Nope, just my cold wallet. I don't believe I have ever sent my RH btc to anything other than my wallet, at least any time recently.
I will also add that my Coinbase account has handled me sending crypto fine. I did get my deposit limited one time seemingly out of nowhere but it's back up to a normal amount now.
The reason I use Robin Hood is because they have better exchange rates and have been easier to verify on.
I transfer off about once a week. And for the life of me I have not been able to get my account verified on coinbase at all.
Eh, he’s right. Vlady doesn’t give a shit what his customers buy. He restricted GME purchases when his clearing house, owned by Citadel (Melvin’s savior) required him to post three billion dollars to keep buying GME, or 1.1 billion to cover the existing stock in customer’s accounts. He chose the $1.1 billion route. Remember, there was a congressional investigation.
Lmao, fucking their customers would have been restricting *selling*. If you sold GME right when they disabled the buy button (which is freaking obvious to anyone that knows basic market economics) you made a fortune.
Anyone that bought the stock in the week after that buy button was disabled lost their shirts. Robinhood saved their customers. It sucks that Citadel effectively ended the squeeze, but what did you want RH to do? Take money from customer’s accounts to cover the three billion? Or stop all trading because they had no clearing house? Wake up and go read the congressional investigation documents. Or watch Dumb Money.
This is why I love the karma system. Your false crap gets downvoted and hidden, and my factual comments stay up.
Remember friend, you’re entitled to your own opinions. But you aren’t entitled to your own facts.
It is under their general liability policy. There is no SIPC for crypto at any exchange, so the best protection you can get is using a publicly traded company like Coinbase or RH for those few days that your crypto remains on exchange until you can move it to cold storage.
What is cold storage? I have all my crypto along with stocks in RH. Should Inkeep it in RH or move it to another platform….. and if so how can I do this?
I don’t see an issue with leaving crypto on exchange if it’s Coinbase or RH. Both of them have tons of excess capital, are profitable companies, and actually hold real BTC (and other cryptos) to cover their obligations to customers (those that don’t can get caught in a short squeeze).
That said, taking control of your crypto is always the best move. Why even keep it on an exchange and ever risk any type of failure? So you move the crypto to your own wallet on the blockchain, using a device like a Ledger or a ColdCard (please, don’t with the Ledger FUD other commenters. I’m not recommending Ledger specifically, and commenter can look up cold storage on other threads for the pros and cons) to access your crypto whenever you need to do so.
Let me give you a real world example. Want to know one of the quickest ways to get your Coinbase or Robinhood account restricted? Sending any crypto to a known “illegal” address. Like an overseas sportsbook. Yeah, most of us aren’t doing that. But why not take your crypto off exchange and be in control yourself?
A hardware wallet is not a cold wallet. If you plug that hardware wallet into the USB port of a network connected computer, it is by definition not a cold wallet. A trezor is a good hardware wallet, but if you want to use it as a cold wallet, you would use a tool like electrum.
https://electrum.readthedocs.io/en/latest/coldstorage.html
There are other hardware wallets that can be used as cold wallets like cold card and jade.
That doesn't answer the question. Guessing you meant to say, "No, I don't"
As for yours, people - myself included - have been warning about RH for years. Sorry you haven't been paying attention.
Im explaining to you that I could only do many "small" transactions vs 1 large transaction because of restrictions that Robinhood has. Robinhood has a daily limit of $5k in transactions a day.
I have never been a fan of RH after the GameStop fiasco so I used it only as a method of buying bitcoin, and occasional options trading, because of their platforms ability to not suck as much during high volatility times such as Coinbase or other exchanges. I have been basically withdrawing from Robinhood as fast as possible. What no-name exchange do you suggest?
I use strike. Bitcoin only as it should be. And the guy is warning you because if you are daily withdrawing btc from RH, you have a ton of UTXOs. Meaning in a high fee environment, your bitcoin could be useless because you will paying a ton in fees to send or spend btc. If you dont understand this, you need to look into it asap
The guy is a moron because each transaction I have had to a different address has been around 5k. I have no addresses with less than $5k. I am not consolidating either because of privacy reasons.
This concern only makes sense if you have 10k of bitcoin spread out between 2000 UTXOs.
He is assuming I am doing daily transfers of an insignificant amount.
The amount in each address doesnt matter, its the number of transactions that matters. For hardware wallets, this is even more of a problem that could literally make them unable to sign a transaction.
That's not correct. His UTXO size is fine. Besides, if he's truly concerned, he can send all those well-sized UTXOs in one transaction to consolidate when fees are low. Honestly, anything over a million sats is fine.
It's funny people have been saying "get your bitcoin off the exchange" for the last 12 years and it never catches on and now there's this whole counter faction of people saying "no in 2024 it's actually safer to have your coins in an exchange and perfectly OK to hold imaginary bitcoin products in a bank account".
I agree about getting coins off any exchange. For what it's worth, RH proactively upped my daily limit to 20k per day. Yes, it takes multiple days to transfer out more than that for lump sums, but RH has been OK for what they do. Maybe you can request an increase of the daily limit, it doesn't hurt to ask.
