This is, in my opinion, one of the more likely reasons these coins would have moved. The person making these waves and taking this opsec risk HAS to have a good reason to do it. And if that *is* the reason, then i for one applaud them. Unlikely, if it was a jab at Faketoshi a much better solution would be to just sign "Faketoshi going bankrupt in 3..2.." message (which i still hope they'd do) |
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I thought I'd write about the last four years, an eventful time for Bitcoin and me.
...
And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I've seen it before. Easy come, easy go.
That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.
[edited slightly]
Don't see why Hal's kids would have to jump through any kind of hoops to spend their dad's well earned inheritance. RIP Hal Seeing as they were tech savvy would they really be moving around coins from that far back? Certainly dad had some coins he mined closer to the time that BCT post was written? Ones much harder to identify. Ones that would make MUCH less of a splash when moved? If they wanted to take 100k out of their hoard would they not have tried to less conspicuous? Would *my* opsec be better than Hal Finny's kids? I am not saying the'd jump through hoops... I'm saying the'd have inherited some of dads smarts as well... It's officially known that Hal mined coins from back then, and he officially stated that he left it as inheritance to his kids. If the kid wants to buy a new car, why should s/he prioritize later coins over earlier? And even if they'd use the later coins first, you'd be asking the same question in 10yrs when they'd get to Hal's earlier coins. |
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With a 80/20 split -- my guess is that someone professionally recovered the wallet password. I've used a service, took 14 months to crack but they did it and took 20%. This could be an old wallet.dat file that someone found and didn't have password. I think this is highly unlikely. Possible, yes... but kind of the opposite of Occams razor. Someone mining literally 1 month in? The chances of this person losing their key is pretty slim. This is a fairly rarified group of cypherpunks at that point. Things like passwords and the like are in their blood. Also it is extremely unlikely that this person needs to move those coins. So that means this is being done for another reason. And that is why the entire market just sneezed and is now holding it's breath. I expect CSW comes out full bore shortly. And one motivation for doing this would be to lay a trap for him. I would LOVE TO SEE THAT. Course, I guess this could also be the tip of the "rolling iceburg"? ROTFLMFAO. The reality is whomever did this... there is 99% chance that this is all meta. Know what I mean? They are not planning on building a new swimming pool or something. My bet is on Hal's estate, just selling some FIFO This is possible. But it seems unlikely to me. Someone in that position would almost CERTAINLY be being advised by a cryptographer with a good idea of what these action would portend. It is EXTREMELY unlikely that someone that holds keys to that early block would move those coins without knowing it was going to be a earthquake in the BTC community. Which raises the likelyhood that they are doing it BECAUSE of that. Not in spite of it. I thought I'd write about the last four years, an eventful time for Bitcoin and me.
...
And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I've seen it before. Easy come, easy go.
That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.
[edited slightly]
Don't see why Hal's kids would have to jump through any kind of hoops to spend their dad's well earned inheritance. RIP Hal |
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With a 80/20 split -- my guess is that someone professionally recovered the wallet password. I've used a service, took 14 months to crack but they did it and took 20%. This could be an old wallet.dat file that someone found and didn't have password. I think this is highly unlikely. Possible, yes... but kind of the opposite of Occams razor. Someone mining literally 1 month in? The chances of this person losing their key is pretty slim. This is a fairly rarified group of cypherpunks at that point. Things like passwords and the like are in their blood. Also it is extremely unlikely that this person needs to move those coins. So that means this is being done for another reason. And that is why the entire market just sneezed and is now holding it's breath. I expect CSW comes out full bore shortly. And one motivation for doing this would be to lay a trap for him. I would LOVE TO SEE THAT. Course, I guess this could also be the tip of the "rolling iceburg"? ROTFLMFAO. The reality is whomever did this... there is 99% chance that this is all meta. Know what I mean? They are not planning on building a new swimming pool or something. My bet is on Hal's estate, just selling some FIFO |
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Will it continue to be in HODL phase?  Man, TBH, I don't wanna know who Satoshi is. If i could ask one thing, it'd be for them to sign that Faketoshi is fraud  funny that BSV also went down when coins moved |
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Bitcoin tx fees are spiking... hopefully the miners aren't trying to artificially lift the fees again.  We really need more competition in Bitcoin mining.
