one
Speaker 1: of my good friends. I talked to him this last
Speaker 1: week and he lost over a million dollars of bitcoin
Speaker 1: from his coin base account. And I don't want anybody
Speaker 1: to lose a dollar, much less a million dollars out
Speaker 1: of their coin Base account, which you would think should
Speaker 1: be one of the safest places to keep your bitcoin
Speaker 1: or your cryptocurrency or whatever you have. Now, I made
Speaker 1: a video on YouTube. I think it was July this year.
Speaker 1: You can go back and find it on my YouTube channel,
Speaker 1: and it's you know how I lost two million dollars
Speaker 1: worth of bitcoin. So it's happened to me, it happened
Speaker 1: to one of my one of my good friends, and
Speaker 1: it can certainly happened to you. Happens to thousands of
Speaker 1: thousands of people, and and this year finishing that this year.
Speaker 1: You have a little bit of time off right now
Speaker 1: you have next year set your New Year's resolutions. I
Speaker 1: want you to level up your game. I do not
Speaker 1: want you to lose a single dollar, much less ten thousand,
Speaker 1: hundred thousand or a million, like my good friend. And
Speaker 1: like I said, I hate to say that he's my
Speaker 1: good friend because I should. I should have talked to
Speaker 1: him better. I'm not his coach. I haven't been coaching
Speaker 1: him through this. He's been buying on his own. Um.
Speaker 1: But I need to do a better job reaching out
Speaker 1: to everybody I know personally and making sure the leveling
Speaker 1: up their game. But I'm starting with you. You're hearing
Speaker 1: it first because you're listening to the Marketmas Show. So
Speaker 1: a couple of things we're gonna talk about, UM one,
Speaker 1: the revolution, what is revolutionary to We're gonna talk about
Speaker 1: custody wife should because in the three we're gonna talk
Speaker 1: about options that you have. Four we're gonna talk about
Speaker 1: what he did wrong, even trusting coin bait coin based
Speaker 1: like the best, the safest place to keep it. You
Speaker 1: would think we're talking about ways that you can fix that,
Speaker 1: all right, Because I don't want you to lose to
Speaker 1: the money. That's important. It's it's your money. Imagine losing
Speaker 1: a million dollars. Imagine how sick to your stomach you
Speaker 1: would be. Now, I said, like I said, I made
Speaker 1: a video. I lost two million dollars. Luckily for me,
Speaker 1: I didn't. Well, I don't know. It's it's the same
Speaker 1: either way. Um, at the time of loss, it wasn't
Speaker 1: two million dollars. At the time of loss. I have
Speaker 1: multiple losses because I've lost a lot lost bitcoin and
Speaker 1: other cryptocurrencies multiple ways. I'll explain that to you. At
Speaker 1: the time, I think if I total it all up,
Speaker 1: it was probably less than three hundred thousand dollars of
Speaker 1: loss at the time of loss. But today, adjusted for
Speaker 1: today's prices and cryptocurrencies, it would be about two million dollars.
Speaker 1: So a little bit of purpose, I didn't lose two
Speaker 1: million at once, even though it's about the same, because
Speaker 1: I don't sell. Most of you guys know, I'm never
Speaker 1: selling my bitcoin. My great grandkids are gonna own my bitcoin.
Speaker 1: I'm gonna make sure that's in some sort of a
Speaker 1: trust that they can't even sell it. Um. But so
Speaker 1: it is effectively like losing two million and in a
Speaker 1: couple of years it will be like losing five million,
Speaker 1: and eventually it'll be like losing twenty million. Um, So
Speaker 1: it's going to continue to haunt me. But I didn't
Speaker 1: lose I didn't lose a million dollars at that time.
Speaker 1: I mean imagine that. So anyway, let's talk about this.
Speaker 1: So the first thing I want to do is I
Speaker 1: want to talk about, um, the revolution. All right now,
Speaker 1: you're listening to the Markma Show. We're talking about bitcoin
Speaker 1: and this decentralized revolution. And part of this revolution is
Speaker 1: the fact that I can take custody of my cryptocurrency,
Speaker 1: I can take custody of my property. All right. Now,
Speaker 1: the oldest problem that mankind has had has been how
Speaker 1: do I hold my property without it being stolen? So
Speaker 1: from the beginning of time, the oldest problem was, you know,
Speaker 1: someone's gonna come kill me and take my chickens, steal
Speaker 1: my goats, right, um. And so me and my neighbor
Speaker 1: get together and we formed this group and we try
Speaker 1: to protect to this property. And then we have villages,
Speaker 1: and then we have kingdoms, and then we have nations.
Speaker 1: And the role of the government isn't to tell you
Speaker 1: what you can and can't do with your health, or
Speaker 1: what you can and can't do with your business. The
Speaker 1: role of the government is to protect your private property.
Speaker 1: That's it. That's the whole point of the whole purpose
Speaker 1: of the government in the first place, to protect your
Speaker 1: private property. And of course now they're infringing on our
Speaker 1: private property. The most sacred of which our private property
Speaker 1: is our own body. But that's a whole another subject
Speaker 1: that we're not going to get into. But the oldest
Speaker 1: problem that mankind has had, the entire reason we have
Speaker 1: a government is to protect private property. Of course, whiles
Speaker 1: Marxist doctrination that's coming in and they think that owning
Speaker 1: private property is evil. Of course, the World Economic Forum says,
Speaker 1: by you will own nothing and you'll be happy. Well,
Speaker 1: I ain't gonna be happy about that, and I want
Speaker 1: to make sure you keep your bitcoin. So let's go
Speaker 1: ahead and get into this. So the revolution is how
Speaker 1: do I secure my private property? And Bitcoin fixed it
Speaker 1: and fixed it. So think about this, right, like, how
Speaker 1: do I keep someone from stealing my chickens and my goats? Um,
Speaker 1: if I were to store up my wealth for five
Speaker 1: thousand years, we stored our wealth, Well, there was shells.