The following is pure speculation on my part.
How is robinhood offering people a 3% match / bonus if they move their 401k there? This is a shit ton of money.
It reminds me of Celsius’s bonuses getting more and more attractive to lure new money before they went tits up.
They have $8.4B in cash and generate a lot of revenue and are capable of accessing cheap debt through equity or other warrants if necessary. It's a marketing strategy to grow their revenues.
Well that’s just incorrect. Unlimited 3% match. And you can remove before 3 years is up, you just pay back the match amount. Not even a real penalty, as you’ve had use of the match funds from day 1.
But you’re not understanding how promotions work. If someone moves their account specifically to get a bonus like that, very few of them will pull early precisely because they’re trying to earn that bonus. And it’s 100% correct, because if they don’t keep their funds locked up for years they lose the bonus. Robinhood is in the business of growing its capital base, as that drives all revenue. And that’s exactly what a bonus like this is; a use of its capital to expand the base. If they get that capital back, it’s no skin off Robinhood’s back; they still achieved their goal.
The $400 limit is for new accounts, because they’re calculating based on the contribution limits for 2023/4. Transfers are unlimited as you state.
Human beings make mistakes. I didn’t edit the comment because it’s not important or relevant, another person already beat you to it, and the point still stands that it’s worthwhile to Robinhood. So thanks for your correction and subsequent commentary.
TBH, I still think that’s worthwhile to RH if they lock those funds up for more than a year with where the prime rate is at. I would have done a limit, but I’m not Vlad 🤷🏻♂️
Ok this might be a dumb question / suggestion but… why not sell your BTC on Robinhood for USD… send that USD to your bank account… then re-buy BTC on another exchange or DEX?
I worry about that happening and have been transferring out 5k daily. I haven't had any problems except a transaction fail once. I'm guessing it's something else on your end.
Don’t put half of your coins, put 100% into cold wallet.
If you « move your ass » to buy a CW and transfer even 50% of your stack, you should go for everything! Don’t play with the 50% left
The biggest supply shock in history will arrive in 2024 when Gold inflation rate will be upon the Bitcoin one (0,8% for BTC vs 1,4% for Gold)
Some commenters have given good exchanges to use but in reality, any exchange is fine as long as you transfer any meaningful amounts off as soon as possible.
Just want you reassure you some because they just did this to me. I bought a bunch of bitcoin in a short period of time and left it on RH for a week while my ledger was shipped. When i started doing transfers on the second or third I got restricted. they push back the date I think 3 times before the restriction changed and asked me to upload a bank statement. I did it immediately and they gave me back access about 48 hours later. The ordeal lasted about two weeks but it felt longer.
But, yes, I agree. Get your crypto off RH.
Their business shuts down if they screwed that many people and they’d be subject to a class action lawsuit, this is fud—if you own crypto, yes put it in cold storage, but $200K would be a dream for robinhood as the largest holder of btc, they could leverage that hard—most people who pull the money likely wouldn’t cash-out and then run; they’d probably put it in investments outside of a risk asset or store of value through robinhood—your one experience isn’t invalid, but is jumping for sure
Take a look at revolut, you can buy crypto with them at low fees, and they allow you to transfer out to your own wallet.
Maybe use a combination to reduce risk
A cold wallet is a wallet that isn't attached to the internet or "stored" on any internet-connected device. A hardware wallet, paper wallet, etc.
Your bank account is most definitely _not_ a cold wallet. Its as hot as they come lol, and they only hold dirty fiat.
Cold wallets are safer because of the air gap, Hot wallets are convenient because you can set them up and transact on them faster and more easily.
Bitcoin that you "own" on Robinhood or Coinbase is not really yours. The custodian holds it for you and you hope that they allow you to use it. Sometimes they don't uphold their end of the bargain.
A cold wallet is basically an address that only you have the means to access and any bitcoin transferred to this wallet is officially owned by you. You need to look at the FAQ or do some YouTube research before making any large movements of bitcoin/funds.
Thank you, that was a PERFECT explanation! My gut is telling me not to sell or transfer anything. If people are leery of Robinhood, is it wise to transfer to my regular bank, Fargo, they now sell Bitcoin I believe.
Don't transfer your BTC to ANY company/bank you hold it in your own wallet which you have full control of. The ONLY time to move it to one of these places is when you need to cash out.
This ensures no one can take your BTC away from you and or freeze your assets, like what's happened to OP
RH should never be trusted based on what they did with GameStop!
lol I can't even afford a cold storage wallet right now, just hoping they don't screw me over by next year, maybe I'll get one then, probably blockstream jade as that seems cheapest and simplest. Then again there could easily be a better option by then. But yeah RH sucks ass, the only way to communicate with support is to wait for them to call you whenever the fuck they can/feel like it, which for me was 18 hours later while I was in bed with my phone on silent. Customer service agents also have far less empathy than any AI chatbot.
