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The Taihuttu family in November, days after moving back to Phuket.

Didi Taihuttu

Confidence is quickly eroding in the crypto sector, as it faces a wave of bankruptcies and investigations into Sam Bankman-Fried and his failed exchange, FTX, for losing and misspending billions of dollars in user deposits.

But Didi Taihuttu; his wife, Romaine; three daughters, and Teddy, a Pomeranian puppy they adopted in Portugal last year, are as confident as ever in their bet on bitcoin — they’re just changing how they store it.

Ever since liquidating all of their assets and buying bitcoin in 2017 back when it was trading at around $900, the Taihuttus have safeguarded their crypto riches in three main places: centralized exchanges, or CEXs, such as Bybit and Kraken; decentralized exchanges, or DEXs, such as Uniswap; and hardware wallets hidden in secret vaults on four different continents. But as digital asset brokers, lenders, and exchanges continue to fall into bankruptcy — locking up customer funds in the process — the Dutch family of five is proactively moving $1 million in crypto into DEXs, which allow users to hang on to custody of their tokens.

“For me, bitcoin is still about freedom, and decentralized currency should be able to be used by everyone in the world without needing to do KYC or any other regulatory stuff,” Taihuttu told CNBC, referring to the know-your-customer, or KYC compliance, required by many centralized platforms such as Coinbase. DEXs don’t require users to connect an ID or bank account to the platform, hence making it an ideal custody solution for the Taihuttus.

The Taihuttu family in Lagos, Portugal on the day they adopted Teddy, their Pomeranian puppy.

Didi Taihuttu

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.”

While the Taihuttus did not have any tokens tied up with FTX, Celsius, Voyager Digital, or any of the other platforms that recently went under, the wave of failures did remind them of the importance of ownership.

In 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. DEXs such as Uniswap and SushiSwap are peer-to-peer platforms where transactions happen directly between traders, entirely cutting out intermediaries such as banks and brokers. That means that users retain custody of their tokens by never handing over their private keys.

DEXs eliminate centralized intermediaries from financial transactions such as trading, holding and transferring assets through programmable pieces of code known as smart contracts. These contracts are written on a public blockchain such as ethereum, and execute when certain conditions are met, negating the need for a central intermediary. In essence, with DEXs, you trust code, and with CEXs, you trust people.

“You never send your bitcoin to an exchange. Your bitcoin stays in your own wallet, meaning you have complete custody of your coins,” explained Taihuttu. “You connect to a DEX, and by making that connection, you trade out of your own wallet.”

That nuance of ownership is critical.

“If the DEX collapses, it doesn’t matter, because the bitcoin are always in your own wallet,” he added.

It just got harder and less profitable to mine for bitcoin as algorithm adjusts

Changing their storage strategy

From the beginning, Taihuttu said he could tell something was “really off” with FTX, even though it was one of the biggest CEXs on the planet before it imploded in November.

“Too many influencers were paid too much money to promote that one,” said Taihuttu, who added that reliable crypto products and companies typically don’t rely so heavily on celebrity endorsements.

The Dutch father of three had learned his lesson in 2017, when he lost four bitcoin to a hack of a centralized exchange known as Cryptopia.

“From that moment, I was always searching for alternatives,” he explained.

The Taihuttu family in the Netherlands.

Didi Taihuttu

People who choose to hold their own cryptocurrency can store it “hot,” “cold,” or some combination of the two. A hot wallet is connected to the internet and allows owners relatively easy access to their coins so they can spend their crypto. The trade-off for convenience is potential exposure to bad actors.

“Cold storage often refers to crypto that has been moved to wallets whose private keys — the passwords that enable the crypto to be moved out of the wallet — are not stored on internet-connected computers, so that hackers can’t hack into the computer and steal the private keys,” said Philip Gradwell, chief economist of Chainalysis, a blockchain data firm.

Thumb drive-size devices such as a Trezor or Ledger offer a way to secure crypto tokens “cold.” Square is also building a hardware wallet and service “to make bitcoin custody more mainstream.” The Taihuttu family has largely relied on cold storage to safeguard their tokens for the last six years.

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. He refers to this crypto stash as his “risk capital,” and he uses these crypto coins for day trading and potentially precarious bets.