Speaker 1: There was rocks, there was feathers. There's all types of
Speaker 1: things that were money. And how do I secure my
Speaker 1: rocks or my shells or my feathers so somebody doesn't
Speaker 1: steal them right or counterfeit them. And then eventually, um,
Speaker 1: you know, all these things were tried for money, and
Speaker 1: eventually gold was settled to be the best money because
Speaker 1: it keeps all the main attributes of money, which are divisible, portable, durable, um, saleable,
Speaker 1: lots of people recognize it, etcetera. And so um, a
Speaker 1: cow doesn't work really good because it's not it's not divisible.
Speaker 1: Somebody doesn't want my whole cow out on a deal,
Speaker 1: and it's not very portable. It's hard to move a
Speaker 1: cow around, etcetera. So gold gold emerged as that form
Speaker 1: of money. But the problem is the more gold that
Speaker 1: I have, the harder it is for me to secure it.
Speaker 1: Think about that, right, if I had a little bit.
Speaker 1: You remember like the old days of of the gold
Speaker 1: rush in California and people were moving to California and
Speaker 1: you heard stories, we're seeing pictures of you know, a
Speaker 1: map and there's a map to where I buried my treasure.
Speaker 1: And so that's what you would do, that's I would
Speaker 1: you would secure it. I'd go hide, had a dig
Speaker 1: a hole in the ground and cover it up, and
Speaker 1: I'd make myself a map. But what happens if I
Speaker 1: were to lose that map? What happens if that map
Speaker 1: fell into somebody else's hands and they went and got it.
Speaker 1: So I had to secure my wealth in my gold,
Speaker 1: and then I had to go hide my gold, and
Speaker 1: I had to make a map, and then I had
Speaker 1: to make sure that that map didn't get lost or
Speaker 1: damaged or go, you know, get burned up in my
Speaker 1: house fire, didn't get stolen, et cetera. And then the
Speaker 1: more gold that I had, then I had to protect
Speaker 1: it even more. So. For example, I had a lot
Speaker 1: of gold, and I might have to get a safe,
Speaker 1: I might have to get like arms security. Eventually I
Speaker 1: might have to just put it into a bank and
Speaker 1: the bank would guard my gold for me. Of course,
Speaker 1: that didn't work out too well for everybody, because by
Speaker 1: n thirty three, when all the gold was sitting in
Speaker 1: the banks, the banks took it all. So you're trying
Speaker 1: to get your you're trying to protect your gold you
Speaker 1: put in the banks, and then the president of the
Speaker 1: United States makes it legal in three to own goal
Speaker 1: and they steal it all from you. So how do
Speaker 1: you protect your assets even from theft of the government. Well,
Speaker 1: that's what bitcoin fixes, all right, this is the revolution.
Speaker 1: I can now hold my bitcoin um with no cost.
Speaker 1: Now I'm gonna explain to you more how we do that.
Speaker 1: You're listening to the Mark Moa Show. We're talking about bitcoin.
Speaker 1: We're talking about the decentralized revolution. We're talking about how
Speaker 1: you consider your security bitcoin. I just found out my
Speaker 1: buddy lost a million dollars worth a bitcoin, and I'm
Speaker 1: gonna tell you how to make sure that doesn't happen
Speaker 1: to you. I'll be right back. Don't go away, all right,
Speaker 1: Welcome back. You are listening to the markma Show, and
Speaker 1: we're talking about bitcoin. Of course, each and every week
Speaker 1: we're talking about the decentralized revolution that is literally changing
Speaker 1: the world. And when I say changing the world, what
Speaker 1: I mean is that technological revolutions don't just make our
Speaker 1: lives and better. They don't improve our lives. They change
Speaker 1: the way humanity works. We're talking about automobiles, we're talking
Speaker 1: about electricity, we're talking about steam engines that they change
Speaker 1: the force of the projection of the future, of the
Speaker 1: way mankind work. So we're talking about how to secure
Speaker 1: your bitcoin. My buddy I found out this week lost
Speaker 1: a million dollars worth a bitcoin from coin base. Tragic,
Speaker 1: absolutely tragic. I don't want you to lose a dollar.
Speaker 1: So let me tell you what he went, what he
Speaker 1: did wrong, and what you can make sure to do. So, Um,
Speaker 1: what I was talking about is them The oldest problem
Speaker 1: that mankind has had is how do I secure my property? Um,
Speaker 1: We'd put it into gold, and I'd have to go
Speaker 1: bury that gold and have to make a treasure map.
Speaker 1: But I have to protect that treasure map if it
Speaker 1: doesn't burn up in my house or someone steals at etcetera,
Speaker 1: or I lose it, I forget it, etcetera. Um. So then, um, eventually,
Speaker 1: if you have more gold it take, you have to
Speaker 1: you have to spend more time and energy and resources
Speaker 1: to secure that gold. I may have to hire security
Speaker 1: forces where I put it in the bank. And then
Speaker 1: eventually under A two the banks stole your gold. So
Speaker 1: you think you have to protect it from like robbers,
Speaker 1: and the governments there to help you protect your private property.