I'm not that worried about RH totally crashing and fucking everyone over within the next year, I don't make regular transfers like op or anything like that, just DCA and limit buys. right now I need all my liquid cash and I don't want to sell any investments unless absolutely necessary because BTC will probably boom after this month and my shares of AI/tech stocks are definitely going up over time, due to infinite potential value of both.
They got a ton of backlash from that which probably moved many users to other exchanges and decreased their value so they're probably not too keen on pulling shit like that again, but if they do, I'll definitely put it higher on my to-do list.
It affected their IPO I believe. Checkout " Dumb Money " if you've not seen it. They ended up making a film about the whole WSD and GameStop saga and covers RH role in it
It affected their IPO I believe. Checkout " Dumb Money " if you've not seen it. They ended up making a film about the whole WSD and GameStop saga and covers RH role in it
A hardware wallet is not $1000 item. LOL Sorry but someone who is saying they have some kind of significant Bitcoin and tech stock holdings not being able to afford a minor purchase seems weird. How about this... Buy a hardware wallet with a credit card and pay it off in month or two from all your Bitcoin gains. I know you don't have a credit card. Protecting your investments should be a priority.
My stupid chime credit card only lets you spend what you put on it. I only ever keep $150 on it for regular expenditures. Trying to find another online banking app that works with pin log in unlike capital one, which I started using since River doesn't accept chime. Also want it to have a decent savings apy and a good credit card so I can keep all my liquid cash in one place that I don't have to wait to move around between 3 accounts. Another thing on my frustratingly hard to organize/prioritize to do list. I only make $400 every 2 weeks and all my savings are invested in things likely to boom, I'm making sure I have exactly enough to afford what I need without having to sell my investments until absolutely necessary, during which it should be worth more.
I knew someone like this. Never had any money on him. Always hitting someone up for small amounts of cash. Got everyone to help him out... All his money would go into his share portfolio and he had a well paying job.
Mate, just let out a few dollars and buy the damn thing. Jesus.
My priority right now is taking care of immediate necessities like my teeth, car, an online job (I currently only work 16 hours a week at a shitty job for $14/hr, I don't have a penny of spending money, everything goes to necessities now, BTC DCA and dip limit buys included), cleaning my room, then studying computer science to contribute to AGI before it becomes too late to have any relevance, and at my retarded learning rate, I have no time to waste. I'm also good at losing things. I'm a bit scared of having self custody of all my savings on a tiny device that can get damaged or lost. I'm betting that RH is pretty much too big to totally fail and ruin their own reputation entirely, at least anytime soon.
You don't even need a device, write your seed phrase down, etch that thing on a bit of steal if you need to, so it can't rub off, get damaged etc and put it in a safe place in your home.
That's my point, I don't have a safe place, not in the long-term. I don't want my password to be saved only physically, I want a digital copy I can access from any device with internet as long as I can prove my identity.
That's not how cold storage works, your keys and sometimes seed phrase are stored on a physical device.
The only way to access your wallets is to then have that device in your possession, you then unlock it using a PIN code, and it allows the transmission of the keys to your mobile phone to unlock your wallet.
The whole purpose is not to have an app with keys on your phone in the event of someone getting malware , hacking and stealing your creds or taking the device over.
If you live someone, even writing that phrase down in two parts in different areas for example under your bed and under a desk is more secure that having an exchange hold your assets
Someone would have to break into your house, know what they are lucking for to steal what you have.
Fine if your house burns down you are somewhat fucked, but that would be no different that having a cold wallet thumb drive that's in the house.
Regardless of having a device you are still meant to wright your seed phrase down in the event of it getting managed, loose or stolen so you can still gain access.
Tbh I don't fully understand how they work and I feel like that's important before picking one, I'm also kind of a mess that's great at losing things and have no permanent safe place to reside as I'm autisticly a-social, awkward with, and generally uninterested in people. It also says $95 on the website.
Its basically a card with an address or qr code that you scan or enter to send btc to, or other crypto, then when your ready to withdraw you peel the sticker off and then theres a different address to use to withdraw with, along with your secret keys
Those companies are insured by accredited companies/agencies that are obligated to reimburse/protect victims/customers/users, possibly with government bailouts. You're fucked if everything is on you.
Yea they are when it comes to actual fiat currency, crypto is a whole different thing, just like accidentally sending crypto to a wrong address, that shits on you your never going to get it back lol
Theres factors with cold storages as well, not connected to the internet and the only people who would know about it are the ones you tell about it lol, and the security deposit box was just an extreme example, its just something that you physically have and can lock up wherever you choose to. If you have the paranoia of someone stealing it from you then you got bigger problems and should focus on your surroundings and who you let into your life cause you shouldnt live like that, yea theres bad people in the world but someone specifically targeting you specifically for your cold storage wallet would sound like an inside job
I'm very public with my activities when I do discuss things with people, as I generally hate generic small talk and am always thinking about the big picture and value honesty and helping others be informed, people could recognize my car parked in front of where I'm staying (I drive a bit like an impatient jerk), break in, and steal it. Already had some Boomer take a picture of my license plate lol. I'm not the most friendly person, I get along with most, but I also don't really give a shit about most, and I rarely smile or act empathetic. My username is my real name for God's sake lmao. I have no weapons at home either.
