The Mark Moss Show Nov 10, 2021

I bring this to you each and every week. So make sure to set a calendar reminder to join me on this channel at this time each and every week. I guarantee it is going to be worth your while. Now, you know, Bitcoin, cryptocurrencies, decentralized technologies is literally changing the world for so many reasons. And uh, you know, I

talked to a lot of people. You know, I've been teaching on it specifically for about six years now, written over a thousand pages of research on it, and um, you know a lot of my friends, especially now you know friends and I haven't even talked to in a long time, They're coming out of the woodwork and hit me up. And um, you know, one time, a lot of times I get asked a question which is um, Mark can you explain it to me like I'm five and in two minutes And the answer is no, No,

I can't. I can't. And if all you're going to dedicate to it is about a five year old's brain power and in two minutes, uh, then we have a sayance in g M. I you're never gonna make it, just not gonna make it. Um. So I can't explain it to you like you're five in two minutes, it's just not gonna happen. Um. To understand how big this is, well, first of all, you need to really have about seven or eight different disciplines and different topics. You need to

understand technology, you need to understand history. You know, understand the monetary system. You don't understand philosophy. I mean, there's so many different things you have to understand because there's so many different angles. I mean, it's it's that big. Where's literally going to change every air of our life. And so I can't explain it to you like you're five and in two minutes, not not in a meaningful way. But if you tune in with me each and every week,

you're gonna learn all these different things. Now, today I want to talk about one area specifically, UM that is revolutionary and UM not only is it revolutionary that it's going to change humanity, it's that big. It literally solves the oldest problem in humanity. UM. So I'm gonna tell you what that problem is, how it solves that, where that can go in the future. But also, UM, it's a big problem. It's also a big problem at the

same time. And as a matter of fact, it's a big problem that I've had personally had a lot of problems with UM and trust me, you do not want to have the same problems that I've had. And so what am I talking about, Well, I'm talking about the ability for us to self custody, to take ownership, to take custody of our own current cryptocurrency. But with great response,

with great freedom comes great responsibility. And so that you have the ability to do that, to take custody of that, but now you're responsible for taking care of it, and if you don't do it right, it can be lost or stolen or something like that. Now, I personally have lost over two million dollars in bitcoin. Give me a second while I'm just sad about that for a second, let me grab it. Tisue I'm already crying thinking about it. I'm gonna tell you what happened, because you don't want

to lose two million dollars a bitcoin. I can guarantee you. I share a text. Didn't want to, but unfortunately I did, and I've I've learned a bunch of things, and I want you to learn the lessons that I've learned, but not the hard way like I've had to. I want you to learn from my experience without you having to lose your own money. So I'm gonna explain that to you, and I'm gonna explain to you what I have personally done to make sure that I don't have those problems anymore, because,

like I said, learned from my mistakes. Now I get it. There's a saying that I like to say over and over and over again. If you listen to me each every week, you'll probably hear me say it over and over. But the saying is that some lessons in life can't be taught, they can only be learned. But I don't think this is one of them. I don't think this one can only be learned. I hope not. I hope it can be taught to you, so you don't have

to learn the hard way. You don't want to lose any money in bitcoin, especially two million dollars like I did. So before we get into that. Um, basically, what am I talking about here? So bitcoin? By the way, you're listening to the Mark Moa show talking about bitcoin, cryptocurrencies and decentralized revolution. Um. And like I said, there's so many different areas that you can get into it. But UM,

let's think about this. And when I say it's a technological revolution, I don't mean the new technology like an iPhone. I mean a technological revolution that would change the way the world works. It fixes problems that are that big. So UM, if I were to guess, and I talked about this a lot, um, I would say probably the oldest problem in the world, or at least one of

the top few oldest problems in the world. The oldest problem that humanity has had is how do I store my personal property in a way that can't be stolen? So let me set this up a little bit. I'm gonna go philosophical for it with for for you for a second. I'm gonna I'm not gonna go deep. I'm gonna set the stage so at the end of the day, everything boils down to me as an individual. I've been born. Um. I believe that I was given in aalegal rights by

