Discover and read the best of Twitter Threads about #NotYourKeysNotYourCoins
Most recents (12)
1/ The world's largest crypto lender is collapsing.
Genesis, under DCG, is ironically the latest victim of the FTX contagion after publishing Alameda Research's balance sheet via Coindesk (DCG's subsidiary).
The contagion has come full circle. Here's what you need to know ⬇️
Genesis, under DCG, is ironically the latest victim of the FTX contagion after publishing Alameda Research's balance sheet via Coindesk (DCG's subsidiary).
The contagion has come full circle. Here's what you need to know ⬇️
2/ The parent company of @Grayscale & @GenesisTrading, @DCGco, is having liquidity issues & seeking a $1B emergency loan.
Before we dive into the details & ramifications, we must understand who’s involved & what their roles are.
Before we dive into the details & ramifications, we must understand who’s involved & what their roles are.
1/ With the recent FTX debacle, a lot of people have been talking about self-custody and its importance
While it's easy to say, there are some best practices that need to be followed for safe self-custody.
We asked one of our devs to share his experience with us, a thread 🧵
While it's easy to say, there are some best practices that need to be followed for safe self-custody.
We asked one of our devs to share his experience with us, a thread 🧵
2/ Avoid Centralized exchanges.
In 2017, @lebed2045 Had a bad experience with a Tier 1 exchange which led to the loss of his funds. Since, then, he set a rule for himself: Avoid centralized exchanges at all costs.
#NotYourCoinsNotYourKeys should be this space's motto.
In 2017, @lebed2045 Had a bad experience with a Tier 1 exchange which led to the loss of his funds. Since, then, he set a rule for himself: Avoid centralized exchanges at all costs.
#NotYourCoinsNotYourKeys should be this space's motto.
3/ What DeFi protocols to use? There's many decentralized and on-chain alternatives for what your CEX offers.
▫ Exchange tokens? @1inch
▫ Trade with leverage? @dYdX
▫ Yield Farming? @iearnfinance
▫ Leveraged yield ? @GearboxProtocol
▫ Exchange tokens? @1inch
▫ Trade with leverage? @dYdX
▫ Yield Farming? @iearnfinance
▫ Leveraged yield ? @GearboxProtocol
Many people ask me how many $QNT tokens are held in the top 1000 wallets- Minus #1, which is the burn wallet.
We have 11,640,809.46, all held in the wallets offline and by people and exchanges...
But this needs to be dug in a little deeper.
1/9
We have 11,640,809.46, all held in the wallets offline and by people and exchanges...
But this needs to be dug in a little deeper.
1/9
Subtract the wallets labeled for exchanges; you have 9,723,271.48.
Roughly 1,917,537.97 are labeled- now this needs to be clarified as we know there is more that is held offline, not marked.
Here is an interesting factor to consider @cryptocom owns 216,314.98 marked $QNT
2/9
Roughly 1,917,537.97 are labeled- now this needs to be clarified as we know there is more that is held offline, not marked.
Here is an interesting factor to consider @cryptocom owns 216,314.98 marked $QNT
2/9
What happens if they become insolvent? This is an interesting question to ask.
I will get this tuned in more so it is more accurate, but I know @Threetoesloth1 has put something out in more detail.
Just working through this, and I will have more to update.
3/9
I will get this tuned in more so it is more accurate, but I know @Threetoesloth1 has put something out in more detail.
Just working through this, and I will have more to update.
3/9
Å holde hytta frostfri i vinter kan potensielt bli dyrt. Med et enkelt grep kan #bitcoin hjelpe deg spare fra 15 til 100% av oppvarmingskostnadene.
En litt lang🧵(fri for fagfellevurderte beregninger)
1/22
En litt lang🧵(fri for fagfellevurderte beregninger)
1/22
Møt Antminer S9. En av mange typer bitcoin minere som kan kjøpes brukt på Finn. Den koster 1000-1500kr og avgir varme som tilsvarer en panelovn på 1400W når den kjøres på full effekt. Da belønnes du med ca 0.00005 bitcoin per dag, som tilsvarer ca 10 nok per dags dato. 2/22
En panelovn består av motstandstråder som konverterer elektrisk effekt til varme. En bitcoinminer består av kretskort som like effektivt lager varme, et restprodukt av arbeidet de gjør for å bidra til at bitcoin skal kunne være en global, åpen og ustoppelig pengeform. 3/22
1/ SO MANY TRUTH BOMBS in this terrific blog post.🧐MUST READ for US customers of #crypto exchanges/custodians (hint:😱, if yours goes bankrupt). Note @AdamLevitin analysis applies US-wide *EXCEPT* in #Wyoming bc it mostly fixed the very issues he lays out creditslips.org/creditslips/20…
2/ Truth bomb #1: "I do not think customers understand the legal nature of the custodial relationships, and exchanges have no incentive to make the legal treatment clear to customers." ...
3/ "In bankruptcy, it is likely to be treated as a debtor-creditor relationship, not a custodial (#bailment) relationship. That means that customers are taking on REAL CREDIT RISK with the exchanges, which is a particular problem because of the opacity of the exchanges..."🎯
1/ I DIDN'T SEE SOMETHING UNTIL NOW. Often I've spoken about paper assets creating a fake supply that satisfies real demand, & that (all else equal) this causes an asset's price to fall. Most recently this came up in a debate with @timevalueofbtc abt using #MVRV to value #bitcoin
2/ The issue? RV isn't an accurate number bc it's impacted by all the paper #bitcoin issued by intermediaries. If all intermediaries always held 100% bitcoin reserves to back the bitcoin claims they issue, then RV would be reliable. But many intermediaries likely run fractional.
