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Onramp Profile picture
@OnrampBitcoin
May 15, 2023 • 7 tweets • 4 min read • Read on X
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Poor custody has resulted in ~$120B in crypto losses.

A thread on what to watch out for & how to keep your assets safe... Image
DeFi (decentralized finance) is the broad category of crypto projects and protocols aiming to replicate traditional finance functions through exotic blockchain applications.

But safety is lacking, with $5B in assets hacked in just 3 years of history Image
Exchange hacks have been a consistent part of the digital asset landscape since the beginning.

Mt. Gox was hacked in early 2014, losing ~800k bitcoin (then worth $480M, now would be worth ~$24B)

Crushing for customers with BTC stored on the exchange Image
On top of hacks, there are malicious Ponzi schemes & frauds. Most are designed to entice people to deposit their #bitcoin in promise of greater returns.

Investors lost $3.5B in Bitconnect, $3B in Plustoken, and $5.8B in Onetoken.

Recently, FTX defrauded users of $8B. Image
Bitcoin-only & self-custody in an onchain address safeguards against all of the above threats.

But many take on self-custody before they're ready.

3M #bitcoin, currently worth ~$90B, have been lost forever.

Make sure you (and your loved ones) don't end up a cautionary tale Image
Understand what group you're in:

1. Don't care if it gets hacked (leave on exchange)
2. Ready to secure cryptographic materials (self-custody)
3. Want best-in-class security, not ready for self-custody yet

We built Onramp for group #3. Image
Learn more about whether Onramp Bitcoin Trust could be the right fit for you or your network: onrampbitcoin.com

And be sure to sign up for our free Newsletter for weekly Bitcoin and market updates from @Croesus_BTC and @DylanLeClair_ onrampbitcoin.com/newsletter

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More from @OnrampBitcoin

Onramp Profile picture
Nov 7, 2023
Bitcoin’s multidisciplinary investment case results in a wide array of perspectives on its potential value. While the minutiae of the rabbit hole’s various tunnels are important, it’s worth zooming out to consider bitcoin’s addressable market & its plausible price ceiling.

🧵👇
Bitcoin is more than a currency; it's a novel store-of-value asset akin to “digital gold.” Importantly, bitcoin isn’t just competing against gold, but all store-of-value assets (bonds, real estate, equities), challenging conventional mental models of asset appreciation. Image
Companies and real estate are traditionally valued via expected future cash flows and interest rates. Bitcoin represents a unique store-of-value asset, instead deriving value from its digital nature, programmatically hard-capped supply, and immutable monetary policy.
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Read 10 tweets
Onramp Profile picture
Jul 30, 2023
BRICS nations & central banks are accumulating hard assets and diversifying away from the USD. As macro analyst Zoltan Pozsar explores in a recent interview with @IGWTreport, the concept of commodity-backed money is in the midst of a resurgence.🧵👇



1/21 ingoldwetrust.report/wp-content/upl…



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In recent years, Pozsar has garnered attention for introducing the concept of Bretton Woods III -- “a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Euro and also contribute to inflationary forces in the West.”

2/21
The Bretton Woods era was backed by gold, while the Bretton Woods II era was backed by inside money (Treasuries with un-hedgeable confiscation risks). Pozsar suggests the forthcoming era (Bretton Woods III) will be backed by outside money (gold bullion & other commodities).

3/21
Read 21 tweets
Onramp Profile picture
Jul 11, 2023
Bitcoin's 4-year price cycles have historically exhibited two unwritten rules:

1. The bear market low never dips below the previous peak
2. Each bull market delivers less upside than the last

In 2022, we broke rule #1. Now, it's worth exploring if rule #2 might also break.

1/9
The 2021 bull market saw unique headwinds: a China ban, significant use of undue leverage, "paper bitcoin" issuance, and the Fed's shift to Quantitative Tightening. These factors likely led to a softened bull market peak, inhibiting a blow-off top.

2/9
In retrospect, the 2021 bull market could've delivered ~15x performance instead of the ~8x we observed. Looking ahead, as we near the next Bitcoin halving, these aforementioned headwinds aren't likely to persist. Instead, new tailwinds are on the horizon.

3/9
Read 9 tweets
Onramp Profile picture
Jun 20, 2023
BlackRock's new #Bitcoin Trust is half good & half terrible.

It's imperative that every Bitcoiner know what they've created & why it's a threat to Bitcoin's values.

As an investment vehicle, this is the BlackRock Bitcoin Trust: Image
On June 15th, BlackRock filed an S-1 with the SEC, a registration statement detailing its intended Bitcoin Trust product.

This is not technically an ETF, but it is functionally equivalent to an ETF because it allows for daily subscriptions and redemptions. Image
THE GOOD:

- BlackRock utilized a "grantor trust" model
- This enables in-kind redemptions without a taxable event (meaning, investors can take self-custody when they are ready, unlike with GBTC)
- BlackRock has $10T in AUM. A small re-allocation to this product is bullish BTC🚀 Image
Read 10 tweets

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