a creator. Um. And I have the enable rights to life, liberty in the pursuit of freedom and happiness. Those rights are not given to me by a government. I'm born

with those rights, all right. Now. I have my person, my body, and I eat food that's calories, and those calories are burned as energy in my system, and then I can expend that energy to say, dig a whole, and if I dig a hole for four hours a day, I could earn enough to give me supplies or actually I'm gonna start even a low, a little lower down. So um, let's say that I had this, uh, this rare condition where I couldn't store fat on my body.

And so if I can't store fat on my body, that I'm forced to just eat constantly twenty four hours day after eat because I can't store fat. If I store fat, it's like my battery, right. Fat is my energy source that I store and then when I'm not eating, my body can tap into that. Batteries tap into the energy source. Right. Um, So as long as I can store fat. Um, then I have that battery. Well, um, if I expend that energy digging a hole, I'm burning

into some of those fat stores. And now I'm expanding an energy to dig a hole. I dig for four hours, I earn enough to live off of. But let's say that I decided to work an extra four hours and now I've earned more than I needed to consume, and I can store that energy that wealth um to be used at a later time. So now, um, if I don't want to work tomorrow, I have enough energy stored up in my battery, in my private property, and I

need to work tomorrow. Right, that makes sense. So if you follow along with me, now, um, what happens is as I continue to um work more and more, work more than I consume, then I can buy a goat and I can buy a cow. And then if I don't work for a week, I can just kill the cow and I can eat the cow. Whatever. It's my private property. I buy a house, I could sell that house and I have enough money. Right, so then the extension of me and my energy is my ability to

have private property. Um. And that could be the cows that can be, the chickens that can be the land, and that allows me if something were to happen in my life where I can't work, I have a life battery. That's my private property. All private property is an extension of me as a as a as an individual, um the the state is only there to protect my private

property rights. So I should as a person, I believe that I should only ever be allowed to use force against another person only to tech to my private property. And that is it. And if the and the state is an extension of the individual and should only be allowed to help us protect our private property. So that's the problem that we have today. As a matter of fact, the government Nited States is there to protect private property rights.

So that's the oldest problem in humanity is how do we protect our private property from somebody coming to steal it? And of course the easy answer is, well, we form a little village, and then another village comes and gets our property, and then we form a kingdom, and then we form a country. And you see the problem that we've had since day one. But bitcoin has solved that problem. And I'm gonna explain to you what that means. I want to explain to you what that means for the future.

I want to explain to you how you can take advantage of that, but I want to tell you the problems. Right. With great freedom comes great responsibility, and if you don't do it the right way, you can lose big I personally have lost over two million dollars in bitcoin, and I don't want you to make the same mistakes. So I'm gonna tell you what those mistakes were. Even better, I'm gonna tell you what I have personally done to

make sure that doesn't ever happen to me. And hopefully you can just learn from my mistakes right now and it doesn't ever happen to you, because I don't want it to happen to you. I don't want to lose any money. By the way, you're listening to the Mark Moss Show, Um, I'm talking about bitcoin and cryptocurrencies and

the decentralized revolution. I've been researching and writing and talking about this for about six years now, helping people uh take advantage of this opportunity, but also to avoid the pitfalls that I've made myself. You don't want to lose two million bucks in bitcoin, right, so stick with me. I'm gonna be right back, all right. Welcome back. You are listening to the Mark Moss Show, and we are talking about bitcoin, cryptocurrencies and the decentralized revolution, the biggest

opportunity you will ever have in your lifetime. And I don't mean that just to be hype and whatever. I literally mean that. I'm not gonna go into all the reasons why I'm back in that up today. But of course if you two know with me each and every week, you'll understand this UM today right now, specifically, we're talking about how this is solving the oldest problem of humanity, and that problem is how do I secure my private

