Holder's decision to abandon self-custody
benhart_freedom-2085364758471917905
- Author
- @benhart_freedom
- Organisation
- independent
- Evidence role
- social statement
- Posted
- 6 Aug 2026, 13:57 UTC
- Capture status
- capture held
A long first-person account from a 68-year-old holder who bought three COLDCARDs, two Mk4s and a Q, generated his seed with 100 dice rolls and a dice-generated passphrase, and nonetheless moved everything to Coinbase when he heard about the incident, and is now considering Fidelity. He gives figures throughout: more than 2,000 bitcoin, about $130 million, taken by 15 or more hackers; Coinkite at five employees against Ledger at about 900; about 4,000,000 bitcoin, roughly $256 billion, lost to user error. He describes the defect as a hardware TRNG that was never switched on so the device fell back to a PRNG, and asserts that the top bitcoin influencers who called Coldcard the gold standard were paid by Coinkite to hype it. Held because it is a rare, fully worked first-hand statement of the conclusion the incident produced in an ordinary holder: that trustlessness is not available in practice and that he would rather trust Fidelity, Apple or a large bank than a small wallet company. The mechanism description, the loss and headcount figures and the paid-influencer assertion are his own and are not verified here, and the technical accounts held elsewhere in this record describe the failure differently.
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