Topic: Verify your funded items*Cant HoDL if you ain’t GoTL* (Read 687 times)

Is it any different then driving around in a $100k car? People may not know how much money you have but they know you have money.
Everyone has a different acceptable level of risk that they are going to be willing to take with things. Having a coin worth that much may look crazy to us. Other people have a watch on their wrist worth more then a lot of houses.

https://brilliancejewels.com/product/rm1103rg/

-Dave

  You make some valid points there...it would indeed be  tremendous risk but I wonder how many people are aware of our hobby and the fact certain coins have a full 1 BTC loaded onto them? But then again you never knpw who is out there prowling at these events as well.

Nefarious creators that sweep coins and the issue of counterfeiting holos and stealing the pk are problems with the hobby. This is a worthy topic, but not sure if there are good solutions. I still treasure my loaded coins the most, but see this as a big risk. 2FA has failed (i.e. Titan), but some newer 2FA solution where the buyer generates their own key has potential. This only is really an improvement with a feature that any future buyers in the secondary market can generate a new replaced key upon repurchase.

You would be surprised what people walk around with a coin shows... just a few gold coins or bars would be worth that alone....not to mention almost every booth that has that value if not more.
Not to mention the 10-or so armed sheriffs guarding the doors/exits.

With precious metals, I was typically against grading unless it was a high value rare coin in an exceptional grade… with physical crypto - I agree with you 100%. The added protection and how little it costs makes it a slam dunk

Not getting a coin, that will go up in purchasing power  forever, professionally slabbed/graded is insane to me. At the very least for the waterproof/airtight protection is a no brainer, the grading is a bonus imo. I feel bad in a way (you know what I mean lol) for all the holders of greater than 1 btc funded items that missed all the years they had to send in to the professional grading companies before they became priceless, as now days I feel it's too risky to have done between the mail or as mentioned above just having the item out of sight for a minute

Would you really take a $300,000 coin to a crowded expo and hand it over to someone to do a public grading in front of a crowd and then hand it back to you? That might be ok, or that might be a fast way to get yourself killed in a parking lot. I think people put way too much faith in these people’s opinions. I’ve always been against grading and doubt I’ll ever have any of my coins graded because it isn’t worth the many risks. I prefer virgin graded coins.

I do believe they can do spot grading but not actually slab the coin.
And from what I know many times it is a 24-hr turn around where you would still have to leave the coin with them.

    I hear you so its impossible to enter their premises and witness it.

    But I have heard if they are on the road at certain events some companies can do grading in front of the customer or is that hearsay?

    If it is true then I would need to wait for them to be in NYC for such an event to happen.

That would more than likely never be possible due to how the grading companies allow certain people in certain areas.

  I have to agree with Dave.....to me its not only the transport to get high items to the place of grading but also the chance of someone meesing around with the holos.

  I would hand deliver and probably request to witness the grading done in front of me.

  If that is not possible, then they shall stay in my dungeon.

The only solution to this sort of attack is to make sure you buy from the maker directly.  Resales of private key loaded collectibles is a dangerous game and this community has been lucky so far in this area.  My assumption is that 1) a lot of people who scam can't afford to get custom holograms made or 2) aren't willing to risk their money making holograms that may be detectable. 

The bottom line is that you should purchase directly from a maker and you should trust that the maker won't scam you.  If you wouldn't send a BTC to the maker and feel certain that they would send it back, don't buy products from them with a private key associated.  Having a longstanding reputation doesn't hurt either.  For example, my 12 year reputation providing goods and services here without losing so much as a satoshi for any customer is worth far more than whatever I could scam here (even with the trolls doing their best to cast doubt in my direction).  There is a place you can still buy directly from a maker who has been selling coins with private keys for more than 10 years without any issues.    https://nastyfans.org/mint

Quoting another post I made 2 YEARS ago below but yeah, someone or a couple of someones could really make a mess of this very quickly.
At this point I'm not loosing any sleep over it, but will fully admit my buying and selling habits on certain things have changed.

Everyone has their own level of risk they are willing to take. Mine has dropped a lot.

-Dave

This will be the next big scam in the hobby!  Someone is undoubtedly already doing this imo.  I think the kicker will be that they have the physicals graded to add more confidence for the buyers & when corn hits ATH’s again… sweepin time!  And no one will find the scammer until the dust has settled. Imagine trying to tie chain of ownership to multiple items & makers to find the culprit 😱

Eliminating everything else that has to be expanded to ANYONE WHO HAD IT IN THEIR POSSESSION FOR A PERIOD OF TIME CAN RUG YOU.

Sorry but it's true. I posted this a while ago: https://bitcointalksearch.org/topic/just-a-video-about-how-bad-some-security-holograms-are-5401502

And without being an ass to everyone who made coins with holograms. Do you really think it would be impossible to find a maker of holograms that would duplicate the ones made by you? Lets get real, with the amounts involved with some of the coins spending a bunch of money to duplicate some of the more popular makers would not be that big an expense considering the rest would be buying the coins and reselling them after making copies of the private key.

THEN you wait. THEN you cash in. And all evidence would point to the maker even more so if you bought and sold under various alt accounts. No one person to tie it back to.
Yes it could probably be figured out eventually but good luck proving that in any definitive way.

Just my view.

-Dave

This is like when your parents are fighting about the future of money on Christmas and you’re in the corner crying 😅

I've never rugged anyone (I have an offer to buy every NastyFans seat issued), nor do I run a ponzi (I donate all profits from coins and revenue from mining to a community organization and am currently the 3rd most trusted user on this site), and the seats that nonnakip issued for NastyFans are very much real (they will likely outlive you, like they already have a majority of those who have called it a scam over the last decade+).  Maybe this poor ability to judge makers is why you just lost your BTC savings to Yogg's scam that you were promoting to others here?  Do you take any responsibility for your role in that scam or even feel bad for the role you played?  Of course not, you want other people to donate to help you recover some money for your poor personal decisions.  This pattern of you blaming others for your decisions and expecting others to compensate you for them is concerning.

I don't think people here are pussies.  I think they have respect for those that came before them and did great work to innovate and grow this community.  You on the other hand promote scams, spread FUD about honest projects that existed before you knew what Bitcoin was, and continue to try to damage the reputations of honest people who work hard to help users here.  

If people choose to ignore my opinion, that's their loss.  Not everyone has access to someone with my level of experience in this field.

+ $4

Well that's probably why you load your coins with fake 'seats' from your own ponzi scam, right? This post is so fuckin ironic, I get a belly laugh... 

As for yogg - what 'higher standards' do you mean/imply? His rep was still better than yours, and his project was way better than yours too (So both were/are ponzis either way).

Now go shitpost for stake elsewhere, nobody here values your opinion anymore, they are just too pussy unlike me to say so...

Sure, I totally get what risk we’re taking buying pre-funded collectibles… that’s not my point with this thread.  Here, I’m saying we have smart people who say verify, verify that own unfunded items because they didn’t double check! That’s just lazy & dumb … sorry but it is!

I don’t think verifying funding is really the issue to be honest. Are you peeling the collectibles you get to make sure that the private key underneath matches the public key with the funds? If not, you’re still trusting the maker and even if it did, you’re trusting that someone won’t pull a Yogg and empty everything. The bottom line is that no matter how cautious you are, if you buy a loaded collectible from someone, they can rug you. All you can do is try to base your trust decisions on the best available information and in the case of Yogg, people need to have higher standards for who they trust.