Speaker 1: But then the government stole your gold, so what can
Speaker 1: we do? So Bitcoin fixes this, so I can now
Speaker 1: take custody of my bitcoin, similar like I could take
Speaker 1: cusso of my goal. The problem is with my gold
Speaker 1: is I had to bury in the ground right where
Speaker 1: I had to hire armed guards. With bitcoin, I can
Speaker 1: secure it cryptographically. So there's a cryptographic key. And as
Speaker 1: long as I secure that key, it costs me zero
Speaker 1: dollars to secure it. It takes no money, it takes
Speaker 1: no resources. I don't need any guards, I don't need
Speaker 1: any vault, I don't need any safe I don't need
Speaker 1: the government or banks to secure it for me. I
Speaker 1: can do it myself. Now here's the problem. Just like
Speaker 1: if I buried my gold in the ground and I
Speaker 1: made a treasure map to go find my gold, because
Speaker 1: he's sure as heck wouldn't want to lose it, or
Speaker 1: if I died, my wife would have the map or
Speaker 1: something like that. Um bitcoin is also similar. I also
Speaker 1: need a treasure map for my bitcoin, and I don't
Speaker 1: need a treasure map. What I need is I need
Speaker 1: a key. I need a key, a cryptographic key to
Speaker 1: access my bitcoin. Now you've heard of there was a
Speaker 1: story going around the news. I think a couple of
Speaker 1: months ago, some guy I think in New York or
Speaker 1: on the East coast somewhere, had mine a bunch of
Speaker 1: bitcoin and throwing his computer away, and he's actively trying
Speaker 1: to locate this computer in the in the dump, in
Speaker 1: the trash dumps because it's got I don't know, billions
Speaker 1: of dollars on it or something like that. Um. But
Speaker 1: what he what he needs is is key. It's not
Speaker 1: on the computer. What you need is the key, and
Speaker 1: the key is kind of like that treasure map. I
Speaker 1: have to protect the key, just like I have to
Speaker 1: protect my treasure map. The good thing is it's much
Speaker 1: easier to do that. And we're gonna talk about that
Speaker 1: in a minute, all right. But there's there's two things
Speaker 1: that I want to I want to break apart for you.
Speaker 1: So one, just like gold, I could secure it myself.
Speaker 1: I can put it in my safe at my house.
Speaker 1: I could bury it in the ground and have a
Speaker 1: treasure map. Or I could give it to a bank
Speaker 1: and let the bank secure it for me. The bank
Speaker 1: security is better than my security. And if I lose
Speaker 1: my map or my key, I could go to the
Speaker 1: bank and show them my ID and they would still
Speaker 1: let me in. I don't have to secure a map.
Speaker 1: The bank takes care of all of that for me.
Speaker 1: The problem is now I'm at risk of the bank
Speaker 1: stealing my gold or my bitcoin. And I know that
Speaker 1: sounds crazy, but it happened. Two They stole the book,
Speaker 1: they stole the gold. If the gold wasn't in the banks,
Speaker 1: they wouldn't have been able to steal it. Imagine the
Speaker 1: move riding across the countryside, across the open plaine, going
Speaker 1: house to house to house with a nation armed with guns,
Speaker 1: and they're gonna take everyone's gold. And would it never
Speaker 1: worked because it was in the bank. Was easy. So
Speaker 1: these are the options with bitcoin. Do I secure myself
Speaker 1: or do I leave it on an exchange like coin
Speaker 1: base or Jim and I are cracking or whatever fill
Speaker 1: in the blank. My buddy left it on coin Base,
Speaker 1: which by the way, is like I said, pretty safe.
Speaker 1: But he made a mistakes. So that's the problem. But
Speaker 1: I can so I can secure it myself and I
Speaker 1: don't have to worry about any counterparty risk, but now
Speaker 1: I'm responsible for security. Or I give it to coin
Speaker 1: base or the bank and I let them secure it
Speaker 1: for me, all right, So that my buddy chose coin Base.
Speaker 1: Those are the two options. He chose coin Base. But
Speaker 1: here's a couple of things that happened. Now, Uh, let
Speaker 1: me let me So that's the pros and cons. Right,
Speaker 1: I can secure it myself, but now have to trust myself,
Speaker 1: um or I give someone else I trust them. So
Speaker 1: what happened? Okay? Well, like I said, there's there's plenty
Speaker 1: of risks that can happen with having somebody else in
Speaker 1: an exchange hold your bitcoin for As a matter of fact, UM,
Speaker 1: I haven't really talked about this publicly yet. UM give
Speaker 1: me next another month and I'm gonna name names here. Um.
Speaker 1: But I had twenty seven bitcoin taken out of my
Speaker 1: my um my exchange account. So a lot of a
Speaker 1: lot of times people think I leave it on the exchange,
Speaker 1: whether it's like I said, cracking Gemini, cooin based bittricks whatever. Um.
Speaker 1: And and it's safe. But just like my buddy lost
Speaker 1: a million dollars with bitcoin, I lost twenty seven bitcoin
Speaker 1: at one time. It's about it's about a quarter million
Speaker 1: dollars at the time. Um, So it's it's not that safe,
Speaker 1: um like you think it is. Now coin Base they
Speaker 1: have like a vault. So oncoin base, that can secure
Speaker 1: my account. I can put in a vault. But here's
Speaker 1: a couple of problems. The first thing is when I
Speaker 1: log into any account UM typically whether it's coin based
Speaker 1: or Gemini cracking, et cetera, bittricks UM, you can secure
Speaker 1: your account with what's called two factor authentication to f A.
Speaker 1: All right, and what that means is that when you
Speaker 1: log into your account, it UM sends you or asked
Speaker 1: you can put in a code from an authentication device.
Speaker 1: So most people use Google Authenticator. You can download it
Speaker 1: for free in the app store. And then UM what
Speaker 1: you do is when you set up your coin based
Speaker 1: account or whatever exchange account you have, it shows you
Speaker 1: look your code. You open up the Google app, you
Speaker 1: scandy QR code. It creates a unique key, and so
Speaker 1: when I log in, it asked me for a second authentication.