property in a way that cannot be stolen. Before the break, I kind of started at what private property is, why it's important, um, and how it's the oldest problem that we have so um, since the beginning of time. I'm afraid my neighbor is gonna come. Still, my private property could be my chickens. Um. So me and my neighbor banded together, and then another group's gonna come to take our chickens and our goats, and then we make a village, and we make a kingdom, and we make a country

in etcetera. And so since the beginning of time, we've been trying to preserve our private property. Our private property is an extension, it's it's our life battery. If someone comes and steals all my food and all my property and all my assets, I could die, right. I don't have that battery. That's why private property rights are so important. Private property rights underpin every great society. Without private property rights, you have nothing. It's that important. Um. I'm not gonna

go super deep into that. Hopefully that makes a little bit of sense. But basically, the oldest problem is how do I secure my private property? Well, um, you know, gold became money. So what happens is I have a chicken, you have a goat. We had a barter system. Well what if I don't want your chicken, Well, then we don't have a deal. So then it's like, well, shoot, you don't want my chicken, Um, would you take this instead? Yeah,

I'll take that instead, Okay, great? Um. And then over time, because barter system is super inefficient, um, things emerged that became more and more used, that were more commonly accepted, and those were mediums of exchange that was money. Eventually we converged to gold, and gold became the money because it fits all the properties of divisible, portable, durable, etcetera recognizable scarce. And so gold became money and gold gold

was money for five thousand years. And it basically allows us to use this medium of exchange in a barter system. So if I don't want a chicken, you don't want to goat, we just go to gold and then I'll just go buy what I need somewhere else. The problem with gold is that, um wall, it has many of the great properties, and which is why it was money for five thousand years. UM. The thing with gold is that one it's uh, it is dense, so it's not that big, but it's but it's big and it's heavy.

And so if you had you know, millions of dollars of gold, or even I mean even um, well, today the price of gold is pretty high, but even you know, tens of thousands of dollars of gold, it's still pretty heavy. You can't just really like travel around with that. UM if you had, if you had you know, hundreds of thousands or millions of dollars of gold, I mean, it's really big, Like what are you gonna do with it?

And so now I'm forced to UM build a safe I'm forced to build walls, I'm forced to have security guards. And so now there's like this, this cost. It cost me a lot of money now to secure my wealth and UM and and not only that, like, UM, now I've I've spent all this money to build this whole fort and safe and whatever, and now I have security and I'm wasting all this energy and time them in resources just to secure it, just to sit there. And then it's not portable. Now I can't take it with

me anywhere. Now, if I had put um a hundred years ago, UM, if I put my entire life savings into gold, I don't think there's a country in the world I could have put it in a hundred years ago that it would have been safe any any country in the world. If I would have put all my life savings whatever that amount is to you into a safe in in any country, whether that be in France, or that be in the United States, or that'd be in Mexico, wherever it be, UM, it would I would

have lost it. And the reason why is because the political systems have changed. So if you're not aware, in ninety three, UH, the United States government made owning gold illegal. They took it away from you. So if my life savings was in gold, I lost it all if I you know, no, no, no matter what country had it, and I would have lost it um, And so I can't move it. Well, if I did move it, it it would be very, very expensive. I would have lost a

good majority of it in moving it. Um into the cost as well as uh, you know, who knows, I could have gotten robbed by pirates, It could have you know, my ship could have sank at the bottom of the ocean. Who knows whatever? Right and so um, I if my wealth, if my private property is stored in gold, um, how do I secure that? And so that's been the problem that man has had since the beginning, And today bitcoin

solves that one problem. No, bitcoin solves a lot of things, and I can't cover every single thing and each each segment, but it solves that problem specifically. So now, for the first time in history ever, I can store all of my wealth in a way that's cryptographically secured. And it cost zero dollars, zero effort, zero resources for me to secure. I don't need a safe, I don't need a wall, I don't need guards. There's no cost. I can secure it in a way with zero effort cost expenses, and

