Somewhere out there, a frustrated finance guy is going crazy.
Muttering to himself “but it has no cash flow” as he preps his Athletic Greens for the morning.
Hello yes I’d like to add some BlockFi counter-party risk to my one unit of 21 million that will ever exist for
*checks notes*
$279 United States dollars please
0/ Instead of focusing on a specific aspect of
#bitcoin
or multisig, I want to share 10 helpful tips
I field a ton of questions from friends, family, and clients. Hopefully this general info on bitcoin and multisig help provide some answers (especially for those new to it all)
1/ I downloaded the Coinbase Wallet so you don’t have to. This is the “self-custody” experience being pushed onto >100 million users
Takeaways:
1. You still trust Coinbase
2. Bad security recommendations
3. “bitcoin” avoided like the plague
4. Shill knob cranked to 11
🧵
In 2008 while Ben Bernanke was "improving" our understanding of the role of banks in the economy, Satoshi was engineering an alternative system where banks do not need to play any role in the economy
Noble mission > Nobel prize
#bitcoin
Things I’ve done while listening to the
@MartyBent
and
@balajis
episode:
- Friday commute home
- Cleaned the apartment
- 6 mile jog in south Austin
- 5,000 piece jigsaw puzzle
- Mowed the entirety of Zilker park
- Built a house with my bare hands
Some personal news to distract from more countries embracing
#Bitcoin
...
As of block 686659, I have joined the
@unchainedcap
team as a Technical Director of Concierge Services!
I want to highlight a few things I've been thinking about leading up to my first week:
1/ The rabbit hole goes deeper as you dive into holding your own
#bitcoin
keys. One of the best parts is gaining a deeper appreciation and understanding of how the UTXO model works
Let's walk through a bitcoin transaction and specifically hone in on the idea of a change address
1/ A top question we get at
@unchainedcom
is still:
"What happens if Unchained were to disappear or go down? Can I still access my bitcoin?"
The answer is yes and with ease! Dragging and dropping your "treasure map" configuration file into
@SparrowWallet
is so frictionless
1/ The past 12 months in
#bitcoin
have been incredible
Kicking off with Elon's "In retrospect, it was inevitable," and ending with price up a cool 115% from a year ago
In between, a country made it legal tender and an upgrade was activated offering benefits yet to be reaped
Good morning, your
#bitcoin
is neither censorship nor seizure resistant if you do not hold your own keys
Owning a claim on bitcoin at a given exchange is inadequate, and most will be quick to bend the knee when the time comes
It was a true honor enjoying the in-person
@mempool
.space 🌸
I can’t even tell you how many people I’ve recommended bookmark this incredible tool.
We’re all so fortunate to have this team working hard in
#bitcoin
!
Imagine buying your wife a wedding ring and then telling her it's still at the jewelry store and she can only wear it when she visits the store.
If this sounds weird and wrong, you should re-examine the amount of
#bitcoin
you "own" on exchanges.
Left my enterprise SAAS job on the halving date in May 2020
Started my current position (most fun I’ve ever had professionally) the day after the El Salvador announcement
Moved to Austin, TX on the 50th anniversary of the abandonment of hard money
Interesting life bookmarks
1/ When discussing
#bitcoin
concepts and themes, analogies go a long way. My favorite analogy to date is the following:
In multisignature, your wallet configuration file is the treasure map to your multisignature addresses 🗺️
Why is this file important, and what's in it?:
Are you the resident
#bitcoin
expert for your family and friends? Do you enjoy helping people navigate the choppy waters of holding keys and using bitcoin services?
If this is you and you're looking to break into the industry, we'd love to get to know you more.
We're adding to
In a past life I helped people across the globe work with software... oh how I wish it would have been
#bitcoin
-related
It’s about time to give it another go
1/ This week's topic is something that can fly under the radar for individuals holding their own keys:
UTXO consolidation
Periodic consolidation of UTXOs that stack up over time at wallet addresses is a task that every
#bitcoin
key manager needs to carry out
1/ Derivation paths are file pathway-like instructions that help guide you to a given address within your
#bitcoin
wallet
Also called BIP-32 paths, these paths are important and are worth learning more about
An example (also the location on my profile):
m/84'/0'/0'/0/0
1/ The banner image on my profile is from a piece titled The Building Of A Cathedral by Jean Fouquet
Regardless of whether or not you formally work in
#bitcoin
, you are helping to build a cathedral
1/ This Friday's thread isn't about multisig, but something I haven't really found good, quick, high-level info on:
How to read a block explorer
I'll grab the same
#Bitcoin
transaction from block 700,000 (because it's cool) and look at how it's displayed in 2 block explorers
Here’s a breakdown of how to use a
@COLDCARDwallet
in a
#bitcoin
multisig setup. Touching on:
Xpub export
Multisig wallet import (critical)
Address confirmation
Signing PSBTs
I'm coming from the 2-of-3 perspective w/ an Unchained Vault or Caravan, but it's pretty universal
Imagine buying shares in a
#bitcoin
ETF but not having them tied to a single issuer...
and what if they were exchangeable 24/7?
and secured by private keys under your control?