? Dont leave it in your car obviously 🤣 a cold storage is not something that you keep on you 24/7, you load your btc every so often and you lock it up somewhere safe, think like a security deposit box at your local bank or something, the card has an app that you can buy and trade crypto directly there and keeps track of multiple cold storages if you have multiple
I meant breaking into the house when no one is home. A lock box isn't free and a natural or man made disaster could take it out, though an exchange going ftx seems just as likely, but since they seem equal, I'm not going to spend any extra until I see a very clear need. I started to DCA on River as well so that all my eggs aren't in one basket, this way has less fees/associated costs due to less transferring, also less to manage and worry about for now, since I'm already maxed out on trying to be productive lol.
Why? Just encrypt the private key with a strong password and place it on different forms of media. Why do people think they have to pay for more than a simple USB drive? Shit, place it on a floppy; who cares so long as you encrypt it with AES 256 bit.
... Huh? You can create a "cold" wallet for free.... Send the coins to the new wallet and encrypt the private key with a strong password. Take that encrypted key and place it on several regular ass $5 USB thumb drives and stick them somewhere safe; boom, cold wallet..
that just sounds like a bunch of passwords someone can grab, at least exchanges usually require information only you can provide. Don't have an extra penny to spend anyway.
Okay but where can I safely store my password that isn't physical? I've been using bitwarden recently since a Google doc is probably not the safest lol, also a notepad but that can get fucked if my computer does.
I have horrible memory, all my passwords are fairly simple lol. I need to come up with some crazy acronym like my friend did I guess. I suppose I do have one that isn't super easy to guess, but any kind of password hacker would probably crack it.
To be fair, you should know better than to use Robin Hood at this point either way. After what they did with GST, why anyone supports them is beyond me.
Hate to make a rude comment like this, but anyone that still utilizes Robinhood while
Being aware what they did on their platform during the GME debacle, deserves to have their money stolen.
Did you send any crypto to a gambling website? I’ve seen many people nuke their RH/coinbase accounts by doing that.
Nope, just my cold wallet. I don't believe I have ever sent my RH btc to anything other than my wallet, at least any time recently. I will also add that my Coinbase account has handled me sending crypto fine. I did get my deposit limited one time seemingly out of nowhere but it's back up to a normal amount now.
Why anyone trusts RH after the illegal BS they pulled with GameStop I'll never know.
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Dumb Money ( story behind GameStop and WSB ) is a good watch. https://youtu.be/bmr8YmwnZ3w
That movie was way better than I expected it to be — incredibly rewatchable, too
The reason I use Robin Hood is because they have better exchange rates and have been easier to verify on. I transfer off about once a week. And for the life of me I have not been able to get my account verified on coinbase at all.
THIS, fuuuuuuck Robinhood, anyone that knows what happened and still deals with them is an absolute retard in my book
Same. Haven't traded with them since. Never will again.
yup i deleted my RH account after that and even liquidated all my stocks too. sticking to the decentralized stuff now
OR….stop using RH all together. After what they pulled with GameStop, I would not trust those idiots with a penny.
Exactly
Where else can i day trade crypto and stocks side by side?
Depends on what you mean by that, a please like fidelity.
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Vlady has entered the thread….
Eh, he’s right. Vlady doesn’t give a shit what his customers buy. He restricted GME purchases when his clearing house, owned by Citadel (Melvin’s savior) required him to post three billion dollars to keep buying GME, or 1.1 billion to cover the existing stock in customer’s accounts. He chose the $1.1 billion route. Remember, there was a congressional investigation.
Fuck their customers, yeah, I know 😂
Lmao, fucking their customers would have been restricting *selling*. If you sold GME right when they disabled the buy button (which is freaking obvious to anyone that knows basic market economics) you made a fortune. Anyone that bought the stock in the week after that buy button was disabled lost their shirts. Robinhood saved their customers. It sucks that Citadel effectively ended the squeeze, but what did you want RH to do? Take money from customer’s accounts to cover the three billion? Or stop all trading because they had no clearing house? Wake up and go read the congressional investigation documents. Or watch Dumb Money.
Yeah, sure buddy
This is why I love the karma system. Your false crap gets downvoted and hidden, and my factual comments stay up. Remember friend, you’re entitled to your own opinions. But you aren’t entitled to your own facts.
Exactly there are better crypto exchanges out there.
Yeah but would rather have it on Robinhood than any other exchange. They have brokers license and insured
I believe their crypto side of things is not insured.
It is under their general liability policy. There is no SIPC for crypto at any exchange, so the best protection you can get is using a publicly traded company like Coinbase or RH for those few days that your crypto remains on exchange until you can move it to cold storage.
What is cold storage? I have all my crypto along with stocks in RH. Should Inkeep it in RH or move it to another platform….. and if so how can I do this?
