Crypto: A Dish Best Served Cold
When it comes to crypto I always compare it to a Pusha T single. You know that it’s high quality and the news alone will shake up the game. But there’s just something about it that leaves you uneasy about it. Will this really last forever? How much of these are real and how much of it is a facade? And one other thing is that either you hate it, or you love it. There’s no in-between. These similarities continue with Pusha T’s latest release “Diet Coke”.
“Yesterday’s price is not today’s price!”
A snippet of Pusha T rapping the unreleased track in the studio sent Twitter ablaze. There’s nothing like a new Pusha T track when it hits the streets. It’s like the D-boy era is back. Just like with crypto. Whenever any news about crypto drops. The prices go up. But they also can go down. Or as a Fat Joe sample yells in the beginning of the track, “Yesterday’s price is not today’s price!” . That’s the nature of crypto. Volatility at its purest. The prices go up and down similar to how Pusha T explains coke prices in the streets. Checking CoinMarketCap can become an hourly ritual to the day traders and hedge fund managers who must deliver. “The number on his jersey is the quote price.” The numbers on CoinMarketCap tracks the price of each cryptocurrency and lets buyers and sellers know what’s fair market. But people quickly learn that all ain’t fair in love and crypto.
If you can get it cheaper somewhere else why not go? But be careful to not let the jackers know where your stash is. In the crypto space this means don’t let the hackers know where crypto is. Because although crypto is secure. The place where you stash your coins may not be. Mostly we’re talking about a Crypto Exchange. A Crypto Exchange is on the web. It’s the traphouse for some in the game. But if you trap (i.e., buy and sell crypto in the same place you keep your coins) be careful that somebody else is not watching. And don’t let your only defense be the front door. We say front door because it’s the easiest to enter when welcomed. Just like a front door the exchange welcomes people but some front doors only have a padlock to keep your house safe. And if somebody really wants to get in a padlock ain’t gonna stop them. For an exchange that means cybersecurity protocols won’t either. Big news hit in 2014 when Bitfinex a crypto exchange was hacked for over 60 million in crypto which today is over 4.5 billion. The stories do go on and on as billions have been stolen from crypto exchanges all over the world. You learn that owning crypto ain’t as easy as they say it is. You learn that when there’s a warm meal everyone has a plate right?
“Missy was our only missdemeanor”.
What’s the answer? Pusha T shouts it twice in his track “Missy was our only missdemeanor”. Meaning the only way to truly not get caught up with your coins gone in a billion-dollar hack is to put your crypto into what’s called a cold wallet. What’s a cold wallet? You can Google search what it means and get the exact wording. But my definition is that a cold wallet is a physical device (usb-like in most cases) that is used to store your private keys to where your crypto currency is kept, that is completely offline (aka ain’t no hackers gonna be able to access it.). There are some that use Bluetooth, but we want this crypto cold. Not luke-warm. The advantage is that it’s offline. But what if you get robbed walking down the street with your cold wallet? These devices can help with that. Just put in a special password and Voila! A separate account with a smaller amount of crypto can be accessed for the robbers to take a smaller amount and not the whole pie. Pusa T says “You ordered Diet Coke, that’s a joke, right?” . The robbers thought they were getting the whole pack. They got the pack that was stepped on. Aka. They didn’t get the good crypto or the account that is really gonna make you money.
So you might be asking which one to get? I’m not a financial adviser or a fiduciary so do your own research. But if we was on the block and I had to give you an opinion I would go with the Ledger Nano S. ( Make sure to get it new from the website and not sites like ebay. People like to put viruses on those) Why? It’s the cheaper option. Just at $59.99 you can test the cold wallet out and see if you like it. It’s completely offline. No internet. No Bluetooth. Just plug-and-play. Also there’s numerous videos and tutorials to help you. Plus it’s discreet. And let’s not forget about the secret account to throw off the robbers.
If you want to buy the Ledger Nano S here’s a quick link to get one:
Ledger Nano S | Ledger
“Imaginary players ain’t been coached right!”
When it comes to crypto there’s a lot of people just jumping in looking to get rich quick, But few realize that getting rich also means that you are defensive as well as offensive. And a real coach will tell you that being defensive minded helps you manage your risk. But many ain’t been coached right! So look into getting a cold wallet to store your crypto. Most importantly do your own research! And if you have time listen to Pusha-T’s single “Diet Coke”.
You ordered Diet Coke, that’s a joke, right?
Make sure you check out Pusha T’s video to Diet Coke below:
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Originally published at http://www.tulsalines.com.