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Dec 16, 2022 • 5 tweets • 3 min read
It is great that many are skeptical of @binance. Users should not trust custodians and should withdraw bitcoin from all custodians ASAP.
That said, do not let Binance concerns distract us from the fact that @BarrySilbert still owes @Gemini users $900M. Withdrawals remain frozen.
Gemini is one of the most regulated exchanges in the world.
DCG is one of the most regulated bitcoin holding companies in the world.
Retail was told they were the safe option.
Meanwhile, withdrawals remain frozen for Gemini Earn users and @BarrySilbert still owes them $900M.
Nov 9, 2022 • 6 tweets • 2 min read
extremely unlikely binance saves ftx, cz just wanted sbf to bend the knee publicly and calm markets for a bit, ftx and alameda are not surviving this, neither are many of their counterparties, all of them are rushing for liquidity by selling everything, including bitcoin
this is also putting additional pressure on loans with bitcoin or ASICs as collateral, many have been liquidated already, more will be liquidated, more exposed companies will be rekt, especially miners + this is all happening in a global environment of tight money due to fed
Nov 8, 2022 • 5 tweets • 2 min read
SBF overplayed his hand while consistently slighting CZ and Binance. CZ saw weakness and took advantage of the opportunity. SBF had no choice but to bend the knee in an attempt to save Alameda and FTX US which are separate entities from FTX Global.
If this deal goes through it will be for pennies on the dollar. FTX investors and retail rekt regardless. SBF potentially walks away with a few bil via Alameda and FTX US but deal probably falls through and then he goes bankrupt.
Nov 6, 2022 • 4 tweets • 1 min read
- Binance dumping a massive amount of FTT on the market.
- FTT is the FTX exchange token.
- SBF, his exchange FTX, and his trading arm Alameda seem to have the majority of their money locked in leveraged FTT.
- We could see massive collateral damage as this unwinds.
- All custodians right now should be considered at increased risk of failure due to FTX relationships throughout ecosystem, but especially FTX.
- Never trust a custodian with money you are not willing to lose.
- Not Your Keys, Not Your Coin. Always, but especially now.
Mar 14, 2022 • 6 tweets • 2 min read
1/6 A lot of confusion due to the wasabi team putting out vague tweets about blacklisting rather than a proper statement and this poorly written block article below that is being shared widely.
- coinjoin is not a mixing service, it is a type of collaborative bitcoin transaction 2/6
- a coinjoin is a native bitcoin send transaction that includes multiple users in a non custodial transaction that attempts to break the probability analysis chain surveillance firms use
- there are multiple software implementations that can construct coinjoin transactions
Aug 24, 2020 • 19 tweets • 4 min read
1/ One way to attack coinjoin users is through a sybil attack.
A sybil attack in this context is when an attacker attempts to flood coinjoin rounds with their own transactions. This can allow them to track their target user(s) through process of elimination.
2/ If an attacker has knowledge of other users' transactions they can also leverage that to make their attack more effective.
Both samourai & wasabi attempt to make this type of attack expensive by incorporating a coinjoin fee.
This is one of the main reasons @wasabiwallet and other user friendly privacy solutions are so important. Each person that discloses their addresses reduces the anonymity set of everyone else.
We need users to have plausible deniability before this becomes more widespread.
Nov 27, 2018 • 8 tweets • 2 min read
re: ASICs > GPU
ASICs are inevitable. ASICs are your friend. Embrace them.
1. There is no such thing as an ASIC proof PoW algo. Given enough time and financial incentive someone will figure out a way to make a purpose built rig that outperforms GPUs.
2. The only practical way to keep ASICs off your network is to continuously manually change the algo, which bricks current ASICs, with the hope of discouraging future ASIC development. This comes with centralization & third party risk. Who decides when and how it changes?
Aug 30, 2018 • 4 tweets • 1 min read
One of the major conflict points in this space is that US based VCs & HFs are investing in quasi-legal(to put it lightly) projects & attempting to extract an ROI. That alone makes the project vulnerable. It means there are known actors which the US gov can go after.
Key characteristics that make a protocol or app more censorship resistant (anonymous/global devs, open source. lack of central control) go directly against the idea of US based VCs & founders being able to extract an ROI. They themselves are one of the main vulnerabilities.
Aug 15, 2018 • 6 tweets • 2 min read
18/ Spoke too soon, looks like they are moving ahead with the fork.
