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Croesus 🔴 Profile picture
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Feb 8 • 11 tweets • 6 min read
.@HeatherReyhan and her husband @unrealdutch were arrested today for the 2016 Bitfinex hack, were sitting on 120k BTC worth $4.5B

My fav part is how Heather got this 2019 writeup in Forbes: forbes.com/sites/heatherm…

Here's her rapping she's a "bad bitch":
"Got Burnout? This Tech CEO Thinks You Should Try Stealing $4.5B in Bitcoin"
Hahah it gets even better
#travelhacker #businessclass #stole4billiondollars
What a gold mine

"the best way to celebrate completing a bunch of #hardwork" aka stealing $4.5B in #Bitcoin
"Muthafuckas HODL! Our mission is noble! Ya, wanna be a mogul!"

She says while sitting on $4.5B of #Bitcoin stolen from @bitfinex

instagram.com/p/CK6_g-YhKFv/
Check out the posture on the @Bitfinex hacker, Ilya "Dutch" Lichtenstein. Looks familiar
Oh my god no waaay, it just keeps getting better

as unthinkably stupid as it is to stash $3.6B in stolen Bitcoin on Dropbox... these are the ppl in question...
Y'all wondering how they got caught?

Feds texted this number: "what kind of secret stuff?"
Naturally this too

.@unrealdutch wrote this piece in 2018, as CEO of Endpass. Could not be more ironic...

medium.com/endpass/rethin…

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More from @Croesus_BTC

Croesus 🔴 Profile picture
Jan 27
Been trying to take stock of the possibilities of where we are with the market:

1. We're in a bear market
2. Supercycle / S2FX
3. Cycles elongated, still on way to $1-200k peak

Here are my current thoughts (it's all WIP)...
1. We may be in a bear market. But if we are, $69k wasn't the peak... $64k in April 2021 was.

Basically, if leveraged derivatives trading wasn't a big part of this market (like in 2013 & 2017), maybe we would have gotten a blow-off top. Instead, funding rates were too HIGH
HODL waves and other on-chain activity also suggest that the market has been ~dormant since Q2.

This could be the final phase of a bear market, without us realizing we were in one!

Read 14 tweets
Croesus 🔴 Profile picture
Mar 29, 2021
THREAD:

Many things set #Bitcoin apart from any altcoin. But keep it simple, no technical metrics needed.

Three elements to consider:
- Digital scarcity is a one-time phenomenon
- Schelling points
- Money is the mother of all network effects & tends to one Image
The graphic above shows the proliferation of cryptocurrencies over time. In truth, they exist in two categories: Bitcoin and copycats.

By definition, a copy of a digitally scarce system is itself not scarce. The marginal cost of creating an additional new copy is zero.
In this sense, it is only the original instance of a digitally scarce system that is actually scarce: Bitcoin.

Digital scarcity is a one-time phenomenon.

To understand this more deeply:
-@Breedlove22 breedlove22.medium.com/the-number-zer…
-@parkeralewis unchained-capital.com/blog/bitcoin-c…
Read 8 tweets
Croesus 🔴 Profile picture
Jan 21, 2021
Bitcoin blocks are like container ships.

You may have heard this metaphor before, but the details are fun to consider. It also helps explain Bitcoin's path to scaling up to handle the entire world's transactions.

A thread...
In 2019, 802M containers were shipped.

A large container ship holds 8,000 containers. If an average one holds 4,000 containers, this means ~200k container ship journeys per year.

Bitcoin has ~210k blocks per year.

Sources: statista.com/statistics/913…, worldshipping.org/benefits-of-li…
The revenue generated by a container ship journey is the sum of fees charged for ~4,000 individual containers.

When new Bitcoin issuance fades away in the coming decades, the revenue generated by a Bitcoin block will be fees from ~2,000 transactions.

bitcoinvisuals.com/chain-tx-block
Read 9 tweets
Croesus 🔴 Profile picture
Dec 29, 2020
Ultra-simplified #Bitcoin educational content, #4 Image
Updated version with watermark and label fixed, please use this if not retweeting original, thanks! Image
Read 4 tweets
Croesus 🔴 Profile picture
Dec 22, 2020
Compendium of my work:

Each tweet in this thread links to my best #Bitcoin analysis threads, articles, graphics, podcasts, etc.

Hopefully the content here proves valuable to your personal Bitcoin journey, or as you help your friends and family on theirs.

👇👇👇
How the halving causes Bitcoin's bull markets:

How the adoption curve compounds the halvings to drive a 10x increase in "adoption adjusted scarcity" every four years:

Read 22 tweets
Croesus 🔴 Profile picture
Nov 14, 2020
Thread:

Dollars, gold, #Bitcoin - which is the best for storing your hard earned money?

----

All forms of money grow in total value as the global economy grows. What differs is how they do it.

The U.S. prints as many dollars as needed to achieve 2% inflation.
The only way to do this is to pull supply out to the right far enough that it deflates the purchasing power of all existing dollars by ~2%. (For your own good!)

Since 2010, this has meant an average supply increase of ~8% per year. Source: fred.stlouisfed.org/series/M2
Gold's supply is not actively managed. However, the free market efforts of gold mining adds ~2% to total supply every year.
Read 5 tweets

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