r/Bitcoin: considering Fidelity crypto custody after the Coldcard incident
reddit-fidelity-custody-debate
https://www.reddit.com/r/Bitcoin/comments/1viix1b/fidelity_crypo_account_custodial_convince_me/
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Two earlier comments were redacted as [deleted] or [removed], and a new participant added replies about Fidelity, seed generation, SeedSigner and wallet backups.
comment: p2ds8ri
parent: t1_p2drty2
-author: MCHappster1
+author: [deleted]
created_utc: 1786153502
edited: false
body:
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Held captures
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Two earlier comments were redacted as [deleted] or [removed], and a new participant added replies about Fidelity, seed generation, SeedSigner and wallet backups.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 56 lines
comment: p2ds8ri parent: t1_p2drty2 -author: MCHappster1 +author: [deleted] created_utc: 1786153502 edited: false body: -You should be more worried about the government and what they can make Fidelity do with your coins. Not your keys not your coins. +[deleted] comment: p2dsb0s parent: t3_1viix1b comment: p2dzh5y parent: t1_p2ds8ri -author: wickedbuzzard +author: [deleted] created_utc: 1786156024 edited: false body: -Turns out, your keys, also not your coin. Shrug +[removed] comment: p2dzk9m parent: t3_1viix1b edited: false body: It has its benefits, but it basically makes you Fidelity's b****. They now control your bitcoin and get to decide what you can do with it. A lot of the benefit of Bitcoin is that you get to control your money without the permission of a financial institution. + +comment: p2yrk96 +parent: t1_p2kajzr +author: MarloChrisSnoop +created_utc: 1786417226 +edited: false +body: +How does that work? Do they just allow you access to buy Bitcoin as part of your contribution limit? Wondering how that looks like interface wise on the website or app. + +comment: p2yry7c +parent: t1_p2epwf4 +author: MarloChrisSnoop +created_utc: 1786417370 +edited: false +body: +Well said. Gives me more peace of mind. + +comment: p2ys8jc +parent: t1_p2febjc +author: MarloChrisSnoop +created_utc: 1786417480 +edited: false +body: +I think the main lesson learned about Cold Card recently is how your seed is generated. As long as it's not generated any company's TRNG and you ensure true random entropy through dice, cards, etc, then it doesn't matter what hardware wallet you use. + +comment: p2ysegz +parent: t1_p2jh8e4 +author: MarloChrisSnoop +created_utc: 1786417544 +edited: false +body: +To go even safer though, SeedSigner is the ultimate peace of mind. + +comment: p2zql2v +parent: t1_p2ysegz +author: JumpProfessional3372 +created_utc: 1786432514 +edited: false +body: +I might get one as second (backup) wallet in case MK4 dies or something. + +comment: p315u5z +parent: t1_p2yrk96 +author: Stryker406 +created_utc: 1786454002 +edited: false +body: +Not exactly sure as I just put rollover funds into it but I think you canExtracted text as captured
post: 1viix1b author: GCM1313 created_utc: 1786153037 title: Fidelity crypo account custodial ... convince me body: Been around for a minute and "not your keys, not your coins" isn't lost on me one bit. But with the events of the last week, I think there's a fair question to ask: For the average noob who has been stacking for a few and has a couple BTC, just smart enough to have started stacking pre-COVID and have it on a cold wallet that sits in a safe or a drawer that has only ever received, and not unlucky or dumb enough to have bricked it, taken a picture of their seed or otherwise lost it until now ... After Coldcard - assuming you're a taxpayer, with a family you want provided for and a low basis so that selling to buy IBIT or another ETF makes no sense from a tax perspective... That just opening a Fidelity crypto account, transferring your BTC and turning over custody isn't the safest overall play. comment: p2drty2 parent: t3_1viix1b author: barKada762 created_utc: 1786153357 edited: false body: I just opened a fidelity crypto account and sent about 30% of my stack there. I also have my Roth IRA in fidelity and regular brokerage. I trust fidelity. If a hacker can crack fidelity then god damn. comment: p2drunp parent: t3_1viix1b author: Tebasaki created_utc: 1786153364 edited: false body: Since you cant take custody of your own coins, are you sure