Fiat is a scam but it’s not considered a ponzi. Ponzi is what Madoff did and it’s where he took the money from his newest investors to pay off the oldest investors which were cashing out.

The fact that he got away with this for years is what’s crazy. You would think some accountant would find something off sooner than later.

Eventually when too many people tried to withdraw at once it’s when the ponzi crumbled and he was exposed.

It’s not only lastpass that you should avoid storing anything sensitive. Even having your passwords saved on your browser is risky because anyone with access to the computer whether remote or physical can easily uncover them without any additional passwords.

You really are better off just keeping your passwords in a diary somewhere in your house pretty much. Sure they are handy those password managers but all it will take is some bug and everyone’s private info can be stolen and leaked.

We are basically back to the days before all those companies went belly up. I think it started with 3AC or Luna, don’t remember but it’s this area that set off those dominos.

What is crazy is that SOL is actually rallying. Why are people buying SOL when FtX holds a large portion of SOL. If SOL keeps rising like this then most likely FTX might be solvent again like MtGox back in the day.

Mine would be having formatted wallets with certain amounts of coins. It wasn't bitcoin but it was alts which ETH, LTC, DOGE which were very low but then they exploded in price and I basically had no way to recover that data. It was overwritten probably hundreds of times and no point in getting it recovered.

This is why you should always back up your wallets even if you don't think you will use them. The tokens might be worthless now but you never know if one day they will make a comeback. I remember when bitcoin was $50K, I had tons of dust in old accounts that I recovered, was only 0.005 BTC or so but it was valuable then compared to 2015 when it was useless.

The yield curve already uninverted on the 2s and 30s last week. The 2s and 10s is still inverted. Generally when this happens means something bad about to happen in financial markets. However it already did this in March and the government actually went and saved the banks.

However now many of these bank stocks are tanking. Even in Canada. So why are people dumping bank stocks. Mean something bad is happening in the background.

Yeah I remember when Steam dropped bitcoin. This was nearing the top of the 2017 cycle and unlike the 2021 top, the fees on the bitcoin network then were actually very high. In 2021 the fees were low compared to 2017. The fees were bad for Ethereum instead.

It was like $20-40 to send a single 1 input and 2 output transaction. Not worth it for a small game. Also the issue with Bitpay was that you needed to pay the fees twice. First to send to a specific wallet address and then to send it to the Bitpays hot wallet. So I am not surprised they stopped accepting it. However lately they wouldn’t have these  issues but since they never re added it its most likely due to small demand.

This is an interesting topic, surprised I didn’t notice in late last year. However for some reason all of the images are broken and I am given an error, it would be good if they can be reuploaded because without the images it seems half the info is missing.

Yeah I got into mining with a loud Antminer S2 that I got for almost nothing. Was a good learning experience and was fun to tinker with. I actually modified the voltage and swapped the fans and got it to run more quiet than stock. Missed that ASIC. They were more home friendly and retail oriented then, now most ASICS seem to go straight to large farms.

Been a while since I’ve seen these market cap posts of bitcoin surpassing some large cap stock. Very strange how they seem to only pop up in a bull market and never in a bear market.

Like I said in the past, it’s not suppose to be compared to a stock because it’s more of a commodity or currency. A stock is different bexause it’s owner ship of a physical company and whether the company makes a profit or not the value of the stock varies. Bitcoin isn’t considered a security so it’s completely different.

In my experience whenever you see Litecoin pumping it means the top is in the crypto market. I noticed this a few years back.

I think the way it works is bitcoin tops and the money flows into alts like Litecoin, then Litecoin pumps and usually it tops and the whales get into stables or fiat and it’s the top of the cycle.

So you don’t want Litecoin Pumping right now.

No this is not a good idea. With a regular 12 word seed you can pretty much memorize it in your head. If you go around changing the language of the seed words you will never be able to memorize it and by using all those tools it’s sets up a point of failure.

