@jeremiahrogers@IBKR is horrible and their customer service absolutely sucks! Tried them and couldn’t wait to get my funds out - which they held for a stupid amount of time.
The Coldcard exploit is a painful week for many in our community, and I’m sorry for those who lost Bitcoin they believed was secure.
It is also a reminder that custody is one of the hardest problems in this industry. Self-custody asks individuals to carry every operational risk themselves: hardware defects, key loss, inheritance, recovery. Even careful people doing everything right can be exposed by a flaw they had no way to see.
This is why Metaplanet holds its Bitcoin with regulated, institutional-grade custodians under segregated cold storage, multi-party controls, and independent oversight. Managing a corporate treasury requires a control environment no single device can provide.
Nothing about this exploit was a failure of Bitcoin. The protocol was not compromised; a device was. The lesson is not to doubt the asset. It is to be honest about how demanding it is to secure, and to choose the custody model that fits the responsibility you carry.
@DividendRay Agree totally! $10K limit makes it difficult to use the card as my primary - So I typically use my Fidelity 2% cash back card with a much higher limit.
Even hardware wallets can have bugs. Even old wallets (with long history) can have bugs.
How to mitigate? Split your funds in a few wallets maybe? This has a different set of risks. Nothing is 100%.
Stay informed. Stay SAFU!
@JoeCarlasare I like my 4 holding strategy. BTC (self Custody), MSBT (.14 bps expenses), BITA (BTC and income), Goldman Sachs BTC Premium income (coming soon). I prefer to get paid while I wait while still having true exposure. No single point of failure.
Not unpopular if you run the math. It���s more of a financial literacy trap.
Credit cards are float arbitrage against the bank — not the other way around. Park cash earning interest, use the card for spend, pay in full, invest the cash back.
Banks profit off people who get caught in the trap. Learn it, and you’re the one profiting and building wealth.
Lisbon. Coffee. Markets about to open in NY.
Two headlines this week that say everything about where we are: a $45B AI hedge fund got wiped out by 4x leverage, and $38M in Bitcoin got swept off “cold” wallets because of a firmware flaw nobody caught.
Different assets, same lesson — leverage and unchecked trust in a system will always find the crack.
2 weeks from 35 years in TradFi. Watching this new world make the same old mistakes, in new wrappers.
Goodbye TradFi. Eyes open going forward. 👋