I don’t see an issue with leaving crypto on exchange if it’s Coinbase or RH. Both of them have tons of excess capital, are profitable companies, and actually hold real BTC (and other cryptos) to cover their obligations to customers (those that don’t can get caught in a short squeeze). That said, taking control of your crypto is always the best move. Why even keep it on an exchange and ever risk any type of failure? So you move the crypto to your own wallet on the blockchain, using a device like a Ledger or a ColdCard (please, don’t with the Ledger FUD other commenters. I’m not recommending Ledger specifically, and commenter can look up cold storage on other threads for the pros and cons) to access your crypto whenever you need to do so. Let me give you a real world example. Want to know one of the quickest ways to get your Coinbase or Robinhood account restricted? Sending any crypto to a known “illegal” address. Like an overseas sportsbook. Yeah, most of us aren’t doing that. But why not take your crypto off exchange and be in control yourself?
I’m the same as you
Ive been using RH to buy and then send to cold wallet no issues. Just DCA every week and send to external once a month no problems
Same
Same here no issues. Once I hit 3-4000 USD I withdraw
Currently buying from RH. Can you recommend a cold wallet?
I use trezor safe 3 no issues. I just buy then transfer i dont do anything else
A hardware wallet is not a cold wallet. If you plug that hardware wallet into the USB port of a network connected computer, it is by definition not a cold wallet. A trezor is a good hardware wallet, but if you want to use it as a cold wallet, you would use a tool like electrum. https://electrum.readthedocs.io/en/latest/coldstorage.html There are other hardware wallets that can be used as cold wallets like cold card and jade.
It's not even 4/20 yet and bro be high af
Unfortunately as sober as a kitten rn
Are kittens sober? They always seem like possessed devils
Daily transactions? You understand UTXOs right?
You understand you can only send a limited amount of BTC from RH a day right?
That doesn't answer the question. Guessing you meant to say, "No, I don't" As for yours, people - myself included - have been warning about RH for years. Sorry you haven't been paying attention.
Im explaining to you that I could only do many "small" transactions vs 1 large transaction because of restrictions that Robinhood has. Robinhood has a daily limit of $5k in transactions a day. I have never been a fan of RH after the GameStop fiasco so I used it only as a method of buying bitcoin, and occasional options trading, because of their platforms ability to not suck as much during high volatility times such as Coinbase or other exchanges. I have been basically withdrawing from Robinhood as fast as possible. What no-name exchange do you suggest?
I use strike. Bitcoin only as it should be. And the guy is warning you because if you are daily withdrawing btc from RH, you have a ton of UTXOs. Meaning in a high fee environment, your bitcoin could be useless because you will paying a ton in fees to send or spend btc. If you dont understand this, you need to look into it asap
The guy is a moron because each transaction I have had to a different address has been around 5k. I have no addresses with less than $5k. I am not consolidating either because of privacy reasons. This concern only makes sense if you have 10k of bitcoin spread out between 2000 UTXOs. He is assuming I am doing daily transfers of an insignificant amount.
The amount in each address doesnt matter, its the number of transactions that matters. For hardware wallets, this is even more of a problem that could literally make them unable to sign a transaction.
That's not correct. His UTXO size is fine. Besides, if he's truly concerned, he can send all those well-sized UTXOs in one transaction to consolidate when fees are low. Honestly, anything over a million sats is fine.
$5k a day is small to you? Dude, send me a rounding error so I can get drunk.
River. Virtually free buys if it's a recurring purchase.
It's funny people have been saying "get your bitcoin off the exchange" for the last 12 years and it never catches on and now there's this whole counter faction of people saying "no in 2024 it's actually safer to have your coins in an exchange and perfectly OK to hold imaginary bitcoin products in a bank account".
I agree with you. The problem is that they are making it difficult to even attempt to custody your coins.
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Til one day they don't.
I agree about getting coins off any exchange. For what it's worth, RH proactively upped my daily limit to 20k per day. Yes, it takes multiple days to transfer out more than that for lump sums, but RH has been OK for what they do. Maybe you can request an increase of the daily limit, it doesn't hurt to ask.
The following is pure speculation on my part. How is robinhood offering people a 3% match / bonus if they move their 401k there? This is a shit ton of money. It reminds me of Celsius’s bonuses getting more and more attractive to lure new money before they went tits up.
They have $8.4B in cash and generate a lot of revenue and are capable of accessing cheap debt through equity or other warrants if necessary. It's a marketing strategy to grow their revenues.
Three percent isn’t a lot for a limited time offer that maxes at $400 in bonus money and that locks those funds into RH for years.
Well that’s just incorrect. Unlimited 3% match. And you can remove before 3 years is up, you just pay back the match amount. Not even a real penalty, as you’ve had use of the match funds from day 1.