you're actually buying them? Remember when Robinhood said ypu were purchasing stocks but it was a "shadow stock" instead? comment: p2drx41 parent: t3_1viix1b author: theuniverseisgodvfdm created_utc: 1786153388 edited: false body: Why do you need convincing? Or would you rather go on google type in bitcoin wallet and literally put your life savings on some random shady ass wallet and deal with the stress of keys and all that crap? Just keep your bitcoin in a recognized, secure place like this. If you have a bank or big financial institution at reach that offers crypto services, don’t think again. comment: p2ds1tcExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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The thread gained a comment arguing that Fidelity custody gives the institution control over the bitcoin.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 8 lines
edited: false body: I use Fidelity as my btc custodian. While it is not insured like fdic or sipc, it is still under various fidelity “customer guarantee” agreements, which is better than self-custody (imo). + +comment: p2ol53x +parent: t3_1viix1b +author: abitofcoinOTC +created_utc: 1786297098 +edited: false +body: +It has its benefits, but it basically makes you Fidelity's b****. They now control your bitcoin and get to decide what you can do with it. A lot of the benefit of Bitcoin is that you get to control your money without the permission of a financial institution.Extracted text as captured
post: 1viix1b author: GCM1313 created_utc: 1786153037 title: Fidelity crypo account custodial ... convince me body: Been around for a minute and "not your keys, not your coins" isn't lost on me one bit. But with the events of the last week, I think there's a fair question to ask: For the average noob who has been stacking for a few and has a couple BTC, just smart enough to have started stacking pre-COVID and have it on a cold wallet that sits in a safe or a drawer that has only ever received, and not unlucky or dumb enough to have bricked it, taken a picture of their seed or otherwise lost it until now ... After Coldcard - assuming you're a taxpayer, with a family you want provided for and a low basis so that selling to buy IBIT or another ETF makes no sense from a tax perspective... That just opening a Fidelity crypto account, transferring your BTC and turning over custody isn't the safest overall play. comment: p2drty2 parent: t3_1viix1b author: barKada762 created_utc: 1786153357 edited: false body: I just opened a fidelity crypto account and sent about 30% of my stack there. I also have my Roth IRA in fidelity and regular brokerage. I trust fidelity. If a hacker can crack fidelity then god damn. comment: p2drunp parent: t3_1viix1b author: Tebasaki created_utc: 1786153364 edited: false body: Since you cant take custody of your own coins, are you sure you're actually buying them? Remember when Robinhood said ypu were purchasing stocks but it was a "shadow stock" instead? comment: p2drx41 parent: t3_1viix1b author: theuniverseisgodvfdm created_utc: 1786153388 edited: false body: Why do you need convincing? Or would you rather go on google type in bitcoin wallet and literally put your life savings on some random shady ass wallet and deal with the stress of keys and all that crap? Just keep your bitcoin in a recognized, secure place like this. If you have a bank or big financial institution at reach that offers crypto services, don’t think again. comment: p2ds1tcExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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The thread gained several new replies discussing Fidelity crypto custody, inheritance, and whether a user-supplied seed still makes a Coldcard usable.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 62 lines