I can transport it anytime I want in where I want. Wow, that's pretty big. Now, I've said before many times that you know, humans are pretty pretty bad at imagining the future. Um, all we can do is imagine better versions of what we have today. And so what does that mean, UM, when we say that we can we take away the oldest problem that mankind has had. UM, Well, it's hard to imagine what that future looks like. By the way, if you're just tuning and you listen to the Mark

Moa show, we're talking about bitcoin. We're talking about cryptocurrencies, we're talking about decentralized revolution. We're talking about how bitcoin is solving the oldest problem that mankind has had, which is securing our private property. UM. And so now I can secure it, I can store it, no one can manipulate it, no one can inflate it away, no one can seize it, no one can steal it. And I can take it with many where I want, and so

I don't know exactly. And I can take it with many where I want, and so I don't know exactly. Solve the oldest problem that mankind has had. It has massive implications. Massive Um what are what are some of

those implications? Well, um, as I said, right, if if you held gold, if you would have put all your life savings into gold hundred years ago, you would have lost it no matter where you put it, unless you would have moved it, which would have then you would have lost it, lost some of it at least because you had to move it. Um. Even in the United States they seized all the gold, would have lost it in America too. So what if I could hold my wealth in a way that my government couldn't seize, they

couldn't take it from me, Well, it changes the incentive structure. Uh. Warren Buffett's partner Charlie Monger says that you show me the incentives, I'll show you the outcome. And so when we live in a system where um, somebody's stronger than me, somebody like a government that has a monopoly on violence. Um, somebody's stronger than me can come and steal my wealth, then the incentive is that for some people to get bigger and stronger and build bigger armies so they can

come steal from people. Um. And then the people that are afraid of being stolen their incentive is to not save, not to not to build wealth, not to plan ahead, because I know what's the point At any point they're going to steal it from me, So why would I even bother? So on one side, nobody tries, they don't plan ahead, they don't save. The other side, people build up these strong armies so they can go steal it. Um. And and that's that's it. But what does that mean?

What does that mean for the future, Well, it's pretty dramatic. I want to explain to you exactly how big of a world to shift this will be. I believe it's massive, massive, massive, peace and prosperity on the other side, that's how big this is gonna be. But I wanna explain that you want to break it down, um, because I think when you understand it from this level, you're gonna really understand how big of an opportunity this is. And I don't want you to miss out on this. And unfortunately most

people are getting wrong information. Um. But if you get the right information, then you can make the rate, the right allocations and take advantage of it. By the way, you're listening to me, I'm the one with the voice. You're listening to me on Mark Moss. It's the Mark Moss Show, and I'm bringing you the latest in bitcoin and cryptocurrency and new you of news on the decentralized revolution. Um, it's the biggest opportunity you'll ever have. Like I said,

this is literally solving the oldest problem. I want to tell you also, um, the problems with trying to secure your wealth. It's not as easy as you think. I've personally lost over two million dollars of my bitcoin because I got things wrong. And I want to tell you what I got wrong, but more importantly, tell you what I did to solve it so you don't lose any of your bitcoin. I'll be right back. All right, welcome back. You are listening to the Mark mos Show. We're talking

about bitcoin. We're talking about cryptocurrencies. We're talking about the decentralized revolution. We're talking about the biggest opportunity you will ever see in your lifetime. And I don't mean that lightly. I mean that seriously. Before the break, we were talking about, um, how bitcoin has Uh. Well, look, it's not an easy subject. I said in the first section. If you're with me, you know people say, hey, Mark, explain to me like I'm five years old and tell me in two minutes.