Oh wait
@jamesob
some poor UI designer:
“After the past 24 months of increasing totalitarianism, I’m sure they’ll have no problem with the call to action button just saying ‘Scan my face’ ”
The world doesn’t need closed-loop systems, CBSCs (central bank surveillance curriencies), or failing fiat but “on the Blockchain™️”
The world needs
#bitcoin
private keys in the hands of billions, and progress is through hard work and education
Kudos,
@MyfirstBitcoin_
@sweatystartup
This is a nice, professional presentation. Really worth checking out.
- think bitcoin, not “cRyPtO”
- the 21 million hard cap supply underpins its value
- it is the solution to reckless monetary policy and central bank money printing
You hear that in the distance?
That’s the sound of the
@unchainedcap
Concierge team draining exchanges and legacy IRA custodians, helping individuals and businesses secure their
#bitcoin
wealth by eliminating single points of failure
1/ On yesterday's RHR, Marty and Matt kicked off the conversation talking about wealth confiscation in the US
This led me down a rabbit hole of my own, examining failed empires and some of the common themes of each downfall. This line from
@ODELL
stood out in particular:
The best part about
@unchainedcap
is that we will not only be
#bitcoin
-only for you today, but also in 2140
Physical seed phrase, first principle maximalists
Single point of failure disrespecters
We have a team of professionals ready to help you!
Turns out my little bro
@jacobcampbell77
is an absolute Chad… our careers are just a little bit different
Looking forward to watching him play minor league ball after spring training! ⚾️🏜️
1/ It's anecdotal, but I think golden age (last ~20 years or so) Silicon Valley technologists will be among the last to understand
#bitcoin
—both the monetary significance as well as being a profound solution to value transfer in the digital age
Why?
Underrated imo:
Using your device to confirm multisig receive addresses shown on your browser
I'm going to be doing this every Friday going forward. Tweets on multisignature best practices. Here's why and how to confirm an address on your device for Caravan/Unchained Vaults:
@DylanLeClair_
If you buy $50 of bitcoin every week, you will “outperform” experts, while also upgrading your money
The problem is that it’s simple, but not easy. Shitcoin marketing is an attack on bitcoin
@JanGold_
I've set up over a thousand bitcoin keys with individuals ranging from college graduates to folks in their 80s.
Software engineers, retirees, schoolteachers, and small business owners.
You simply have no idea what you're talking about.
1/ Multisig is a fantastic option when it comes to securing
#bitcoin
with your own keys. But your physically secured seed phrases, in a wild scenario, could fall into the wrong hands
What happens when one of the keys in your multisignature setup becomes compromised or lost?
There’s some treasure underneath the stunning artwork on the Gradually, Then Suddenly dust jacket.
What an addition to the bitcoin canon.
Thank you
@parkeralewis
!
This whole article is simply about being anti-bitcoin. The environmental framing is just clickbait for your relatives. Not even 20 mins in and so far:
- NYT initially erroneously writes “Rockland” and not “Rockdale”
- NYT does not mention that bitcoin miners are the number one
SLP470 Correcting
@nytimes
Disinformation on Bitcoin
@BitcoinPierre
joins me to correct NYT disinformation!
- Problems with 'degrowth'
- Factual errors
- The truth on demand response
- What Bitcoiners can do
RT/Share this to correct disinfo!
1/ 1: Bitcoin does not live in your device
The phrase "hardware wallet" might make it seem like this is the case, but bitcoin is never "in" your hardware device. Your device protects and stores keys that are used to unlock bitcoin from your addresses
(starting basic)
1/ Today's thread is the kickoff of a series on different seed distribution and security methods available to
#bitcoin
holders
I'm starting with passphrases today and will write more on Shamir's Secret Sharing, seed XOR, and multi-party computation (MPC) in the coming days
“When you’re thinking in dollars, and you’re out to make more dollars, and your whole life has been dollars, and everyone around you accepts dollars, it’s hard to see that the dollar is falling apart”
@phil_geiger
handing out free Thanksgiving talking points 🔥
TFTC rip 375 is live! Marty sat down w/
@phil_geiger
to discuss:
- YOU are the yield
- Bitcoin is separate from crypto
- Why you should hold your keys
- The future of finance is multisig
-
@Unchained
's thesis has been validated
- much more
Peep. Share. Subscribe. Engage.