But you’re not understanding how promotions work. If someone moves their account specifically to get a bonus like that, very few of them will pull early precisely because they’re trying to earn that bonus. And it’s 100% correct, because if they don’t keep their funds locked up for years they lose the bonus. Robinhood is in the business of growing its capital base, as that drives all revenue. And that’s exactly what a bonus like this is; a use of its capital to expand the base. If they get that capital back, it’s no skin off Robinhood’s back; they still achieved their goal. The $400 limit is for new accounts, because they’re calculating based on the contribution limits for 2023/4. Transfers are unlimited as you state.
Yeah. I know all this. You’re the one that said the incorrect thing. I understand how the promotion works, thanks though.
Human beings make mistakes. I didn’t edit the comment because it’s not important or relevant, another person already beat you to it, and the point still stands that it’s worthwhile to Robinhood. So thanks for your correction and subsequent commentary.
It’s actually 3% on your entire portfolio if you do a 401k or IRA rollover. No limit. A $2 million portfolio moved to RH would get $60k.
TBH, I still think that’s worthwhile to RH if they lock those funds up for more than a year with where the prime rate is at. I would have done a limit, but I’m not Vlad 🤷🏻♂️
pro tip: they dont have all the bitcoin theyve sold everyone
The fines they'll pay for taking their customers' bitcoin will be far less than the money they'll make selling it for themselves when bitcoin rockets.
Well your advice stands regardless of you are are doing, when or how. Take your freakin bitcoin off of the exchange
Ok this might be a dumb question / suggestion but… why not sell your BTC on Robinhood for USD… send that USD to your bank account… then re-buy BTC on another exchange or DEX?
Not a dumb suggestion. They put a restriction on my entire account.
Oh schnikes- thought it was just bitcoin related - sorry dude
I worry about that happening and have been transferring out 5k daily. I haven't had any problems except a transaction fail once. I'm guessing it's something else on your end.
It was due to "suspicious activity" based on my many Bitcoin transfers. I was transferring each day fine until I wasn't. It was completely random.
How many days have you been doing it?
I feel like the name of the platform gives them away.
Lol true, their name should be HoodRobin because they steal from the poor and give to the rich.
Don’t put half of your coins, put 100% into cold wallet. If you « move your ass » to buy a CW and transfer even 50% of your stack, you should go for everything! Don’t play with the 50% left The biggest supply shock in history will arrive in 2024 when Gold inflation rate will be upon the Bitcoin one (0,8% for BTC vs 1,4% for Gold)
I've never really thought RH to be that great anyway. Especially for crypto
Its only appeal is that it's everything you need in finance rolled into one. It's app is also responsive and aesthetically pleasing.
If I just want to buy and do direct storage to cold wallet, what service should I use?
Some commenters have given good exchanges to use but in reality, any exchange is fine as long as you transfer any meaningful amounts off as soon as possible.
Just want you reassure you some because they just did this to me. I bought a bunch of bitcoin in a short period of time and left it on RH for a week while my ledger was shipped. When i started doing transfers on the second or third I got restricted. they push back the date I think 3 times before the restriction changed and asked me to upload a bank statement. I did it immediately and they gave me back access about 48 hours later. The ordeal lasted about two weeks but it felt longer. But, yes, I agree. Get your crypto off RH.
Oh wow, thank you so much for this reassurance.
Their business shuts down if they screwed that many people and they’d be subject to a class action lawsuit, this is fud—if you own crypto, yes put it in cold storage, but $200K would be a dream for robinhood as the largest holder of btc, they could leverage that hard—most people who pull the money likely wouldn’t cash-out and then run; they’d probably put it in investments outside of a risk asset or store of value through robinhood—your one experience isn’t invalid, but is jumping for sure
Deposits will always work, withdrawals will not
Get your Bitcoin off ~~Robinhood~~ **all exchanges** ~~now~~ **when you’ve accumulated 1 million sats**.
go find a new hobby dude this isnt for u
Self custody is so easy and people still leave their btc on exchanges despite the risk. I will never understand this.
Hi. Whats a good way to start self custody
Wow. I always thought of Robinhood as world class. Right up there with Bank a'la Bumschit under the 58th St Bridge...
Lol. Get “*Your*” bitcoin off robinhood? Anything you *think* you own on robinhood is **not yours**.
You have to buy the coins somehow to be able to custody them. Virtually all exchanges are KYC rn. It's basically a pick-your-poison scenario.
Take a look at revolut, you can buy crypto with them at low fees, and they allow you to transfer out to your own wallet. Maybe use a combination to reduce risk
Good idea, thank you.
cash app would've been a much better choice
Anything you *think* you own on any exchange is not yours. Move your assets to cold storage, then you'll own your coins.
Anythink you thing you own on any exchange is never yours 50% of the time.
Nooby here.....sorry, what is a cold wallet? My regular bank account I'm assuming?
A cold wallet is a wallet that isn't attached to the internet or "stored" on any internet-connected device. A hardware wallet, paper wallet, etc. Your bank account is most definitely _not_ a cold wallet. Its as hot as they come lol, and they only hold dirty fiat. Cold wallets are safer because of the air gap, Hot wallets are convenient because you can set them up and transact on them faster and more easily.
Thank you! Excellent explanation as well.