And it's like, I can't. I can't do that. It's it's it's it's too big for that. Um. And so what I can do is I can tell you little things and over a long period of time, you know they'll start adding up. And so today we're talking about how bitcoin has solved the oldest problem that mankind has had. Uh, We're gonna talk about uh, and and that is how do I safely secure store my private property in a way that can't be stolen? And so, um, bitcoin fixes

that all right? Now? Um what does that mean though? So? Uh, instead of, like I said, having to build a wall of for guards to go to guard my gold, now I can store my bitcoin, all my wealth and bitcoin, and I can cryptographic secure it, so I can keep a cryptographic key cryptography hence the name cryptocurrency. UM. And it costs me zero dollars, zero money to secure my wealth in a way that nobody can take it, steal it, sees it from me, and I can take it with

me anywhere I want. It's portable. As a matter of fact, what I can do is my crypto, my crypto cryptography key. The cryptographic key is a very long set of numbers and letters. But what you can do is you can back up your key and what's called seed phrase, and I can back it up into twelve words, or I could choose twenty four words whatever I want, UM, so

I could use it would be twelve random words. Would be like hotel, carpet, dog, ocean bank, right, like twelve random words, And I could as long as I know those twelve words, I could go anywhere in the world. UM, grab a wallet, some sort of a bitcoin wallet. I could download any number of hundreds of them in the app stores, UM, and I plug in those twelve words,

and I would have all my wealth. So if I had to escape naked, uh, swimming in through the oceans to another country, when I got there, as long as I knew those twelve words in my head, I would have all my wealth with me. That's that's how easy it is. UM. Now how big. I want to tell you the problems with that and why I've lost two million dollars and what I'm doing to fix that today. But before I do, I want to tell you just why that's important. So when we change the intensive structures,

we change the outcome. And so when we get to a system where your wealth can't just be stolen from you, it changes incentives. And so you know, we're in a system today that's incentivized by theft. And so if I'm bigger or stronger than you, or more cunning than you, um or I use uh the government um which is a term called legal plunder, we can find ways to steal your wealth, steal your value, still your your life,

your property. So the government does legal plunder. They come up with all different ways they can, you know, freeze your accounts and seize your accounts and taxes and regulations and blah blah blah um and and so there's this there's this incentive to steal wealth from people. And then on the other side, if the people know their wealth is going to be stolen, then they don't even bother

build up wealth. But imagine when that changes. Imagine if that if that rules changed, and now I know that nobody can come and steal my wealth from me, Well, now I'm incentivized to build my wealth. I'm incentivized to build value. And of course the way that you do that is by providing goods and services to other people. You do that by by serving people, by solving people's needs.

Um and so now I'm incentivized to go serve as many people as possible so I can build up my wealth and I'm sinivised do that because I know it can't be stolen. That's a massive benefit for the world. On the other side, the group that's usually um used to the legal plunder or the the the theft. Maybe that's a war lord over in the Congo, or even could be the government United States that knows they could

just steal the money at your account. When they know that they can no longer steal from you, then they're incentivized now to go, shoot, well, I can't steal the money anymore. So dang, I guess if I still want money, I actually have to provide them a valuable good in a service. Wow. You see how the power balance shifts, how the incentive structure changes. I want. Before you had

people that just could steal whenever they want. On the other side, people weren't sentivized to build value because they know it could be stolen. Now we're in a system where both sides realize and are incentivized to live in a world where they can create value to other people. Wow,

how much better off will the world be? Now? I don't know exactly what that means, but we have all these people who are who are not contributing to society, who are not learning how to solve people's problems and needs, who are not adding value to the world because they know that their wealth can be stolen any time. Um. And then you have another group of people who are still in the wealth and they're not providing any value either. So imagine when the whole world is focused on solving problems,

serving other solving needs. Imagine how much progress will have. It will be an explosion of ideas, an explosion of technology. Is our world will get better, it will get easier, will have more wealth. Imagine follow that path down for ten years, thirty years, a hundred years of everybody focused

on solving problems and serving others. Imagine how much technology I mean, imagine how diseases, all those things that can be cured if everybody's focused on that instead of the system we have today where half the people are focused on stealing and the other half are not incentivized. Now, don't get me wrong, there's this very very small group of entrepreneurs who even though they know the odds, they're still out there trying to solve problems and needs. And

of course those are the ones making money. Of course, those are the ones that your government wants to demonize or or villainize, saying that they're the greedy ones, are the bad ones, because look at all the wealth they've created, and so let's figure out a way to steal their will too. Um. But I think you can easily see how big of a shift that can make in the world.

