November 2022 Newsletter
TBC2 Coin November 2022 Update
Website Update: 18th November 2022
It came to our attention today that the TBC2 Coin website was showing a “Critical Error” and was not loading.
The TBC2 Web Hosting services were renewed yesterday and it seems that the webhosts broke something when they were updating the servers, we have now resolved these issues and the website should now be working correctly globally.
If anyone does have issues with the website loading still please clear your browser history/cache and try again, if issues persist please contact us directly via email (reply to this email).
Project Updates
We were planning to send this newsletter towards the end of the month as usual, but the issues with the website and the recent events in the crypto-space necessitated that this to be sent sooner.
With a lot of uncertainty in the cryptocurrency space currently, which is a direct result of fraud and theft at the highest level, instigated by the worlds second largest crypto exchange FTX, we felt it also important to update everyone and confirm that the TBC2 Coin project had no exposure to FTX directly or indirectly.
The recent events have not, and will not, hinder the TBC2 project moving forward. If anything these events highlight the importance of “Self Custody” (as advised by top crypto individuals, such as CZ of Binance and Jesse Powell of Kraken), and in our opinion these events also underscore the benefits of the DeFi space.
Self Custody
We know many TBC2 Coin users already know what Self Custody means, as many of you took our advice when creating your wallets, but for those of you who do not, it simply means that you control and hold your own assets in a wallet that you control the private keys (aka “seed-phrase” or “back-up words”).
If you have your cryptocurrencies in a wallet on your computer or your phone (such as Metamask, IMtoken, MEW), you are in control of your assets.
If you have your cryptocurrency on an centralized exchange, or on a centralized lending platform (such as Gemini Earn, Genesis, Voyager, Celsius and many others) then you are NOT holding your crypto in self-custody and you are relying on those platforms staying solvent and not losing your assets through bad or under (or even non) collateralized loans, which means if the borrower loses their money or becomes insolvent they cannot pay their debt and the platform you deposited your funds into cannot return your funds to you.
We highly recommend not keeping assets on centralized exchanges, especially if you are not actively trading. While many centralized platforms are likely solvent, others might not be and there is simply no way to know for certain.
Decentralized lending platforms, aka DeFi lending, such as AAVE and others, which use Smart Contracts and Collateralized lending positions are generally considered safe, though users should be aware of third-party risk, such as hacks or smart contract exploits.
Whatever your personal situation might be, we can highlight recommend getting yourself a hardware wallet. We use Ledger devices ourselves but other options exist. Always purchase directly from the retailer, never buy a hardware wallet from a third-party seller, Amazon, Ebay etc.
A hardware wallet adds an additional layer of security on top of your software security, where a physical button has to be pressed on the device to confirm a transaction is actually intended (i.e. if a hacker were to access your computer remotely, they would not be able to move your hardware wallet funds, because they would not be able to physically press the hardware button).
Self Custody Risks
One major consideration when it comes to self custody is where you keep your private key (or seed/backup words).
As some of you have found first-hand, if you lose access to your wallet (Phone or PC breaks, apps get deleted or corrupted), you can easily lose access to your crypto funds. This is like losing a physical wallet full of cash, if you drop that somewhere, its unlikely you’ll get it back!
However, cryptocurrencies do not “live in your wallet” like cash in a physical wallet.
Your crypto assets “live on the blockchain” and your crypto wallet is simply an access point!
As long as you retain your Private Key (seed/backup words) you can always restore your crypto wallet and be able to use the coins that you own on the blockchain.
Therefore, there is one major risk when it comes to self custody. If you lose access to your crypto wallet for any reason, i.e. phone breaks, software/apps become corrupt etc, and you DO NOT HAVE your Private Key (or seed/backup words), NO ONE will not be able to recover your crypto wallet (much like losing that wallet full of cash).
WE CANNOT STRESS THIS ENOUGH
It is extremely important to make sure you know where your private key (seed/backup words) are at all times.
Keep them safe, keep them with your other important documents that you would not want to lose (passports, birth/marriage certificates etc). Whatever you do, do not share your private keys (seed/backup words) with anyone, ever. If someone has your keys, they can access your crypto (just like taking money out of a physical wallet).
The Future for TBC2 Coin
While no one knows what the future holds, as seen with the recent events in the space, we can say we are still here and pushing forward after 5 years, and we have no intention of stopping.
We have spoken in the past about rebranding the TBC2 Coin project and moving to the Polygon Network, this is still planned and will take place within weeks of the final Round 9 Distribution completing.
We are currently in Round 8, with less than 30% of Round 8 remaining before Round 9 starts.
As a reminder, Round 9 will only contain 50m coins but will be at full price of $0.02 with no bonuses on offer.
As we approach the end of Round 9 we will start to share more specific information about the rebranding efforts, such as new names and use-cases for the token, Metaverse efforts, including NFTs and NFT Marketplaces, project and business Marketing, DeFi Collaborations and Partnerships with other projects on the Polygon Network.
We are looking forward to 2023 and beyond, and we are grateful to our supporters old and new.
