Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[fabiorem]

Any news on the China ban?

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[El duderino_]

Any news on the China ban?

Yeah looks bad, we just went from 5860 to 5845 

[vroom]

The hacker sent funds to an address from which they can't be spent???

https://cryptopotato.com/did-binance-really-get-hacked-these-conspiracies-might-prove-otherwise/

Sounds like CZ has some serious haters. Of course the rollback idea is dumb. It was dumb when Ethereum did it, it's dumb now. Too bad he had to actually say that. He is/was one of my favorite crypto personalities.

Stupid article, can't they write why the coins can't be spent?

edit: I found the reason somewhere else.

Every Bitcoin transaction carries information about the wallets it's going to and from, the reasons you know it's a valid transaction and so on. Without the right information, the Bitcoin can't be spent.

One of the improvements of SegWit is that it rearranges this information and packs it more efficiently. Bech32 addresses are designed to read that information in the new and more efficient way that SegWit arranges it. But if it's not packed correctly, they can't read it.

So when you're sending Bitcoin to a Bech32 address, you need to make sure you're sending it from a type of address type that knows how to pack the information correctly. Otherwise it arrives in the Bech32 address without the information needed to be transferred again.

That's what happened here. About 7,000 Bitcoin worth $40 million are now stuck.

It's like the Binance Bitcoin went on vacation but forgot their passport, and now they're stuck in an airport for eternity because border control won't let them out without a passport.

https://www.finder.com.au/binance-may-have-accidentally-burnt-40-million-in-segwit-migration

these binance guys are trying to conceal a big mistake with a hack that never happened.

[Torque]

So Binance hacked itself and will reimburse the victims with Binance tokens?

Right out of the ol' Bitfinex playbook 

[encycrypto]

So Binance hacked itself and will reimburse the victims with Binance tokens?

Right out of the ol' Bitfinex playbook 

Not really:

https://twitter.com/cz_binance/status/1126005587353821184

[VB1001]

Bitstamp to Expand US Operations by Hiring Former Coinbase Exec Hunter Merghart

European crypto exchange Bitstamp has appointed a former Coinbase executive as head of United States operations, Finance Magnates reports on May 8.

Bitstamp, an entrant of the top 50 crypto trading platforms by daily trading volume, has hired Hunter Merghart in a move to expand its operations in the U.S.,
following the recent acquisition of a virtual currency license from New York state’s financial regulator.

Merghart will be based in New York and will focus on working with Bitstamps’ new and existing clients — particularly targeting institutional clients — the report notes.

https://cointelegraph.com/news/bitstamp-to-expand-us-operations-by-hiring-former-coinbase-exec-hunter-merghart

[AlexGR]

Stupid article, can't they write why the coins can't be spent?

edit: I found the reason somewhere else.

....
So when you're sending Bitcoin to a Bech32 address, you need to make sure you're sending it from a type of address type that knows how to pack the information correctly. Otherwise it arrives in the Bech32 address without the information needed to be transferred again.
....

I read the above and still don't get the problem. What type of address was needed before sending to Bech32 and why was it unspendable? And how can it be unspendable if it is sent back to the company's wallet and thus "proves" it's an inside job?

[Hueristic]

^
Thats the thing about kenzawak....  you would never guess he’s actualy a french guy

Does he shower?

[nutildah]

^
Thats the thing about kenzawak....  you would never guess he’s actualy a french guy

Does he shower?

French Baths...

That's cologne right?

[vroom]

Stupid article, can't they write why the coins can't be spent?

edit: I found the reason somewhere else.

....
So when you're sending Bitcoin to a Bech32 address, you need to make sure you're sending it from a type of address type that knows how to pack the information correctly. Otherwise it arrives in the Bech32 address without the information needed to be transferred again.
....

I read the above and still don't get the problem. What type of address was needed before sending to Bech32 and why was it unspendable? And how can it be unspendable if it is sent back to the company's wallet and thus "proves" it's an inside job?

My explanation, but I'm not an expert: I think bech32 needs a segwit source address to work. The transaction went from a legacy address to the bech32 address and a second destination, a legacy address. The coins from the second destination were sent back.

[bitcoinPsycho]

[VB1001]

The theme of Binance smells very bad.....

If with all the garbage that goes out we keep going up:

BTCullish !!!

[jojo69]

Wait...so how do any of the REST of us avoid such a "mistake"??...need more details!!

The hacker sent funds to an address from which they can't be spent???

https://cryptopotato.com/did-binance-really-get-hacked-these-conspiracies-might-prove-otherwise/

Sounds like CZ has some serious haters. Of course the rollback idea is dumb. It was dumb when Ethereum did it, it's dumb now. Too bad he had to actually say that. He is/was one of my favorite crypto personalities.

Stupid article, can't they write why the coins can't be spent?

edit: I found the reason somewhere else.

Every Bitcoin transaction carries information about the wallets it's going to and from, the reasons you know it's a valid transaction and so on. Without the right information, the Bitcoin can't be spent.

One of the improvements of SegWit is that it rearranges this information and packs it more efficiently. Bech32 addresses are designed to read that information in the new and more efficient way that SegWit arranges it. But if it's not packed correctly, they can't read it.

So when you're sending Bitcoin to a Bech32 address, you need to make sure you're sending it from a type of address type that knows how to pack the information correctly. Otherwise it arrives in the Bech32 address without the information needed to be transferred again.

That's what happened here. About 7,000 Bitcoin worth $40 million are now stuck.