edited: false body: With all the KYC/AML/SoF BS guarding every on/off ramp nowadays, why not just buy FBTC in brokerage? Other than 24/7 trading, what advantage do you have this way? + +comment: p2jh8e4 +parent: t1_p2h5h35 +author: JumpProfessional3372 +created_utc: 1786227381 +edited: 1786227691 +body: +But what was actually broken was 1 function of the wallet (the RNG). Which (in my opinion) is something you should avoid whenever is possible in any really serious wallet. + +Lot of people use a HWW to secure their seed, but not to "randomly generate it". Coldcard's wallet are still safe and functional, if the seed was generated by the user and not by the wallet. Anybody who followed their paranoid guide skipped the RNG. + +The point of ItsAlwaysThemBooBoo is if you get a ColdCard with a seed generated by the user (not the wallet), it is still a safe device securing that seed. + +A big portion of people do not get a Q wallet to use the (flawed) RNG and start a new seed randomly generated by the wallet, they get it to secure their seed, sign psbt and entering they long passphrases in a comfortable keyboard. + +comment: p2jkyk5 +parent: t1_p2dyeqs +author: TotesGnar +created_utc: 1786228594 +edited: false +body: +Allegedly. + +comment: p2k4ddd +parent: t1_p2drty2 +author: piejlucas +created_utc: 1786235161 +edited: false +body: +Same. Just make sure you access it using the VIP 2factor thingy. I trust fidelity and the fact that any external wallets need to be pre approved before coins can be moved give me some peace of mind. + +comment: p2k5dm9 +parent: t1_p2e6ue3 +author: piejlucas +created_utc: 1786235517 +edited: false +body: +The inheritance follows the linked account you used to fund the crypto with. It’s what the agent I spoke with told me. + +comment: p2kajzr +parent: t3_1viix1b +author: Stryker406 +created_utc: 1786237365 +edited: false +body: +I’ve been using them for 3 years. Great experience. They offer Roth IRA bitcoin custody too. Do it + +comment: p2kj1ds +parent: t1_p2dzk9m +author: Jellydude25 +created_utc: 1786240432 +edited: false +body: +Ooooo this is a valid point! I watched one video about this but I need to learn more. + +comment: p2kt4fj +parent: t1_p2epwf4 +author: langfordw +created_utc: 1786244221 +edited: false +body: +I use Fidelity as my btc custodian. While it is not insured like fdic or sipc, it is still under various fidelity “customer guarantee” agreements, which is better than self-custody (imo).Extracted text as captured
post: 1viix1b author: GCM1313 created_utc: 1786153037 title: Fidelity crypo account custodial ... convince me body: Been around for a minute and "not your keys, not your coins" isn't lost on me one bit. But with the events of the last week, I think there's a fair question to ask: For the average noob who has been stacking for a few and has a couple BTC, just smart enough to have started stacking pre-COVID and have it on a cold wallet that sits in a safe or a drawer that has only ever received, and not unlucky or dumb enough to have bricked it, taken a picture of their seed or otherwise lost it until now ... After Coldcard - assuming you're a taxpayer, with a family you want provided for and a low basis so that selling to buy IBIT or another ETF makes no sense from a tax perspective... That just opening a Fidelity crypto account, transferring your BTC and turning over custody isn't the safest overall play. comment: p2drty2 parent: t3_1viix1b author: barKada762 created_utc: 1786153357 edited: false body: I just opened a fidelity crypto account and sent about 30% of my stack there. I also have my Roth IRA in fidelity and regular brokerage. I trust fidelity. If a hacker can crack fidelity then god damn. comment: p2drunp parent: t3_1viix1b author: Tebasaki created_utc: 1786153364 edited: false body: Since you cant take custody of your own coins, are you sure you're actually buying them? Remember when Robinhood said ypu were purchasing stocks but it was a "shadow stock" instead? comment: p2drx41 parent: t3_1viix1b author: theuniverseisgodvfdm created_utc: 1786153388 edited: false body: Why do you need convincing? Or would you rather go on google type in bitcoin wallet and literally put your life savings on some random shady ass wallet and deal with the stress of keys and all that crap? Just keep your bitcoin in a recognized, secure place like this. If you have a bank or big financial institution at reach that offers crypto services, don’t think again. comment: p2ds1tcExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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The thread gained new comments discussing Fidelity Crypto, self-custody suitability and a report that the author moved one third of their holdings to Fidelity.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 76 lines