Speaker 1: So it says, okay, you put in your using you're
Speaker 1: using name of password, email password, but now we need
Speaker 1: this code from this device. Al right. Well, the first
Speaker 1: problem is, first off, don't reuse passwords, so always use
Speaker 1: a hard unique password. Every time I use something called
Speaker 1: last pass. Last pass gives me generates this this hard password,
Speaker 1: and I say it's hard. It's a minimum of eight characters,
Speaker 1: usually sixteen characters, and it's letters, numbers, caps, small caps, symbols, etcetera.
Speaker 1: So make sure one you have a unique password to
Speaker 1: it asked for that second factor authentication, So you want
Speaker 1: to make sure you have that turned on. If you
Speaker 1: don't have that turned on, that's a big problem. Um.
Speaker 1: And so the third problem is that you should also
Speaker 1: be using a separate email. Use a separate email. So
Speaker 1: if you have a Gmail account or whatever email account
Speaker 1: you have, if your email gets hacked, they could also
Speaker 1: do this, all right, So those are three steps that
Speaker 1: you could do. One to f A to UM, use
Speaker 1: a hard password, and three use a separate email. Now
Speaker 1: here's where my buddy went wrong, and here's where most
Speaker 1: people are going wrong. Two ways he went wrong. One
Speaker 1: he used his primary email address to log into his account.
Speaker 1: And two he used the to f A this two
Speaker 1: factor authentication app. The Google app was on his phone.
Speaker 1: It was on his phone, which of course everybody uses
Speaker 1: it on their phone. That's the whole point, right, Mark,
Speaker 1: You go on your iPhone, your app store, and you're
Speaker 1: doneload the app on your phone. That's how you use it, right, Well,
Speaker 1: that's how you're probably using it. That's how he was
Speaker 1: using it. But that is the problem because what happens
Speaker 1: is these hackers they get into your phone and then
Speaker 1: not only do they have your email, but they also
Speaker 1: have your two f a device on your phone. So
Speaker 1: how do they do that, Well, there's any number of
Speaker 1: ways they do that, and one would be, you know,
Speaker 1: the old way, the fishing way. As you clicked on
Speaker 1: some link, so they sent you some email and it says, hey,
Speaker 1: there's a problem with your PayPal account or your um
Speaker 1: whatever account. I don't know what your coin basic could be,
Speaker 1: whatever account it is, right, So you see some some
Speaker 1: email like that and um, hey you need you know,
Speaker 1: there's a problem. We sent you, an alert, was sent you,
Speaker 1: an update was sent you something you know, click here
Speaker 1: to log intor account. So you click on that link
Speaker 1: and what it does it puts some sort of malware
Speaker 1: or some sort of virus on your phone and then
Speaker 1: they can track your phone that way. So that's one
Speaker 1: way it can happen. To another way that happened, and
Speaker 1: this happens a lot. Go ahead and google this. You'll
Speaker 1: find thousands and thousands of cases of This is what's
Speaker 1: called like a simswap attack. And so what they do
Speaker 1: is somebody will um call the phone company and then they'll,
Speaker 1: you know, give them some song and dance and get
Speaker 1: them to swap over your um. You're listening to the
Speaker 1: Markoll Show. We're talking about bitcoin. We're talking specifically on
Speaker 1: how to secure it. My friend just lost a million
Speaker 1: dollars this week. I want to make sure you don't
Speaker 1: lose any money. I'm gonna give you the steps that
Speaker 1: you need to do secure it. Don't go away, We
Speaker 1: right back, all right, welcome back. You're listening to the
Speaker 1: Mark Moa Show. We're talking about bitcoin. Each and every week.
Speaker 1: We're talking about the decentralized revolution that's happening right before
Speaker 1: very eyes that we're living through. We're witnessing. It is
Speaker 1: a revolution and it is going to be massive. And
Speaker 1: today we're talking about loss, but more importantly, we're talking
Speaker 1: about how to protect ourselves from loss, because I don't
Speaker 1: want to have lost. I told you, you know, I
Speaker 1: lost in today's dollars two million dollars worth a bitcoin.
Speaker 1: Eventually it will be a hundred million dollars for the
Speaker 1: bitcoin that I lost, and I don't want that to
Speaker 1: happen to you. My buddy just this week lost a
Speaker 1: million dollars a bitcoin, and so I'm explaining how to
Speaker 1: secure that. So he was sitting on coin base, which
Speaker 1: you would think is pretty safe. Um, he relied on
Speaker 1: them for a security, but he had some problems. So
Speaker 1: the first thing is that, UM, when you log in,
Speaker 1: you need to have a separate hard password, unique password
Speaker 1: that you even't use anywhere. Um. And then the to
Speaker 1: f A, the second factor authentication, you need to have
Speaker 1: that turned on. But what you need to do is
Speaker 1: make sure that your to f A device is not
Speaker 1: on your primary phone. Okay, so what I do is, um,
Speaker 1: I have an old Android phone. You can go to
Speaker 1: Walmart and buy one for fifty bucks and wipe it clean.
Speaker 1: I mean, if it's branding from Walmart, you don't have
Speaker 1: to my old phone. I just you know when of
Speaker 1: the settings and factory reset reset it. And I used
Speaker 1: that as my two f A device. So the reason
Speaker 1: why is it's not on my primary phone. So if
Speaker 1: my phone is hacked, which is the target, right, people
Speaker 1: are gonna try and attack my phone, they can't get
Speaker 1: my two factor authentication. So with my buddy who lost
Speaker 1: a million dollars security and bitcoint it's all in coin based,
Speaker 1: is all good. But somebody hacked his phone. And I
Speaker 1: was explaining, so one way to do that as you
Speaker 1: click on a malicious link. You know. Um, So if
Speaker 1: you ever see an email it says, hey, there's an
Speaker 1: alert and update. We have something for you. Click here
Speaker 1: to log into your account, don't do it. Don't click
Speaker 1: on that link. Um. If if you think, if you
Speaker 1: think it's legit, just go to the actual website, log
Speaker 1: into your account and then the message should be there.
