BTC Sessions - $10K Nears - Tips for BTC Bull Market, Square Crypto LN Dev Kit, US Gov to Auction $37M BTC EP016

Starting point is 00:00:01 Wasabi wallet. I'm fairly private. What is up everyone? I'm Ben with the BTC Sessions and this is your daily session. Hodel their Bitcoin. Before we dive in, I've got to give a big shout out to sponsors of the show. Leaden.i. This is where you can use your Bitcoin for a variety of different services. They've got their Bitcoin savings account where you can earn interest on your Bitcoin, paid in Bitcoin. They've got Bitcoin-backed loans where you can use your Bitcoin. as collateral to obtain a Canadian or US dollar loan.

Starting point is 00:00:40 So if you're in a pinch and you need dollars, but you don't want to sell your Bitcoin, maybe it's a bad time. This could be an option for you. And finally, they've got their B2X offering. This is for your Bitcoin bulls out there. You get double the exposure to the price fluctuations of Bitcoin. If you want to check out any of these, there's a link in the show notes down below. And if you use that link to get a Bitcoin back loan, they'll actually give you an extra 50 bucks

Starting point is 00:01:05 or the Bitcoin into your account. And secondly, we have Rise Wallet. This is a physical Bitcoin gift card that you can pick up at a store near you. I friggin' love these things. I gifted them to a bunch of people around Christmas. It's great for new users, super idiot proof. All you do is you pick one of these up at the store. You gift it to whoever you like on the back of the card.

Starting point is 00:01:29 It instructs them to download the paired app. At that point, they just scratch and scan a code on the back of the card. It creates them a brand new Bitcoin wallet on the spot and then sends them an on-chain transaction for the face value of the card. So if you want to check them out, head over to risewallet.com. You can head and click on the locations button in the top right corner to find out where you can pick them up. They are currently only in Canada, but do keep your eyes open because they're looking at expanding. And with that, let's dive into the news. So today, Bitcoin for the second time in the last couple of days has hit a new yearly high.

Starting point is 00:02:13 That high was around the price point of $9,850. And so it seems, it would seem, that 10K is just around the corner. Now, obviously this coincides with pumps of a ton of other shit coins out there, as we seem to be rounding the corner into a fully full. bledged bull market, although I will reserve that to the point where Bitcoin finally reattains its previous all-time high. But with that is going to come pumps of tons of different shitcoins. So you've got to be careful out there, folks. And so there's this article on Bitcoinist about the top five crypto trading tips to prepare you for the upcoming

Starting point is 00:03:01 bull market. And I would, first, of all I have a couple reservations about a couple of the tips or a couple more nuanced things to add in plus I would probably if I were writing this article I probably change up the name of it and I would say top five tips when accumulating Bitcoin throughout the upcoming bull market so there are some good tips in here though number one always get your funds off the exchange after you finish trading I would change that to always get your your your Bitcoin off of the exchange after you finished purchasing. Again, the all coins are not really for me and a lot of people

Starting point is 00:03:44 tend to lose Bitcoin when they do dabble in these shit coins. If you want to look back, I did a postmortem on Brian Kelly from CNBC doing his well diversified crypto portfolio on what it would look like and how much Bitcoin you actually lost in holding onto this portfolio. Spoiler alert, it was half of your Bitcoin. Number two, moving on. So, yeah, number one, again, reiterate, get your money off the exchange, not your keys, not your coins,

Starting point is 00:04:16 put it somewhere, not in the custody of another person, unless you need to be exchanging, unless you need to be partaking in some sort of a service if you deem it necessary. And even still, don't put all your eggs in one basket, mitigate your risk.

Starting point is 00:04:31 Number two, don't talk about your coins or trades on social, media this is a good one because a lot of people make the mistake of you know they come into money that they weren't expecting and they start flaunting it because they're excited right you rightfully so somebody is excited that they've made some money but if you flaunted too much and you start sharing screenshots of of wallets and showing off how much money you have people don't realize how easy it is to find individuals to find where they live where they

Starting point is 00:05:02 are everything is geotagged nowadays and most people aren't really security and privacy conscious and so there have been plenty of cases where people are attacked or kidnapped or or just people break into their home and either steal their coins outright and steal their their stash or actually hold them ransom so be careful out there don't go flaunting around your wealth if you do come into some Number three, keep your coins in a hardware wallet offline. Excellent advice. So this is one step further to the getting your coins off exchange, get your Bitcoin off the exchange. Look into hardware wallets.

