I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.
There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
Thank you for that thread. Indeed, we just have to be aware that there is no perfect way to store our crypto assets. The LA wildfire has taught us how vulnerable we can be to unexpected life happening, especially when it comes to safeguarding our Bitcoin. Come to think of it, what is the essence of buying the dip and holding it for long without proper diversification of our private keys? Apart from using hardware wallets, penning them down, and other measures if there are possible ways to store our keys, I think we should prioritize that. There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
In your thread, I responded to someone's comment. Here is it, though it is a good form of diversifying storage it is still flawed the better we get that into our mind.
For sure natural disaster can take various forms, and even if we took several precautions in regards to our private keys, we might have had made mistakes, so for example, maybe in the LA fire example, we had some kind of a hardware wallet, and we had back up keys in our house and then another set of back up keys in another building on the property (if we are so lucky as to have another building available to us, such as a shed or a garage), but then if our backups are on paper, then they might have all gotten damaged.. and a similar thing can happen in a hurricane or tropical storm zone in which the kind of disaster is different, and potentially leave us vulnerable if our backups are not sufficiently geographically separated.
Some people do not even have access to any location other than their living location, which might not be a lot of places to store/hide backups, and surely the more value that we hold, the more important it becomes to spend more time and potentially money in protecting our value.
Surely with some of the burnt homes there might have been people storing a lot, if not all of their wealth in their houses, and so then if their house burned down, they would likely needed some kind of an insurance policy, since it could be difficult to self-insure.. and if a person had residential property and also had bitcoin, then maybe they ONLY lost half if they had secured the bitcoin properly, yet surely it is difficult to presume that everyone who might have had bitcoin in the fires had secured their bitcoin sufficiently (or maybe they got lucky and their backups did not end up getting destroyed... or maybe if they had notice before they evacuated, they were able to take their backups with them?)..
Surely there can be a lot of kinds of value besides the personal residence or the bitcoin, and also some folks put a lot of time and energy into building and organizing their personal (and perhaps work?) space, and so there could be a lot of loss in regards to various organization systems that a person might have established in their personal residence.... There could have had been value in having had built neighborhood relations too.
Not only having steel plate as your back up, I would consider to have something that you can always carry whenever you go, like this bracelet. Let's say there's a wildfire happened on your house, are you gonna enter your house and find your steel plate? I'm sure the firefighter and other people will push you to go back.
But, if you wear this bracelet everyday, you don't have to worry if someday something bad happen on the place where you hide your seed phrase.
Can we all agree that there is no perfect way to save our seed phrase? Unexpected things can happen anytime and might make us unaware. But, if you wear this bracelet everyday, you don't have to worry if someday something bad happen on the place where you hide your seed phrase.
Might not be a good idea to have too many valuables on our person, and surely obscurity and perhaps convolution of the information, to the extent feasible, could be helpful if we are keeping such information on our person.
We should be praying that nothing happens for us to be caught in a situation where we can get access to our seed phrase. Every method we use in storing our seed phrase has one or more flaws. The wrist bracelet you shared is a good method. Of course, it will save you when in the situation of the LA wildfire. On the other hand, it is very risky to walk around with it everywhere, as there are those who may find out that what you are wearing is your seed phrase. They may one day forcefully want to take it or rob you of it. If that is not the case, you may take it off and keep it someplace one faithful day and forget about it. The biggest disadvantage of it is the fact that anyone who has access to it will have access to your wallet instantly.
In the end, it’s about long-term preparation and ensuring that the hard work of buying the dips and HODLing is not a waste. If one method is attacked, we will be hopeful that our keys are still safe in another way. Yep. Nothing wrong with having various back up systems, and surely there are risks in the storing of not sufficiently convoluted information on our persons.
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It is natural for everyone to have different preferences and tastes, and forcing someone to do something is never the right way. Especially when it comes to Bitcoin investment. Bitcoin is an investment that will never guarantee anyone a profit, Bitcoin is a long-term potential currency.Now you have told your friend or anyone you know about Bitcoin investment, he hesitated to invest, but you convinced him to invest with a lot of assurance, and he invested as you said, now Bitcoin did not pump as you expected after a certain period of time (after 2 or 3 years), but rather it started dumping more, then he will become very scared, and he may ask you for his invested money back, and he will completely blame you for this. You may know that Bitcoin will pump after some more time, but at that time he will not believe you in any way, and will continue to be angry with you.
So never force anyone to invest in Bitcoin, you do not know whether Bitcoin will actually pump in the future, that is why when you force someone to invest in Bitcoin, and Bitcoin does not give you the return you expected after a certain period of time, then the entire blame will fall on you. You will only be limited to giving advice, never force. Let them make their own decisions by analyzing their own judgment, if they can really understand the possibilities of Bitcoin, then they will want to invest in Bitcoin on their own, otherwise you do not need to force them.
These are good points GIF-JOBS. Each person needs to be responsible for their own choices whether to invest into bitcoin or not, and so each of us should be attempting to make that clear to anyone with whom we discuss bitcoin, and surely even when we take actions to suggest people are responsible for their own decisions, they might not sufficiently figure out the right course of action, which in many cases may well be that they should get started buying bitcoin as soon as possible... so yeah, there is ONLY so much that we can do to help people to help themselves including that many times people may have their own responsibilities to figure out bitcoin and to investigate into how to learn more about bitcoin and to get started rather than failing/refusing to take actions to either learn more about it or to actually start to buy it.