The world around you is telling you that it’s time to move on from web3 and “dapps.”
Save in
#bitcoin
, secure it with multisig, do meaningful work, and go about your life.
It is literally that simple. You’re an adult—you don’t need to be playing with “waffle swap” or whatever.
2/ 2: Your bitcoin seed phrase can be recovered into another brand of hardware device
For example, a seed phrase generated by your Trezor can be recovered into a Coldcard
In nearly all practical cases, this is true of BIP39 seed phrases
Proud older brother moment
My younger brother Jacob is a phenomenal athlete and a true class act of a person
Professional baseball is slowly being infiltrated by professional sat stackers
Congrats
@jacobcampbell77
!!
Which happens first?
1. Finance guys understand that bitcoin is the solution to perverse, long-term inflation and right now it's for saving and building wealth, not buying groceries; or
2. $100k bitcoin and more finance guy frustration
Two years working for the best company on Earth 🧡
Block height flies when you’re setting up hardware wallets, educating on multisig, and draining exchanges with a great team!
Along the way RHR has taught me:
What a UTXO was
How non-custodial lightning works
Information on specific BIPs
To question the status quo
To shake my rancher’s hand
To value my privacy
To be aware
Peace & love
Congrats
@MartyBent
and
@ODELL
Cheers to the next 200! 🍻🥩🧡
We're living in an era where once-speculative ideas or technologies are becoming everyday realities.
The "future" is unfolding in the present.
Last 48 hours:
- Largest AI research organization in the world experiencing turmoil, with AGI being a realistic potential factor
-
11/ There you have it! I chose those 10 things because they help answer some of the most common questions I get from those new to holding their own keys
Some are pretty simple, but others might not be well known
Happy Friday! Count your blessings, it's a crazy world
1/ This isn't a
#bitcoin
thread, but this dude is an honorary pre-bitcoin bitcoiner and I can't believe a movie hasn't been made about him yet
Meet Ernest "Chad" Shackleton
Hey
#Bitcoin
twitter! It’s about time I back up what I have in my bio.
This summer I’m working on a Master’s thesis that expands on emissions estimates of Bitcoin mining in the current literature, and touches on the idea of Bitcoin as a global buyer for energy.
1/n
“Sir, turns out they can just use a wallet configuration file and keys to access their multisig with other open source tools. Even from an internet cafe in El Salvador if they want”
Our latest piece argues that bitcoin’s first technological breakthrough wasn't as a superior payment technology but as a superior form of money. As a monetary good, bitcoin should be considered separately from other digital assets.
Read Bitcoin First:
@nic__carter
said it best:
"Bitcoiners who earnestly believe in a better monetary world, and aren’t afraid to bring that reality to bear, are the equivalent of masons and laborers, working on a monetary cathedral which they may never see come to fruition."
“If you’re building the wrong infrastructure, it does not matter how much money you throw at that fire. It’s not going to create value.” -
@parkeralewis
🎯
NFT marketplaces and web3 vaporware peddlers in disbelief
Rip 342 of
@TFTC21
is live! I sat down w/
@parkeralewis
to discuss:
- Contagion in bitcoin markets
- Why CeFi introduces moral hazard
-
@unchainedcap
unaffected
- Why multisig?
- USD credit risk
- Hyperinflation
- much more
Incredible dense rip with timely info. Peep. Share.
People will look at this and actually think it’s meaningful/impressive.
Buy bitcoin, physically secure your seed phrases, and find your life’s work. That’s it.
6/ 6: You do not need your devices together to sign a multisig transaction (favorite tip)
Sign in Austin with one key, and sign a day later in Dallas with the other as long as you have access to the authored transaction. This is a significant advantage over Shamir Secret Sharing
A cold cryptographic key can always be made hot, but a hot cryptographic key can never be made cold.
This is the first law of private key thermodynamics.
Imagine an opening scene.
The sun is barely peeking over a desert horizon, and a man is standing with his back to the camera… silence for a full 30s.
He then fires 3 shots into the ground, out of focus. Panning away you see 3 pierced
@COLDCARDwallet
s.
What’s the movie about?