ZachXBT on TG just said all hardware wallets are garbage and using a separate iPhone is safer..
i agree with the main lesson.. but a separate iPhone alone still leaves you with one device and one seed as the single point of failure.
for serious funds, this is the exact setup i would recommend:
1) Create 3 completely fresh signer wallets
- signer 1: dedicated iPhone
- signer 2: separate phone or hardware wallet
- signer 3: backup device stored somewhere else
never use your everyday wallet as a signer.
2) Lock down the dedicated iPhone
- no SIM
- no email, Telegram or social apps
- no random browsing
- install only the official wallet app
- use a strong passcode and Face ID
- enable Stolen Device Protection
- use it only when you need to sign
write the recovery phrase on paper or steel and store it offline.
never screenshot it, save it in Notes, upload it to iCloud or type it into any website.
3) Create a 2-of-3 Safe multisig
manually visit app.safe.global, choose the correct network and add the 3 public wallet addresses as signers.
set the threshold to 2 out of 3.
this means any transaction needs approval from 2 separate devices before funds can move..
you only add the public addresses. Safe will never need your seed phrases or private keys..
4) Test everything first
send a very small amount to the Safe.
then try sending it back by approving the transaction from 2 different signers.
only move serious funds after you know the entire setup and recovery process works.
5) Move the remaining funds in batches
don’t transfer your whole portfolio in one transaction.
send a small batch, confirm it arrived on the correct network and then continue.
6) Treat the Safe like a vault
don’t use it for random mints, airdrops or unknown dApps.
use a separate spending wallet for daily activity and keep only the amount you can afford to lose there.
before approving anything, verify the network, token, amount and receiving address on both signer devices.
@zachxbt
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What if MicroStrategy actually collapsed and Saylor had to unload $70B worth of $BTC
would that nuke the entire market ? Has this thought ever crossed your mind ?
Here’s the reality of Saylor, the debt, the dilution and how long this game can really run. A thread: 👇🧵
2/
If you have been in this crypto space, you must have heard of Saylor and MicroStrategy
Since August 2020, MicroStrategy has acquired 629,376 $BTC worth $71.6B
For acquiring these $BTC, MicroStrategy has spent nearly $46.15B
3/
But how did Saylor got so much money?
➔ 1) Convertible Debt Offerings:
MicroStrategy has frequently issued convertible senior notes, which are debt securities that can be converted into company stock at a predetermined price.
These notes typically carry low or no interest rates, making them an attractive, low-cost way to raise capital.