The other 73% of Taihuttu’s total crypto portfolio is in cold storage. These cold hardware wallets, which are spread around the globe, hold bitcoin, ether and some litecoin

Didi Taihuttu in a desert in Dubai.

Didi Taihuttu

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 from these hardware wallets and centralized exchanges to decentralized exchanges.

Taihuttu said he ultimately wants to move 100% of the family’s crypto savings into DEXs and invest 15% of their net worth into upstart DEXs since he sees these decentralized platforms as the centerpiece of the next bull run. When asked why he is going all in on DEXs instead of keeping his crypto cold, Taihuttu pointed to ease of access.

DEXs allow him to connect the crypto he safeguards on thumb drives in hiding spots all over the world directly to the platform, meaning that he can make trades far more easily while still protecting his tokens.

“Our capital now is really difficult to use in trading, because then I need to send my bitcoin from my ledger into an exchange,” Taihuttu said.

The financial privacy offered by DEXs is also a huge incentive.

“You’re trading from an anonymous ledger on an exchange as an anonymous entity,” he said. “You get full access to non-KYC trading in a decentralized way on a DEX.”

Taihuttu isn’t alone in shifting his focus to DEXs. Following the FTX bankruptcy, Trezor’s sales revenue reportedly jumped 300% and billions of dollars in bitcoin fled exchanges. Meanwhile, Multicoin Capital, a crypto investment firm, told limited partners that 7% of its assets are similarly stored cold, in self-custodied wallets.

Didi Taihuttu and two of his daughters on a boat trip in Portugal.

Didi Taihuttu

The pros and cons of DEXs

Centralized exchanges are a big part of what helped spur crypto adoption by offering new investors an easy on-ramp.

“Centralized exchanges have played a vital role in the adoption of cryptocurrency,” said Auston Bunsen, co-founder of QuikNode, which provides blockchain infrastructure to developers and companies. “With their growth came the industry’s growth.”

But in the last few years, and especially in the last six months, decentralized exchanges have grown in popularity as investors look to trade in a manner that protects their funds.

Boaz Sobrado, a London-based fintech data analyst, sees three main advantages to DEXs: they are noncustodial, meaning you don’t have to trust someone, like Sam Bankman-Fried, to store your funds for you; they are open, meaning anyone in the world can participate; and transaction data is more widely available, reducing the risk of insiders getting an edge from knowledge only they have.

Didi Taihuttu in Lagos, Portugal.

Didi Taihuttu

Uniswap has facilitated more than $1 trillion in trading volume from around 100 million trades since it launched in 2018, according to a research note from Bank of America on June 13. Rival DEXs such as SushiSwap and PancakeSwap have also gained traction among traders, though Uniswap still accounts for around 51% of all trading volumes on DEXs year to date.

While DEXs play an important role in the digital asset ecosystem, there are a lot of reasons these decentralized platforms won’t eclipse their centralized peers any time soon, according to Alkesh Shah, Bank of America‘s head of web3, crypto and digital assets strategy.

“Centralized exchanges provide a one-stop shop for investing or trading digital assets with someone to speak to if something goes wrong — this will be critical for mainstream adoption beyond the early adopters of today,” Shah told CNBC.

Shah said that investors are likely to prefer exchanges that are more transparent about their operating practices, adding that regulated and transparent CEXs are likely to be important for mainstream adoption long-term.

Bank of America said in its June note that it expected Uniswap, in particular, to face regulatory scrutiny. The bank said it also saw the potential for the Securities and Exchange Commission to require its registration as a National Securities Exchange or broker-dealer.

Didi Taihuttu and his eldest daughter, Joli.

Didi Taihuttu

“Uniswap may be unable to comply with regulatory requirements, given its inability to verify user identities, implement AML/KYC [anti-money laundering/know your customer] requirements or provide the necessary disclosures for the thousands of tokens listed on its platform,” the research note said.

Some centralized platforms are splitting the difference by offering DEX-type services, but it is unclear what sort of regulatory blowback they might ultimately face.

Meanwhile, Sobrado told CNBC that at this stage, most DEXs lose money, meaning they might not be sustainable.

DEXs are also automated market makers, meaning that the exchange pools liquidity from its users and then uses an algorithm to price the assets within that pool. Sobrado said that this model has proven remarkably resilient — but is unproven versus orderbook exchanges such as Coinbase.

