How my day went

Today I can describe myself as spiritless; as I lack the motivation and energy to write or even engage actively online.

I was slothful in carrying out all the tasks I have in hand to do, and I left a lot undone.

I just layed on my bed and dozed off. The afternoon heat made me perspire as there wasn't power supply to switch on the fans to make the room cool.

For close to seven days now, we've been without electricity supply in my street and I don't know why. I have been maintaining my online presence, thanks to my power bank and a friend's generator.

I woke up late in the afternoon around 4 pm drenched in sweat, I remembered I recently downloaded some movies, so I decided to check one out.

The movie I got to watch was about cryptocurrency, and it was what led me to download it in the first place.

The movie

No spoilers

Before I discussed the movie and the lessons learnt. I want you to know I'll try as much as possible not to put any spoilers in this article, so that people who intend to watch the movie can enjoy it; just like I did.

I was motivated to write today, thanks to the movie I watched. Titled: "TRUST NO ONE: THE HUNT FOR THE CRYPTO KING"

The movie is a Netflix original documentary movie. Telling a true life incident about a Canadian trading platform called; "QuadrigaCX" and its founder "Gerald Cotten"

QuadrigaCX was at one time dubbed Canada's largest trading platform but now defunct as a result of the actions and the death of its CEO Gerald Cotten.

At the point of his death the company was owing over hundred thousand customers a whooping sum of "190 million US dollars" equivalent to "250 million Canadian dollars."

The movie is an investigative movie that features interviews of different set of people ranging from; people who knew Gerald Cotten when he was still a Bitcoin activist before he founded the trading platform, and to some customers who lost their life savings as a result of the collapse of the trading platform, journalist who investigated the stories and also a relative of the Gerald Cotten's wife.

Some people might find the movie boring, as it is not the regular action movie. But nevertheless it is quite entertaining; as you are drawn into a spiraling tunnel unraveling the mystery behind the trading platform: QuadrigaCX, its founder and the conspiracies theories that shrouded the incident.

An eye opener

The movie is really an eye opener and it enlightens one about the dangers of custodian wallets, and the reality that fake crypto currencies exist. Truly there are fake versions of Bitcoin, Ethereum and practically almost all crypto currencies can be faked.

It also shows the dangers in using trading platforms especially when carrying out large amount of transaction. A customer lost a year's earning amounting to $400,000 on the platform.

I think we need to be careful when carrying out transaction of huge amount via any channel, we could actually break it down in to smaller pieces (my opinion though)

The big question

The movie also begs the question about what happens to our crypto wallet when we die? We all know one of the safest way to keep crypto asset is in a non-custodian wallet or a cold wallet (a cold wallet is a hardware wallet that allows you to keep your asset offline and can only be accessed my putting in the correct passwords)

Non-custodian wallets and cold wallets are hard to bypass without access to their seed phrase or passwords. And what happens to the millions stored in it when its owner dies without leaving a trace of its password or seed phrase?

Well I have ran out of ink today, see you tomorrow..

_________

Noise cash

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