Not Your Ketchup, Not Your Fries • CEO Letter #46
Salutations fellow traveler, once again it is I, Taylor *elegant bow*. I doth approach thee from Ye Olde Hedgehogge, where thou canst organize thy repository of coins.
*ehem* Sorry about that, apparently some tea and crumpets got stuck in my keyboard. Anyhow, I’m the CEO of Hedgehog, where you can sync all your crypto exchange accounts and wallet addresses to manage your whole portfolio in one place.
Heads up, there’s a giveaway at the end of every weekly newsletter! Reply to my quick question and you’ll be entered to win a Ledger Nano S hardware wallet. First read the rest of the newsletter, of course 😉🙏(...or don’t, as a few of you rascals told me last week).
Sneak peek of features that are coming soon, from Hedgehog product manager Colin... Hedgehog v2 will support:
- Automatic rebalancing of 75+ assets
- Best execution trading (even discounted in some cases!)
- Full access to the underlying assets, not pooled or in a structured product
- Plus everything we currently support!
w00t w00t! By the way, it’s been a minute since I invited you to come hang out on Discord. It’s a fun time — if you’re interested in investing, programming, other projects in the crypto sphere, random memes, honestly whatever, there are people who can bounce ideas around and cheer you on. Including the Hedgehog team! We’re friendly, like golden retrievers. Certain members of the team insist that I remind them of a golden retriever, which I proudly take as a compliment.
Back to basics: What is the point of a hardware wallet anyway? So glad you asked — Lipsa wrote a great guide for the Hedgeblog. First off, imagine a really fancy USB stick. Kids still know what that is, right? Or are USB sticks the new VCR tapes?
Here is how crypto hardware wallets work:
Unlike your physical wallet, which carries your cards and cash, a hardware wallet doesn’t actually store your cryptocurrencies.
A hardware wallet is a secure storage device that stores the private key (a string of letters and numbers that acts as your password) to your blockchain address. Your cryptocurrencies are stored in the blockchain address that can only be accessed with the private key.
Think of the hardware wallet like a bank locker or safety deposit box key — your blockchain address is the deposit box that stores the crypto. When you open a safety deposit box, you receive one key while the other stays with the bank. Your hardware wallet acts as a key to your blockchain address where your digital assets are stored, acting similar to the key you receive for your safety deposit box.
Good hardware wallets are built in a way that does not allow the private key to be removed from the device, making them more secure. There are a number of hardware wallets available, with Trezor and Ledger Nano being among the most popular ones.
If you want those security benefits, go learn everything you need to know about hardware wallets. Then you’ll be extra excited to enter the weekly giveaway! Muahaha, my master plan unfolds. Naturally, Hedgehog also supports hardware wallets. Master plan, again.
Tldr: The key to my heart is stored on my wife’s hardware wallet. 😎
On a related note… not related to master plans, but related to crypto wallets. Maybe you’ve heard the phrase “not your keys, not your coins.” The latest Coinbase controversy — about users’ funds being forfeit during any future / potential bankruptcy — has this topic top-of-mind. So here is a simple walkthrough of the self-custody process, plus a few reasons why it’s worth knowing how to do.
Personally I don’t have anything against exchanges, and the crypto ecosystem would not function without them. However, I’m always in favor of people having a variety of options available to them, and a solid understanding of the different pros and cons!
Tldr: Not your ketchup, not your fries. Think about that. Because the Hamburglar is definitely thinking about it. Ahhh!
Will Elon make Twitter a web3 darling, building on Jack’s earlier efforts?
Tldr: It’s funny that we can refer to tech billionaires by their first names like pop divas. Maybe they should all get together and form a boy band? Bill & Mark & Jeff & Elon & Jack… I can see the Abbey Road cover now in my mind’s eye. It occurs to me that this idea is probably already an NFT.
Memes as art as stock, stock as art as memes… crazy times we live in! The bear market has not changed that one bit.
Tldr: Okay, stick with me here, but imagine that same tech billionaire boy band from above, but they’re all actually bears. It’s, like, commentary on the market and society and animal-based profile-picture NFT projects or something. Trust me, as long as you throw “commentary on society” in there, it’s 100% legit high art.
Giveaway tiiiime! For the chance to win a Ledger Nano S hardware wallet, reply to this email with your answer to the following question: What project(s) are you working on at the moment? Personal or professional, either is accepted. Tell me how it’s going! If you’ve encountered obstacles, trust me, I relate.
Nose to the grindstone,
— Taylor
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