It's like the Binance Bitcoin went on vacation but forgot their passport, and now they're stuck in an airport for eternity because border control won't let them out without a passport.

https://www.finder.com.au/binance-may-have-accidentally-burnt-40-million-in-segwit-migration

these binance guys are trying to conceal a big mistake with a hack that never happened.

[VB1001]

NEWS: We’ve rolled out a fleet of  Bitcoin-selling rickshaws in Glasgow!
It’s a fun way to show the public just how easy Bitcoin is to buy and spend with.

https://twitter.com/BitcoinsFast/status/1125770197112107008

We have partnered with a local business to roll-out a fleet of Bitcoin-enabled pedal rickshaws on the streets of Glasgow. The rickshaws have been introduced to the city as an initial trial to demonstrate the ease and simplicity of buying and spending with Bitcoin to the general public.

Those wanting to ride the Fastbitcoins.com branded rickshaws can hail them once spotted, in the same way as regular cabs or rickshaws operating in the city. Passengers can choose to pay their fares in cash, but will also have an option to quickly and safely purchase Bitcoin vouchers from the back seat via a nifty point-of-sale terminal operated by the rider. Those who already possess the digital currency will be able to pay their fare using their own bitcoin on the Lightning Network.

https://blog.fastbitcoins.com/peddling-bitcoin-weve-just-rolled-out-bitcoin-selling-rickshaws-the-streets-of-glasgow/

Strange combination, a taxi with pedals and pay with BTC, nice.

[Syke]

Not really:

https://twitter.com/cz_binance/status/1126005587353821184

Holy shit, they actually got a bunch of people together to seriously consider performing a 51% attack on Bitcoin.

https://twitter.com/cz_binance/status/1125996194734399488

[Ibian]

Wait...so how do any of the REST of us avoid such a "mistake"??...need more details!!

The hacker sent funds to an address from which they can't be spent???

https://cryptopotato.com/did-binance-really-get-hacked-these-conspiracies-might-prove-otherwise/

Sounds like CZ has some serious haters. Of course the rollback idea is dumb. It was dumb when Ethereum did it, it's dumb now. Too bad he had to actually say that. He is/was one of my favorite crypto personalities.

Stupid article, can't they write why the coins can't be spent?

edit: I found the reason somewhere else.

Every Bitcoin transaction carries information about the wallets it's going to and from, the reasons you know it's a valid transaction and so on. Without the right information, the Bitcoin can't be spent.

One of the improvements of SegWit is that it rearranges this information and packs it more efficiently. Bech32 addresses are designed to read that information in the new and more efficient way that SegWit arranges it. But if it's not packed correctly, they can't read it.

So when you're sending Bitcoin to a Bech32 address, you need to make sure you're sending it from a type of address type that knows how to pack the information correctly. Otherwise it arrives in the Bech32 address without the information needed to be transferred again.

That's what happened here. About 7,000 Bitcoin worth $40 million are now stuck.

It's like the Binance Bitcoin went on vacation but forgot their passport, and now they're stuck in an airport for eternity because border control won't let them out without a passport.

https://www.finder.com.au/binance-may-have-accidentally-burnt-40-million-in-segwit-migration

these binance guys are trying to conceal a big mistake with a hack that never happened.

Better a mistake than a true blue hack, it means their security is more solid than thought.

A mistake that didn't use to be possible. It's almost like segwit is causing some new and exciting problems.

[Lambie Slayer]

“And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting. It’s like somebody else is trading turds and you decide, ‘I can’t be left out.'”

bitcoin investors "celebrate the life and work of Judas Iscariot"

Charlie ButtMunger




I predict either or both Charlie ButtMunger and Warren Buttfet will be dead before the 100k Party. The stress of King Bitcoin ascending to glory will be too much for these old tards and help send them to an early grave. Good riddance you pieces of shit.

[gentlemand]

Better a mistake than a true blue hack, it means their security is more solid than thought.

Makes little sense for them to lie about it being a hack rather than a mistake. And it looks like coins have already moved from those supposedly unspendable bc1 addresses.

Original hack - https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

The first bc1 address on there has been emptied - https://chainz.cryptoid.info/btc/address.dws?bc1qp6k6tux6g3gr3sxw94g9tx4l0cjtu2pt65r6xp.htm

[Torque]

So Binance hacked itself and will reimburse the victims with Binance tokens?

Right out of the ol' Bitfinex playbook  

Not really:

https://twitter.com/cz_binance/status/1126005587353821184

Of course they would have enough BTC to cover, if they faked their own hack.

Not saying they did tho. Who really knows.

But here's the thing everyone should remember:

There will be no new Bull Run without plenty of FUD and fake bullshit to accompany it every step of the way. Not gonna happen.

[Torque]

“And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting. It’s like somebody else is trading turds and you decide, ‘I can’t be left out.'”

bitcoin investors "celebrate the life and work of Judas Iscariot"

Charlie ButtMunger




I predict either or both Charlie ButtMunger and Warren Buttfet will be dead before the 100k Party. The stress of King Bitcoin ascending to glory will be too much for these old tards and help send them to an early grave. Good riddance you pieces of shit.

Funny that ol' Charlie never applies the same "ethics" to trading or investing any of those S&P 500 or Fortune 500 companies that have sky high valuations but at this point are COMPLETELY INSOLVENT FUCKING ZOMBIE COMPANIES.

GE, anyone? Bueller?