“Fix the money, fix the world.” ₿itcoin
California
Joined February 2010
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This might be the most important 5 minute listen of your entire life. @PrestonPysh @Swan @samcallah @CitizenBitcoin @coryswan #Bitcoin
Binance reopened withdrawals Sunday after the record $6.3B hack. Customers have pulled a net $4.72B since, per Binance.
Bitcoin itself was never hacked. An exchange was.
Holding your own keys is the oldest lesson in bitcoin. A lot of people just relearned it.
Bitcoin, week in review:
- Fed: hold at 3.75-4%
- Spot ETFs: -$202M
- Strategy Q3: $20.9B op. income
- Hashrate: 1,071 EH/s
- Price: -2.6%
- October: -7.3%, worst since 2014
Next up: midterms Tue, jobs report Fri.
Nine pages from 2008 still set the rules.
Get a free month of Full Self-Driving (Supervised) when you use my link. tesla.com/get-app/referral?c…
18 years ago today, Satoshi Nakamoto sent a 9-page paper to a cryptography mailing list.
Title: "Bitcoin: A Peer-to-Peer Electronic Cash System."
What it promised, and how it's holding up:
The paper said the system holds as long as "a majority of CPU power" isn't attacking it.
CPUs are long gone. Today the network runs on more than 1,000 EH/s of specialized machines. That's the wall an attacker has to climb.
Bitcoin has been declared dead 482 times since 2010, per bitcoindeaths.com.
The first obituary: Oct 15, 2010, when 1 BTC cost $0.11.
Which bitcoin obituary aged the worst?
Aaron Lieber retweeted
It’s like the screenwriters aren’t even trying anymore. Literally just giving the audience the same copypasta from the 2022 season.
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has:
- temporarily suspended deposits and withdrawals while security checks are completed;
- revoked the affected address authorisation;
- engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.
binance.com/en/support/annou…
New to bitcoin? Here's what a node is.
It's a computer running bitcoin software that keeps its own copy of the ledger and checks every new block against the rules.
Try to create extra coins and nodes reject the block. Anyone can run one. No permission needed.
"Bitcoin is an open, permissionless monetary network. I don't ask anybody's permission." @americanhodl8
No account to open. No approval to wait for. No closing time. A network anyone on earth can use, any hour, any day.
Chamath last week: "eventually it gets hacked, and then it goes to zero." Upgrading? "Basically impossible," since bitcoiners "can't even agree."
They agreed on SegWit in 2017 and Taproot in 2021. Slowly, on purpose.
Money that's easy to change is easy to change on you.
2018-2026 🪦 @Jason takes on bitcoin
#bitcoinzero is still the likely case (60-70%)
if you own #bitcoin, understand it's a highly manipulated currency, with no rules or regulations.... if you didn't get in early, you're the sucker at the table.
$3,700.... ouch.
Aaron Lieber retweeted
One of my favorite bitcoin funeral posts.
If Jason instead just bought bitcoin and did nothing he’d have 21x’d his dollars over last 8yrs.
That’s a CAGR of ~46%.
Many such cases.
#bitcoinzero is still the likely case (60-70%)
if you own #bitcoin, understand it's a highly manipulated currency, with no rules or regulations.... if you didn't get in early, you're the sucker at the table.
$3,700.... ouch.
A bitcoin buyer most people missed: perpetual preferred stock.
Fidelity Digital Assets says these dividend-paying shares funded 135,979 BTC of purchases through Oct 5.
That's about 0.65% of all the bitcoin that will ever exist, in roughly 15 months.
Max pain!? Does anyone feel like this entire war is ment to cause supply chain shortages and bring everyone to the table to sign onto a digital dollar? #bitcoin
BlackRock filed last week for its third bitcoin ETF: PBIT, which would use options on IBIT to limit losses in exchange for capped gains.
The biggest asset manager on earth keeps building on-ramps for cautious money. That's what adoption looks like.
Bitcoin, week in review:
- Spot ETFs: +$301M net
- Strategy: +267 BTC, now 848,517
- Hashrate: 1,064 EH/s
- Price: about -2%
- Thu: $636M ETF outflow, most since June
Next up: FOMC Oct 27 to 28, Strategy earnings Oct 29.
Headlines change weekly. The 21 million cap doesn't.