Thanks

MAS444 said:

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I'm sure this is a dumb question but what happens if you lose your Ledger/Nano o rit gets damaged or soemthing? Are you SOL or are your coins backed up somewhere?

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from what I can tell, you're SOL

Chrundle the Great said:

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Diggity said:

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MAS444 said:

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I'm sure this is a dumb question but what happens if you lose your Ledger/Nano o rit gets damaged or soemthing? Are you SOL or are your coins backed up somewhere?

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from what I can tell, you're SOL

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You're not as long as you wrote down the 17 word key phrase somewhere.

1) Buy new ledger
2) restore with key phrase

And your coins are back.

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shows what I know. I thought you needed both the key phrase and the ledger.

No.

BmtAg96 said:

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How do I set up a digital wallet? My current holdings of Bitcoin and Etherium are in my Coinbase account.

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Buy a Trezor.

Good to know. Thanks.

Diggity said:

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MAS444 said:

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I'm sure this is a dumb question but what happens if you lose your Ledger/Nano o rit gets damaged or soemthing? Are you SOL or are your coins backed up somewhere?

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from what I can tell, you're SOL

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Already answered above but worth repeating --

YOU ABSOLUTELY ARE NOT SOL. Now you might be but you definitely are not automatically SOL. If you are smart losing a physical hardware wallet should be no big deal at all.

If you lose a device such as Nano, there are 2 ways you can be SOL
1. If you did not record the 16 word recovery phrase as you are prompted to do, you are totally SOL.
2. If someone finds the device and can "open" it, meaning guess your local secret PIN, you are probably SOL.

If you do have the recovery phrase, however, and someone has not stolen your coins because of 2 above, then it's not that big of a deal. You can recreate your keys anywhere that supports the same 16 word recovery mechanism, whether you replace with the same model Nano or a software wallet or a different device altogether. So yes you want to keep the Nano safe, but you absolutely have to keep your recovery phrase at all times. Like in a safe and not on the network at all.

Hardware wallets such as Ledger or Trezor are not like a cash wallet. The coins don't actually move to the device in your hand; the move happens on the blockchain and the Ledger just facilitates generating an address and keys for you. I don't have a great analogy but it's kinda like a credit card that you might carry with a very strong PIN that can locally generate it's own valid cc number...

thanks for clarifying.

I feel a little stupid knowing that I finally went through the effort of moving my crypto to cold storage and yet made no attempt to research the mechanics of it.

I'll blame advanced (middle)age...I used to really love getting into the nitty gritty of this stuff.

No worries at all. It's definitely a confusing topic. I'm not a digital coin expert by any means but I know crytography hardware and software pretty well from my day job (totally unrelated to coins but still using Secure Elements and such to secure and provision devices.)

I'm guessing the marketing Ledger and others didn't think "Hardware Key Generator and Storage" was quite as sexy as "Hardware Wallet" but that's really what it's doing. Mind you, in a secure manner such that the private keys remain on the physical device and are never on the PC, etc.

Definitely Not A Cop said:

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BmtAg96 said:

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How do I set up a digital wallet? My current holdings of Bitcoin and Etherium are in my Coinbase account.

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Do you want to use a digital wallet from Coinbase, or keep it off site?

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I am new to this. Is the Crypto I purchased through Coinbase in a digital wallet or is that a separate service they provide?

BmtAg96 said:

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Definitely Not A Cop said:

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BmtAg96 said:

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How do I set up a digital wallet? My current holdings of Bitcoin and Etherium are in my Coinbase account.

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Do you want to use a digital wallet from Coinbase, or keep it off site?

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I am new to this. Is the Crypto I purchased through Coinbase in a digital wallet or is that a separate service they provide?

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It is in a "digital" wallet, but it is a custodial wallet in that Coinbase is holding all the relevant keys. When you make a purchase on coinbase.com this is where your coins are going. The risk here is that if you don't hold the keys then Coinbase could potentially

• be hacked and someone get access to your stuff. Similar risk you have with online banks and brokers....
• Or, per their filing Coinbase could use your assets in order to pay off creditors. Even if not all that likely still was a bit of a shock to most I think.

What you are most likely looking for is a non-custodial wallet, which is simply a wallet where you personally have everything associated with the coins, namely the keys. This could be something like Exodus but there are hundreds of choices here, including a separate wallet for iOS / Android from Coinbase themselves (not associated with coinbase.com account but from the same company).

I posted this a few pages back and it applies here as well:

Quote:

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Coinbase article on how to send to an external wallet:
https://help.coinbase.com/en/coinbase/trading-and-funding/cryptocurrency-trading-pairs/how-to-send-and-receive-cryptocurrency

Coinbase article on their self-custody software wallet (totally distinct from and not to be confused with coinbase.com):
https://help.coinbase.com/en/wallet

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Has Robinhood publicly stated if they have the same policy that any crypto held in their custody can be used as collateral for secured creditors?