"As of today, all Nebulous (the company employing sia's core developers) and Obelisk employees are supportive of a fork,"
Really bad decision. Extremely shortsighted.
coindesk.com/coders-renew-e…19/ "the Sia core team has decided to reset the Sia Proof-of-Work function to brick the Bitmain and Innosilicon hardware"
"Innosilicon is Sia’s largest miner, mining a stable 37.5% of the Sia hashrate."
(1)Bitmain will want to make their holdings look as impressive as possible, so they will probably try to pump bch (maybe the other alts too) before the IPO. They have been trying (and failing) to corner the market for the last year.
(2a) The added transparency for the IPO has put them in a vulnerable position. They are overexposed to bitcoin cash and now their competitors know. I have theorized in the past that the main reason bch hasn't been 51% attacked yet is due to fear of retaliation from bitmain.
Jul 4, 2018 • 4 tweets • 2 min read
My take re: $SYS pump on Binance
1. Many Binance users were using a 3rd party trading bot w/ API access. 2. Bot was compromised. 3. Malicious actor set high SYS sell orders, then used compromised accounts to pump SYS price into them. 4. Same method used w/ $VIA in March.
So most likely neither binance or $SYS were hacked. It was the 3rd party trading bot, which was either an inside job or was compromised. My guess is inside job.
This is a risk users take when they trust a trading bot & its operator with access to their exchange funds/account.
Jun 23, 2018 • 7 tweets • 2 min read
In every other asset class, a buy and hold long term investment strategy is encouraged and considered conservative, with bitcoin critics frame it as reckless and irresponsible.
In practice, most people will lose a lot more money if they try to trade bitcoin short term.
Would I have preferred to sell the top & rebought at the bottom? Of course. I just know I wouldn't have been able to do that. Bitcoin has a ton of volatility, & if you try to time it you will most likely end up FOMO buying & panic selling. Not good for your wallet or your health.
Jun 16, 2018 • 7 tweets • 3 min read
EOS launch has been a complete joke, not surprised.
Classic Larimer, launch with bugs, shit incentives, and broken security assumptions.
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by @EOSauthority view original on Twitter
Also, if this is true, it is absolutely hilarious. Talk about a stupid design decision.
Not only can you only get EOS by buying from an existing holder, b/c it's DPOS instead of PoW(where you can mine), but you need them to make a wallet for you. 🤦♂️
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by @ummjackson view original on Twitter
Jun 13, 2018 • 6 tweets • 2 min read
"The authors of the new 66-page paper do not have emails or documents that prove that Bitfinex knew about or was responsible for price manipulation...This method is not conclusive"
nytimes.com/2018/06/13/tec…
I've said this countless times before, the fact that Tether supply increased during market declines doesn't prove manipulation. That's exactly what should happen if Tether is working as designed.
Jun 10, 2018 • 7 tweets • 3 min read
Wow. Tezos foundation is holding contributions hostage unless contributors submit to KYC/AML...
May be used to prevent US citizens from claiming their XTZ.
There was no KYC at the time of ICO(a year ago).
Wouldn't be surprised if this results in two chains at launch.
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by @TezosFoundation view original on Twitter
Interesting, looks like Tezos cofounder @ArthurB(murbard on reddit) is saying he isn't on board with the decision.
While everyone is on the topic of mining using hydroelectric because of the recent WSJ piece, worth mentioning that's what the majority of China based mining ops have been using for years now. Excess hydro is insanely cheap.
1/ Part of the reason the 'hodl' philosophy came about was because we have learned not to trust exchanges. Trading requires trusting a third party, holding long term doesn't. Decentralized exchanges will help, but connections to fiat will always come with third party risk.
2/ Store your keys yourself. Hardware wallets are best for most, they make it really easy, are very secure, & support all the top chains. I recommend @TREZOR or @LedgerHQ.
Also, tails.boum.org built-in electrum is great tool for storing $btc.
#Tether is/was:
- created to bypass KYC/AML laws & the banking blockade on exchanges that don't comply.
- a centralized stop-gap solution until connections to fiat are unneccesary.
- most likely holding reserves in an offshore bank account.
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by @matt_odell view original on Twitter
2/ @Tether_to cannot defend themselves b/c they risk gov't intervention. Making their bank account(s) public puts them at greater risk of being shut down & assets seized. They also can't acknowledge back room deals between the exchanges & them, that puts the exchanges at risk.
Jul 24, 2017 • 14 tweets • 4 min read
1/ Don't be scared of potential hard forks. They are a key component of #bitcoin's ability to upgrade through rough consensus/game theory.
2/ A healthy #Bitcoin network is one which will fork many times in its future. Forks can enable new ideas, market will value accordingly.
