In case anyone missed the lawsuit filing: https://www.scribd.com/document/4076...e-I-PETITION-1

The best part:

Bitfinex to cryptocapital on telegram (or discord) asking for $100mln's in cash:

"Is there any way we can get money from you?"
"Please help"

So much for security being an advantage compared with fiat.

But as he looked at the Ethereum blockchain, Bednarek could see evidence that some people had stored ether at vastly simpler, more easily guessable keys. The mistake was probably the result, he says, of Ethereum wallets that cut off keys at just a fraction of their intended length due to coding errors, or let inexperienced users choose their own keys, or even that included malicious code, corrupting the randomization process to make keys easy to guess for the wallet's developer.

As usual, this isn't a fault in the security of a private key. So it's a bit dishonest to blame this on the security of Bitcoin/Ether as a whole. Which is completely unaffected by this.

Very obviously a user mistake and not a knock on ETH or BTC security.

I'm back courtesy of you. Careful what you wish for?

Of course it's a knock on bitcoin/ether security. If something is "theoretically" secure if implemented perfectly, and it's often not implemented perfectly, it's practically an inferior technology.

This isn't theoretical. Lots of keys get hacked. When Satoshi (Craig Wright) unequivocally proved his possession of several of the first private keys to a cryptography professor hired by a newspaper, the professor claimed that he and his team had recovered "thousands" of private keys by using information from multiple key use and known less-than-perfect key generation algorithms to work out the private keys - implying that Wright could have hacked the genesis keys. Satoshi (Craig Wright) questioned him "from a single key use??" and the researcher said "yes" (which is false), and then Satoshi got irate and ripped him a new one, as geniuses tend to do with worthless idiots. But the fact that you can sometimes reverse engineer a private key from multiple postings using that key is well known and well published in the literature (it's another reason to use a new address every time for every transaction if you're dealing with meaningful money).

It's going to make mass adoption very hard if the average person, who simply isn't all that bright and is going to have zero understanding of what they're doing, has no confidence their money is secure.

If the endgame is replacing fiat, then this is an impasse, is it not?

https://www.bloomberg.com/news/artic...rrency-trading

This will probably be like Robinhood - fake-btc (betting on price only) but still good exposure.

The complexity of blockchain and the difficulty of use has always been the biggest barrier to adoption.

Amazing how nobody really seems to care about the most recent news from the OAG.

The fact that Bitfinex & Tether are clearly running a fractional reserve should destroy both companies. Only a moron would believe that Bitfinex can recover $850mln cash loss through commissions alone. If they had to resort to an "arms-length loan" (lol) from Tether, then clearly no outside investors are willing to touch Bitfinex. Whatever competitive advantage that Bitfinex used to possess is no longer necessary in the market thanks to proliferation of Bitmex and Binance. I am mystified by anyone who still trusts Bitfinex with cash despite recent events and blatant display of gross incompetence since the exits of former senior staff.

This is the year simple tools will be delivered to the masses. Or maybe next year.

First off as a Brit I find it insane that American election cycles last for 2 years. However to the point, I noticed that Andrew Yang (the UBI guy) is accepting donations in Bitcoin, Ethereum and Litecoin. A bullish sign? Prima facie. I imagine none of the mainstream candidates know anything about crypto at all and perhaps that's not such a bad thing. It's quite conceivable that #BanBitcoin could be a social justice bandwagon in the future for a myriad of reasons.

Set the scene, a 2021 Congressional hearing on Bitcoin.



Senator Kamala Harris: Mr Antonopolous, can you tell me how many trans women of colour are currently employed as Bitcoin developers?

Andreas Antonopoulos: Sorry Senator, I assumed I was here to talk about technolo....

Senator Kamala Harris: Mr Antonopolous, its a simple question.

Andreas Antonopoulos: I don't know.

Senator Kamala Harris: So basically Bitcoin is a white male safe space. What have you done to promote trans women of colour in Bitcoin?