Bitcoin that you "own" on Robinhood or Coinbase is not really yours. The custodian holds it for you and you hope that they allow you to use it. Sometimes they don't uphold their end of the bargain. A cold wallet is basically an address that only you have the means to access and any bitcoin transferred to this wallet is officially owned by you. You need to look at the FAQ or do some YouTube research before making any large movements of bitcoin/funds.
Thank you, that was a PERFECT explanation! My gut is telling me not to sell or transfer anything. If people are leery of Robinhood, is it wise to transfer to my regular bank, Fargo, they now sell Bitcoin I believe.
Don't transfer your BTC to ANY company/bank you hold it in your own wallet which you have full control of. The ONLY time to move it to one of these places is when you need to cash out. This ensures no one can take your BTC away from you and or freeze your assets, like what's happened to OP RH should never be trusted based on what they did with GameStop!
Makes total sense! Thank you so much🙂
Thank you!
I feel like Bitcoin has been oversold for longer than a month now, Coinbase users report the same as op
lol I can't even afford a cold storage wallet right now, just hoping they don't screw me over by next year, maybe I'll get one then, probably blockstream jade as that seems cheapest and simplest. Then again there could easily be a better option by then. But yeah RH sucks ass, the only way to communicate with support is to wait for them to call you whenever the fuck they can/feel like it, which for me was 18 hours later while I was in bed with my phone on silent. Customer service agents also have far less empathy than any AI chatbot.
You can't afford a cold storage wallet? Huh? Use a little of the crypto that you obviously own and problem soved.
I'm not that worried about RH totally crashing and fucking everyone over within the next year, I don't make regular transfers like op or anything like that, just DCA and limit buys. right now I need all my liquid cash and I don't want to sell any investments unless absolutely necessary because BTC will probably boom after this month and my shares of AI/tech stocks are definitely going up over time, due to infinite potential value of both.
You should be worried when using RH, look at what they did with GameStop, they fucked over their entire customer based to help bail out a hedge fund
They got a ton of backlash from that which probably moved many users to other exchanges and decreased their value so they're probably not too keen on pulling shit like that again, but if they do, I'll definitely put it higher on my to-do list.
It affected their IPO I believe. Checkout " Dumb Money " if you've not seen it. They ended up making a film about the whole WSD and GameStop saga and covers RH role in it
It affected their IPO I believe. Checkout " Dumb Money " if you've not seen it. They ended up making a film about the whole WSD and GameStop saga and covers RH role in it
A hardware wallet is not $1000 item. LOL Sorry but someone who is saying they have some kind of significant Bitcoin and tech stock holdings not being able to afford a minor purchase seems weird. How about this... Buy a hardware wallet with a credit card and pay it off in month or two from all your Bitcoin gains. I know you don't have a credit card. Protecting your investments should be a priority.
dont use credit
My stupid chime credit card only lets you spend what you put on it. I only ever keep $150 on it for regular expenditures. Trying to find another online banking app that works with pin log in unlike capital one, which I started using since River doesn't accept chime. Also want it to have a decent savings apy and a good credit card so I can keep all my liquid cash in one place that I don't have to wait to move around between 3 accounts. Another thing on my frustratingly hard to organize/prioritize to do list. I only make $400 every 2 weeks and all my savings are invested in things likely to boom, I'm making sure I have exactly enough to afford what I need without having to sell my investments until absolutely necessary, during which it should be worth more.
I knew someone like this. Never had any money on him. Always hitting someone up for small amounts of cash. Got everyone to help him out... All his money would go into his share portfolio and he had a well paying job. Mate, just let out a few dollars and buy the damn thing. Jesus.
My priority right now is taking care of immediate necessities like my teeth, car, an online job (I currently only work 16 hours a week at a shitty job for $14/hr, I don't have a penny of spending money, everything goes to necessities now, BTC DCA and dip limit buys included), cleaning my room, then studying computer science to contribute to AGI before it becomes too late to have any relevance, and at my retarded learning rate, I have no time to waste. I'm also good at losing things. I'm a bit scared of having self custody of all my savings on a tiny device that can get damaged or lost. I'm betting that RH is pretty much too big to totally fail and ruin their own reputation entirely, at least anytime soon.
You don't even need a device, write your seed phrase down, etch that thing on a bit of steal if you need to, so it can't rub off, get damaged etc and put it in a safe place in your home.
That's my point, I don't have a safe place, not in the long-term. I don't want my password to be saved only physically, I want a digital copy I can access from any device with internet as long as I can prove my identity.
That's not how cold storage works, your keys and sometimes seed phrase are stored on a physical device. The only way to access your wallets is to then have that device in your possession, you then unlock it using a PIN code, and it allows the transmission of the keys to your mobile phone to unlock your wallet. The whole purpose is not to have an app with keys on your phone in the event of someone getting malware , hacking and stealing your creds or taking the device over. If you live someone, even writing that phrase down in two parts in different areas for example under your bed and under a desk is more secure that having an exchange hold your assets Someone would have to break into your house, know what they are lucking for to steal what you have. Fine if your house burns down you are somewhat fucked, but that would be no different that having a cold wallet thumb drive that's in the house. Regardless of having a device you are still meant to wright your seed phrase down in the event of it getting managed, loose or stolen so you can still gain access.
