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Topic: Bitcoin Family is moving more than $1 million into decentralized exchanges (Read 352 times)

hero member
Activity: 2884
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Hire Bitcointalk Camp. Manager @ r7promotions.com
Yeah, I guess that's one of the prior concern why they're now in Thailand. So, aside from probably speaking engagements and guesting there since they're now known as the bitcoin family.

There could be endless opportunities for them to get invited somewhere. That budget is a lot if it's somewhere from Asia except in Japan and Singapore but still, that's already more than enough.
It is wise to choose a place to live with a lower cost of living than a country with a higher cost of living. Inflation has increased the cost of living in many countries, but for some Asian countries it is still relatively low compared to European countries.

The steps taken by that person are very wise in my opinion, so that he will continue to live in his own way from the profits of his investment in bitcoin. If I had a choice like this, then I would also consider something similar.
Yeah, it's wise.

And from the profits they've made from the past bull runs, I'm sure that they get to secure it for their budgeting and travels and they've chosen a good spot where cost of living isn't that much yet they've got a bigger budget.

They can live like a king and queen on Asia with having much budget and they'll be able to have an exposure on the continent about their great story.
legendary
Activity: 1722
Merit: 4711
**In BTC since 2013**
That family invested everything they had in Bitcoin in 2017, so 10 years is not an accurate figure - because if it were, they would probably be far richer than they are today considering the price of BTC 10 years ago. Apart from mere curiosity about what is happening with that family, their move was strange to most of us back in 2017, and for some it is difficult to explain even today.

People are living their dream, and it seems that they managed to live well and not spend everything they had 5-6 years ago, which means that they manage their finances well. It is more than logical for someone who is all in BTC to understand how dangerous it is to keep their assets in custodial wallets - and if it was, for example, FTX, they would lose everything they had.

You're right! I must have mixed up the dates. I apologize.  Lips sealed

But they would probably already be involved with Bitcoin, even before Bitcoin. The life change that changed was in 2017. Either way, they are really to be congratulated for being able to manage their finances excellently and live their dream life.

legendary
Activity: 2576
Merit: 1252
Leading Crypto Sports Betting & Casino Platform
Yeah, I guess that's one of the prior concern why they're now in Thailand. So, aside from probably speaking engagements and guesting there since they're now known as the bitcoin family.

There could be endless opportunities for them to get invited somewhere. That budget is a lot if it's somewhere from Asia except in Japan and Singapore but still, that's already more than enough.
It is wise to choose a place to live with a lower cost of living than a country with a higher cost of living. Inflation has increased the cost of living in many countries, but for some Asian countries it is still relatively low compared to European countries.

The steps taken by that person are very wise in my opinion, so that he will continue to live in his own way from the profits of his investment in bitcoin. If I had a choice like this, then I would also consider something similar.

Do not forget that in recent years the popularity of bitcoin and in general its position has deteriorated significantly. This, too, should not be forgotten.
If you have money, then you should just invest it in bitcoin instead of negative things because of its price volatility. You should know that over time $17K will be a low price when bitcoin reaches ATH again in the future.
Not all the time; depends on your vision as an investor. If you are into high risk and high returns then go for Bitcoin. But if you are okay with slow profit but more assured, go for real estate and stocks. Let's be real. This industry made an impression to non-crypto users how easy it is to earn profit from investing to crypto but in reality, it is not. There's no easily earned money in any industry. Market volatility will burn your money if you won't be able to be cautious of your actions. You may earn huge profit if you'd get the right coins to invest but on the other hand, those who've been years in this industry are still having a hard time to determine which is which so think about it again. Indeed, there is a huge potential for cryptos as an investment but consider what and how risks are present with your asset of interest.
legendary
Activity: 2912
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That family invested everything they had in Bitcoin in 2017, so 10 years is not an accurate figure - because if it were, they would probably be far richer than they are today considering the price of BTC 10 years ago. Apart from mere curiosity about what is happening with that family, their move was strange to most of us back in 2017, and for some it is difficult to explain even today.