Speaker 1: Don't click on the links. That's one Another way I
Speaker 1: was saying is that they do like the simswap attacks
Speaker 1: where they'll go to the phone company and they'll you know,
Speaker 1: I don't know, I don't know the story. They'll cry,
Speaker 1: they'll beg, they'll plead whatever. Um, you know, I I
Speaker 1: need to you know, get into my account and to
Speaker 1: change my account whatever. Um, I don't know all the
Speaker 1: stories they tell. I haven't done it, but they'll get
Speaker 1: the phone company to give them access to your account.
Speaker 1: A T and T, Verizon, T Mobile, they're all being
Speaker 1: sued for this. It all happens, um. And So the
Speaker 1: point is is if somebody were to hack my phone,
Speaker 1: it wouldn't matter because my two f A device isn't
Speaker 1: on there. So this is most likely what happened to
Speaker 1: my buddy. Um, they got into his phone somehow. Um
Speaker 1: they went to coin base. Uh, they probably they got
Speaker 1: into his phone. They got into his email. He was
Speaker 1: using MSN MSN email, so he's still to this day,
Speaker 1: it's been a couple of weeks now, Um, he hasn't
Speaker 1: been able to get his ms in email even recovered.
Speaker 1: So they got into his phone somehow. He doesn't know how.
Speaker 1: It's not The point is not to try to secure
Speaker 1: your phone. The point is to not make your phone
Speaker 1: the weak point. So I don't know how he got
Speaker 1: on his phone. Maybe he clicked on a link, maybe
Speaker 1: they maybe they got into the phone company. Maybe there's
Speaker 1: somebody on the inside at one of these phone companies.
Speaker 1: I don't know. And the point is not to try
Speaker 1: to fix that. The point is not to make that
Speaker 1: a weak point. So they got into his phone, they
Speaker 1: found at his email. Um, they probably searched his email.
Speaker 1: They found you know, whatever crypto accounts he had. They
Speaker 1: probably found his coin based account, and now they have
Speaker 1: his email to log in. But UM, and then they
Speaker 1: can they do a password reset which sends to his email,
Speaker 1: which they have access to his email right, and then
Speaker 1: they log in and goes to to f A. You know,
Speaker 1: they want the second factor authentication, but they have his phone,
Speaker 1: so then they just generate the key right on his
Speaker 1: phone and they logged into his account. So they locked
Speaker 1: him out of his ms and account. So they logged
Speaker 1: into his ms AN account, locked him out, changed the
Speaker 1: password on that, UM, gained access to his coin base account,
Speaker 1: and most likely transferred all his bitcoin out of there,
Speaker 1: out of his account and into one of their accounts.
Speaker 1: And it's been a couple of weeks now and to
Speaker 1: this day he still hasn't got access to his coin
Speaker 1: Basse account either. So he hasn't got access to his
Speaker 1: ms AN account or his coin Base account even to
Speaker 1: this day. So the point is, like I said, not
Speaker 1: to try to figure out how to secure your phone.
Speaker 1: The point is is not to make your phone a
Speaker 1: week point. And you do that by again one having
Speaker 1: a unique hard password. Use something like last pass to
Speaker 1: organize them too. UM. Do not use your primary phone
Speaker 1: as your second factor authentication, use a secondary device. Go
Speaker 1: spend fifty bucks at Walmart. Buy an old phone or
Speaker 1: use an old one and just factory reset it, UH
Speaker 1: fifty bucks. Even if you have to spend five hundred
Speaker 1: dollars on a new phone, it's still cheaper than losing
Speaker 1: a million dollars a bit worn like my buddy did. Right,
Speaker 1: So get that secondary device. And then third, don't use
Speaker 1: an email that's your primary email. So I use an
Speaker 1: email from Proton Proton Mail. It's like a secure encrypted email.
Speaker 1: And the only reason I ever use that email address
Speaker 1: is to log into exchange accounts. That's it. Nobody knows it.
Speaker 1: I barely remember what it is. Um. I only use
Speaker 1: that email to log in. So if somebody got access
Speaker 1: to my phone, they would never find out the email
Speaker 1: that I used to log into exchanges. Um, they wouldn't
Speaker 1: be able to find my password because it's a unique
Speaker 1: hard pass where everyone and even if they got all that,
Speaker 1: they wouldn't be able to do the to f A
Speaker 1: because I don't keep it on my phone. I keep
Speaker 1: it on another device. If he would have just done
Speaker 1: those things, he would have had a million dollars back,
Speaker 1: or he wouldn't have lost his million dollars. That's saying,
Speaker 1: and so um, that's it. That's how you protect yourself
Speaker 1: from the SIM swap. It's how you protect yourself from
Speaker 1: getting hacked, etcetera. All right, but that's only part of it.
Speaker 1: That's only part of it, all right. So there's I'm
Speaker 1: gonna talk to you in stages, all right. Like I said,
Speaker 1: with gold, the more gold you have, the more UM
Speaker 1: lengths you have to go to to secure it. Right,
Speaker 1: If I have a couple hundred dollars worth, it's not
Speaker 1: that big of a deal. If I have a couple
Speaker 1: of million dollars worth, it's a much bigger deal. If
Speaker 1: I have a few billion dollars worth, and it's it's
Speaker 1: a serious series problem. Right And so UM, that's that's
Speaker 1: the first step. Separate email, Separate to f a device,
Speaker 1: any card password, all right, Now, that takes care of
Speaker 1: it if you have it on exchange like a coin
Speaker 1: base or or something like that. UM. Also you can
Speaker 1: secure your accounts by one UM a lot of a
Speaker 1: lot of exchanges. UM will limit withdraw, So for example,
Speaker 1: you can say only addresses that I white list. Can
Speaker 1: do that now. Of course, if they gain complete access
Speaker 1: to your account, they can white list their own accounts. UM.
