Is It Time To Invest in Crypto?
By Steve Kirsch
Jessica Rose, Joe Mercola, the truckers, Ernest Ramirez, Epoch Times, The Expose, and many others have been screwed by traditional financial systems. Here what you can do about it.
I’ve been absolutely appalled by what has been happening to people on the right side of the false narrative. People I know have had bank accounts closed (Mercola), accounts frozen (Jessica Rose), or money confiscated (Truckers and Ernest Ramirez).
There are now fast and efficient alternatives to using legacy financial rails, but most people aren’t aware of them. After Jessica Rose asked me what she should do to allow people to send her money but avoid her account being frozen again, I decided to write this document.
With the issuance of the latest DHS memo, I and all of my colleagues, could be considered to be domestic terrorists for speaking the truth when that truth does not align with statements made by US government agencies. Our funds could be frozen for years to come.
Fortunately for us, crypto has come a long way in the last few years. So now, if you read the information below, you can use a new blockchain called Solana to transmit USD from person to person instantly 24×7 for a fraction of a penny as well as protect your assets from being unethically seized by a misguided government. That beats the $4 to send some ETH and $10 to send anything via USDC on ETH.
WARNING
If you don’t understand anything I’ve written below, don’t worry. It’s pretty esoteric. It’s beyond the scope of this article to do a crypto tutorial. This article is written for people who are familiar with crypto already or who have a local crypto tutor. There is a learning curve associated with all of this. I’ll leave it to others to provide the education. Find a friendly crypto expert and they can help you.
The second thing is that this article is simply my current thinking. You should seek alternate points of view and after doing that you may not agree with me. That’s fine. I’m simply proposing this as a perspective to consider. Read the comments and you’ll see the variety of perspectives on this.
My current thinking
In a nutshell, I think the best approach to protect your assets from irresponsible government actions enforced by legacy financial actors is the following:
- Diversify a reasonable chunk of your assets (say 25%) into decentralized crypto vehicles that cannot be seized or frozen such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Polygon (MATIC) and Avalanche (AVAX) are also possible choices. The asset allocation is subject to opinion.
- Avoid storing sizable assets (for any length of time) in any stablecoin tied to the USD (such as USDC and USDT) or any other fiat currency. These assets can be (and have been) frozen by order of the US government. USDT has frozen over $1M and USDC has frozen $100K.
- If you have a lot of money, you should have two distinct wallets: one for day to day use, e.g., a self-custody wallet app like Phantom and one used for storing savings that you never carry with you (e.g., stored on a Ledger Nano X stored in a secret secure location). That way, if your app is ever compromised, you won’t lose all your money.
- Typically, the one for daily use will be a 12 word seed; the Ledger X will create a 24 word seed. 12 words is more than sufficient security for now; it’s basically uncrackable for all practical purposes even with massive compute power.
- Keep the backup of both private keys (i.e., two word lists) in multiple safe places (including places out of state) so no matter what happens, only you (and those you authorize) can retrieve the keys to recreate your wallets. For example, you can put your keys on a USB stick encrypted using AxCrypt. That way, in the unlikely event someone finds the USB stick, it’s useless to them. Your data is always available to you even if you are deplatformed. You can also store that data in the cloud if your passphrase is sufficiently long.
- For doing day-to-day transactions, USDC on Solana is the way to go as long as your counterparty has a capable wallet that supports USDC SPL tokens on Solana. You can pay people in <1 second for a near zero transaction fee (far less than 1 cent). This should be the standard for paying people.
- You’ll likely want to create an account at FTX to enable you to buy/sell crypto and interface to the legacy banking system as well as to be able to pay someone in legacy USDC (on ETH). I’ve previously used Coinbase and Coinbase Pro and FTX is really impressive.
- Don’t leave any sizable assets sitting at crypto exchanges for any length of time: they can be seized.
Recommended Checklist:
- An account at FTX for in/out at your bank, trading cryptos, moving USDC from Solana to Ethereum blockchains if needed to pay someone the slow, expensive way. When you withdraw USDC, for example, you select Withdrawal method: Solana SPL. If you keep Wrapped Bitcoin (Sollet) and Wrapped Ethereum (Sollet) in your crypto wallet, you can instantly and cheaply move ETH and BTC from the exchange to/from your self-custody wallet and FTX instantly for near zero fees. That’s the way to go for the small value wallet. Those tokens are more risky.
- A self-custody wallet iPhone app like Phantom that supports Solana USDC-SPL, instant swaps, staking, and interface to Ledger. This enables you to instantly move between SOL and USDC-SPL when you need funds and enables you to pay others using USDC-SPL so you can pay in USD instantly with no fees.
- Ledger Nano X. Manage your major holdings using Ledger Live. This is recommended if you have a lot of money and are worried about your iPhone being hacked or worry about someone forcing you to transfer funds at gunpoint. This is essentially your “off-line” wallet. Solana isn’t natively supported yet.
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