Placeholder Image

Subtitles section Play video

  • so many things to talk about here and understand and like you said, these polka dots and these um, these garden owes, these could become these things in the future that we've seen the theory and become, But it's interesting that you're saying still hold those core assets and again, don't hold the future on it, don't hold the institutional stock and the institution that has it.

  • You want to actually own that in your cold wallet, ideally a place where that's yours.

  • Why is it so important to actually have the asset?

  • Yeah.

  • So this is what we call custodianship.

  • When it comes to crypto, it's at, what level do you actually own your crypto?

  • Okay, and I think that two of these levels are great.

  • I think one of the levels is very bad.

  • So we have the lowest level level of custodianship, which is, you literally don't own it, you can never own it.

  • We're talking about apps like Robin Hood, okay.

  • It's all derivatives you don't actually own does coin, for instance, on Robin Hood, if it stuff hits the fan and you want to pull your, does coin out, you got nowhere to withdraw it to, you can't withdraw it.

  • And you see what happens when it's at the most pivotal times is they closed the trading on it?

  • Now look, certainly coin base has some issues to, with overloaded traffic and finance.

  • Uh, they both do when there's overloaded traffic, but it's a little more strategic and underhanded from companies like Robin Hood that they want to make sure that of course, you know, they're giving the data to the hedge runs from the retail traders and the retail traders are always at the loss, which is the exact thing Robin Hood claims to be against.

  • And so I don't like Robin Hood, Grayscale Bitcoin Trust, this is another company where you invest in the stock market, you're investing in the stock.

  • Uh that has a 1 to 1 match.

  • It's actually not 1 to 1 but you have a share of a Bitcoin uh on paper you don't know that you can't withdraw.

  • So uh someone I know who got heavily into Grayscale because they come from or from a traditional market, well eventually getting in through Grayscale made them understand, they actually don't own the Bitcoin and they want to own it.

  • So the second level of custodianship is exchange custodianship.

  • This is where you have an exchange like Coinbase where you go there and you buy the asset and you don't own what we call the private key.

  • This is the secret password to your crypto.

  • You don't own that.

  • So if coin base were to whatever reason like it's in California like let's say that uh it fell into the ocean, let's say California fell into the ocean tomorrow.

  • And all of the servers for coin based, we're in California, you lose your crypto, you don't have access to it.

  • Now that's an extremely unlikely scenario.

  • And I'm actually way more in favor of people holding coins on exchanges than most people.

  • And the reason is because the people that hold crypto on exchanges most of time there at the beginning of their journey and trying to move to what we'll talk about that third level of custodianship in a minute.

  • I would say far more people have lost money and sending Bitcoin to wallets without knowing what they're doing.

  • Then actually exchange hacks from major exchanges like finance coin base, finance us coup coin uh you know exchanges like that so you don't you don't own it per se.

  • However when you're ready to move to the third level of custodianship you can withdraw it, you can withdraw your crypto from coin base.

  • So you buy it on coin base, you buy Bitcoin in Coinbase and then you set up a personal wallet and you can send it there.

  • So you do actually own it, you just don't technically own it until you pull it off, but you have the option to do so Robin Hood level one, you can't do that exchanges level two, you don't own it until you withdraw it, then you actually own it.

  • The third level of custodianship is simply having your own wallet.

  • Uh There are what we call hot wallets and cold wallets.

  • Hot wallet is like an internet based wallet so you've got to be connected to the internet to use it.

  • A cold storage wallet would be something like a ledger which is a device as a USB device or there's even things called paper wallets.

  • And there's even more extreme ways to store your crypto.

  • It's basically where you're taking your crypto off of the internet so it cannot possibly be hacked, nobody can get access to it.

  • Uh And things like that when you own your own Bitcoin or you own your own ethereum in that third level custodianship kind of way in a hot water or cold wallet.

  • Uh You own it, no one can take it from you.

  • If the internet went down tomorrow, if there was an E.

  • M.

  • P.

  • Somewhere in America and we lost power for a year as soon as you got back to the internet, your crypto is still there, it's touched its untouched, nobody can hack it.

  • And a lot of people bring that up.

  • You don't hear it as much anymore.

  • People used to say like well you know what happens if the internet goes down?

  • Like how it's crypto effective.

  • Well if the internet goes down, your credit card doesn't work, your debit card doesn't work, Nothing works.

  • You're not gonna be able to go to the A.

  • T.

  • M.

  • You're not gonna be able to go to the bank, they're not gonna have any power.

  • So you know the whole thing is in that third level of custodianship, you literally own your Bitcoin and that's what makes Bitcoin in crypto.

  • I don't use the word cryptocurrencies.

  • A lot of people use the word cryptocurrencies.

  • I've stopped using that word because that implies everything is trying to be money, it doesn't really describe what crypto is.

  • We say crypto assets because it's an asset that you own its property, that's what makes it different and that's why trying to weave your way through up to the third level of custodianship is very important.

  • And I would note that uh exchanges like Coinbase, they also have different levels of custodianship within them.

  • Uh There's a big tip I give to a lot of people if they use coin base, is there something called coin base vault?

  • This is where you can actually do a much higher level security for your crypto on coin base to make sure it doesn't get touched and it makes you actually invulnerable to sim card swaps and being able to where people basically switch your phone number, they get access to your gmail because you connect it, your phone number to your gmail.

  • That's a big no, no, if you can disconnect disconnect it, they get into your email, they have access to everything in your email and clean your coin base.

  • It all happens in about five minutes.

  • So the coin baseball has workarounds to that where you don't have to worry about that happening.

  • So I do want to point that out for anybody who's interested defy, which stands for decentralized finance.

  • This is a $9 trillion per year marketplace.

  • I want to talk about our brand new defy academy.

  • Our first program is called the defi accelerator and we have been absolutely inundated with applications from around the world.

  • I'm gonna be talking about how you can profit from what I'm calling the greatest dislocation of wealth in human history, decentralized finance is already revolutionizing the world of finance.

  • You just don't know it yet.

  • I'm going to talk about the difference between defy and cryptocurrencies.

  • There's a big difference.

  • I want to go into how to trade the markets.

  • It takes a lot of discipline, it takes emotional discipline, it takes intelligence.

  • It's not an easy thing to do.

  • I'm looking for a small group of people who want to actively participate in this upcoming Deep I revolution.

  • I'm looking for serious individuals only with real network who want to build this exciting financial infrastructure.

  • I'm looking for partners, collaborators, investors, colleagues who want to join forces and create real value and generational wealth.

  • If you're one of those people go to London, will that be before it slash defy and submit your application Now you've got a chance.

  • Life all comes down to a few moments.

  • You have a chance now to join me on this incredible adventure for the next 10 years.

  • It will change your life.

  • The lifes of your Children and grandchildren.

  • Maybe the life of billions of people on this planet.

  • What are you gonna do?

  • What's the choice that you're going to make?

  • Mm.

  • Yes.

  • Yeah.

  • Yeah.

so many things to talk about here and understand and like you said, these polka dots and these um, these garden owes, these could become these things in the future that we've seen the theory and become, But it's interesting that you're saying still hold those core assets and again, don't hold the future on it, don't hold the institutional stock and the institution that has it.

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

B1 crypto coin robin hood wallet withdraw level

How To Fully Own Your Crypto Assets ?? Ben Armstrong (AKA BitBoy Crypto) On London Real / Brian Rose

  • 2 0
    林宜悉 posted on 2021/07/05
Video vocabulary