Under it all, the Bitcoin Family still believes that the original cryptocurrency is a solid bet. They say they haven’t been swayed by the turmoil of the last six months.

“We seem to get that lesson every bitcoin cycle,” said Taihuttu. “It was Mt. Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time.”

“But looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” he said. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world.”

Didi Taihuttu giving a speech on bitcoin adoption in Tulum, Mexico.

Didi Taihuttu

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Tesla launches accessory to Macgyver power outlets on the go on new cheaper Cybertruck

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Tesla launches accessory to Macgyver power outlets on the go on new cheaper Cybertruck

Tesla has launched a new accessory enabling you to “Macgyver” a couple of power outlets from the Cybertruck’s charge port.

It appears to be designed for the new cheaper Cybertruck, which doesn’t have power outlets in its bed.

Earlier this week, Tesla launched the Cybertruck Long Range RWD: a new, cheaper, and badly nerfed version of the electric pickup truck.

The new version is extremely disappointing as it is $9,000 more expensive than the Cybertruck RWD was supposed to be, and while it has more range than originally planned, Tesla has removed a ton of features, including some important ones.

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Here’s what you lose with the Cybertruck RWD:

  • You get a single motor RWD instead of Dual Motor AWD
  • You lose the adaptive air suspension
  • No motorized tonneau, but you have an optional $750 soft tonneau
  • Textile seats instead of vegan leather
  • Fewer speakers
  • No rear screen for the backseat
  • No power outlets in the bed

The last one has been pretty disappointing, as it can’t be that expensive to include, and Tesla is basically removing $20,000 worth of features for only a $10,000 difference with the Dual Motor Cybertruck.

But the automaker appears to have come up with a partial solution.

Tesla has launched a $80 ‘Powershare Outlet Adapter’ on its online store:

When combined with Tesla’s Gen 3 Mobile Connector plugged into the Cybertruck’s charge port, it gives you two 120V 20A power outlets.

Tesla describes the product:

Powershare Outlet Adapter allows you to power electronic devices using Mobile Connector and your Powershare-equipped vehicle’s battery. To use this adapter, plug Mobile Connector’s handle into your Powershare-equipped vehicle’s charge port and connect the adapter to the other end of your Mobile Connector. You can then use this adapter to plug in any compatible electronic device you want to power.

For now, Tesla says that this only works for the Cybertruck and you have to buy the $300 mobile charging connector, which doesn’t come with the truck.

Electrek’s Take

I guess it’s better than nothing, but I’m still super disappointed in the new trim. It makes no sense right now.

Not only you lose the 2x 120V, 1x 240V outlets in the bed, but you also lose the 2x 120V outlets in the cabin. Now, you can can pay $380 to have a “Macgyver” solution for 2 120V outlets in the back.

I’m convinced that Tesla designed this trim simply to make the $80,000 Cybertruck AWD look better value-wise.

It looks like Tesla took out about $20,000 worth of features while giving buyers only a $10,000 discount.

It’s just the latest example of Tesla losing its edge.

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Great news: IMO agrees to first-ever global carbon price on shipping

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Great news: IMO agrees to first-ever global carbon price on shipping

The International Maritime Organization, a UN agency which regulates maritime transport, has voted to implement a global cap on carbon emissions from ocean shipping and a penalty on entities that exceed that limit.

After a weeklong meeting of the Marine Environment Protection Committee of the IMO and decades of talks, countries have voted to implement binding carbon reduction targets including a gradually-reducing cap on emissions and associated penalties for exceeding that cap.

Previously, the IMO made another significant environmental move when it transitioned the entire shipping industry to lower-sulfur fuels in 2020, moving towards improving a longstanding issue with large ships outputting extremely high levels of sulfur dioxide emissions, which harm human health and cause acid rain.

Today’s agreement makes the shipping industry the first sector to agree on an internationally mandated target to reduce emissions along with a global carbon price.

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The agreement includes standards for greenhouse gas intensity from maritime shipping fuels, with those standards starting in 2028 and reducing through 2035. The end goal is to reach net-zero emissions in shipping by 2050.

Companies that exceed the carbon limits set by the standard will have to pay either $100 or $380 per excess ton of emissions, depending on how much they exceed limits by. These numbers are roughly in line with the commonly-accepted social cost of carbon, which is an attempt to set the equivalent cost borne by society by every ton of carbon pollution.

