Bitcoin Family is moving more than $1 million into decentralized exchanges

[bbc.reporter]

It is good to have some good news after the scam of Sam, however, after reading the article I was head shaking after every paragraph. Encouragement of self custody and the use of decentralized exchanges is admirable but I reckon the writer of this article does not know the differences between bitcoin, wbtc, ethereum, bisq, uniswap and sushiswap.

However, it is still good for everyone to know that solutuons are being created. It might not be the best solutions, however, they are certainly better than centralized exchanges.

I did not include those parts of the article where I speculate was only added by the author because I think self custody should always be encouraged.



CNBC caught up with the 44-year-old patriarch a few days after the family made the move from Lagos, Portugal, to Phuket, an island just off the western coast of mainland Thailand in the Andaman Sea. The family is currently living on 0.3 bitcoin a month — about $5,000 — and they are buying back the bitcoin that they sold when the cryptocurrency was trading at around $55,000 a year ago. For the Taihuttus, the cascade of crypto bankruptcies and failed tokens just shows that “bitcoin is the king” and “completely different than all the other projects,” Didi Taihuttu said.

n crypto, one of the mantras is “not your keys, not your coins,” meaning that rightful possession of tokens comes through the custody of the corresponding private keys.

Read in full and scratch your heads https://www.cnbc.com/2022/11/30/bitcoin-family-moving-more-than-1-million-into-dexs-after-ftx-collapse.html

[BlackBoss_]

“bitcoin is the king” and “completely different than all the other projects,” Didi Taihuttu said.

Bitcoin is not crypto. Crypto is not Bitcoin.

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.

Bitcoin is unique in cryptocurrency market. Decentralized, uncensored and is for everyone.

[joker_josue]

More accurate title, would be
Bitcoin Family is converting more than $1 million of BTC into the Ethereum Token WBC.
Or
Bitcoin Family is moving more than $1 million worth of BTC PoW coins into the Ethereum PoS Network.  

But they are not moving BTC to another token. What they do is convert BTC to fiat (when they can't pay in BTC) to pay their day to day expenses. And with the money left over, they buy BTC again.

They had several years to live in Portugal, and they always made their life based on Bitcoin. Now that the laws in Portugal are going to change, and the cost of living in Europe is going to increase, they have wisely moved to another country that is more favorable, to maintain their lifestyle, always based on Bitcoin.

[kryptqnick]

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.

[jrrsparkles]

An investor who knows how to make money and the strategy is simple buy low and sell high so he sold at high and now buying back them for low price so it makes sense. I don't know where the quoted article talks about the usage of decentralized exchange, maybe using the p2p to convert so called decentralized?

[franky1]

if they made about $4m(100%*) in late 2017.. that means they only put in less than $200k at the start of 2017

yea good rags- to-riches story.

*they had 25% in CEX(suggested $1m) and 75% cold store.(= suggests $4m)

(critique hat on)
they say they bought in at the EXACT bottom of early 2017 (preATH) and sold at the top then traded in and out after that

hmm i think they didnt buy at exact bottom and sold at exact top like they suggest they did..
..much the same tactic as social influencers do a rent on a airBnB and pretend they own the mansion. using photos of a faked posh lifestyle

yea it gives them viral celeb presence to exaggerate their entry-exit points. but i doubt that part

but fair play to them making a multiplier profit in 1 year. even though i doubt the 21x they suggest
...

so they are now getting free press by saying they moved that $1m(they suggest having) from a CEX and to a DEX to continue day trading.

.. but they are playing with altcoins and side tokens. which come with their own risks of pegging back to BTC where the pegs can break

i feel they are just trying to get famous for being rich but not actually be as rich as they suggest, and not storing good value in a good value asset

but atleast they are only risking 25% of funds in those sidechains and altcoins

[virasog]

However, it is still good for everyone to know that solutuons are being created. It might not be the best solutions, however, they are certainly better than centralized exchanges.

Decentralized exchanges lack liquidity and many other features that centralized exchanges are currently giving us, but this is the right step to move to decentralized exchanges. As more and more people will follow the same, the liquidity problem will be resolved automatically.

they say they bought in at the EXACT bottom of early 2017 (preATH) and sold at the top then traded in and out after that

Not everyone can sell at the exact bottom as it was hard to predict that 68K was the bottom when all the hype was for 100k$ bitcoin price in 2021.
The current prices are near the bottom of the bear market and the writer is rightly investing his money back in bitcoin to get ready for another bull market.

[lionheart78]

“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.

[DapanasFruit]

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.

[TimeTeller]

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

[livingfree]

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.

[TravelMug]

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.

[gunhell16]

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.

[Darker45]

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."

[joker_josue]

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.

[franky1]

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

[davis196]

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.

[livingfree]

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.

[Antonas1]

Bitcoin is not crypto. Crypto is not Bitcoin.

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.

Bitcoin is unique in cryptocurrency market. Decentralized, uncensored and is for everyone.

If Bitcoin is not crypto (cryptocurrency), then what is Bitcoin in your version?
I expect maybe you saw or read a bit of an article with the headline "Bitcoin is not Crypto" like this one: Why Bitcoin isn't Crypto. I suggest you read that article to the end; don't skip even one paragraph. And don't forget to visit this link: https://en.wikipedia.org/wiki/Bitcoin

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

[joker_josue]

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.

[livingfree]

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.

[_BlackStar]

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.

[joker_josue]

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.

[Lucius]

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.

[stompix]

The family is currently living on 0.3 bitcoin a month — about $5,000 — and they are buying back the bitcoin that they sold when the cryptocurrency was trading at around $55,000 a year ago

Hihi, is nobody going to comment on the fact that they he sodl?
Some weak hands stuff, anything like this? 

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.

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.

[Yatsan]

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.

[joker_josue]

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. 

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.

[livingfree]

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.