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

[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?

[BTCMILLIONAIRE]

@kenzawak
Some of those places are on my to-do list. If you visit any of them, a few words would be appreciated.

And thanks for the merit!  

I'm already back home. I didn't have much time to check those out.
But if I do one day, I'll let you know.  
Only thing I can tell you is about the first address you posted, well about the area where it's located. Ryogoku is where Sumos train. You can go watch one of their sessions in the morning (gotta reserve in advance though).

Nice tip about sumo training! I've never seen it live, but I did meet a wrestler once in the metro. His clean baby smell (talcum powder) could be felt from a distance through the crowd. I managed a photo with the baby hulk.

About restaurants - My first tip would have been about this tofu-only place with an impressive menu, outstanding quality and reasonable prices, but I can't recall its name or location. It was 10 years ago, who knows if it's even still there. I'd like to go there again though.

You're vegetarian too ? Vegan even ?

No, but I'm open, and I have a vegan day once in a while just for the heck of it. Serious vegans go against our own biology IMO.

I know it's quite hard to be a veg in Japan, they will slip animal products everywhere without a warning - you probably know their basic dashi broth, used in almost everything they cook, is made with small fish about 50% of the time.

Sorry I had to reply here. It's so unconvenient to discuss travel destinations and other pleasantries with all these people posting OTs about this bit dollar thing, or whatever it's called... why don't they go somewhere else?

I'm not much of a sports guy (I used to play some as a kid but I don't care much for watching others play). But I got invited to two of the sumo final tournaments and they were surprisingly intense. Even though the fights are extremely short they were never really boring. It's pretty interesting how they can go back and forth so much between who seems to be winning within such a short period.

Also, vegetarian food can be pretty damn good. I'll never give up on meat, but there are some fantastic dishes. African food in particular is really nice.

[BTCMILLIONAIRE]

Any news on the China ban?

Who. Fucking. Cares.


Edit: Are those Binance coins really stuck for good? Or will they eventually be retrievable? In the former case I don't even care if it's a false flag (which I doubt). The more coins are out of circulation the more valuable the rest become.

Edit2: Of course they're not stuck. Would've been pretty weird for people capable of pulling this off fucking up so bad. Although it would've been hilarious.

[John Abraham]

What you need is DCA'ing. I am watching this shit since 2013 and that's my final decision on the subject. Doing all-in and all-outs worked for many people and did not for many. DCA however, works for everybody since 2009. We'll have another ATH and it'll work for the $20k buyers too.

Once again, I have quoted this post just to thank you once again. I have changed my mind after having enough knowledge about DCA which seems an interesting way to accumulate BTC, no matter what the amount is for me.
I have decided to purchase a little BTC per week (Not prefer to share), I am running some e-commerce business here in my local and I have decided to put a little part of my profit into BTC each week till 2020. It took me 3 days to decide but now I am totally optimized to invest in BTC each week.

Cheers
Meet you bros in the moon.


Sad for the Binance news. These stuff create propaganda among newbie. I wish no one has lost a satoshi.

[nutildah]

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

Well so much for that theory. I guess it was put out by a website in a rush to generate content, as happens all too often.

The fallout from this will be more significant than your everyday hacking because it was Binance, but I guess it will take a few days for the dust to settle.

[cAPSLOCK]

I just spent the last hour stewing in my own anger and need to tweet regarding @cz_binance's threats to hijack the bitcoin network. /1

https://twitter.com/MikeMcDonald89/status/1126012866455191552
^
What to think of his tweet?

I think he has an agenda against CZ and Binance.  And this shows in his anger, and is shaping his statement quite a bit.  But that said I think he is essentially correct.

I think it is wonderful the idea of a reorg/rollback came up.  This is not the first time.  It will not be the only time.  But it must NEVER happen.  