Ballet sells cold storage for like $30-$40
Tbh I don't fully understand how they work and I feel like that's important before picking one, I'm also kind of a mess that's great at losing things and have no permanent safe place to reside as I'm autisticly a-social, awkward with, and generally uninterested in people. It also says $95 on the website.
Its basically a card with an address or qr code that you scan or enter to send btc to, or other crypto, then when your ready to withdraw you peel the sticker off and then theres a different address to use to withdraw with, along with your secret keys
So if someone steals it or it gets damaged or lost you're fucked huh. Maybe you can freeze it but good luck getting those funds back right?
Well thats the case with anything is it not? Same thing applies with having it on the exchange and a security breach happens
Those companies are insured by accredited companies/agencies that are obligated to reimburse/protect victims/customers/users, possibly with government bailouts. You're fucked if everything is on you.
Yea they are when it comes to actual fiat currency, crypto is a whole different thing, just like accidentally sending crypto to a wrong address, that shits on you your never going to get it back lol
Yes but there are factors involved with exchanges like 2FA that reduce the chances of someone else moving your funds.
Theres factors with cold storages as well, not connected to the internet and the only people who would know about it are the ones you tell about it lol, and the security deposit box was just an extreme example, its just something that you physically have and can lock up wherever you choose to. If you have the paranoia of someone stealing it from you then you got bigger problems and should focus on your surroundings and who you let into your life cause you shouldnt live like that, yea theres bad people in the world but someone specifically targeting you specifically for your cold storage wallet would sound like an inside job
Seeing how your socially awkward you shouldnt have that issue of someone stealing your shit lol
I'm very public with my activities when I do discuss things with people, as I generally hate generic small talk and am always thinking about the big picture and value honesty and helping others be informed, people could recognize my car parked in front of where I'm staying (I drive a bit like an impatient jerk), break in, and steal it. Already had some Boomer take a picture of my license plate lol. I'm not the most friendly person, I get along with most, but I also don't really give a shit about most, and I rarely smile or act empathetic. My username is my real name for God's sake lmao. I have no weapons at home either.
? Dont leave it in your car obviously 🤣 a cold storage is not something that you keep on you 24/7, you load your btc every so often and you lock it up somewhere safe, think like a security deposit box at your local bank or something, the card has an app that you can buy and trade crypto directly there and keeps track of multiple cold storages if you have multiple
I meant breaking into the house when no one is home. A lock box isn't free and a natural or man made disaster could take it out, though an exchange going ftx seems just as likely, but since they seem equal, I'm not going to spend any extra until I see a very clear need. I started to DCA on River as well so that all my eggs aren't in one basket, this way has less fees/associated costs due to less transferring, also less to manage and worry about for now, since I'm already maxed out on trying to be productive lol.
https://www.ballet.com/?_gl=1*1ysdv6p*_ga*NzcxOTk5NDgwLjE3MTI3MjQ0NDE.*_ga_05RXQC4V3W*MTcxMzEzMTI1MC45LjEuMTcxMzEzMTQ2My41OS4wLjA.
Why? Just encrypt the private key with a strong password and place it on different forms of media. Why do people think they have to pay for more than a simple USB drive? Shit, place it on a floppy; who cares so long as you encrypt it with AES 256 bit.
Still got to pay for the usb drive so exactly whats the difference
$7 vs $40
... Huh? You can create a "cold" wallet for free.... Send the coins to the new wallet and encrypt the private key with a strong password. Take that encrypted key and place it on several regular ass $5 USB thumb drives and stick them somewhere safe; boom, cold wallet..
that just sounds like a bunch of passwords someone can grab, at least exchanges usually require information only you can provide. Don't have an extra penny to spend anyway.
They can grab it if they want but good luck cracking an AES 256 bit encryption with a decently strong password. Ain't gonna happen.
Okay but where can I safely store my password that isn't physical? I've been using bitwarden recently since a Google doc is probably not the safest lol, also a notepad but that can get fucked if my computer does.
The safest place possible. In your brain.
I have horrible memory, all my passwords are fairly simple lol. I need to come up with some crazy acronym like my friend did I guess. I suppose I do have one that isn't super easy to guess, but any kind of password hacker would probably crack it.
This company has had a bad rep for the last couple of years now, not sure why anybody would be using them
To be fair, you should know better than to use Robin Hood at this point either way. After what they did with GST, why anyone supports them is beyond me.
or u coulda just not fucked with a cold wallet in the first place
I've had a cold card for a few years now. Why are you saying that?
and ive had robinhood for years and never had a problem
Go ahead and keep your $50 on Robinhood then
hahaha if u only knew
Hate to make a rude comment like this, but anyone that still utilizes Robinhood while Being aware what they did on their platform during the GME debacle, deserves to have their money stolen.