They sold all their assets and bought Bitcoin at $900 so they should've made made x50, if the house was even the basic 2 bedroom one they still have a little fortune there.
Although, the numbers they give are a bit chaotic,  it's 900 buy in but in other interviews, he claims a 2000% profit, which doesn't really match the numbers, or maybe he has lost some since he did invest in tokens.

Quote
Currently, the Taihuttus keep 27% of their crypto holdings “hot” on centralized exchanges such as Bybit, a platform Taihuttu said is transparent and backed by real assets. He also keeps some tokens on Kraken, since it is one of the oldest exchanges. The family declined to say how much it holds in crypto, but they did disclose that they are shifting $1 million worth of bitcoin, ether, litecoin, polkadot, and other tokens

So, if no matter when this was, before or after he moved his tokens he still had at least $300k on CEX, it took a crash like FTX for him to understand it's not a good idea, and he trusts Bybit that much? Real assets? He made a serious move and managed to get lucky at that time, I admire him for the courage, not that I would want to live their live of nomads even for a week but seems like he's pushing it.

legendary
Activity: 3234
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Now, for those who have a lifestyle like them, who have been doing this for almost 10 years, it is easier to make the necessary changes to maintain a good standard of living, with the lowest possible income.

That family invested everything they had in Bitcoin in 2017, so 10 years is not an accurate figure - because if it were, they would probably be far richer than they are today considering the price of BTC 10 years ago. Apart from mere curiosity about what is happening with that family, their move was strange to most of us back in 2017, and for some it is difficult to explain even today.

People are living their dream, and it seems that they managed to live well and not spend everything they had 5-6 years ago, which means that they manage their finances well. It is more than logical for someone who is all in BTC to understand how dangerous it is to keep their assets in custodial wallets - and if it was, for example, FTX, they would lose everything they had.
legendary
Activity: 1722
Merit: 4711
**In BTC since 2013**
It is wise to choose a place to live with a lower cost of living than a country with a higher cost of living. Inflation has increased the cost of living in many countries, but for some Asian countries it is still relatively low compared to European countries.

The steps taken by that person are very wise in my opinion, so that he will continue to live in his own way from the profits of his investment in bitcoin. If I had a choice like this, then I would also consider something similar.

In reality, if you think about it, we were all capable of doing something like that, but it takes a lot of courage.
Now, for those who have a lifestyle like them, who have been doing this for almost 10 years, it is easier to make the necessary changes to maintain a good standard of living, with the lowest possible income.
Those who are able to do that, and that kind of mentality of not getting attached to a place, I think it's really good that they do.
legendary
Activity: 1064
Merit: 1228
Playgram - The Telegram Casino
Yeah, I guess that's one of the prior concern why they're now in Thailand. So, aside from probably speaking engagements and guesting there since they're now known as the bitcoin family.

There could be endless opportunities for them to get invited somewhere. That budget is a lot if it's somewhere from Asia except in Japan and Singapore but still, that's already more than enough.
It is wise to choose a place to live with a lower cost of living than a country with a higher cost of living. Inflation has increased the cost of living in many countries, but for some Asian countries it is still relatively low compared to European countries.

The steps taken by that person are very wise in my opinion, so that he will continue to live in his own way from the profits of his investment in bitcoin. If I had a choice like this, then I would also consider something similar.

Do not forget that in recent years the popularity of bitcoin and in general its position has deteriorated significantly. This, too, should not be forgotten.
If you have money, then you should just invest it in bitcoin instead of negative things because of its price volatility. You should know that over time $17K will be a low price when bitcoin reaches ATH again in the future.
hero member
Activity: 2884
Merit: 579
Hire Bitcointalk Camp. Manager @ r7promotions.com
That's so nice for him that he's got to sense what's happening oddly with FTX. 0.3 btc is equals to around $5,100 and together with his family, they've came from a living that they'll have to spend that much and cost of living high.

I think Thailand is one of the cheapest countries and with that budget, they'll to save more but it's all up to them and their lifestyle.