Andreas Antonopoulos: ??

Senator Kamala Harris: No further questions.

Andreas Antonopoulos: Senator I've flown 9,000 miles to come here and talk about...

Senator Kamala Harris: Your sense of entitlement is disgusting.



Rep Hank Johnson: Mr Wu, I'm concerned that Bitcoin fracking could cause Alaska to tip over and capsize?



Jihan Wu: I no understand question.

Senator Bernie Sanders: Could you please explain to the gallery the concept of 'the halving'

Jihan Wu: Every 4 years the number of Bitcoins rewarded for mining a block decreases....

Senator Bernie Sanders: So the manual labourers doing the physical work get poorer over time as the white shoe boys squeeze every penny of surplus value to pay for their fat juicy dividend cheque.



Senator Elizabeth Warren: Dr Back what is 'proof of work'?

Dr Adam Back: Well Senator, it's an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the...

Senator Elizabeth Warren: Dr Back, plenty of ordinary working Americans work hard. Teachers, post office workers, everyone works hard. Why isn't everyone rewarded with Bitcoins? Quite frankly Dr Back, your attitude that workers should prove their worth to tech oligarchs such as yourself is straight out of the Dickensian mill.



SEC Chairman Gore: Mr Maxwel how much energy does Bitcoin burn on an annual basis?

Greg Maxwell: About 32TWh.

SEC Chairman Gore: ....

Anything with Q in it was great imo.

I don't understand how Finex is trading at a 6% premium, but Tether only at a 2.5% discount.

Something seems fishy about the market valuation of Tether at remotely close to 1:1. Between Tether and Finex, they must have lost at least 25% of cash reserves to the crypto capital fraud/seizure/scam. Plus we already know that Tether is likely backed by non-cash assets. The chat logs indicated that Bitfinex cash reserves were completely tapped months ago.

15% of Bitcoin in Bitfinex cold storage address were withdrawn since OAG news broke yet BTC/USD price has hardly blinked. I would not be surprised if a big player(s) (we know a NY person(s) alone had $24mln on Finex) are single-handedly maintaining the Tether peg while unloading positions from Finex. Who the **** would buy Tether at this price?

iFinex can buy up Tether at < 98 cents on the dollar, and remove $1 of liabilities on their books. Seems like it's very unlikely to drop too much.

Tether had the cash, it was Bitfinex who had the cash not available (still there, just not accessible). Tether holders now ended up with debt backing up their assets instead of cash in a bank, but that's not that strange, they would have owned debt in the form of t-bills instead of debt into assets frozen by Finex.

No Wai!!

Bitcoin bull Tom Lee says ‘crypto winter’ is over and new all-time highs by 2020 are ‘likely’


I guess it's time to buy. Has this guy ever been right? Why is he the go-to guy on CNBC?

Fear_itself’s last post deserves love.

Ugh. Sell sell sell

This. Very good deal for anyone with Tether liabilities to scoop it up at less than a dollar and clear it off the books. There's actually been rumors in the past that Tether operators themselves spread tether fud to drop the price so they can pay ~97 cents on the dollar to remove liabilities.

Really well done.

This reminds me of the scene from the mummy where the guy is in a negotiation to get the highest percent out of the deal and goes even lower for no reason.

She offers 10%
He counters 50%
She counters 20%
He counters 40%
She counters 30%
Then he goes to 25% lol

The action happens at 1:20 in the video



Here is the link incase the youtube tags get broken someday: https://www.youtube.com/watch?v=NW2QM6c1wAI

This had me in stitches, well done!!!

Haha that's a great mummy scene

Who has Tether liabilities other than Tether/iFinex?

iFinex operators weren't spreading fud. Withdrawals were backlogged because Bitfinex is insolvent after losing $850mln to CC.

There's been FUD about tether for years. Where the money is, audits, etc. All FUD that drives price below $1 and let's tether scoop it up cheaply to remove liabilities