In This Issue
- My latest portfolio updates.
- Jesse has a deep dive for you on the top 5 Cosmos coins.
- David shows us how to short sell on Bybit
- Sam has a report for you on whether or not Azuki NFTs are a good buy.
- Rebecca breaks down this week’s trending coins.
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Buy, trade, and hold 600+ cryptocurrencies on Binance
Lark’s Portfolio
This Week’s Moves
I put in buy orders for BTC at 14k and 12.5, ETH at 900, and ROSE at 3 cents. I also moved some stablecoins out of the market and into my bank account.
I also bought an NFT box from Josie Bellini. Aside from being a big fan of her art, there is also a 1 in 500 chance of winning a Crypto Punk. Good enough odds for me.
Self Custody
We all know the importance of self-custody, and yet so many people got caught with their pants down this year when FTX collapsed.
The simple truth is that crypto is not like stocks. With stocks, your investments are supposed to stay on your brokerage account. This is the norm. But in crypto, the exact opposite is true.
Leaving your funds on a crypto exchange opens you up to a wide range of risks:
- The exchange can be hacked.
- The exchange, like FTX, can commit massive fraud.
- Exchange APIs can be hacked liquidating your positions.
- Withdrawals can be halted without warning.
Exchanges are marketplaces, plain and simple. They are not banks.
The one exception I made to this rule was crypto lenders like Blockfi and Celsius. My reasoning was that, yes, it is custodial, but at least I earn money on it.
Obviously in hindsight that was a terrible decision as these companies have almost all collapsed as their lies and fraud became apparent. So that leaves no real excuse for keeping money on exchanges except that you might not know how to withdraw your coins or you may not feel safe doing so.
How to is easy, just click withdraw and send it to your deposit address on your Ledger wallet (or similar). And the not feeling safe argument has gone out the window. The risk is just as high if not higher on a centralized exchange.
Yes, exchanges like Binance, Bybit, and Phemex are all releasing merkle proofs of reserves which is great. But, again, they are marketplaces, not banks. Even Kraken CEO Jesse Powell says he does not want users to leave their coins on his exchange and to treat it like a bank! If you are still storing your crypto on an exchange then it is time to really think about getting it off of there.
- Step 1: Buy a hardware wallet. My go-to is a Ledger, but there are many great brands.
- Step 2: Get your coins moved to your wallet.
- Step 3: Take care of your wallet.
- Write your passphrase down twice, offline, using pen and paper. Laminate it and store it somewhere safe. Store the second one somewhere else safe like at your mom’s house. Go big time and get a metal key store plate that can survive just about anything.
- Never give your passphrase online for any reason. Never store it online.
- Make sure your pin is hard to guess.
Self-custody is easy. It just takes some common sense approaches to safety, and in the end, is actually much safer…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