It would seem like an obvious regulatory step to forbid crypto exchanges from collateralizing their customers assets.

Haven't checked in a while but what I remember is they are even worse -- they don't (or at least didn't) let you transfer coins out period. Meaning all their accounts were custodial and the only way to "cash out" your crypto would be to convert to fiat such as USD.

ETA: I should have just done this before posting but I just double-checked and my answer is still correct. It appears they announced in Sept '21 that they were rolling this capability out but I don't see anything since...

Screenshot of current policy (link):

RED AG 98 said:

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Haven't checked in a while but what I remember is they are even worse -- they don't (or at least didn't) let you transfer coins out period. Meaning all their accounts were custodial and the only way to "cash out" your crypto would be to convert to fiat such as USD.

ETA: I should have just done this before posting but I just double-checked and my answer is still correct. It appears they announced in Sept '21 that they were rolling this capability out but I don't see anything since...

Screenshot of current policy (link):

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It's certainly a negative of Robinhood's platform that customers can't transfer coins without liquidating a position. However, it still doesn't "confirm" that Robinhood customer's coins are collateral against the company's unsecured debt like Coin Base.

I assume when fidelity brokers the purchase of a fractional share or index fund, they have a "custodial" account which owns the "full" shares. However, if fidelity were to go bankrupt, they can't use your 401K fractional shares and index funds to settle their unsecured debt.

The crypto exchanges willingness to use customers assets as collateral for their unsecured debt is asking to be over regulated by the Goverment. Then again, the goverment may want an exchange to fail in this manner as it could be a big enough scandal for them to justify regulating BTC to zero.

BTHOtrolls said:

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RED AG 98 said:

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Haven't checked in a while but what I remember is they are even worse -- they don't (or at least didn't) let you transfer coins out period. Meaning all their accounts were custodial and the only way to "cash out" your crypto would be to convert to fiat such as USD.

ETA: I should have just done this before posting but I just double-checked and my answer is still correct. It appears they announced in Sept '21 that they were rolling this capability out but I don't see anything since...

Screenshot of current policy (link):

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It's certainly a negative of Robinhood's platform that customers can't transfer coins without liquidating a position. However, it still doesn't "confirm" that Robinhood customer's coins are collateral against the company's unsecured debt like Coin Base.

I assume when fidelity brokers the purchase of a fractional share or index fund, they have a "custodial" account which owns the "full" shares. However, if fidelity were to go bankrupt, they can't use your 401K fractional shares and index funds to settle their unsecured debt.

The crypto exchanges willingness to use customers assets as collateral for their unsecured debt is asking to be over regulated by the Goverment. Then again, the goverment may want an exchange to fail in this manner as it could be a big enough scandal for them to justify regulating BTC to zero.

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Yes that is a valid distinction. Retirement accounts and checking/savings do have some protections provide via regulations like SIPC/FDIC. I just checked and RH does have both insurances but they of course do not apply to crypto currencies.

Deployed a lot of capital the past week, bought 2 BTC's, CRV, SYN, and AVAX. Looking for a short term pop to unload.

If anyone is interested...

Quote:

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We're excited to announce that Robinhood is building a brand new non-custodial, web3 wallet that will allow customers to have total control of their crypto and seamlessly access the decentralized web and all the opportunity crypto has to offer.

This new, multichain, web3 wallet will launch as a standalone app, and feature the same simple and accessible design that people have come to expect from Robinhood.
Customers will be able to hold the keys for their own crypto and access dapps to:

Trade and swap crypto with no network feesStore NFTs and connect to NFT marketplacesEarn yield using their assetsAccess a variety of crypto assets

Learn more: blog.robinhood.com/news/2022/5/17/robinhood-announces-non-custodial-wallet

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Get early access: https://robinhood.com/web3-wallet/747e6f23

XpressAg09 said:

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Malachi Constant said:

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Anyone want to give an "explain it like I'm 5" summary of how to get coins off of coinbase into my own ledger?

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Buy a ledger.
Follow instructions to set up.
Go to BTC account on ledger and select 'receive'
Copy the long list of letters and numbers.
Go to Coinbase BTC account and select 'send.'
Paste long list of letters and numbers.
Verify long lists match.
Press send
Panic for one hour until the funds arrive due to block chain.

It's basically a Venmo transfer with longer account numbers.

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how often are folks transferring the BTC to their Ledger Nano?
how do you see what is on the ledger- and when you want to cash out you have to send it back to coinbase?

LMCane said:

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how often are folks transferring the BTC to their Ledger Nano?
how do you see what is on the ledger- and when you want to cash out you have to send it back to coinbase?