While Bitcoin transaction fees have since fallen by 33.3% to sit at roughly $3.44 as of this writing, fees have increased by 36.5% since the block reward halving on May 11.
The average cost of executing transactions on the Bitcoin network has increased by more than 800% in just one month, with May posting the highest transaction fees since July 2019 so far.
Fees are up by more than one-third since the halving, which precipitated an increase in transaction costs of 105% over three days."source: https://cointelegraph.com/news/bitcoin-transaction-fees-are-up-800-in-one-monthI remember before the halving paying the $0.38 to send over 0.08btc. It was a super fast send too receiving it within 5 minutes! Just now sent 0.0579btc with a 0.000616btc miners fee $5.96 at preev rate and confidence rating is under 29% for the transaction which I sent 33 minutes ago. Not one confirmation yet. And if it just like before the weekend when price of BTC was surging nearer to $10k price, where everyone and their grandmothers are trying to send their bitcoin to their exchange wallets  , then I wont expect it to confirm with 3 hours from now. Where the send I did on friday had a over 94% confidence rating but still took over 3 hours to get 1 confirmation on the blockchain.  Current recommended fee - 158 sat/byte It’s butthurt miners absolutely fuming at the block reward halving so they’re prioritising high fee transactions to try & make some money back. People are paying higher & higher fees to try & get a quick confirmation. Edit - mempool is massive. 48,004 unconfirmed transactions, I’ve seen a lot more though during the spam attacks a few years ago. Hmm getting close to pushing me on the lightning train, when is Andreas book on lightning coming out? Guessing a lot of people in the same boat with me, soon won't be able to afford to not use lightning |
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A truly bizarre virus it hops from place to place. If this continues, election want be necessary.  This probably correlates with an average March-April temperature if anything else. March is warm in TX (and in FL, AZ, etc) already and it is known that temp affects R naught negatively. LA might be an outlier from the trend. Just a thought. Show me population densities. Apples to oranges |
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Bakkt grows custody business above 70 clients, says it has partnered with major financial institutions.We’re also unlocking digital assets for institutional investors, and have onboarded more than 70 firms to the Bakkt Warehouse. The secure storage of digital assets is foundational to everything we do, whether it’s providing regulated bitcoin custody or supporting the delivery of the Bakkt® Bitcoin (USD) Futures & Options contracts. This commitment to custody is underscored by a new collaboration with the Digital Asset Risk Transfer team from Marsh, the world’s leading insurance broker. Beyond the $125M of insurance already in place at the Bakkt Warehouse, customers can now purchase more than $500M in additional insurance coverage, subject to underwriting criteria.
Furthermore, we’ve recently completed a SOC 1 Type I examination by KPMG and a SOC 2 Type II examination of the ICE infrastructure and enterprise-wide functions that the Bakkt Warehouse relies on by PricewaterhouseCoopers. These audited procedures and controls are essential to our institutional customers and led Tagomi, one of the most popular crypto prime brokers, to select Bakkt as their preferred bitcoin custodian. Tagomi customers can now custody with Bakkt for 0.1% per year while retaining access to best-trade execution and settlement via the Tagomi platform. This brings in more speculators, but is needed for BTC ETF. And ETF is the last stage of the rocket |
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Holding bitcoin is always pretty stressful.
[...]
Not really. Not for me anyway. In fact, I've never slept better in my entire life since I became a HoDLer. For a stress-free Bitcoin experience, you need 3 things: 1. Some capital to start you off, which you consider "already lost" the moment you exchange it for BTC. 2. Patience. 3. Believing in the idea/algorithm. It's like a religion really, except that it is backed by science, and paradise is guaranteed to come in this lifetime. cant wait for the 72 WO virgins waiting for me in heaven.... WO virgins? really? yeah i'll pass on that party |
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Best response by far! Most people are not looking for a technical mumbo jumbo, but a use case that can apply to them |
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I wonder what happened to adamstgBit. On a yacht somewhere hopefully.