Well, that expentidures and budget they're having, I'm sure that it's all audited and it's nothing compared to what they've earned since they started.

They were in Portugal before, and maybe that was the monthly budget in Portugal. Even so, 5000€/month in Portugal is a very good budget! Life was pretty good no doubt. If you spent €1000 on housing, there would still be €1000 left over for each family member. An average Portuguese family must have a monthly budget of around 1500/2000€. So they really live well.

But, certainly, with this drop in the market and the increase in the cost of living in Portugal/Europe, there is nothing better than choosing a country in Asia to be able to lower your monthly budget while maintaining a good standard of living.
Yeah, I guess that's one of the prior concern why they're now in Thailand. So, aside from probably speaking engagements and guesting there since they're now known as the bitcoin family.

There could be endless opportunities for them to get invited somewhere. That budget is a lot if it's somewhere from Asia except in Japan and Singapore but still, that's already more than enough.
legendary
Activity: 1722
Merit: 4711
**In BTC since 2013**
That's so nice for him that he's got to sense what's happening oddly with FTX. 0.3 btc is equals to around $5,100 and together with his family, they've came from a living that they'll have to spend that much and cost of living high.

I think Thailand is one of the cheapest countries and with that budget, they'll to save more but it's all up to them and their lifestyle.

Well, that expentidures and budget they're having, I'm sure that it's all audited and it's nothing compared to what they've earned since they started.

They were in Portugal before, and maybe that was the monthly budget in Portugal. Even so, 5000€/month in Portugal is a very good budget! Life was pretty good no doubt. If you spent €1000 on housing, there would still be €1000 left over for each family member. An average Portuguese family must have a monthly budget of around 1500/2000€. So they really live well.

But, certainly, with this drop in the market and the increase in the cost of living in Portugal/Europe, there is nothing better than choosing a country in Asia to be able to lower your monthly budget while maintaining a good standard of living.
hero member
Activity: 2884
Merit: 579
Hire Bitcointalk Camp. Manager @ r7promotions.com
This family had been there and announced it even before the second to the last bull run which was from 2017. I think Didi and the fam knows what they're doing.

It will be a total disaster for him if all of his bitcoins that he's worked and from the time he's sold their house for bitcoin was stucked on FTX and that's why I know that's aware of it how important it is to keep their private keys. I wonder if he'll continue to go along claiming to be the bitcoin family. But props to him and his family.

As per the article he says that he feel something is odd with the FTX early on, because it was being promoted in social media by shills and paid account and it's good that his hunch paid of as he didn't put any on FTX otherwise as you have said he will lost majority of his funds by now.

I'm not from Thailand, I think living around 0.3 BTC a month is huge money already, perhaps maybe he chooses Thailand so that he can live a king with that amount of bitcoin. You really have to admire this guy, his risk with his family and the money he put into bitcoin.
That's so nice for him that he's got to sense what's happening oddly with FTX. 0.3 btc is equals to around $5,100 and together with his family, they've came from a living that they'll have to spend that much and cost of living high.

I think Thailand is one of the cheapest countries and with that budget, they'll to save more but it's all up to them and their lifestyle.

Well, that expentidures and budget they're having, I'm sure that it's all audited and it's nothing compared to what they've earned since they started.
hero member
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The article also says, "Taihuttu said he ultimately wants to move 100% of the family’s crypto savings into DEXs..." This is to me is a bit questionable. I mean, I smell something fishy with this pronouncement. Or does he simply mean he will connect the family's funds stored in a cold storage to a DEx? It seems to me statements are carefully structured to cater potential or even planned sponsorships or partnerships in the future. He also says that the family is planning to "invest 15% of their net worth into upstart DEXs."