And this may be the single best object lesson against centralization on the base layer.  Proponents of blockchains that either are centralized, or WILL centralize always talk about how miners will always be incentivized to "play fair" and not do things like rollbacks.  BSV comes to mind.  Gigameg (sic) blocks will inevitably cause centralization or miners/nodes.  Probably EXTREME centralization with only a very few ultra powerful players in the game.  Then when something like this happens in the future they can all get on a Skype call and decide the fate of the blockchain.

It is not an IF.  It is a WHEN.

And it does not even have to be something like collusion to increase supply (which would also probably happen) but something justifiable like a reorg after theft or attack.

People who are suggesting this have COMPLETELY MISSED Bitcoin's greatest achievement.

An extremely distributed Bitcoin network is censorship resistant.  No one can stop you from spending your money.  The flip side is no one can really stop theft.

But that is a simple fact of life.  Right now the thieves wear suits and make monetary policy decisions "for the good of mankind".

A blockchain reorg is the first step on the path to that same system, just digitized.

And it is a step off a cliff.

If Bitcoin is to survive, it will not happen.

[kenzawak]

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

Does he shower?

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

Does he shower?

French Baths...

That's cologne right?

I learned a lot from Bitserve's posts.

[cAPSLOCK]

It's kind of hard to see at first...  but this situation is EXTREMELY POSITIVE for bitcoin in the end.

Imagine businesses and institutions looking at Bitcoin and Ethereum.  

Will Bitcoin/Ethereum be reorged in the future?  Is it a security?  Will the monetary policy be changed?  Is it centrally controlled?

Which one do you want to store value in?

Every time Bitcoin survives another attack it grows stronger.  The other coin has already failed on all counts.

Nothing against any of you ETH folks in here... it's an interesting project... etc.  But seriously Bitcoin is looking more and more like a store of value every day.  

Nothing else even comes close.

[cAPSLOCK]

Damn I haven't time to go through all this yet, got a dog with a nasty cut.
https://twitter.com/binance/status/1125959459782553600 cz saying the suggestion to reorg came from the community and other verlakkerij
https://twitter.com/JeremyRubin/status/1125919526485254144 rubin being an utter twat and suggesting it
https://twitter.com/brian_trollz/status/1125927753096863751 shinobi rebuffing him

the hack that wasn't a hack
a nice friendly hack to emphasise to the newbies in the institutions that bitcoin is immutable

THIS THIS THIS.  A million times this.  As horrible as this event is we should be seeing light bulbs turning on in 3... 2...

[Toxic2040]

In case you missed it here is a synopses of the CZ ama

https://www.binance.com/en/blog/332782515450425344/AMA-with-CZ-%7C-May-8-2019

Highlights:

- CZ confirms an upcoming margin trading feature for Binance.

- CZ talks about the timeline for the next Binance Launchpad token sale project.

- CZ reveals plans for a possible future by Binance.

- Plus, the latest updates from CZ on the security incident.

- Binance will take care of affected accounts from the incident through the SAFU fund and ensure the integrity of its networks and platforms before resuming its services.

- UPDATE: Following the AMA, CZ confirmed that Binance will not pursue the re-org approach on the Bitcoin network to resolve the matter.

-----------

Truly a messed up situation but they(Binance) seem to be putting the fires out. I guess I am biased but I like CZ and what he does for bitcoin and crypto. I wish him the best of luck in repairing damage from the hack and moving forward once again.

Not sure where the reorg suggestion came from but thats a complete and resounding NO f'ing way.   

[cAPSLOCK]

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.

The dude just lost 40MM.  You ever play poker?  I remember the first really big pot I lost... 

I've never liked him all that much, but if ANYONE deserves to be forgiven for entertaining stupidity...

[Ibian]

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

Well so much for that theory. I guess it was put out by a website in a rush to generate content, as happens all too often.

The fallout from this will be more significant than your everyday hacking because it was Binance, but I guess it will take a few days for the dust to settle.

Who the fuck is binance?