Money from these penalties will be put into a fund that will reward lower-emissions ships, research into cleaner fuels, and support nations that are vulnerable to climate change.

That means that this agreement represents a global “carbon price” – an attempt to make polluters pay the costs that they shift onto everyone else by polluting.

Why carbon prices matter

The necessity of a carbon price has long been acknowledged by virtually every economist. In economic terms, pollution is called a “negative externality,” where a certain action imposes costs on a party that isn’t responsible for the action itself. That action can be thought of as a subsidy – it’s a cost imposed by the polluter that isn’t being paid by the polluter, but rather by everyone else.

Externalities distort a market because they allow certain companies to get away with cheaper costs than they should otherwise have. And a carbon price is an attempt to properly price that externality, to internalize it to the polluter in question, so that they are no longer being subsidized by everyone else’s lungs. This also incentivizes carbon reductions, because if you can make something more cleanly, you can make it more cheaply.

Many people have suggested implementing a carbon price, including former republican leadership (before the party forgot literally everything about how economics works), but political leadership has been hesitant to do what’s needed because it fears the inevitable political backlash driven by well-funded propaganda entities in the oil industry.

For that reason, most carbon pricing schemes have focused on industrial processes, rather than consumer goods. This is currently happening in Canada, which recently (unwisely) retreated from its consumer carbon price but still maintains a price on the largest polluters in the oil industry.

But until today’s agreement by the IMO, there had been no global agreement of the same in any industry. There are single-country carbon prices, and international agreements between certain countries or subnational entities, often in the form of “cap-and-trade” agreements which implement penalties, and where companies that reduce emissions earn credits that they can then sell to companies that exceed limits (California has a similar program in partnership with with Quebec), but no previous global carbon price in any industry.

Carbon prices opposed by enemies of life on Earth

Unsurprisingly, entities that favor destruction of life on Earth, such as the oil industry and those representing it (Saudi Arabia, Russia, and the bought-and-paid oil stooge who is illegally squatting in the US Oval Office), opposed these measures, claiming they would be “unworkable.”

Meanwhile, island nations whose entire existence is threatened by climate change (along with the ~2 billion people who will have to relocate by the end of the century due to rising seas) correctly said that the move isn’t strong enough, and that even stronger action is needed to avoid the worse effects of climate change.

The island nations’ position is backed by science, the oil companies’ position is not.

While these new standards are historic and need to be lauded as the first agreement of their kind, there is still more work to be done and incentives that need to be offered to ensure that greener technologies are available to help fulfill the targets. Jesse Fahnestock, Director of Decarbonisation at the Global Maritime Forum, said: 

While the targets are a step forward, they will need to be improved if they are to drive the rapid fuel shift that will enable the maritime sector to reach net zero by 2050. While we applaud the progress made, meeting the targets will require immediate and decisive investments in green fuel technology and infrastructure. The IMO will have opportunities to make these regulations more impactful over time, and national and regional policies also need to prioritise scalable e-fuels and the infrastructure needed for long-term decarbonisation.

One potential solution could be IMO’s “green corridors,” attempts to establish net-zero-emission shipping routes well in advance of the IMO’s 2050 net-zero target.

And, of course, this is only one industry, and one with a relatively low contribution to global emissions. While the vast majority of global goods are shipped over the ocean, it’s still responsible for only around 3% of global emissions. To see the large emissions reductions we need to avoid the worst effects of climate change, other more-polluting sectors – like automotive, agriculture (specifically animal agriculture), construction and heating – all could use their own carbon price to help add a forcing factor to drive down their emissions.

Lets hope that the IMO’s move sets that example, and we see more of these industries doing the right thing going forward (and ignoring those enemies of life on Earth listed above).

The agreement still has to go through a final step of approval on October, but this looks likely to happen.


Even without a carbon price, many homeowners can save money on their electricity bills today by going solar. And if you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – ad*

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Podcast: new Tesla Cybertruck, tariff mayhem, Lucid buys Nikola, and more

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Podcast: new Tesla Cybertruck, tariff mayhem, Lucid buys Nikola, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Cybertruck RWD, more tariff mayhem, Lucid buying Nikola, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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