3/ I'm not saying RV isn't an observable # (of course it's observable). What I'm really saying is that RV isn't accurate--bc it's influenced by paper claims to #bitcoin being issued to satisfy demand for the real thing. You may have heard me talk about the 2017 Dole Food lawsuit.
@kwerb 1/ Well said @kwerb. When I started writing in 2016 abt the dangers of leverage-based financialization in #bitcoin mkts for @ForbesCrypto, I was worried abt #WallSt banks bringing it. What I missed was that #crypto peeps wld beat the big banks to it—& wld do it MUCH bigger. How?
@kwerb @ForbesCrypto 2/ bc they did it offshore. They beat #WallSt to it bc (1) regulators held back big banks/regulated derivatives exchanges & (2) onshore firms are capped on leverage they can offer. Example: onshore US #BTC futures can be leveraged ~2.5x but offshore can be 20x (was 125x until…
@kwerb @ForbesCrypto 3/ …some offshore exchanges voluntarily reduced it to 20x after much criticism of the practice—deserved, IMHO—but 20x is still much higher than regulators would allow onshore). The recent bull market brought in many speculators (incl many w/ WallSt trading backgrounds). I’d…
When you hear negative things about #Bitcoin like
- Bitcoin will go to zero
- Bitcoin is energy intensive
- Bitcoin is centralized
- Bitcoin will be shutdown
- Bitcoin is used by criminals
etc. don't pay attention, they're unaware of facts...
A small thread 🧵 👇
- Bitcoin will go to zero
- Bitcoin is energy intensive
- Bitcoin is centralized
- Bitcoin will be shutdown
- Bitcoin is used by criminals
etc. don't pay attention, they're unaware of facts...
A small thread 🧵 👇
1/ INTRODUCING AVANTI BANK, a new US #bank to serve #digitalasset industry, offering new products & svcs not currently available in USD mkts along w/ tech partner @Blockstream. #Wyoming-based. We’re preparing long process of charter application & aim to open early 2021. @AvantiBT
@Blockstream @AvantiBT @adam3us 2/ Co-founder/team news soon. I’ve founded @AvantiBT w/ key support from top people in #crypto + important innovators from traditional finance. Seed funding round recently closed. Avanti will serve institutional customers that need services around #Bitcoin & #cryptoassets.
@Blockstream @AvantiBT @adam3us 3/ A critical piece of US mkt infrastructure is missing—a regulated #bank that can act as bridge to Fed for pymts + custody #crypto for BIG institutional money (pensions/endowmts/foundtns/corps/sov wealth) who need this b4 entering #crypto in a big way. Regulation had blocked it.
Fascinating thread by @krakenfx on Hardware Wallets .
Here's some intro advice and resources to securely use Bitcoin Wallets. #NotYourKeysNotYourCoins
Here's some intro advice and resources to securely use Bitcoin Wallets. #NotYourKeysNotYourCoins
There are 3 major HWWs: @Ledger, @COLDCARDwallet, and @Trezor (whose wallet kraken hacked ^). Each use different security features, but only Coldcard is BTC only. These are HD wallets, which allow generating new addresses (a privacy best practice). Great for continuous stacking.
These wallets also allow you to load your addresses into Bitcoin Core in order to check balances and transactions without relying on 3rd party services like blockchain.info. Also good for privacy because you don't connect your IP address and BTC addresses!
1/ TWEETSTORM about #Wyoming’s BIG REVEAL. This is long & info-packed, so buckle in. My native state is about to do bigger things for #blockchain, & the sector is about to pay Wyoming back big-time. Win-win! @Tyler_Lindholm @SenatorDriskill @TraceMayer @ForbesCrypto
3/ New bill 2 parts. 1-Digital asset custody via #SEC #CustodyRule wld create first true #QualifiedCustodian for digital assets (for investors who by law can’t self-custody). 2-Defines property rights for digital assets—doing something HUGELY IMPT for #bitcoin/virtual currencies
1/ CRINGE ALERT: if the regulator of your #crypto exchange/custodian requires this, run! "A DAB (digital asset biz) shld have a minimum amount of assets on-hand, within the organisation, to withstand the withdrawal of all client assets." @BermudaMonetary
cloudfront.bernews.com/wp-content/upl…
cloudfront.bernews.com/wp-content/upl…
2/ I found that gem in Bermuda's "Digital Asset Custody Code of Practice." Consumer protection is listed as the first core objective of the effort (bma.bm/BMANEWS/BMA%20…). Sorry, but I don't see much meaningful consumer protection in here. @TraceMayer would probably agree...
3/ ...and here's another gem, in a section titled Account Segregation🤔:
"While keeping client assets separate from its own, DABs may commingle client assets..." Believe it or not, the quote in the prior tweet was in a section titled Proof of Reserves! There's a lot of great...
"While keeping client assets separate from its own, DABs may commingle client assets..." Believe it or not, the quote in the prior tweet was in a section titled Proof of Reserves! There's a lot of great...