And again I can't say every way that changes the world, but I think hopefully you can understand just how explosive, just how big that will be when you solve the oldest problem that man kind of have. So that's what bitcoin does. Now, there's lots of problems with this. As I said, with great responsibility, or with great opportunity, comes great responsibility. And so now I can store my wealth in a way as I said, right that nobody can steal it from me, and I can take it with

me any where I want. I can I can know my twelve word backup phrase. But if I lose that, if I forget that, I lose it all. See, So now I have the benefit, but I also have to be responsible. And there's a lot of ways that you can lose your cryptocurrency, all right, there's a lot of

ways it can get stolen. Uh, there's a lot of ways you can lose it, um, And I'm not going to cover all the ways, but I will cover a couple of ways because um, as I've been kind of hinting to UM, I personally lost over two million dollars worth of bitcoin. And and it's not all been in one way, It's been in multiple ways. And unfortunately how to learn my lesson a couple of different ways. And I don't want you to lose two million dollars. I don't want you to lose to one dollar, UM like

I have. And so I'm gonna break down those ways that I've lost my my value. UM, so you don't make those same mistakes, then I would tell you what I've done to fix them. So, UM, the first thing is that, UM, there's a couple of ways that you can store your store your bitcoin keys. Now, UM, first off, you don't ever download your cryptocurrency, so you don't ever

actually take possession of coins. You don't download them into your phone like so there's you can download any number of apps that are that are called a wallet, like a crypto wallet. You don't actually download your coins. Um, what your wallet holds is a key. So think about it like this giant digital locker system. So, um, back in the old days of your old enough to remember,

or even let's say at your school. Um, you have a locker system, right, and so your lockers C. Nineteen and I could say, hey, go to my locker C. Nineteen and put this envelope, put a check into it, whatever, and anybody can go to my public address c. Nineteen and put put money in. But on the I have the combination the code or the key to actually open the locker. So that's how cryptocurrency is. It's like this digital locker system. Um, I never download keys, I'm sorry. Coins.

What I do is I have a public address and a private key, and anybody can have my public address, and I could say, hey, give me cryptocurrency, here's my public address, and they would put money into my public address. But I have the key, which then I can open that um that locker and then transfer that money to somewhere else. And so all I ever do is secure my key. The app I download on my phone, it holds my key um and so that's I just wanted to kind of set the stage for that. By the way,

you're listening to the Mark Moas Show. We're talking about bitcoin, We're talking about cryptocurrencies. We're talking about the decentralized revolution. How's the biggest opportunity you'll ever have in your lifetime? And I'm specifically talking about how we fixed the oldest problem in humanity, which is that I can store my wealth in a way that no one else can steal

from me. But there's risks. I've personally lost over two million dollars a bitcoin because I didn't get these things right, and I want to tell you how you cannot make the same mistakes. I'll be right back, all right, Welcome back. You're listening to the Mark Moa Show. We're talking about bitcoin,

cryptocurrencies and the decentralized Revolution and us. I've been talking about how we've Bitcoin has solved cryptocurrencies as sold the oldest problem that man kind has added, which is that I can store my wealth in a way that cannot be taken away from me when it costs no money or security, and I can take it with me any where I want, and I can do that by UM

securing my private key. All Right, if you've missed this, go back and find the podcast later because you don't want to miss what I've already said, but I'm not gonna repeat it. So I all I have is my private key, and UM, if I choose to leave my UM cryptocurrency on an exchange like coin base or cracking or Jimini or whatever, then they hold my private key. So I don't I don't have a key, they hold it for me UM. Or I can store it in my own on my own app on my phone or

a hardware wallet, and then I have my key. So if I have my key, I don't have to worry about outer party risk. So if I keep it on exchange, then UM, they keep my key safe, but then there's risk there. Um. If I keep my key, then I don't have to worry about the risk from them counterparty risk. But now I have to keep myself safe myself. So UM, I've lost over two million dollars in bitcoin. Let me

explain to you what happened. So the first time I was using a phone an app on my phone, on an Android phone, I was using the jacks Wallet and UM.

