BitcoinMeister talks Bitcoin and cryptocurrency at the Los Angeles meetup in Century City- Part 2

I think it’s friends who do that it
follows all these rules of the United States government but at the same time
there’s a darker side of that happen if one day the United States government
says well that guy’s a criminal I’m taking his Bitcoin and it’s all at corn
base what a base we’ll give you your your Bitcoin now so it wasn’t really
your Bitcoin was it but if you control your Bitcoin on your tresor and the
united states government says you’re a criminal one day they can’t take it from
they cannot take it from you but when it’s on a third party it’s very
very easy for them to take it from you especially one like coinbase which
totally obeys then and they and that’s what you signed up for with come join
base it’s that coin basis fall it’s not it’s your personal responsibility there
but I mean it’s a risk there there’s also I’m telling you not to take that
risk and get it off of coinbase in all those third parties also when you’re
hurt where this is you know I’ve got all
sorts of little little tips here when you’re watching some of our videos
they’ll be advertisements on YouTube before our videos we do not endorse
those advertisers I don’t know the advertisements that YouTube puts up
before my videos they just put up advertise do not listen do not listen to
those advertisements do some of those advertisers could be scams okay
seriously there was the bit connect some people we’d like a big connect is doing
advertisers before your video and that was like a straight up well it it was a
straight up it ended up being epoxy so when even if you hear legitimate like
eat or eat or oh does a lot of advertisement sign any one vent you know
don’t that doesn’t mean they’re kosher people if they’re before and if there
before your favorite content producers video so so be very careful with people
that are pushing themselves out there in the advertising realm and again I I I
tell people to stay away from the words trading and mind if don’t try to be a
trader or a miner it really complicates things a lot alright another reason you
don’t want to be a trader and a way to lose Bitcoin it’s it’s today is that
last thing to pay your taxes States if you were a traitor and you
were buying and selling let’s say on coinbase like many times over you bought
your soul ID you bought your soul those are all recorded and again it’s not coin
basis bought it’s not your exchanges fault that’s what you signed up for
they’re reporting it to the IRS so there are a lot of people who have it’s really
complex to do your taxes that way hey does you have all these little
transactions you have to report if you’re just holding you wouldn’t have to
worry about that but not only that some people make huge profits and there’s all
sorts of complexities to it so in order to pay their taxes and to sell their
Bitcoin now we’re sad it starts up the whole process again so next year they
have to report that on their taxes that they made a certain profit or a loss and
everything so again a reason you don’t want to get into the trading game is
because eventually you’re gonna have to pay taxes on it and you might have to
SAP lose even more Bitcoin to pay those taxes and so that’s not a good that’s
not a cycle to get into I mentioned all coins before I I mentioned not to invest
in your friends projects lending people asked me what lending platform is the
best lending platform out there I want to get a return on my Bitcoin I want to
you know give it to this lending platform and then they’re going to give
me interest on my Bitcoin no don’t do that what’s stopping the lending
platform from going out of business and just stealing all your Bitcoin I mean
again that’s you know for and for a 1% return and then usually the reply I’ll
get is well for Bitcoin to be in real currency you’re gonna be able to have to
lend it out and have interest rates on it okay don’t worry about that in the
future for now these are third is giving your Bitcoin to a third party that’s all
it is it’s just a fancy way of saying that and hoping and give it back to you
with a return so avoid avoid that I said avoid icos
private key and passphrase compromise okay then
I’ve talked about crypto dividends before a lot of you have heard about all
of these Forks from Bitcoin every we come out some of them you’re like
well how do I even get this beat Bitcoin diamond let’s call it be diamond how do
I even get this and it’s not easy but don’t be tempted just because there’s no
easy way to get it if someone pops up and say hey I have an easy way to get
your a bead diamond now never give your passphrase to them never give your
private key to them never give them personal information that’s most likely
more than likely it is a scam hold on to that thing for dear life that’s that’s
the easiest way because your Bitcoin when you mistakenly think you’ve
stumbled upon a site that’s gonna give you that free crypto dividend that’s