He was regularly pilloried for not ascribing to the catechism of the echo chamber. Got tired of the abuse and left for The Forum That Shall Not Be Named. He was on the wrong side of the scaling solution. Instead of admitting it, he just quit BTC, and now somewhere on the other echo chamber forum too proud to come back. BTC doesn't forget, but it does forgive. |
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https://twitter.com/jk_rowling/status/1261396891784413185"People are now explaining Bitcoin to me, and honestly, it’s blah blah blah collectibles (My Little Pony?) blah blah blah computers (got one of those) blah blah blah crypto (sounds creepy) blah blah blah understand the risk (I don’t, though.)" Unbelievably short sighted person I don't understand US financial system. Please explain it to me. |
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Tether is the weakest link and a prime target, so it's not a matter of if Tether will go down but a matter of when...
Let me, for a second, go along with your presumption that bitcoin is vulnerable to losing value because tether is propping up its price too much by causing more liquidity than what would otherwise be present. That is a pretty BIG presumption.. but let's just accept such presumption as a given. Then... What if Tether goes down in 50 years? Why the fuck should we care? Let's make it a shorter period of time. What if it goes down in 10 years? That is still pretty far into the future too. No, no, no... you are presuming Tethers impeding death... because regulators have been going after it for years and years... therefore, it must be impending to die sooner than 50 years, right? It could go any minute, right? That's what she said. Tether goes down? surely people will be scrambling to get out of it? where could they move to? Can you tether to usd ? I thought that was the point, the places didn't have USD? There's a buyer for every seller, when Tether bank accounts get frozen it'll devalue really fast, and market will decide the Tether/BTC exchange rate. Those people who hold $6B in tether (and for the life of me i can't figure out why) are only in this for speculations, forcing them to run for the hills to BTC will only provide a short term BTC bump at best. Don't get me wrong, BTC will get through it, but people loosing $6B in "crypto" won't be a net positive for BTC. |
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Stocks are down, BTC is up, think we finally got our decoupling  |
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Heard Proudhon confirmed it |
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If they print tether out of thin air and don't actually have the USD reserves, wouldn't that be just like printing USD out of thin air?
If tether is outed as a scam, wouldn't peopl just sell as much tether as they could for BTC? How would that make BTC dump?
"Tether is a scam so I'm going to sell Bitcoins for tether.." I don't think so..
If a scam came out wouldn't people just be dumping tether for BTC, WDing, and running away with whatever they could?
I don't see how this printing of tether is a bad thing for BTC..
They are just printing more buy orders for BTC, and if it turns out to be a scam, Wouldn't it all just get dumped for BTC?
How does a scam in tether hurt BTC? Wouldn't it just reinforce the fact that Bitcoin is scure, and other shitcoins like centralized tether are not secure or safe compared to Bitcoin?
You are correct that tether going down doesn't directly impact BTC. But indirectly, Tether and Finex have the same owners, so if Tether will go down expect it to take Finex down with it. People loosing $6B in tethers and another exchange going down is not good publicity and will not raise confidence. As i understand it, tethers are used for arbitrage between exchanges, and speculation. Tethers going down will take a lot of liquidity from BTC as people would have to either keep money on exchanges or wait for wires to clear when they want to buy. Tether is the weakest link and a prime target, so it's not a matter of if Tether will go down but a matter of when, the sooner it happens the better. |
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brrrrr
I think there should be a difference in brrrrr of Tether. It should be trrrrr for more clarity. Retarrrrrrrrrrded Their market cap is $6B does that mean that Finex is supposed to have $6B stashed in different bank accounts? Pretty sure every US district attorney is salivating to jump on that case and arrest their US denominated accounts. That is if they don't exit scam before that |
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That damn tether thing is a huge liability and the next big thing to pop |
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It appears there's about 3300metric tons of gold mined each year, that translates to about global supply of 9metric tons/per day. In comparison, if you have BTC3.5 in about 30yrs you'll own daily global supply of BTC.
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 but this next one is real! thx dude  Moon  |
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