body: If you're referring to the recent news don't forget that to anything on a Trezor I believe you don't really need to go to any website let alone put in your seed phrase. +comment: p2dv8mx +parent: t3_1viix1b +author: didnt_hodl +created_utc: 1786154543 +edited: false +body: +could also be exchange where you bought the coins., no? + +there is a non-zero chance that they will recognize them + +and also they can help with the price you paid originally, for taxes + +Fidelity will be checking the origins and the history of your coins independently, which may or may not be helpful. And they will have no idea about the price, you would need to enter it manually + comment: p2dw9dx parent: t1_p2ds8ri author: Automatic_Vast_1858 edited: false body: It wasnt hacked, my guy…. It was EXPLOITED by criminally negligent code. Thats not hacked. + +comment: p2h5h35 +parent: t1_p2gylll +author: junkhead_7 +created_utc: 1786202967 +edited: false +body: +Let's not get stuck in semantics. Hacked, exploited, whatever. There was some sort of issue that allowed malicious actors to sweep funds. + +comment: p2h9qqe +parent: t3_1viix1b +author: Agreeable_Bullfrog_7 +created_utc: 1786204201 +edited: false +body: +Fidelity Crypto is great, and it's only gotten better. The trust with Fidelity is 10000x that of a pure crypto exchange. + +comment: p2huces +parent: t1_p2g3sxg +author: _IscoATX +created_utc: 1786210042 +edited: false +body: +Looks like I can’t transfer in our out. Just buy and sell on Schwab itself. + +comment: p2i959e +parent: t1_p2g87rq +author: Zherkezhi +created_utc: 1786214211 +edited: false +body: +Self custody isn’t for everyone. But it is for many and that will always be the case. + +comment: p2i9k64 +parent: t1_p2eg20j +author: Zherkezhi +created_utc: 1786214329 +edited: false +body: +Peer-to-peer is in the title of the white paper, I think it still applies. + +comment: p2ijo98 +parent: t1_p2drty2 +author: GCM1313 +created_utc: 1786217267 +edited: false +body: +I have about 1/3 of mine w Fidelity as of this morning, the rest are still sitting on the cold wallet. My BTC shows on my portfolio home page as a separate crypto acct w X BTC next to all of my other brokerage. + +So I don't have my keys and I'm subject to counterparty risk w them. But I was trusting them w far more value in brokerage earmarked for retirement and college as of yesterday and hadn't given that a second thought. + +This an asset manager w custody of almost 20 trillion in customer assets and they've been in crypto for more than 10 years. + +I'll take my chances w what of mine I just turned over custody of and they are now responsible for safeguarding so I don't have to. + +comment: p2j21q2 +parent: t3_1viix1b +author: effdanwo +created_utc: 1786222709 +edited: false +body: +With all the KYC/AML/SoF BS guarding every on/off ramp nowadays, why not just buy FBTC in brokerage? Other than 24/7 trading, what advantage do you have this way?Extracted text as captured
post: 1viix1b author: GCM1313 created_utc: 1786153037 title: Fidelity crypo account custodial ... convince me body: Been around for a minute and "not your keys, not your coins" isn't lost on me one bit. But with the events of the last week, I think there's a fair question to ask: For the average noob who has been stacking for a few and has a couple BTC, just smart enough to have started stacking pre-COVID and have it on a cold wallet that sits in a safe or a drawer that has only ever received, and not unlucky or dumb enough to have bricked it, taken a picture of their seed or otherwise lost it until now ... After Coldcard - assuming you're a taxpayer, with a family you want provided for and a low basis so that selling to buy IBIT or another ETF makes no sense from a tax perspective... That just opening a Fidelity crypto account, transferring your BTC and turning over custody isn't the safest overall play. comment: p2drty2 parent: t3_1viix1b author: barKada762 created_utc: 1786153357 edited: false body: I just opened a fidelity crypto account and sent about 30% of my stack there. I also have my Roth IRA in fidelity and regular brokerage. I trust fidelity. If a hacker can crack fidelity then god damn. comment: p2drunp parent: t3_1viix1b author: Tebasaki created_utc: 1786153364 edited: false body: Since you cant take custody of your own coins, are you sure you're actually buying them? Remember when Robinhood said ypu were purchasing stocks but it was a "shadow stock" instead? comment: p2drx41 parent: t3_1viix1b author: theuniverseisgodvfdm created_utc: 1786153388 edited: false body: Why do you need convincing? Or would you rather go on google type in bitcoin wallet and literally put your life savings on some random shady ass wallet and deal with the stress of keys and all that crap? Just keep your bitcoin in a recognized, secure place like this. If you have a bank or big financial institution at reach that offers crypto services, don’t think again. comment: p2ds1tcExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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The thread gained new replies debating hardware-wallet vulnerability, Fidelity's custody promise and delayed-withdrawal protections, and whether bitcoin transfers are available.