gonna split that free crip their dividend for you if you just enter in
your treasure recovery you see that’s do not do it
ask someone first make sure other just don’t do it at all just do not do it you
just being paranoid in this space is it is a good thing
just being taking your time is a very good thing it benefits you in the long
term okay we talked about story don’t store any coins anywhere unless you
control your private key here’s another one let’s say you do have a coin base
account okay or any type of cryptocurrency even if you have a
trading account out there and you get an email from that third party that you’re
affiliated with you’re you already have an account with that third party and it
says hey we’ve done some updates here click on this link so you can come to
our site and you know check out the terms of conditions have changed don’t
click on that link and you’re like why did the company just emailed it to me
they just email it might not be that company I get fake coin based emails all
the time all the time they there are people out there it just send out
millions and millions of fake coin based emails to anyone and they know they’re
gonna stumble upon someone has a coin base account eventually and you click on
it you enter some you might maybe they say hey you know enter your password to
get into coinbase take to log in now to get did the new update and you’ll do it
they’d also may go in the coin they start buying and selling and it’s
horrible what can happen and so and then you’re gonna say well heaven if it is a
real coinbase email how do I get a real email for quantity should I click on it
no no you shouldn’t again better safe than sorry the information that they’re
telling you to click on if you just log in the regular way you usually log in
you’re gonna get there eventually so I don’t click on any link see any root in
any crypto currency related email same thing with Twitter accounts out there
don’t don’t click on any Twitter links from trusted sources from your friends
even because they might have gotten hacked or they might have got fooled
into sharing a fake like a fake charlie lead tweet or someone that you think is
reliable be very be very careful with this diff so many you might have a
favorite Twitter personality right now there are so many scams out there
involving Twitter and social media people imitating your favorite
personality just to trick you into giving away your private login or
private key information and again when we’re talking about Twitter and when
we’re talking about the troll boxes boxes on exchanges there’s some really
lowlife type of people to hang out at these places and they do a certain type
of gratification that I cannot understand by spreading fear uncertainty
and doubt they will just scream over and over then
bitcoins going down to 5,000 bitcoins going down to 4,000 somehow sell now and
if they do it long enough and if you see it often enough it’s gonna bring you
down you got to be able to avoid these type of people if you see someone that
you identify as a troll that’s it block them get out of there spear of influence
okay and sometimes people can be legitimate at first and then they can
just totally troll on you so try to you know I’m not saying you know there’s
many sides to every story well you guys can tell a positive person from a
negative person avoid the negativity out there because for some reason just like
a lot of negative people out there and some of them are straight-up crazy
people that are just stick jollies out of it and they really are they love
social media how they that’s how they get their
social contact they don’t they don’t come out to real they would never say it
to your face they would never try to find you to your
face but again for those that you don’t know fear uncertainty and death that’s a
term you’re gonna hear a lot and something that you should be familiar
with if you are in the cryptocurrency space and it’s not as you know there’s
gonna be all these one of the traders out there – they’re gonna try to tempt
you into trading and they’re gonna say well you see I I sold it twenty thousand
and I bought back at five thousand it’s so easy to do you just sell high
buy low and I did it well most likely those people are like okay they’re
talking a big game now that the prices going down it is not that easy and so
don’t just because the guy is talking a big game about what a great trader he is
on the Internet where you will never meet him you might not even be a guy for
all you know he’s probably not that the picture that you see there don’t believe
it’s not that easy and again that guy’s not paid does he talk about the taxes he
paid he didn’t pay taxes was really didn’t happen but maybe if you did have
these probably not even paying taxes on it should be real careful about that
and remember we all do make mistakes so we’re learn from your mistakes just
don’t rely on others but if you do make a mistake where you sent your bitcoin to