Starting point is 00:05:44 I've done videos on the Treasr, the ledger, both versions of them, the older and the newer. I've done a video on the cold card. And those are all great options for storing your Bitcoin off of the exchange. Those are kind of my go-to ones, the ones that I would say are the most secure and kind of have the most clout and I've been around for the longest. Cult card is actually a relatively new entry, but because of the guy who created it and just his profile of absolute, he thinks very, very, as if somebody, everybody's always constantly trying to compromise everything he does. He's very paranoid in that way. So everything is open source. Everything is tamper resistant or not necessarily tamper proof, but he's very, very, he thinks adversarially.

Starting point is 00:06:40 So I love the cold card. It is probably my favorite hardware wallet, but I do quite enjoy the treasurer and the ledger for people that are a little less technically inclined. Number four, moving on, don't fall victim to trading signal scammers or paid groups. Number four, you can disavow if you're not trading, if you're not dabbling in the shit coins. But if you do opt to go down that route, and you're big boys and big girls, you can make your own damn decisions. But if you do opt to go down that route, don't fall victim to these pumpers in these telegram groups that are going to sell you trading advice. If they were making any kind of real money on their own, they would just be doing that. They wouldn't need to be selling you tips and making money off you.

Starting point is 00:07:28 They could just spend all day trading. And clearly they're not doing so. If you want to learn about trading, if you're going down that route. And again, that's definitely not my cup of tea just because I know how difficult it can be. And only the top of the top actually end up making money. But if you end up going down that route, there's plenty of books that you can just pick up, swing down to indigo or chapters or whatever. There's plenty of free resources that you can learn about technical analysis and indicators and everything to kind of help you with that.

Starting point is 00:08:05 But don't pay some schlub on Twitter who has a telegram group. Fuck off. Okay. Last. Number five, do your own research on the projects you're investing in. I would change this. I would say number five, learn about and fully understand to the best. of your ability, Bitcoin and its reasons for existing before ever considering buying anything

Starting point is 00:08:31 else. You need that litmus test for bullshit before you dabble in anything. If you don't understand Bitcoin, why it exists and why it's so special, then how in the hell are you ever going to understand or be able to decipher if something is techno-babel bullshit if you don't understand kind of like the base layer of where everything has started. So understand Bitcoin and your level of investment should directly correlate with your level of understanding. So yeah, I enjoyed the list, but I also enjoyed my caveats and amendments to this list more. And just to speak to that list, the number one thing up there was basically get your shit off

Starting point is 00:09:21 exchanges and on Twitter here there was um alts bit i've never heard of it before but anyways on twitter they said dear users unfortunately we have to notify you that with the fact uh we have to notify you with the fact that our exchange was hacked during the night and almost all funds from bitcoin ethereum a r or i don't know what the hell that are is is and vrsc were still i don't know what those last two but btc and eith you got to imagine that's probably the majority of the funds on the exchange a small part of the funds are safe in cold wallets uh we are now on analysis of the amount of loss and technical issues of the hack we will come back soon with more details um a lot of people like some people commenting uh what was the one he said oh yeah there we go add

Starting point is 00:10:17 Crypto Messiah on Twitter said, small part of the funds in a cold wallet, guys, you're doing it backwards in all caps. So again, get your money off exchanges as soon as you're finished purchasing or if you're actively trading, take your money off in between when you're not trading because you might go to sleep one night and wake up to see a Twitter update like this and realize your money is gone. Let's move on. Square Crypto is revealing more details on Bitcoin Lightning Development Kit. So Square Crypto is Jack Dorsey, the CEO of Twitter. He has created this entity to fund Bitcoin-related projects.

Starting point is 00:11:07 And so this Lightning Development Kit is meant to help with Lightning Development across the ecosystem and kind of create standards for wallets to use. So some of the stuff that they're looking at doing with the Lightning Development Kit, this is very much a number one. It's a bring your own wallet implementation, meaning that you won't have to kind of work with a wallet that they've created. You bring your own wallet and then you utilize the tools that they've given you. Number two, it's also a bring your own chain.