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 76 lines
edited: false body: no hardware wallet has ever been hacked. so far we have one with a woefully incompetant dev team that clearly had a retirement bug in theirs. + +comment: p2febjc +parent: t1_p2f84au +author: junkhead_7 +created_utc: 1786178672 +edited: false +body: +So you're saying at least one was hacked, if I read right. How are you so 100% sure other wallets don't have vulnerabilities that aren't discovered (or taken advantage of) just yet? I bet Coldcard users in June were as sure as you hardware wallets were as safe as it gets, but they were sitting on a time bomb unknowingly. + +comment: p2frax6 +parent: t1_p2ephri +author: Darkpriest667 +created_utc: 1786185339 +edited: false +body: +and this is why it will become popular. I'm not totally advocating for it, but I may send about 1/3 of my stack over there and hold the rest for in case a really bad time happens with the USD. + +comment: p2fvt80 +parent: t1_p2e5xrk +author: cchase +created_utc: 1786187429 +edited: false +body: +Can you share terms and conditions summary? + +comment: p2g3sxg +parent: t1_p2e5xrk +author: zoeystongue +created_utc: 1786190782 +edited: false +body: +Can you transfer bitcoin to your account? Thanks + +comment: p2g4v2i +parent: t3_1viix1b +author: wastedkarma +created_utc: 1786191192 +edited: false +body: +Fidelity’s promise is as long as you don’t give away access to your account, they will make you whole again if bitcoin is stolen because of their error. Whether they can make good on this promise is a different question, but it transfers account security to an organization than has an excellent track record of security. They are ostensibly paying a 3rd party to check their code as opposed to relying on open source or an open source variant like FOSS. + +Most people trust them with far more money than they have in crypto. It’s not a big leap for them. + +But if you’re ONLY in bitcoins because of a core lack of faith in fiat and fiat systems, you wouldn’t even be considering fidelity anyway. + +comment: p2g87rq +parent: t1_p2eg0kx +author: PrizePreset +created_utc: 1786192452 +edited: false +body: +Gibberish + +comment: p2gj4qx +parent: t1_p2frax6 +author: tribepride25 +created_utc: 1786196202 +edited: false +body: +I’ve had coins in two HWW for five years. After CC, I created a Fidelity account last week. Feels so much better to have security and not have the pressure of keeping my coins safe. I love the delayed withdrawals, 2k a day, and having to get withdraw addresses approved. Really makes it impossible to get drained. I’m still trying to decide how much to move there, but I like the idea of 1/3 + +comment: p2gript +parent: t1_p2g3sxg +author: bmwnewbie +created_utc: 1786198840 +edited: false +body: +You can’t yet. Not on the roadmap + +comment: p2gylll +parent: t1_p2febjc +author: ItsAlwaysThemBooBoo +created_utc: 1786200955 +edited: false +body: +It wasnt hacked, my guy…. It was EXPLOITED by criminally negligent code. Thats not hacked.Extracted text as captured
post: 1viix1b author: GCM1313 created_utc: 1786153037 title: Fidelity crypo account custodial ... convince me body: Been around for a minute and "not your keys, not your coins" isn't lost on me one bit. But with the events of the last week, I think there's a fair question to ask: For the average noob who has been stacking for a few and has a couple BTC, just smart enough to have started stacking pre-COVID and have it on a cold wallet that sits in a safe or a drawer that has only ever received, and not unlucky or dumb enough to have bricked it, taken a picture of their seed or otherwise lost it until now ... After Coldcard - assuming you're a taxpayer, with a family you want provided for and a low basis so that selling to buy IBIT or