Speaker 1: So also do that like secure, make sure noybody gets
Speaker 1: ext you account, but then also make sure they can't
Speaker 1: hack from within. And so one inside one of those
Speaker 1: exchange accounts, you would add the addresses that are only
Speaker 1: able to be white listed. UM. Coin Base has something
Speaker 1: where it's um UM. They like a vault, so you
Speaker 1: can move stuff into a vault, and then you can
Speaker 1: set rules. So you could say, for example, UM, if
Speaker 1: if a transfer is initiated, it has to wait seventy
Speaker 1: two hours, and it has to send emails to these
Speaker 1: three different emails. UM. So even if they got control
Speaker 1: of one your primary email, it would still get notified
Speaker 1: of these two or three other emails. Right, So you
Speaker 1: can set kind of rules like that, But the first
Speaker 1: thing is make sure they don't get access to your account,
Speaker 1: because if they got extras you account, thing will change
Speaker 1: those rules. So first make sure your account access secure
Speaker 1: to take the proper steps inside. Like I said, white
Speaker 1: list email addresses, use some of these time delayed things
Speaker 1: like that. That's good as well. But okay, so now
Speaker 1: that that's kind of framed up, that's if we want
Speaker 1: to keep our bitcoin on an exchange. I don't want
Speaker 1: to remember the whole revolution of bitcoin is that I
Speaker 1: don't have to keep I can custody my own money.
Speaker 1: That's the whole thing, because when I keep my bitcoin
Speaker 1: or my cryptocurrency on an exchange, it introduces counterparty risk
Speaker 1: that now I'm at risk of them. Now, like I said,
Speaker 1: I believe their security is pretty good. Coin basis security
Speaker 1: is is is really good. Now didn't help my buddy
Speaker 1: because he didn't do all the right steps. Of course
Speaker 1: they didn't teach you this, which is why I'm teaching you.
Speaker 1: But now you have to worry about the risk of
Speaker 1: coin base taking your So what could potentially happen with that? Well,
Speaker 1: like I said, three two, they seized all the gold UM.
Speaker 1: And we see today UM in the last this year
Speaker 1: specifically really heating up more in Europe, but even some
Speaker 1: regulators here in the US we've seen them starting to
Speaker 1: talk about UM limiting custody or or or not allowing
Speaker 1: you to take custody of your own coin. So you know,
Speaker 1: potentially UM the government could take some action against one
Speaker 1: of these exchanges and say, hey, you're no longer allowed
Speaker 1: to let people withdraw their funds. They could say that,
Speaker 1: for example, no one can no one can withdraw anymore Um,
Speaker 1: there's countless stories of people going to you know, Cuba,
Speaker 1: logging into their coin based account from Cuba, the IP
Speaker 1: getting flagged and in their account it's locked. They can't
Speaker 1: get in things like that. UM. So now I don't
Speaker 1: want to take the risk, the counter party risk of
Speaker 1: having them sees my money, um frees my account for
Speaker 1: some reason, unknown reason. UM So I want to take
Speaker 1: custody of it myself. That's that's the that's a chief decide.
Speaker 1: So if I want to take custody with myself, how
Speaker 1: do I do it? All? Right? Well, there's three main
Speaker 1: ways that you can do it. I want to walk
Speaker 1: you through those from the easiest way and then then
Speaker 1: this uh and the single most important step you have
Speaker 1: to take. Regardless of which of these three routes you take,
Speaker 1: take it through the easiest way, the medium way, and
Speaker 1: the harder way. And like I said, level up your
Speaker 1: game in two And it depends on how much money
Speaker 1: you have. Um. If you have just a couple of bucks, um,
Speaker 1: you know now you don't worry about it. If you've
Speaker 1: got a couple of million bucks, you probably want to
Speaker 1: do the hardest the hardest way, because it's going to
Speaker 1: be worth it. You listen to the markmo Show. We're
Speaker 1: talking about bitcoin, cryptocurrencies and the decentralized revolution. We're talking
Speaker 1: about how to secure your bitcoin, secure cryptocurrencies in two
Speaker 1: My buddy just lost a million dollars this week out
Speaker 1: of his coin base account. I don't want you to
Speaker 1: lose a single dollar, so don't go away. I'll be
Speaker 1: right back. All right, welcome back. You're listening to the
Speaker 1: markma Show. We're talking about bitcoin and cryptocurrencies and the
Speaker 1: decentralized revolution that's happening. The revolution is lots of things, um,
Speaker 1: talk about them eat you every week. One of the
Speaker 1: most revolutionary things about this is that now I have
Speaker 1: a way to secure my property in a way that
Speaker 1: nobody can steal it. And not only do I have
Speaker 1: a way to do that, I have a way to
Speaker 1: do it that cost me no money, cost me no money, um,
Speaker 1: and it's portable. I can take it with me anywhere
Speaker 1: I want. It's pretty amazing. But the problem is that
Speaker 1: now the responsibility lies on me to secure it. UM.
Speaker 1: I just went and saw the New Spider Man movie
Speaker 1: with my kids over the weekend, and uh, I think
Speaker 1: I saw the very first Spider Man and then I
Speaker 1: just seen this most recent one, and I think in
Speaker 1: both of them they said the same thing, which is
Speaker 1: as a spider man's uncle ben. I think in the
Speaker 1: new one it was maybe aunt May told him I
Speaker 1: forget anyway, But they said, hey, with great power comes
Speaker 1: great responsibility. I think it's what they said something like that. Right,
Speaker 1: So the more power you have, the more responsibility. And
Speaker 1: that's kind of a bitcoin right. I have now great
Speaker 1: power to hold to custody my own assets in a
Speaker 1: way that nobody can steal them, but it now requires
Speaker 1: great responsibility on my part that I don't mess it up.
