Beware of things that look good at a glance.

If that doesn't say "stronghands" we are gonna have to sit down for a talk!

I think there are really two answers to this one...  Either something really expensive:


Or perhaps you want to go the discount route instead to save your sats:


I, on the other hand am trying not to become an alcoholic, so I am sticking with this sort of thing... much better than I would have thought!

I JUST made a screenshot of the same thing.  To POST the same thing.  Good grief.  I do not know what he is saying... but I do know LSD and megalomania do not mix well...  I assume it still in that zone?

Absolutely agree, and making my point.  We solve this.  But we are not there yet.  And at the same time get the damn coins of stupid exchanges...  And I know Hal (and Satoshi) are not the answer... but a girl can dream... a girl can dream.

I agree, in spite of the fact I have often complained "Be your own bank" is too simplistic a slogan.

I have been a vocal proponent of the idea of "bitcoin banks" for a long time.  For the simple reason that not everyone will be able to safely self custody the way things work now.  I hear the phrase "Anyone can write down 12 words" a lot nowadays.  Or "If you can remember your password you can remember your seed words".  That sort of thing is apples to oranges.  There is a BIG DIFFERENCE between someone stealing access to your Spotify account and someone stealing access to your retirement savings when people take a screenshot of their seed words and text it to themselves or upload it to google drive.

What I foresee is technology solving that problem in a trust minimized way.  Something like Chaumian mints, covenants, or some other such wizardry that I cannot say I completely understand.  But we have to go that direction... or something like it that would work.

What I have NEVER meant is we would trust unregulated single points of failure operating out of the Bahamas.  LOL.  And if you leave your funds under the exclusive control of someone like that... well I agree with Hueristic AND Mr. T.

And I do not think "regulation" or "proof of reserves" are perfect solutions in any way.  In fact I think regulation is going to be used to try to kill Bitcoin (good luck with that) and proof of reserves is a good idea in theory, but is also gameable, and frankly therefore useless.  Particularly since no one has ever mentioned "Proof of Liabilities" which would also be needed for that to work in the first place.

Anyway... the recent events are making me reevaluate my stance on "Bitcoin Banks"... and i (we) have a long way to go. 

I wish we could ask Hal to expand on what he foretold back in the day... ah well.

Wow.. so basically:

Not you boat, not your accident.

But in all seriousness that does suck.

edit: but in all, all seriousness...  I do not mean to be coming on too strong with the dark humor.  A LOT of people are getting hurt by this damn thing.  And almost none of them deserve it. certainly no one I know here...

One reason I felt OK about joking around is we all have our shit backed up in cold storage, right?

Maybe not.  In which case... no harm intended.   I took some pretty big hits this year myself... robbed by the medical system I work for lol.

As one of this Wall Observer's resident Monero degens I feel it is my duty as a fellow Bitcoin Maxi (I know...I thought that sentence up for Jay particularly as well as it being true) to remind you all:

There is no better time than the present to stage some sort of fantastic boating accident.

I mean... LOTTA ships sinking out there.  Maybe one of them was holding all your corns?

Say no more?

(I kid...I kid FEDARALES! I have personally had no boating accidents, nor do I own any Bitcoin (and certainly not Monero)).

I think this is where a LOT of the "space" has underestimated the fallout from this thing.  It is going to hurt every exchange that was stupid enough to send money over to FTX for some reason.

I read even Coinbase is stuck double digit millions (can't currently find the source) because of this.  Now Coinbase can probably actually absorb that shock.  But depending on the exposure and the size of the victim?  There is no doubt we will see fallout?

Was Gemini dumb enough to have funds over there.  Honestly, probably.  Lots?  Hopefully not.  Or is it just that they are having the unfreeze some cold storage?  Well for several reasons I hope that is the case.

No matter what, we are really only dipping under the surface of the water to BEGIN to get an idea of the size of this iceberg. I think we should see much more fallout.

Honestly i HOPE we do.  I do not want people to get hurt... but i DO want to see the exodus of coins off exchanges not only continue, but accelerate. 

I promise I will stop making this point over and over, but  I am going to try one last time.

Lightning (or ANY OTHER scaling layer/solution) cannot 'kill off mining'.  It's sort of a catch 22 but positive.

You only need lightning if blocks are full (and for instant settlement).  If blocks are not full people will not need to use lightning.

Lightning will KEEP blocks full.  Lightning service providers are going to compete on the base layer to write settlement transactions.  For the entire world!

Individual users are not going to want to pay the sort of fees necessary to keep miners supported as the subsidy wanes, but layer 2 service provider certainly will.

I honestly cannot figure out how you are scared by this.

_edit_ as a matter of fact we are seeing this play out right now.  Blocks are super full with a mucilaginous backlog (thanks to Binance and people pulling stuff off exchanges?)  If I need to make a transaction I am definitely going to want to do it over lightning if I can.  So lightning is NOT killing the miners.  It is saving the individual.

Uh oh.

I'm just going to quote this from time to time until I either come out dead wrong, or...

Well let's hope for dead wrong.

OK...  I obviously do not mind sharing crazy opinions...  so here's another.

We are standing on the threshold of the MOTHER of all short squeezes.

I just do not know how long it takes to cross that threshold. Could be longer than some of us have... could be faster than we would possibly expect.

You know what to do.

I am very, VERY sorry to hear this man.  Truly.  I hope you can see that what you have NOT lost is more valuable than what you did.  By a long shot.

You will be back.

"Silent weapons for quiet wars".  That's my point. And I am not buying any of it.  But LOTS of people still are.  Nixon taking us off the gold standard was the set-up.  I never said it was kinetic though it may end up that way.  Time will prove me out even though I hope I am wrong.

Breathing is just fine... I promise.  I am very calm!  

https://archive.org/details/SilentWeaponsForQuietWarsOriginalDocumentCopy/page/n1/mode/2up

So few see it still... which makes me fear we are doomed.  Almost no one realizes we are ~50 years into WWIII.  But it's getting pretty heavy now.  The next few years will be interesting if nothing else.

LOL.

Laura Shin might actually just be a psyop.  She has been, for YEARS, one of the "reporters" who seems to completely miss the point of Bitcoin, and majors on all the stupid bullshit scams instead.  ERC20, Defi, Web3... all that sort of nonsense.  That's what she thinks matters... while she poo poos the idea that BITCOIN is really the real deal.  All the while pretending to be neutral.

If nothing else...

This is gentlemen.

Well I see two relevant points.

--The garbage fire is causing some folks to "get it".  Does every time.  AND those who still DON'T get it think Bitcoin is somehow also tainted by this.  And this is worth discussing.

--I also see a VERY possible angle that this is all an orchestrated attack on Bitcoin.

So yeah... SBF is not all THAT interesting.  But he IS part of the two above thing, and the more you look at him the more you can see he is a perfect candidate for something bigger than just a ponzi.

But I agree his presence is tiresome.

[]


Also this.

https://www.weforum.org/organizations/ftx