another ETF makes no sense from a tax perspective... That just opening a Fidelity crypto account, transferring your BTC and turning over custody isn't the safest overall play. comment: p2drty2 parent: t3_1viix1b author: barKada762 created_utc: 1786153357 edited: false body: I just opened a fidelity crypto account and sent about 30% of my stack there. I also have my Roth IRA in fidelity and regular brokerage. I trust fidelity. If a hacker can crack fidelity then god damn. comment: p2drunp parent: t3_1viix1b author: Tebasaki created_utc: 1786153364 edited: false body: Since you cant take custody of your own coins, are you sure you're actually buying them? Remember when Robinhood said ypu were purchasing stocks but it was a "shadow stock" instead? comment: p2drx41 parent: t3_1viix1b author: theuniverseisgodvfdm created_utc: 1786153388 edited: false body: Why do you need convincing? Or would you rather go on google type in bitcoin wallet and literally put your life savings on some random shady ass wallet and deal with the stress of keys and all that crap? Just keep your bitcoin in a recognized, secure place like this. If you have a bank or big financial institution at reach that offers crypto services, don’t think again. comment: p2ds1tcExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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The Reddit thread gained new comments discussing Fidelity crypto custody, Onramp multisig, withdrawal limits, insurance claims and hardware-wallet reliability.
Recovered from the Internet Archive rather than captured by this project. The row records that third-party provenance separately from captures made by this project.
What changed from the previous capture 76 lines
edited: false body: Still applies depending on your use case. + +comment: p2enuht +parent: t3_1viix1b +author: Gold-Ideal-534 +created_utc: 1786165628 +edited: false +body: +You should check out Onramp. They have an interesting 2/3 multi sig where three institutions hold the keys. Better than just trusting fidelity or coinbase etc. + +comment: p2ephri +parent: t1_p2e83ae +author: tribepride25 +created_utc: 1786166359 +edited: false +body: +Fidelity calls themselves custodians instead of an exchange. Probably splitting hairs since you can buy a few coins there. Regarding getting hacked, they have a guarantee/insurance that if you lose funds and it’s their fault, they will pay you back. This is for crypto and other accounts at Fidelity + +comment: p2epwf4 +parent: t3_1viix1b +author: Acolyte_of_Swole +created_utc: 1786166544 +edited: false +body: +It's what I do, to keep my brokerage and coins in the same place. + +Can somebody steal my money from Fidelity? Yeah, probably. But if they do, I can call Fidelity and bitch at them. I don't know if they actually insure crypto against loss at all, but again... I can contact them and complain, and if a big hack happens to an institution like Fidelity, a ton of billionaires and CEOs are gonna be ringing them up on the phone right along with me. There's a very high chance of massive lawsuits if Fidelity allows money or coins to be stolen, and those lawsuits would be brought by those who have the money and time to easily afford them. + +Basically, I'm putting my chips in with all the rich and powerful people. + +comment: p2eq87x +parent: t1_p2duban +author: Acolyte_of_Swole +created_utc: 1786166693 +edited: false +body: +Just wait until Trezor gets hacked in six months or a year. :p + +comment: p2eqmw2 +parent: t1_p2e6ue3 +author: tribepride25 +created_utc: 1786166880 +edited: false +body: +This worried me at first but now I like the withdrawal limits. Impossible to get drained. Hackers would have to wait 2-3 days for a new withdraw wallet to be approved and then would only get 2k a day before I would notice. Once I’m ready to cash out, I can request to increase the amount to 25k + +comment: p2equds +parent: t1_p2e4c66 +author: tribepride25 +created_utc: 1786166976 +edited: false +body: +Tell me more + +comment: p2f20kf +parent: t1_p2ephri +author: StormMedia +created_utc: 1786172378 +edited: false +body: +God damn faith restored lol + +comment: p2f7z0a +parent: t1_p2duwo0 +author: ItsAlwaysThemBooBoo +created_utc: 1786175372 +edited: false +body: +…. what? + +comment: p2f84au +parent: t1_p2eq87x +author: ItsAlwaysThemBooBoo +created_utc: 1786175446 +edited: false +body: +no hardware wallet has ever been hacked. so far we have one with a woefully incompetant dev team that clearly had a retirement bug in theirs.Extracted text as captured
