Bitcoin currently has a market cap of over 1 trillion USD, that's more than 99,99% of all companies worldwide.
The only companies that have a higher market cap than bitcoin are:
- Microsoft at 2.528 trillion USD
- Apple at 2.460 trillion USD
- Saudi Aramco at 2.000 trillion USD
- Alphabet(Google) at 1.979 trillion USD
- Amazon at 1.787 trillion USD
That's pretty impressive if you ask me
The recent news from Spain about stolen Bitcoin ATM brought up some questions in mind.
Basically, she asked me to help her secure her cryptocurrency in cold-storage. I've never setup such a thing for myself as I generally feel I'm far more likely to lose funds messing around with cold-wallets than I am to experience a hack, plus I like the interest payments. I explained this to her, but she still wants to do this. So, after a little research, I decided that the ledger Nano-X was the best fit for her...and me. I know there are other ways to do it for free, but I'm paranoid about messing up somehow and the Nano-X has a pretty intuitive user-interface.
I fully expect her to pay me generously, especially because I know she's rich as hell and I've seen her pay my girlfriend ridiculous amounts of cash for silly things like watering her plants or feeding the cat, but because she's such a crypto-noob, I'm also a little worried about her. first of all, despite explaining to her what cold-storage is and how it's secured, she fully intends on letting me, her tenant's boyfriend and random dude seems really into crypto, set up her cold-wallet, a process that will undoubtedly expose her seed phrase/private keys to me.
She's already ordered the Ledger at my direction, but I set up a meeting with her tomorrow to go over the basics of offline/cold-storage, basically everything I learned in the last couple days after agreeing to help her. The only reason I really agreed to help her is because my girlfriend convinced me it's probably worthwhile to curate a good relationship with someone so wealthy.
The only thing is, although we haven't gone into much detail about which coins she holds and how much, I fully expect her to have at least $1-3 million in crypto. I've never been a thief or scammer, so I suppose she's lucky to have crossed paths with me, but I worry whether she's responsible/capable enough to be trusted with a cold-wallet setup and paper seed-phrase. I'd prefer not to know her seed phrase at all, but I honestly wouldn't be surprised if she lost it or somehow shared it with someone else. Like I said, the process of setting this up by yourself with Ledger, as you should for obvious reasons, is fairly easy and the fact that she seems unable/unwilling to do this despite having so much money at stake is concerning for me to the point that I don't know if cold-storage is necessarily the smartest choice for her. However, her heart seems set and if I don't help her, I worry she'll start looking for someone else who maybe doesn't have quite so much integrity.
Anyways, that's my rant.
UPDATE: 11-12-2020: We just got out of our first meeting. I explained to her more in detail what cold storage was, but she said a few things that really made me concerned. First thing, she said she was inspired to get cold-storage because cryptocurrency TikTokers had convinced her it was the safest way to store lots of crypto. So she’s apparently taking investing advice from TikTokers, which shill shitcoins like crazy. I told her this, especially since I see it on a daily basis at my job. I explained why some people think this way and why others, like myself, prefer to keep coins spread out across multiple exchanges.
Secondly, she didn’t understand transfers between wallets. Somehow she thought or assumed that Ledger would simply aggregate her balances/wallets from all her various exchanges.
Thirdly, when I began discussing seed phrases and how important it is to keep private, SHE PULLED OUT A JOURNAL WHERE SHE KEEPS ALL HER PASSWORDS AND ASKED ME “is this a seed-phrase?” It was. I instantly told her that that book should be in a safe because anyone with her seed phrase can access her cryptocurrency. And she said she usually does when she has parties or the cleaners come.
Anyways she paid me $100 for this first consultation.
If you buy dollars now and save until the next halving. (around 2 and a half years from now) you are likely to lose at least 12% purchasing power.
The first contact with Bitcoin was 7 years ago. At that time, among the car friends who were playing cars in Shanghai, a new thing called Bitcoin was suddenly popular, 24 hours and 365 days of uninterrupted transactions, zero handling fee (no handling fee 7 years ago). At the time, I didn't even know what it was, I just knew that it was very suitable for the time when I had nothing to do. Since then, Bitcoin has officially entered the lives of me and many other currency friends.
I remember very clearly that in the past, a bitcoin rose from about 1,000 yuan to 8,000 yuan in more than a month. Later, I learned that this was the first wave of bitcoin that entered the bull market in people’s eyes. In the past 7 years, a total of There have been three waves of bull markets and two waves of bear markets (the graph trend is almost exactly the same as the current number of confirmed new crowns in Japan, haha). At that time, I only bought a little for fun, but because the volatility was too great, and the earliest platform was very unstable, it was rumored every day that the platform owner could not withdraw cash, and the trading background often collapsed, making everyone afraid to play. Many people think about making money and leaving. After playing for a few days, I finally made a small profit and cashed out. At that time, the withdrawals were all raised for 3 days. I was really afraid that the exchange would run away. The first operation experience ended like this.
I recently opened a badger wallet account, and deposited 3.36 USDH from an exchange. I used the "simpleledger:" address when withdrawing, and the transfer looks like it has gone through on the block explorer, however it does not show up in wallet. Have I lost the funds?
Here is the transaction hash: https://simpleledger.info/#tx/624d7a2a3f5c1b34f594cc88bacf9c9985ad73a8ff5d842511c1dfaba3d6dd9a
here is my simple ledger wallet address: simpleledger:qqmn3k7vf3f33rpsued986aq0qzvrcdudslw2uscpa
![[link]](https://i.redd.it/bsj7tu7cjez71.jpg){kind=link}