I don't think that this article is hidden advertising/promotion. This guy is simply explaining his future plans. He didn't say "I will move all my coins to this particular DEX" or "I will invest coins in this particular DEX startup". He can do whatever he wants with his own money/coins.
There's nothing wrong with him having future partnerships with crypto companies, as long as the crypto companies aren't scams and he discloses the fact that he is being paid to promote them. He isn't some kind of massive social media celebrity, so I don't think that any crypto business is going to bother paying him for shilling/promotion.

legendary
Activity: 4410
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The article also says, "Taihuttu said he ultimately wants to move 100% of the family’s crypto savings into DEXs..." This is to me is a bit questionable. I mean, I smell something fishy with this pronouncement. Or does he simply mean he will connect the family's funds stored in a cold storage to a DEx? It seems to me statements are carefully structured to cater potential or even planned sponsorships or partnerships in the future. He also says that the family is planning to "invest 15% of their net worth into upstart DEXs."

correct and correct and correct. i came to the same conclusions, he trying to push a "social influencer" story of posh living/lifestyle to get some fame and trust and then push some project/brand for sponsorship

at the moment twitter/youtube trend words are "not your key not your coin", "ftx fail" "contagion" "decentralise" "bank run"
so if he can be seen in a media piece that triggers all keywords to get fame. he can then sell his viewership to sponsors

its how most youtube bitcoin influencers gain subscribers.... be part of a current trend and say something that currently make sense to win fans

like "get your coins off CEX" is just common sense
legendary
Activity: 1722
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**In BTC since 2013**
But they are not moving BTC to another token.

Any coins moved to an Ethereum DEX, has to be an ethereum token.
WBC is exchanged 1-1 for BTC, the dex mentioned in the article Uniswap is only for ethereum network.



What I meant is that nowhere in the article does it say that he is converting his Bitcoin protofolio to WBC.
He certainly uses DEX and other platforms, to convert to other coins and fiats, as he needs for his day to day.
Their focus is Bitcoin, whatever is left over from other tokens goes back to Bitcoin. This, of course, does not mean that he does not have other tokens, but the focus is on saving BTC.
legendary
Activity: 2576
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The article says 73% of coins (it seems to me from the article that they have several major altcoins plus Bitcoin) of this family are in cold storage, which is good and also probably means the article's title isn't very accurate, especially since they weren't using FTX or other centralized exchanges prior to the crush. I haven't used DEXes, but one is in control of private keys there as well. So their approach to financial security seems reasonable. It was, however, learned through a hard lesson of losing money on an exchange. I can only hope that more people will follow such examples and take the matter of storing their coins more seriously than they did before the FTX.

The article also says, "Taihuttu said he ultimately wants to move 100% of the family’s crypto savings into DEXs..." This is to me is a bit questionable. I mean, I smell something fishy with this pronouncement. Or does he simply mean he will connect the family's funds stored in a cold storage to a DEx? It seems to me statements are carefully structured to cater potential or even planned sponsorships or partnerships in the future. He also says that the family is planning to "invest 15% of their net worth into upstart DEXs."
hero member
Activity: 1666
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Bitcoin is not crypto. Crypto is not Bitcoin.

Bitcoin is unique in cryptocurrency market.

Are you making your own Bitcoin definition dude? Where did you get Bitcoin is not a Cryptocurrency? Did you do the research, or did it just pop into your head?

Our time is too high-tech today, have you tried asking in google search if Bitcoin is not crypto? Try to type this and you will see if what you are saying is true.

Now let's go back to what a family did base on the article, what they did may be right or wrong depending on how others of us understand it. The article just didn't mention which dex platform they transferred their Bitcoin to, or maybe I just didn't notice it in the article.

hero member
Activity: 2632
Merit: 833
This family had been there and announced it even before the second to the last bull run which was from 2017. I think Didi and the fam knows what they're doing.

It will be a total disaster for him if all of his bitcoins that he's worked and from the time he's sold their house for bitcoin was stucked on FTX and that's why I know that's aware of it how important it is to keep their private keys. I wonder if he'll continue to go along claiming to be the bitcoin family. But props to him and his family.

As per the article he says that he feel something is odd with the FTX early on, because it was being promoted in social media by shills and paid account and it's good that his hunch paid of as he didn't put any on FTX otherwise as you have said he will lost majority of his funds by now.