post: 1viix1b author: GCM1313 created_utc: 1786153037 title: Fidelity crypo account custodial ... convince me body: Been around for a minute and "not your keys, not your coins" isn't lost on me one bit. But with the events of the last week, I think there's a fair question to ask: For the average noob who has been stacking for a few and has a couple BTC, just smart enough to have started stacking pre-COVID and have it on a cold wallet that sits in a safe or a drawer that has only ever received, and not unlucky or dumb enough to have bricked it, taken a picture of their seed or otherwise lost it until now ... After Coldcard - assuming you're a taxpayer, with a family you want provided for and a low basis so that selling to buy IBIT or another ETF makes no sense from a tax perspective... That just opening a Fidelity crypto account, transferring your BTC and turning over custody isn't the safest overall play. comment: p2drty2 parent: t3_1viix1b author: barKada762 created_utc: 1786153357 edited: false body: I just opened a fidelity crypto account and sent about 30% of my stack there. I also have my Roth IRA in fidelity and regular brokerage. I trust fidelity. If a hacker can crack fidelity then god damn. comment: p2drunp parent: t3_1viix1b author: Tebasaki created_utc: 1786153364 edited: false body: Since you cant take custody of your own coins, are you sure you're actually buying them? Remember when Robinhood said ypu were purchasing stocks but it was a "shadow stock" instead? comment: p2drx41 parent: t3_1viix1b author: theuniverseisgodvfdm created_utc: 1786153388 edited: false body: Why do you need convincing? Or would you rather go on google type in bitcoin wallet and literally put your life savings on some random shady ass wallet and deal with the stress of keys and all that crap? Just keep your bitcoin in a recognized, secure place like this. If you have a bank or big financial institution at reach that offers crypto services, don’t think again. comment: p2ds1tcExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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post: 1viix1b author: GCM1313 created_utc: 1786153037 title: Fidelity crypo account custodial ... convince me body: Been around for a minute and "not your keys, not your coins" isn't lost on me one bit. But with the events of the last week, I think there's a fair question to ask: For the average noob who has been stacking for a few and has a couple BTC, just smart enough to have started stacking pre-COVID and have it on a cold wallet that sits in a safe or a drawer that has only ever received, and not unlucky or dumb enough to have bricked it, taken a picture of their seed or otherwise lost it until now ... After Coldcard - assuming you're a taxpayer, with a family you want provided for and a low basis so that selling to buy IBIT or another ETF makes no sense from a tax perspective... That just opening a Fidelity crypto account, transferring your BTC and turning over custody isn't the safest overall play. comment: p2drty2 parent: t3_1viix1b author: barKada762 created_utc: 1786153357 edited: false body: I just opened a fidelity crypto account and sent about 30% of my stack there. I also have my Roth IRA in fidelity and regular brokerage. I trust fidelity. If a hacker can crack fidelity then god damn. comment: p2drunp parent: t3_1viix1b author: Tebasaki created_utc: 1786153364 edited: false body: Since you cant take custody of your own coins, are you sure you're actually buying them? Remember when Robinhood said ypu were purchasing stocks but it was a "shadow stock" instead? comment: p2drx41 parent: t3_1viix1b author: theuniverseisgodvfdm created_utc: 1786153388 edited: false body: Why do you need convincing? Or would you rather go on google type in bitcoin wallet and literally put your life savings on some random shady ass wallet and deal with the stress of keys and all that crap? Just keep your bitcoin in a recognized, secure place like this. If you have a bank or big financial institution at reach that offers crypto services, don’t think again. comment: p2ds1tcExcerpt only. The complete copy is held offline and backs quotations on this site. The original publication remains the canonical public source.
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