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I don't know. But if you have $870K in crypto and don't use a hardwallet, I kind of don't feel bad for you.
by csomar 3y ago
I don't know. But if you have $870K in crypto and don't use a hardwallet, I kind of don't feel bad for you.
- belltaco 3y agoTo be fair, at Cuban scale that's your hot wallet.
- fbdab103 3y agoCrypto aside, I have idly wondered how/where the mega rich keep their money. Is there a money manager effectively controlling a Schwab account with $1+ billion dollars? How do you minimize the blast radius to prevent internal/external loss of control? Even sub-dividing a fortune across N investment managers still leaves enormous targets painted on those accounts. Or is it the more implicit threat that you do not steal from these people or the full weight of the government will aid in recovering these funds?
- dgacmu 3y agoAt that level you typically set up what's referred to as a "family office" https://en.m.wikipedia.org/wiki/Family_office https://en.m.wikipedia.org/wiki/Family_office The family office will manage the investment portfolio, typically across not only brokerages and banks but also direct investments / private equity/ vc / etc.
- SV_BubbleTime 3y agoPeople who aren’t rich usually cannot understand how very little of it is typically liquid. I sold some land, a guy sold me a Ferrari for it. I sold the Ferrari, never even saw it. He just couldn’t be bothered and wanted the land right then.
- fbdab103 3y ago"Look, idiot, if you do not perfectly follow all of this op sec, your money could disappear at literally any moment. In which case, sucks to be you. Oh, and also those crypto exchanges where people leave their money - those also have a good chance of disappearing in the night. Best to keep it under the digital equivalent of your mattress." I will stick with a bank which is regulated to protect my money, and heads will roll if funny business happens.
- uoaei 3y ago> heads will roll if funny business happens To be fair, a lot of the crypto hype is predicated, if indirectly, on how few heads roll when (barely quasi-legal) funny business happens through official institutions.
- RHSeeger 3y agoA. "I lost my money while it was in my bank... I got it back, but nobody got in trouble!" B. "I lost my money while it was in crypto... I didn't get it back and nobody got in trouble!" I'm not really sure B sounds like much of an improvement over A.
- uoaei 3y agoI'm not saying they're right, just saying that "regulations will help" won't really be a big selling point for those who already have lost trust in such institutions.
- worksonmine 3y ago> I will stick with a bank which is regulated to protect my money, and heads will roll if funny business happens. When did that ever happen? Did even a single head roll for the bullshit with subprime mortgages? Some people get a bonus when the scam is big enough.
- chrismcb 3y agoWell some banks went out of business.
- suckitsam 3y agoI too love my bank which, like most others, is known for its lack of funny business, owing to the regulations that it definitely doesn't skirt at every opportunity (otherwise its execs would go to jail for doing crimes, obviously)
- 3y ago
- ComputerGuru 3y ago870k is Cuban dipping his toes with a test account. Everyone has different risk profiles and adversity.