@NickSzabo4 does the 
in your name suggest you're a @toshitreasure Hunter?
No. It means I strongly encourage self-custody of keys, or at least partial shares thereof in multisig schemes, as with hardware wallets, @CasaHODL, etc. The currently popular practice of entrusting crypto custody to third parties such as exchanges is risky and naive.
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Trusted third parties are security holes. But you should check out the treasure hunt too!
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What about audited and insured exchanges such as gemini ?
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I understand that its not ideal but can we consider the risk of loss to be extremely low?
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No, we cannot. You can assume that if you leave your coins on an exchange, you will lose those coins.
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1st Class Bitcoin citizen = Hold your own keys and verify your bitcoins with your own full node. 2nd class Bitcoin citizen = Hold your own keys and trust wallet provider with verification. 3rd class pseudo-bitcoiner = Trust your keys in the hands of a 3rd party.
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Right now I’m a second-class citizen. I really want to make the jump to first class citizen, but the truth is is that I am intimidated because I really don’t understand or know what to do.
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Personally think the best option is to get a hardware wallet, like Ledger or Trezor. Running a node is best if you plan on transacting, but if you just plan to hodl, just move your coins to a wallet and sit back. Casa at this point is a bit complicated if you're a complete n00b
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I have a ledger.
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Have a look at the videos on that youtube channel. They are nicely made and also show how to verify your bitcoins on the ledger in a safe way using Electrum Wallet that has support for hardware wallets like Ledger Nano S.
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Can’t forget
@unchainedcap,@NickSzabo4. Excellent UI multisig schemes, with ability to leverage open source code to verify and execute transactions outside of the platform.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Threshold signatures is also encouraged nick?
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Yes it does. Not it's not because it's user controlled and encrypted /decrypted on device.
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Yes. You will find a lot here https://github.com/KZen-networks/multi-party-ecdsa … And http://zengo.com/security
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