Once Bitten! A Bitcoin Podcast.
Sep 21, 2026 · 1 hr 25 min · 14 segments
Not your keys not your coins. $ BTC 81,490 Block Height 967,962 Seed, the creator of SeedSigner, joins the podcast to discuss the vital importance of open-source self-custody and the best practices…
Daniel PrinceHost
Well, we need to change that because self-custody, we've got to have these discussions again.
I thought we'd beaten the table as hard as we could, beaten it into people that you need to self-custody your Bitcoin, you need to get it off of an exchange, which a lot of people did.
And then we've had this disastrous, misfortunate situation well still we don't know what happened like cold car uh was that a back door was it put in purposefully was this peter gray character who was um the cto and the co-founder was he doing this nefariously all by himself or were other people involved And it's still all up in the air.
And you know, the punchline is thousands of people lost thousands of Bitcoin lives ruined.
And it's like, where are the answers? Where's the chain analysis guys? Where's the, where's the arrests? You know, what is going on?
Yeah.
The arrests are going to be, you know, as somebody with a law enforcement background, the arrests are going to be tricky.
Um, know just because of the jurisdictional issues and once you get into like global financial crimes and then you you layer on top of that bitcoin being a decentralized pseudonymous monetary network like it the the arrest part gets hard um and it's it's it's just been as you said it there's no words it's it's such a painful thing that people i've talked to who like That was literally their life savings, and they were doing all of the things that they thought they were supposed to be doing.
It's just so hard.
They were doing the right things, but this vulnerability and And, you know, I've heard different things about the guidance that I don't know what the official cold card documentation said, if it recommended dice rolls or if it was just like turn it on and generate a new seed phrase.
But there was different, you know, influencers or advisors or whatever that were advising different things.
And it's just hard.
It's just hard.
I actually did listen back to our episode and there was a very interesting part where you were talking about your project and you said kind of the ethos or the tagline to the whole thing is bring your own entropy.
And that was one of the things that we zeroed in on with the project from the beginning was just that's a trustless thing.
It's so simple, cheap and easy kind of thing.
I think we need to really break that down for people to help people understand what exactly you mean by that and why that is so important.
Because, yes, people are going to go out, they're going to do the right thing, they're going to buy the hardware wallet, do your own research, find one that's in your jurisdiction, or maybe somebody told you at your local meetup or whatever what they use and you feel comfortable with that.
Well, we need to change that because self-custody, we've got to have these discussions again.
I thought we'd beaten the table as hard as we could, beaten it into people that you need to self-custody your Bitcoin, you need to get it off of an exchange, which a lot of people did.
And then we've had this disastrous, misfortunate situation well still we don't know what happened like cold car uh was that a back door was it put in purposefully was this peter gray character who was um the cto and the co-founder was he doing this nefariously all by himself or were other people involved And it's still all up in the air.
And you know, the punchline is thousands of people lost thousands of Bitcoin lives ruined.
And it's like, where are the answers? Where's the chain analysis guys? Where's the, where's the arrests? You know, what is going on?
Yeah.
The arrests are going to be, you know, as somebody with a law enforcement background, the arrests are going to be tricky.
Um, know just because of the jurisdictional issues and once you get into like global financial crimes and then you you layer on top of that bitcoin being a decentralized pseudonymous monetary network like it the the arrest part gets hard um and it's it's it's just been as you said it there's no words it's it's such a painful thing that people i've talked to who like That was literally their life savings, and they were doing all of the things that they thought they were supposed to be doing.
It's just so hard.
They were doing the right things, but this vulnerability and And, you know, I've heard different things about the guidance that I don't know what the official cold card documentation said, if it recommended dice rolls or if it was just like turn it on and generate a new seed phrase.
But there was different, you know, influencers or advisors or whatever that were advising different things.
And it's just hard.
It's just hard.
I actually did listen back to our episode and there was a very interesting part where you were talking about your project and you said kind of the ethos or the tagline to the whole thing is bring your own entropy.
And that was one of the things that we zeroed in on with the project from the beginning was just that's a trustless thing.
It's so simple, cheap and easy kind of thing.
I think we need to really break that down for people to help people understand what exactly you mean by that and why that is so important.
Because, yes, people are going to go out, they're going to do the right thing, they're going to buy the hardware wallet, do your own research, find one that's in your jurisdiction, or maybe somebody told you at your local meetup or whatever what they use and you feel comfortable with that.
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