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by kev009 398 days ago
If you have enough to worry about someone beating out of you, maybe putting some into professional multiparty custodial systems and/or one or more cold wallets with trustees is a good idea. This idea scales fine with geopolitical risk.

Your "hot wallet" should be like cash, no more than you are prepared to lose/surrender at once.
3 comments
PostOnce 398 days ago
Or you could just have real money in an insured bank

And your cold wallet could be the stock market or real estate or private equity

Then you're much safer and just as wealthy

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kev009 398 days ago
None of these things are mutually exclusive. Holding a large pile of any one country's fiat is probably the dumbest move. Ownership of physical assets that generate revenue is the smartest.
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1659447091 398 days ago
And to add: Your "hot wallet" being bank issued credit cards for everyday purchases or emergencies that you are prepared to lose/surrender the moment someone tells you to hand over your wallet.

Later log into the accounts, flip the toggle to stolen/lost and mark unauthorized purchases if there are any. Then sleep peacefully knowing new credit cards are in the mail and you are only out the cost of the physical wallet holding the cards that were stolen.

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vkou 398 days ago
> maybe putting some into professional multiparty custodial systems and/or one or more cold wallets with trustees is a good idea.

So, you want to delegate your ability to spend your money to other people.

Why not just go to a bank? It can do that for you, plus pay you interest.

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kev009 398 days ago
Most people of any significant wealth would have made the delegation long ago to private client banking where a team of people overlook all aspects of the accounts. So yes, you are a fool not to if you have the level of wealth proportional to having it beaten out of you in your geopolitical region.

A custodial service is a bank that operates on a different network and is not FDIC insured (which only covers $250k). It could be insured privately. The interest on an FDIC deposit account is well below true inflation of fiat currencies.

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beAbU 398 days ago
You are describing a bank!! Just put your goddamn money in a bank.
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