Speaker 1: And so my buddy lost a million dollars because he
Speaker 1: didn't get it figured out right. He thought he trusted
Speaker 1: the coin based to do it, but he didn't secure
Speaker 1: his account properly. His phone was a week. But if
Speaker 1: you missed all that, go back and listen to it.
Speaker 1: I give you some good points. Now I covered why
Speaker 1: you wouldn't want to leave it on exchange. They could
Speaker 1: take it from me, they can see that, they could
Speaker 1: freeze it, all those things. Um So I personally like
Speaker 1: to custody it myself. And now there's three main ways
Speaker 1: that you can do this, and we'll take them from
Speaker 1: easier to harder. So the first way is simple UM
Speaker 1: going to the app store and download any number of wallets,
Speaker 1: so there's no shortage of cryptocurrency wallets out there that
Speaker 1: you can use, and a couple of things that you
Speaker 1: want to do one UM download one of the one
Speaker 1: of the UM apps from the app store. If you're
Speaker 1: just using bitcoin, I like blue Wallet, blue Wallt's really good,
Speaker 1: and download the app. Now what you need to do,
Speaker 1: And this is where most people fail right off the bat.
Speaker 1: As a matter of fact, again, another friend of mine,
Speaker 1: I feel bad about telling you this story. It was
Speaker 1: a couple of years ago, probably back in when bitcoin
Speaker 1: was in the you know, five figure range. I don't
Speaker 1: remember what it was at the time, a couple thousand
Speaker 1: bucks or whatever, and I was trying to get my
Speaker 1: it into bitcoin for a while, but he just wasn't
Speaker 1: really interested. And we went on a trip together and
Speaker 1: I owed him some money, I think, and so I'm like, hey,
Speaker 1: I'm gonna pay you in bitcoin because I want you
Speaker 1: to have some skin in the games. I gave him
Speaker 1: like bitcoin at the time. I used to spend quite
Speaker 1: a bit of bitcoin back then, and now now I
Speaker 1: never spend bitcoin because in the future it's worth too
Speaker 1: much money. So like a year ago, um, I think
Speaker 1: it was earlier this year, maybe like February March this year,
Speaker 1: and when bitcoin got up to and he's like, hey, hey,
Speaker 1: that that bitcoin you gave me, Like I still have it,
Speaker 1: it's I think it's worth now, um, but I don't
Speaker 1: don't remember how to get access to I don't remember
Speaker 1: what happened to it. I've had like three new phones
Speaker 1: since then, and I'm like, oh, man, like I didn't.
Speaker 1: I didn't. I didn't educate you properly. Uh So let
Speaker 1: me educate you properly, all right. So you download the
Speaker 1: app on your phone and then you can transfer the
Speaker 1: bitcoin there. So from your coin based account or whatever
Speaker 1: you can, you can transfer it to the app on
Speaker 1: your phone. That's your wallet, all right. But the key
Speaker 1: thing year is that you need to back up the wallet.
Speaker 1: You need to generate a seed phrase, So go into
Speaker 1: the settings and create back up, and it's going to
Speaker 1: give you twelve words that are random like uncle, monkey, banana, wrench, ocean, whatever,
Speaker 1: like twelve random words. You can do twenty four as well,
Speaker 1: and you want to write those down on a piece
Speaker 1: of paper. Don't put them on the internet, don't put
Speaker 1: them on your ever note, don't put them in Google docs.
Speaker 1: Put them on a physical piece of paper, And that
Speaker 1: is your key. If you if if you lose your phone,
Speaker 1: if your phone gets stolen, um, whatever the case is. Um,
Speaker 1: you can just go get any new wallet, download any
Speaker 1: wallet you want, don't have to be the same one,
Speaker 1: and you can just say restore from back up and
Speaker 1: you put those twelve words in and you'll instantly have
Speaker 1: your key back. All right, So that those twelve words,
Speaker 1: that seed phrase is kind of like your treasure map
Speaker 1: to the gold that we were talking about before. You
Speaker 1: have to protect that just like a just like a gold.
Speaker 1: You know, the person had to protect their gold, um
Speaker 1: the map. You know, they don't want to burn down
Speaker 1: their house. They don't want to fall into the wrong hands.
Speaker 1: You have to do the same thing with a key.
Speaker 1: Let you write down on paper as well. You might
Speaker 1: want to make a couple of copies. You can maybe
Speaker 1: put one at your parents house, put one and you're safe,
Speaker 1: you know, leave one at your office or wherever you
Speaker 1: can do that that they're safe. Alright. So that's step
Speaker 1: number one. So like my buddy. He had gotten two
Speaker 1: or three new phones, and he didn't remember what phone
Speaker 1: it was on, and he didn't have a backup phrase,
Speaker 1: and he was just stuck. Now, the good news is
Speaker 1: he was able to go back. He didn't trade in
Speaker 1: his old phone. He actually had it in a drawer.