I was in Mexico on vacation and UM I needed to send a big transaction for some some bitcoin mining equipment, and UM I could only get off a limited amount of money off the exchange per day, and so what I was doing is every day I would log in UM pull off the maximum out I can get off off that exchange for per day, and then once I had enough money in there, I could send it in one transaction to get the mining equipment I needed. And I was pulling off every day, every day, every day.

This was I think June of and UH. I was pulling off every day while at this vacation rental the super nice house on the beach and using their WiFi. And after like two or three days of this, I logged into the app and it was empty. It was all gone. Now a little bit about me. I started an internet business in two thousand one at the bottom of the dot com crash. UM I built that business up. I have a fortune in technology. I've been on the internet ever since my op seck. My security is above

par UM. My opposite is better than anybody else's, well better than the majorities. And so if I can lose it. You can lose it. Let me just say that. UM. So anyway, it was gone and there's just no recourse. It's just empty. Now. At the time, it was about forty thou dollars. Now, when I say I've lost two million dollars in bitcoins, that's at today's valuation. So at the time, it was about forty thousand dollars at the time.

But that was in in June of seventeen, when bitcoin was like two thousand dollars day at sixty six sixty whatever, six over sixty UM, And so I am, I am a little bit hype hyped up. When I say I've lost two million in today's dollars, it's two million. So I lost about forty thousand dollars at that time, UM using an app. And UH, I still to this day don't don't know what happened. Of course, I've contacted the company, We did all the research and investigation that no one

can find out. Somehow, maybe the WiFi in the house had a bug, or somehow some sort of a virus got on my phone. Maybe they maybe internally they stole it from me. I don't know. But what I do know is that UM I don't ever trust those types of UM hot that's called a hot wallet, and because it's always connected to the web, so anything could happen and someone could get into my keys and they could empty my account, so I don't I don't use that. I look at that as like a of my wallet.

I I go to the A t M, I pull out a little bit of cash that I want to walk around town with. I put that in my wallet. If I lose my wallet something of the day, I lost whatever money I pulled out, but I didn't lose my whole bank account. So if I use those types of apps today, I'll put a little bit of money in that I don't mind losing, but I'm not putting my life savings in. So that was that was the

one mistake. UM I'm not gonna go through all the ways I've lost money, because I've lost bitcoin other ways as well, but the but the one that really got me, and this is the one you need to be aware of, is when you keep money on the exchange, you're trusting them to securely story your key, but it creates counterparty risk and there's any number of reasons why they may not give that back to me. Maybe the government freezes

their accounts and says don't give them withdraws. Maybe they go bankrupt, maybe they get hacked, any number of ways. And um, I was using one of the one of the top um um cryptocurrency exchanges in the United States. I'm not gonna say their name because I'm actively in a lawsuit with them right now, which depends on how the lawsuit works out, you'll be hearing more about it. But um, I was. I put some money in my crypto exchange is one of the top exchanges in the country.

I've been using them for years. I logged in I think one or two days later, and it was gone, Like I think it was about twenty about bitcoin gone. It's a lot, a lot of money. At the time, it was about a quarter million dollars today's the about a million a half dollars was gone. And I'm like, what the heck is this. I send them an email and like, hey, we what what's going on is my account of d And then they send me like this

canned response back, we don't see anything problem. I'm like, whoa, whoa, whoa, whoa, whoa. That's that's not that's not cutting it for me, Uh, nope, nothing wrong. Um lucky you know, not luckily, but I mean, you know, I'm I've been in the space for a long time. You know a lot of people. I got the owner involved of the exchange and UM needles to say. UM, I'm saying that they did wrong doing and for whatever reason, my account got zeroed out. And that's just that's just gone.

