Thread by Erick / Snowfro

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In my 5 years in the NFT space I have had to get my seed phrase from my safe deposit boxes four times. Early on because of a new computer, later for an upgraded hardware wallet. Lately for an epic Meebit <> Punk trade with @Hanrgb 🙌.

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Point is your truly rarely need it.

If a website asks you for your key or seed phrase for any reason, it’s a scam. Just assume it is. And be careful when installing MetaMask!! Go directly to the website and don’t click a potentially disguised link that pops up in a search.

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The scams often work under pressure, but it is entirely worth missing out on an airdrop in exchange for reaching out to a trusted person about the legitimacy of a site asking for private info. If I wasn’t drowning I would create a hotline to call when in question.

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I would be tempted to set up a recording that just says “don’t do it under any circumstances” but realizing our nature as humans I would see the value of having a warm body on the other end to analyze each situation.

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Bottom line, objectively and without exaggeration 99.99% of the time you are operating your crypto wallet you will have zero need to present your seed phrase or private key. Literally just take that shit to a safe deposit box.

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Not necessarily for the security of it, but to protect yourself from YOURSELF.

If you’re worried the bank will implode leave the phrases at two separate banks.

These boxes are $50/yr. Less than you pay in gas for a single mint. Do yourself a favor and get one today.

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Huge props to @artnome, @iamDCinvestor, and others that often go out of their way to help educate folks and help them keep their jpegs secure. We can easily take these security measures for granted. Especially if your first NFT is not worth as much as a house.

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It might seem trivial at first, but it is because security for NFT assets has not yet been fully commercialized. One day it will, and it will become top of mind for everyone as it eventually becomes “standard operating procedures”. This is indicative that we are still early.

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Also, while I have your attention, I want to express my gratitude for all of the excitement around Squiggles. Super proud of all of the things happening in the overall genArt ecosystem. BUT please remember that a lot of the buzz around a project can be short term speculation.

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This can lead to the last person to “jump on board” holding the bag. I beg you to please buy things that you love, and buy them for the sake of ownership in and of itself. So that if the Squiggle or other assets decline in value you will still be satisfied to own it.

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Artists share the thrill when values go up, but also feel a sense of despair when prices go down. Most of the time there’s nothing we can do to control the micro economics that prevail in this space and of course we don’t ever want to see our collectors getting hurt.

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So please be prudent, buy with a long time horizon (as in more than two weeks 😘) and only if you are in a financially fortunate situation to spend that much money on a digital good. Consider how much of an impact you could make in your life if you paid off your car instead.

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Or student loans, or mortgage, or even a nice vacation for your family. Put some cash into a college fund for the kiddos. Set aside fiat money for taxes too. These things are often hard to take into consideration within the boundaries of the crypto space.

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But off ramps are your friend.

I am being a bit hypocritical because the majority of my net worth is securely stored in NFTs 😂. But I was very lucky to be very early and have made sure to be prudent, taking enough off the table to where I am perfectly comfy with the risk.

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Please consider doing the same, and once you’ve done that, I then encourage you to go hog wild in this space.

If you’re all set, and still have some spare change, I encourage you to donate some of the gift you’ve given yourself from grinding in this space to charity.

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We live in a fucked up world. Every penny counts and this space has rallied hard around human rights issues, inclusivity, mental health, and humanitarian efforts. It’s been really heartwarming to see the outpouring of support and I fully expect to see it continue.

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Do your part, it feels good and makes participating in the madness that is the web3 revolution even more exciting and rewarding.

Thanks for reading this!!

Have fun but be prudent out there too. Please accept a colorful hug from me and cheers to the beauty of this movement. 🍻
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