a bean cache address then okay get back off from me don’t abandon Bitcoin don’t
don’t say oh it’s not for me this personal responsibility coin it’s not I
want to go back to the banks I want to be part of the herd and just live my
regular life and get my big-screen TV no don’t let a bit bad things happen in
cryptocurrency everybody gets scammed I mean a lot of people get stands don’t
let it turn you off – cryptocurrency it is the wild ball of West right now so if
you that’s another way to lose your Bitcoin well you’re like oh well I made
a mistake I’m out of this game I’m selling out now
cashing out you’re gonna regret it in the long run this is a just such an
exciting it’s a it’s always exciting for me I mean but uh you just got to think
about the bigger picture this is just a total change in the way we see money and
if you ever get down remember that or if you ever get down watch my channel
people say it really reassures them a lot and stuff in when when the price is
going down all right avoid buzzwords there’s so many people out there I’d
like to throw around these smart contract you know Joey get by my crypto
currencies a smart contract type of cryptocurrency there’s all sorts of
other words that are complex if you do not fully understand what buzzwords are
talking about and by the way sometimes they don’t even understand the buzzwords
they’re using and they’re just totally making them up just avoid those people
keep it simple let me tell you let me tell you a word that I like to use
uncomplicated well well they can’t take your Bitcoin away from you that’s really
all you got to remember there you don’t have to worry about these magical
altcoins that are gonna be able to solve every aspect of your life that are gonna
be able to I don’t know turn your car into a house magically and then they’ll
do a rocket ship I mean the things you hear you know they’re gonna all be able
to do one day just don’t get caught up into that madness of these fancy pods
words I mean when I was in South Africa at the cryptocurrency
I can’t conference I mean at times people are just talking smart contract
this smart contract dad I’m like do you really need smart contracts right now I
mean why can’t we just like talk about store of value and how you know the bank
Belen’s aren’t in Bitcoin I mean that that’s best for me is the basic type of
thing so don’t get tempted away from Bitcoin by some of this big talk out
there speaking about Africa Africa is like like so in the cryptocurrency space
everyone was like Africa’s the future there’s so much potential in Africa and
I agree but how about if you meet someone it’s like hey dude Africa’s the
future I need five Bitcoin we’re gonna start this awesome project in Africa of
all places you know it’s the future it’s gonna be huge pain we’re gonna start the
first Bitcoin exchange in Somalia it is it’s gonna be a moneymaker you got it
again don’t get tempted by these future trends that are not even close to
happening yet again you’re giving away your Bitcoin to something that seems
like you’re gonna be the freakin hero you’re gonna be able to virtue signal
all your friends that you see in Africa or whatever no don’t fall for those
things people do Hut I know it sounds glamorous and awesome and you’re gonna
be famous strive not to be framed famous in Bitcoin strive to be your boring
grandmother with a savings account and in the long run you’ll be happier you
will be I mean it’s a bitcoin is a newfangled uh newfangled savings account
uh I’m sure my grandma would love to get into it if she understood it you know
thank thank god you’re able to understand this whole miss level alright
what else do we have we talked about the fake Twitter accounts never get fooled
by that stuff here and never hurts to uh if you do have a tresor already you’d
get another one have multiple storage devices just in case something
catastrophic happened to your tresor and your recovery seed yeah you know you had
some Bitcoin on another device at the same time sometimes just to have a
backup Tresor if you if something went wrong with your Tresor and you have your
recovery seed you could always put that recovery seed on another Tresor and just
start all over so why not have that backup already so I think that’s about
all you should pound that like button if you’re a blessing my video right now if
this is on video now on that like button think long-term
I’m and have a strong hand I think I explain what having a strong hand is
there’s a lot of temptation out there don’t don’t get tempted in the down
times to sell and the the down times are the time so you have to prove that
you’re here here for the long run there’s lots of opportunity now always
be in motion reach out to the trusted personalities
they’re always very willing to talk so yeah that’s about it I will answer all
of your questions of sure about anything it doesn’t have to be about how to hold
on to your Bitcoin yes you do have to and say that Bitcoin on each one if you