Just get one of those stencils and make your 12 or 24 word phrase into a metal pipe that is fire proof and hid it somewhere in your house. Put it next to some pipe and if someone sees they will think it’s regular plumbing. Don’t need to complicate it and end up losing your seed and funds.

Yeah I was around in November when we’re had that dead cat and we’re about to break the lows, almost seemed like a given, but I think we double bottomed and rallied from there.

There was lots and lots of fear. Basically everyone was freaking out about the exchange they use and whether they were another Ftx. Took months to calm everyone down. So since we couldn’t break $15K then I would say the low is in unless there is a massive recession or something similar.

The reason why Bitcoin was created was due to all the mess that the governments and fed caused during the global financial crisis, hence it was the headline in the genesis block.

We need a currency that is fixed and not inflationary, if cash was fixed then we wouldn’t deal with all this inflation every few decades. Currencies going into hyperinflation and a nation failing. Happens all the time even when large countries.

Bitcoin solves all those problems.

If it’s approved it will be approved before those deadlines. However keep in mind in November we got that government shutdown mess to deal with again. If the government is shutdown then the SEC won’t make any decisions during that period. It would set it back to January most likely since December is a short month due to the holidays.

I think it will most likely get approved sometime in the Q1 2024 or so. Don’t think it will be before that. They got many changes to make first with the documents and SEc will keep making them change a few variables over and over again.

Yeah I keep hearing about this and it pretty never is a good indicator of anything. You need to understand that if someone buys a far away option such as $100,000 BTC Call for like $50. The nominal value is for the price of BTC which is $34K and not the $50. So you can see why the numbers are always huge.

Same with that Big Short guy entering a short last month. It was in the Billions but since it nominal value it was maybe a few million worth that he is actually risking. And it turns out how short would of worked out since the markets globally are tanking.

Even if it’s rejected I don’t think it will have a huge dump like the Ftx collapse. We are used to etfs being rejected for years. I think the worst was when the Gemini twins etf was rejected back in 2017 and I think it lost 30% or something very quickly. But after that every etf disproved wasn’t as bad.

So even if it’s rejected I think we will still stay above $25K or so. The larger issues is what is going on in the world. We got bad inflation and all this debt that needs to be serviced. With all these bonds crashing it doesn’t look good.

I don’t think it’s the hedge funds which are buying these bitcoins to add to their etf. From what I learned they only need like $1-2 million worth to get the fund listed. And after people actually buy the shares they will buy more then from the market.

Also keep in mind that many of these could of been bought OTC without causing too much of a price difference. There are many large players that only do OTC and you got the US government even holding coins which are seized which might be sold to them.

They aren’t really related at all. Besides the fact that both are cryptos that’s about it.

They don’t even run on the same network. Bitcoin used to have tether on the Omni network but it was discontinued years ago due to low use and mostly it’s on the Ethereum network now.

Also one is a crypto and the other is a stablecoin which value is always fixed at $1. One is decentralized but the other is actually centralized and has had to freeze funds in the past.   

When bitcoins price rises, so should the hashrate which will make the network more secure. Remeber all those dead altcoins which basically lost value and miners disappeared and the network stalled?

Also when crypto has more money entering it creates more jobs in the field and can make it better overall. When crypto is in a bear market nobody is hiring. Exchanges are laying off people left and right.

So there are many positives to having bitcoins and cryptos price increase compared to it staying the same or decreasing.

It’s a security thing. Would you want your iPhone to give unlimited tries where the thief will just keep trying every code? Obviously not. Hence why it’s has a self destruct option.

I understand why he stored it on there. In case someone took the usb which would of been rare but him forgetting a PIN which he set 13 years ago is more common.

If I am correct he goes on the stand tomorrow. He will interesting how he will answer all these questions. He will probably be on the stand for another day because he is considered the most important individual in this trial.

Will people get their money back? Who knows but now they are buying claims at $0.50 which is pretty good. Means that there is a good chance that people will get back close to 75% if they wait long enough.