Speaker 1: He's able to find it, he's able to restore, and
Speaker 1: he's able to get access to it. So that's the
Speaker 1: good news. So he didn't lose it, luckily. But that's
Speaker 1: the first thing. So downloading app on your phone, take
Speaker 1: cussing to yourself, and back up your key, all right, now,
Speaker 1: that's that's step on one. The problem with that is
Speaker 1: that you're it's still on your phone, and so if
Speaker 1: your phone gets hacked, like my buddy's phone got hacked,
Speaker 1: then they could still get access to that because it's
Speaker 1: on your phone. That's the problem. So the way that
Speaker 1: I approach these, we call these like software wallets. We
Speaker 1: call them hot wallets, hot wallets because they're always connected
Speaker 1: to the internet. I look at those like I would
Speaker 1: look at my my wallet, my bitcoin, my my bill fold,
Speaker 1: or whatever you wanna call it, um, whatever money I
Speaker 1: have have in my wallet, Like I have some cash,
Speaker 1: I go to the a t M, I pull out
Speaker 1: a Hunter box, I'm walking around whatever. So I'm walking
Speaker 1: around money. If I were to lose that wallet, um
Speaker 1: with a couple hunt a Hunter Bucks or whatever in it,
Speaker 1: it's not the end of the world, like I'm bombed.
Speaker 1: I don't want to lose money. You don't get me wrong,
Speaker 1: but it's like, it's not not my life savings. I'm
Speaker 1: not walking around with my life savings. So don't walk
Speaker 1: around with all your bitcoin in your hot wallet on
Speaker 1: your phone. Okay, so but you're walking around money in
Speaker 1: that like you would with your wallet, all right, So
Speaker 1: what do you do with the rest? Well, the rest
Speaker 1: should go into what's called a hardware wallet or a
Speaker 1: cold wallet cold storage. So the hot remember it's always
Speaker 1: connect to the internet, that's on your computer or on
Speaker 1: your phone. The cold storage is something that's not connected
Speaker 1: to the internet. And so you can use a hardware
Speaker 1: wallet to do that. And uh, A couple of couple
Speaker 1: of easy ones are Treasure t e R, t t R,
Speaker 1: e z o R, dot Io, or a Ledger. I'm
Speaker 1: not sponsored by any of them. I'm not not telling
Speaker 1: you which ones to use, but use this hard wallet
Speaker 1: and what that does is that secures your key. So
Speaker 1: my key sits. It's like a little USB device and um,
Speaker 1: when I want to sign a transaction, I plug it
Speaker 1: into my computer, it signs it with the key, and
Speaker 1: then I unplug it again so it's not connected to
Speaker 1: the computer, it's cold, and then I can put that
Speaker 1: in my am I safe or whatever. Now, just like
Speaker 1: the hot wallet, the app on your phone, you do
Speaker 1: the same thing, which is when you transfer to it,
Speaker 1: you want to back it up. You want to create
Speaker 1: a seed phrase. Remember it's twelve or twenty four words.
Speaker 1: Obviously the twenty four words are gonna be safer and
Speaker 1: more secure than twelve words. You have to decide your
Speaker 1: level of security that you want to use, all right, Um,
Speaker 1: And then if you want to take another step further,
Speaker 1: which is what I'm doing now, is then you create
Speaker 1: a multi signature set up. So instead of having one
Speaker 1: hardware wallet key, I have three. So what happens is
Speaker 1: now in order to get a transaction signed, instead of
Speaker 1: having um, just one key that could be stolen or
Speaker 1: hacked or damaged or whatever, or I need three. Well,
Speaker 1: actually what I need is I need two of three,
Speaker 1: So I have three different keys at three different locations
Speaker 1: and then two of the three have to sign the
Speaker 1: transaction and that way, UM, if one of them gets
Speaker 1: damaged or lost or stolen or hacked, they can't get
Speaker 1: my account unless they get access to two of them
Speaker 1: at the same time. So that's the next step. And uh,
Speaker 1: some companies that can help you with that would be like, well,
Speaker 1: one you can set up yourself. You can download like
Speaker 1: specter um on your computer and then you can just
Speaker 1: build your own multi signature I think Exodus wallet on
Speaker 1: your computer. You can do that. So there's a few
Speaker 1: softwares that you can build that out on your own UM,
Speaker 1: or you can use a company a service to help
Speaker 1: you with that. UM. The two kind of leaders in
Speaker 1: the space are COSA and unchained cap So there's a
Speaker 1: couple of options for you on that as well. But regardless,
Speaker 1: even if you're using that multi sick, you're still using
Speaker 1: that hardware wallet, the cold wallet. You still want to
Speaker 1: back up that seed phrase. And even if you could
Speaker 1: back it up on the Harbor wallet and you could
Speaker 1: destroy it to hammer smash that put it inunder garbage
Speaker 1: supposed whatever you want to do. And all you need
Speaker 1: to know is those twelve words that is your treasure
Speaker 1: map that you have to protect. UM. The third and
Speaker 1: final step or I don't know what. I don't know
Speaker 1: if it's it's probably fifth by now. The final step
Speaker 1: is that I do is that I also use a
Speaker 1: dedicated laptop. So I have a laptop that I bought
Speaker 1: a couple hundred bucks, and I use that laptop to
Speaker 1: do all my cryptocurrency stuff. I don't log in from
Speaker 1: my primary computer with my primary email. And I don't
Speaker 1: do that because if for some reason I got something
Speaker 1: on my computer, they could gain access to that. So
Speaker 1: I only use I use this brand new computer. That
Speaker 1: the only thing it's ever done, it's never had email
Speaker 1: on it. It's never had I've never downloaded software, I've
Speaker 1: never listened to music, has never done anything. The only
Speaker 1: thing that laptop has ever done is logged onto my
Speaker 1: cryptocurrency accounts with my unique email address that I've only
Speaker 1: ever used for crypto accounts UM and my two f
Speaker 1: A device. It's on a separate device. And again that
Speaker 1: laptops four bucks. But again I lost two million dollars
Speaker 1: in bitcoin. Though spending four hundred bucks is definitely worth
Speaker 1: it for me. What do you think I'd love to
Speaker 1: hear your feedback. Give me a shout out. You're listening
Speaker 1: to the Mark moa Schau talking about bitcoin. Thanks for listening.