And that's a risk that you have when you don't have your key. They had my key. So now we're fighting over. Like I said, we're going to court. Actually I think in two weeks. Um. And so if you use a hot wallet like I did, there's a risk someone could because someone could compromise that. Um. If if you keep it on exchange, there's a risk I lost both on those and so what I'm doing today to solve this is different. So UM, what you could do instead is use something called a hardware wallet. It's also

called cold storage. So you could use like a treads or or like a Ledger or a cold card. Those are like three different types of wallets. You can look them up by them and it's like a little USB device and that USB device holds your key and what happens is it's cold storage. Mean, it's not connected to the internet. If I want to do a transaction on my computer, I'll plug it in, it'll sign the transaction, and then I unplug it. So it's no my key

never gets onto the internet. And so I've been using hardware wallets for a number of years, but I'm still scared, Like I've allowed all this money, I'm scared of what happens with my cryptocurry, my cryptocurrency and z and different hardware wallets. Because I'm compartmentally. Something happens to one, I don't want to lose it all right, um, And so

I've been splitting it up. But then like what if um, And I'm not saying this is the case, but what if one of those hardware wallet manufacturers like Ledger, treads or whatever. Let's say that one of the developers was went went rogue and put a backdoor in and he's gonna wait five years until Krypto was worth all this money, and he's gonna rug pull me and he's gonna pull all the money out. That could happen. I mean, I don't know, I'm not a code or I don't know

what maybe could have happened. Right, And so that's a risk and I'm just not super comfortable taking that risk, right, And so what I'm doing today is I'm doing something called multi sig multi signature. So if you've watched a movie, um, basically it's like to launch the nukes, you have to put two keys in and the keys have to be turned at the same time. Right, that's a multi sig set up. And so I'm working with a company called Unchained Capital, and they have a concierge service. They can

help you out with this. You can do it yourself, but I'm afraid to make the mistake because like I don't want to make a mistake with my wealth. And so they have a concierge service and you can just go to Unchained Cap their website and and uh, basically they can walk you through and you and you set up three keys. You can do two of three or three of five. And so now I have three key from three different manufacturers. And so if one of them

has something malicious, it doesn't matter. And so now in order for me to send my bitcoin, I need two of my keys to sign the transaction. So I have three keys from three manufacturers. I keep one at my house in California, one at my house in Puerto Rico, and then they keep a key for me, and so that way my keys are never together. If somebody broke into my house, they couldn't get all three of my keys. And this is the most sure way to secure your wealth.

It's what I'm doing now. It's, unfortunately, was the tough lesson. Hopefully you'll learn from my mistakes and not from your own. By the way, you're listening to the Mark Moss Show, I'm bringing you the latest information on bitcoin, cryptocurrencies and the decentralized revolution. This is literally the biggest opportunity you'll ever have in your life, and I want you to

take advantage of it. And I don't want you to make the same mistakes like I've had, because while that's about two million dollars in today's bitcoin dollars, and ten years from now it could be million dollars, it could be two d million dollars. Don't make those mistakes. Um, don't miss out on this opportunity. Pull out your phone, put down a calendar reminder to join me on this channel at this time each and every week. There's a deep subject. As I said, right, you gotta know six

or eight different disciplines. I can't explain it to like your five and two minutes. You need to tune in, you need to get the information if if you want to benefit from this. Now you can choose to ignore it, and that's okay. As I said earlier, everyone's going to buy a bitcoin at the price they deserve, and so you can either deserve it now you can put the work in, or you can buy it later at a higher price when everyone else does you listen to the Mark Moas Show. Thanks for joining me.