Starting point is 00:11:42 So if any of you didn't know, lightning is actually. cross-chain or chain agnostic. So it works with a lot of different things. It does work with Bitcoin, of course, but it works with light coin. It can work with a variety of some of the other coins. Some don't work, but some do. And of course it works with the liquid network. So you can have liquid Bitcoin or liquid tether and be utilizing it on the Lightning network back and forth cross-chain with Bitcoin. So interesting. there so again you don't need to worry about a specification of what the asset is that you're using it should just work with the Lightning Development kit

Starting point is 00:12:23 and number three in the terms of wallets and everything you can make your own backups so you don't need to worry about Lightning Development kit requiring you to use their form of backup you can actually use backups yourselves and developers can base it around that couple other things here is it allows, if you're using Lightning Development Kit, you can actually create custom routes on the Lightning Network. So most people will just use the quickest route,

Starting point is 00:12:57 quickest and cheapest route, but you may want a more expensive route if it means additional privacy. So this allows for people to opt into doing that. And it also allows for people that use Lightning Development Kit and implemented in their wallets to do what's known as a Thor channel so when you open up a lightning network channel between you and another node, you can actually pre-fund the other side of the channel. So essentially before the on-chain

Starting point is 00:13:26 transaction that is funding the lightning network settles, it actually already bumps a portion of that to the other side of the channel so the lightning payment is still instant and spendable. Now it is, you should note that if you're on the receiving end of that, it is technically a trusted Lightning Network payment until it does actually settle. But if you're not super worried about that, then yes, you can go ahead and spend right away. So yeah, very, very cool to see Jack from Twitter putting his money where his mouth is and funding something that seems will help lightning across the ecosystem and help wallets throughout the Bitcoin space easily implement lightning if they choose to.

Starting point is 00:14:11 And one more thing I wanted to touch on here. The U.S. government is about to auction off $37 million worth of Bitcoin, which is around 4,000 Bitcoin. That starts on February 18th. Now, this is Bitcoin that has been essentially seized from varying degrees of criminals. Like a couple hundred thousand dollars of this was from a couple of drug dealers. But, you know, various means. Now, whether or not these means of seizure were legitimate or not, who knows?

Starting point is 00:14:45 Like, the states is crazy. The civil asset forfeiture laws down there are crazy. They can charge your possessions with a crime without any due process. They can't charge you with a crime, but they can charge your assets and say that, oh, this money was going to be utilized in a crime, therefore we're going to take it. And when they do that, you then have the burden of proving that your assets are legitimate. But because your assets are not a person, they don't have the same rights as a person. Anyways, regardless, US has seized a whole bunch of Bitcoin. They're auctioning it off.

Starting point is 00:15:31 So that happens on the 18th of February. This does very much remind me of 2014, 15, 16, where they were auctioning off not only the Silk Road money, but a bunch of other C's Bitcoin. They did that in a whole bunch of different tranches. So this will be split into four parts. Series A will be auctioning off five blocks of 500 Bitcoin. Series B will be 10 blocks of 100 Bitcoin.

Starting point is 00:16:01 Series C will be 10 blocks of 50 Bitcoin and Series D will be one block of 40.54 Bitcoin. Yeah. Now, back in the day, just a little throwback to 2014, Tim Draper purchased one of, a bunch of this auction, auction Bitcoin, I think from Silk Road in 2014. He bought 30,000 Bitcoin at the time. And then a further 2,000 Bitcoin, later. that year at another auction and at the time he said he planned to invest them in Bitcoin startups but if he did hang on to all of it which I don't think he has but he probably has a good chunk of it left anyways all of it would be worth a total of 300 million dollars right now so the Bitcoin prices high 9,000's

Starting point is 00:16:51 getting close to 10k 2014 would have been oh god I mean it was pretty volatile but it would have been anywhere From the high end, probably like 800 bucks, but I think it was later in the year, so it could have been as low as four or five hundred, depending on when that auction happened. I can't quite recall, maybe even lower. But the beginning of 2015, it did dip down

Starting point is 00:17:17 to a couple hundred bucks. So yeah, initially it looked like he got wrecked, but years later, he is sitting pretty. So good for Tim. Anyways, guys, I'm gonna wrap this up. Thank you so much for watching and or listening. If you're on YouTube, be sure to hit like, subscribe, and share if you're listening on the podcast,

Starting point is 00:17:39 audio-only version of this, be sure to share it out on your social media. It would be great to have even more people listening maybe in the car on the way home from work, whatever they want. If you wanna help out this show in another way, you can always hit up the sponsors down below. That was Leddon and Rise wallet.

Starting point is 00:17:55 And also check out with Sabby wallet, which is great for your Bitcoin privacy and you can get it on your desktop. And lastly, if you really liked what you saw, you can always drop me a lightning network tip at my tippin.me pages. Head over to tippin.me slash at BTC sessions. And yeah, you can just shoot over a tip from your lightning network wallet. And a few sats would be fantastic. Anyways, guys, thank you so much.

Starting point is 00:18:21 Have a wonderful evening. And I will see you tomorrow for your daily session.

BTC Sessions - $10K Nears - Tips for BTC Bull Market, Square Crypto LN Dev Kit, US Gov to Auction $37M BTC EP016

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