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When I get like .05 BTC. I've made some larger purchases and moved them over immediately, but I'm currently DCA'ing with Strike App, then move from Strike to Ledger.

I've only moved out of Ledger once, and used Gemini to receive and cash out.

LMCane said:

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how often are folks transferring the BTC to their Ledger Nano?
how do you see what is on the ledger- and when you want to cash out you have to send it back to coinbase?

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Similar to XpressAg stated, I transfer to Ledger after a bit of accumulation. But it just kinda depends on what your risk tolerance is, how much exposure you are ok with, and whether you intend to hold or sell in the near term.

To the second question, you can open the Ledger app on iOS, PC, Mac to view your balances without physically connecting the Nano device. You will need to connect it for any transactions such as buy, sell, transfer. And you do not have to transfer out to sell; Ledger software has a few exchange partners that you can link right into the application to make it a bit more seamless experience. I've not done that to date because last I really looked at it their fees were higher for this convenience ...

XpressAg09 said:

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BmtAg96 said:

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How do I set up a digital wallet? My current holdings of Bitcoin and Etherium are in my Coinbase account.

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Buy a Trezor.

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I bought a Ledger Nano S from Amazon sold by ledger.

shouldn't that be sufficient?

RED AG 98 said:

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LMCane said:

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how often are folks transferring the BTC to their Ledger Nano?
how do you see what is on the ledger- and when you want to cash out you have to send it back to coinbase?

---

Similar to XpressAg stated, I transfer to Ledger after a bit of accumulation. But it just kinda depends on what your risk tolerance is, how much exposure you are ok with, and whether you intend to hold or sell in the near term.

To the second question, you can open the Ledger app on iOS, PC, Mac to view your balances without physically connecting the Nano device. You will need to connect it for any transactions such as buy, sell, transfer. And you do not have to transfer out to sell; Ledger software has a few exchange partners that you can link right into the application to make it a bit more seamless experience. I've not done that to date because last I really looked at it their fees were higher for this convenience ...

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connect back to Coinbase to buy more and transfer?

I have ETH 2 already stuck on Coinbase so makes sense to continue to use them although they are so expensive. or can I access my ETH 2 from something like FTX?

I am surmising that since I am a tech dummy it's best just to keep using what I know how to use.

LMCane said:

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RED AG 98 said:

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LMCane said:

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how often are folks transferring the BTC to their Ledger Nano?
how do you see what is on the ledger- and when you want to cash out you have to send it back to coinbase?

---

Similar to XpressAg stated, I transfer to Ledger after a bit of accumulation. But it just kinda depends on what your risk tolerance is, how much exposure you are ok with, and whether you intend to hold or sell in the near term.

To the second question, you can open the Ledger app on iOS, PC, Mac to view your balances without physically connecting the Nano device. You will need to connect it for any transactions such as buy, sell, transfer. And you do not have to transfer out to sell; Ledger software has a few exchange partners that you can link right into the application to make it a bit more seamless experience. I've not done that to date because last I really looked at it their fees were higher for this convenience ...

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connect back to Coinbase to buy more and transfer?

I have ETH 2 already stuck on Coinbase so makes sense to continue to use them although they are so expensive. or can I access my ETH 2 from something like FTX?

I am surmising that since I am a tech dummy it's best just to keep using what I know how to use.

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I would poke around Ledger's online help if you are interested in trying to learn a bit more about what they offer and how it works. They have some good articles and videos that might help clear up the muddy water.

Yes. I have a Trezor, so can only speak to that, but the process is the same.

If there are pass phrases (or keys) write them down and store them securely. In case you lose said Ledger.

Personally, with Coinbase getting all the (bad) news lately, I'd move that to Gemini. Or to your Ledger.

It's a sign for a sign with a sign of a sign...

Unbeatable.

I guess relevant to the latest part of this thread.

That's actually pretty good messaging.

Definitely Not A Cop said:

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Affinity scamming sheetcoin casino, gonna affinity scam a bitcoin meme.

Go figger.

Question for the pros:

I have my BTC and ETH on Coinbase.

I always just buy during the day when I am at work or home. tied to my bank account.

but what happens when my bank is closed?

is there a way to have US Dollars already deposited in my Coinbase account so that I can buy 24 hours a day 7 days a week?

LMCane said:

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Question for the pros:

I have my BTC and ETH on Coinbase.

I always just buy during the day when I am at work or home. tied to my bank account.

but what happens when my bank is closed?

is there a way to have US Dollars already deposited in my Coinbase account so that I can buy 24 hours a day 7 days a week?

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https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/add-cash-or-cash-out



But also just because your bank lobby is "closed" doesn't mean they just stop transactions altogether...