I'm not from Thailand, I think living around 0.3 BTC a month is huge money already, perhaps maybe he chooses Thailand so that he can live a king with that amount of bitcoin. You really have to admire this guy, his risk with his family and the money he put into bitcoin.
hero member
Activity: 2884
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Hire Bitcointalk Camp. Manager @ r7promotions.com
This family had been there and announced it even before the second to the last bull run which was from 2017. I think Didi and the fam knows what they're doing.

It will be a total disaster for him if all of his bitcoins that he's worked and from the time he's sold their house for bitcoin was stucked on FTX and that's why I know that's aware of it how important it is to keep their private keys. I wonder if he'll continue to go along claiming to be the bitcoin family. But props to him and his family.

hero member
Activity: 2744
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The article says 73% of coins (it seems to me from the article that they have several major altcoins plus Bitcoin) of this family are in cold storage, which is good and also probably means the article's title isn't very accurate, especially since they weren't using FTX or other centralized exchanges prior to the crush. I haven't used DEXes, but one is in control of private keys there as well. So their approach to financial security seems reasonable. It was, however, learned through a hard lesson of losing money on an exchange. I can only hope that more people will follow such examples and take the matter of storing their coins more seriously than they did before the FTX.
We know that people do really learn up lessons on the hardest way or into something which they had already commit out those common mistakes which is something that a very common scenario that do happen into

this market on where people do end up on being that too confident and too careless with their assets which they do really make out these centralized platforms for being their main wallet.
Doesnt matter if this one involves that Bitcoin family or an average joe, it would always falls or boils down into the same concept and overall idea that coins shouldnt really be
stored up into something which you dont really possess the keys. We do know the risk but there are eventually situations which it cant really be avoided to make use of these centralized platforms
specially when we do really make out some conversions out of coins aside on doing that p2p which we know that it is really risky personally.

Time and time, people will encounter situations to remind them of what's need to be done with their assets.
But take note, moving into decentralized exchanges may also pose risk to them, in whatever form it maybe.
What is the chance that the future of ethereum tokens is always bright? But I believe, that $1M they are moving to DEXs is not their whole assets.
I am sure that they will also retain some to BTC and other top alts on their own wallets, which they have full control of, as stated from this article.
They believe that BTC is still their "solid bet", despite of all the drama they encountered throughout the years.

https://www.cnbc.com/2022/11/30/bitcoin-family-moving-more-than-1-million-into-dexs-after-ftx-collapse.html
member
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We should never be trusting centralized exchanges especially with huge amount of digital assets as we can go down with it in case something wrong can happen as we just witnessed with the chaotic collapse of FTX due to frauds and mismanagement. Now, am not saying we should not get involved with them anytime but we have to be choosy and always use CEX when really necessary. Right now, the reputation of CEX is down to almost zero and this is the way it should be. People are going back to the very tenet of cryptocurrency which is decentralization and it is taking the loss of billions of dollars for the industry to be really alarmed.
legendary
Activity: 2954
Merit: 1153
“bitcoin is the king” and “completely different than all the other projects,” Didi Taihuttu said.
Bitcoin is not crypto. Crypto is not Bitcoin.

Bitcoin is a crypto(cryptocurrency), Cryptocurrency is not only Bitcoin. You can ask google why I said that.

The collapse of scam Sam Bankman-Fried and FTX is not a collapse of cryptocurrency market. So it is more different to a collapse of Bitcoin.

Indeed, even though it crashes the Bitcoin market when the news if FTX collapse spreads, it doesn't mean that it is the end of Bitcoin.  Bitcoin is bigger than FTX and Bitcoin market will prove it sooner or later.



After the series of the collapse of centralized exchanges, it is normal for wise people to learn from what they experience or saw.  So it isn't a surprise of more and more Bitcoin holders avoid keeping their Bitcoin in centralized exchanges and take responsibility for themselves to keep their Bitcoins in their wallets.

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