use one when you try to use that recovery to do that on to a tray so if
it already has something or a blank blank there’s actually other laudable to
get it you can actually use that recovery seat on some other other ways
there are other ways you’re good at reservoir
treszura dot IO there frequently asked questions can explain you how to take
your recovery seed and recover your bighorn like on a completely different
on the computer if you want to do that too but I wouldn’t recommend doing that
but the treasure back a frequently asked questions that is a good that’s they
answer a lot of questions on that one of the questions I get asked about Tresor
is well how about if it goes out of business I mean what happens then yeah
again there there are third parties out there then you’ll be able to continue
everything out but that is a frequently that’s something I get asked and they
actually answer it as they’re frequently asked questions section he was first
back there have you moved here bitcoins to say what
addresses great question so obviously I had a bit of Bitcoin before the segment
change happen now when when when it happened it was actually expensive to
move it them the man pool was filled up so I did not move it at that time now
remember I travel around the world so I don’t I don’t take my treasure with me
because I had a TSA experience once I could give a whole speech about that but
I did have my treasure with me not a good idea and but anyway I didn’t move
it I did not move our you have segment addresses I moved a some but not all now
again if you’re a long-term holder what you’re your legacy address it’s gonna
work still it’s not a it’s not a problem but if you’re a person
does move their Bitcoin every once in a while yeah moving it to a Segway address
is gonna ensure that if you want to move it in the future to another segment
address that the transaction is definitely cheap so I have not moved all
of mine yet for those reasons I’m not around my trends or very often but and
it was expensive when it was when that option first came out there but uh yeah
you could do it you should do it a lot of people encourage it I I’m not rushing
myself to do it you doing this do you not know that you do I like Leger Nano
all right so that’s my second favorite now this is now I’m gonna give you an
honest answer about this so again I encounter a lot of people who use both
and there’s two other there’s um what are the other ones called uh did yet the
digital bit box which I think and then keep keep ki I don’t like that because
the got one of the guys involved with that was involved with promoting be cash
I would say so I said to throat I said the boycott voorhees Erik Voorhees and
shape-shift you don’t have to do that you don’t have to be as hardcore as me
or he was behind to it he supported to X also some of you don’t even what I’m
talking about but okay let’s do so it’s it’s generally
accepted though that traceur and Leger nano are the best but I have had people
and recently there was a problem with legend anime they didn’t there was a
problem with actually storing your beat cache on there that freaks some people
out it look like they didn’t have as much beat – as they should and even
though I’m not a big I’m not a be cache fan I had D cache because I got it for
free and I would have had like a heart attack if I seemed like oh my god I
don’t have any big cash what the heck happened here so
treszura has been known to add ruin treszura’s had issues they immediately
addressed they send out a press release it’s taking care of it wasn’t even a big
problem the other problem I’ve heard is I’ve had clients of mine people I’ve
been associated with because I do crypto consultations and I help people set up a
trace or they’ve had some complexities with their ledger nanos just
scary incidences that I haven’t heard about what reservoir so that makes me
favor the trans war over the ledger nagging now I’m not saying anybody lost
anything on their ledger nan-oh I would never spread rumors like that but there
might have been some scary moments a few people had that would have freaked the
living on anything out of me with the ledger nano that I had not heard about
with the treasurer so that’s my that’s my that’s an opinion that’s from my
experience I’m not saying ledger nanos a bad
product but I I for the Trafford the Tresor and again I’m associated with a
guy crypto HW wallet calm he’s like a third party seller of these devices he’s
totally trustworthy do and so he sells ledger nanos and stuff and so I’ve had
an affiliate code with him so I’m sure I’ve benefitted from people buying
ledger nano I do have it affiliate code

6 thoughts on “BitcoinMeister talks Bitcoin and cryptocurrency at the Los Angeles meetup in Century City- Part 2”

  1. Very enjoyable speech. A lot of new people coming into the space gonna hugely benefit from these valuable information. I also see a bit of Jim Rhon's style in your presentation.

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