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Off-Topic discussion about Bitcoin and cryptocurrency.
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If you wanted to get really rich, you would’ve gotten into crypto 5-10 years ago.
Yeah for sure.
Some people got lucky (or indeed very lucky), a few people lost their keys or their hard drives. One guy in Wales was an early miner and he put his hard drive in the bin, it's worth hundreds of millions of dollars now.
Imagine how the old Silk Road users must be feeling, like "I had 100 Bitcoin and I spent it all on heroin". It would be hard to sleep at night thinking what might have been.
So the FBI recovering ransomware should be a good thing, I think:
https://www.elliptic.co/blog/us-authorities-seize-darkside
But is that what caused the drop in price yesterday? The timing seems to coincide.
Some people argue that it was caused by news report where Trump disses bitcoin as seeming like a scam. And also argue that one reason he is (or at least claims to be) anti bitcoin is that he fears its negative impact on the dollar as world currency Who knows....the prices have certainly taken a beating.
Good point, maybe the Trump stuff was a factor too.
BTW, Bitcoin is not going replace the dollar as a reserve currency, anyone who thinks that's possible doesn't understand economics. The balance of trade issues would be unworkable.
They're not revealing how they did it, but this has certainly got a lot of people speculating:
That’s what I was wondering, how did they get access to the wallet?
Funds are safu.
The more I think about the more I think the price correction was caused by the FBI bust.
It’s very likely that they accessed the wallet with completely mundane techniques, but obviously there is some doubt out there that they hacked it, which is obviously highly unlikely from what we know.
Price of product X plunges after it turns out it may be less suitable for criminal activities than previously thought?
Well ransomware is one use case for Bitcoin, and there aren't many others...
I’ve heard one report that these amateur-hour hackers were using a Coinbase account. The Coinbase account was seized. If these were really “Russian hackers” (as was asserted by the Biden administration and the media), they are just about the dumbest hackers in the history of hacking. I’m calling it now. Not Russians. Kids who found an exploit and then made some really, really bad decisions. After they’re caught, they should be charged as adults and face lengthy Federal prison sentences.
Yeah in the post above yours Taleb also thinks Coinbase. In the affidavit the FBI mentioned a "server located in California", which also correlates to Coinbase I believe.
Exactly.
This is like from C-class hollywood movie lol. Real hackers would not use Bitcoin in first place, but something like Monero. Not possible somebody is THAT dumb.
This is psyop obviously. My bets are primary goal of this operarion was to create another Bitcoin FUD, create proof for normies that Bitcoin is used for illegal acrivities, and evenrually preprare geround for some regulations.
It absolutely makes no sense to be smart enough to perform such attack and then dumb enouhh to send that bitcoin to Coinbase :-))) Absolute nonsense.
Two notes.
1/ This is good for Bitcoin, solid proof it is not good for illegal transactions
2/ Current drop has nothing to do with this event neither with statements of that clown Trump.
Prepare for followimg down to the area around 26.5k and then hard bounce back up.
No matter how hard you cry that technical analysis doesn't work, this one i made was pretty precise. Even if it will not continue and bouces back alread now (i'm in doubt it does), i'm satisfied with it very much
btw atm i don't use BTCUSD chart for trades - just for overall market direction navigation.
What is VERY interesring how strong is ETHBTC pair. Bought some at yellow line and set some limit buy orders on purple lines in case of short drop at BTCUSD followed by drop on ETHBTC too.
Let's see how this escalates :-)
So it's more conspiracy theories then...
buyimg bitcoin years ago and holding it all the time during all dips, bear markets, all FUD, ignoring all "bitcoim is dead" crap - that has nothing to do with luck. Commitment, vision, belief in technology and it's future. No luck. Being constantly true for years - that's no luck. Thats knowing and understanding more than others.
simple logic.. i know few ethic hackers, people who are pretry damn good, they just are using their knowlege for PREVENTING such attacks.
They all were like "wtf?? this makes no sense, invest soo much energy and knowledge into that large scale sophisticated attack and then send bitcooin to coinbase ???" Everybody in hackers community automatically uses mostly Monero instead of BTC. Bitcoin is actually a quite unpopular amongst hackers because it is just pseuoanonymous.
It abslutely makes no sense if you see a little bit deeper. Zero sense.
This is why I’m thinking these were amateurs (kids) who found an exploit and were so stupid that they used a Coinbase account. Given the history of our “three letter agencies” your theory might be just as valid.
That would be surprise for me.. Based on available informatiom this looks like pretry sophisticated attack not possible with just some random downloaded script.
Hackers share their methods. They like to brag to each other and when they are not state actors, they often turn out to be kids who are trying to impress each other.
Possible I suppose, but I think you're straying a bit close to tin foil hat territory there.
Politicians don't very often orchestrate events (too easy to get caught), but they absolutely do try to profit from them. "Never let a good crisis go to waste." is alive and well, and not just for liberals. I can imagine them rubbing their hands in glee and plotting how to use it for their ends. But I don't believe for a second it was orchestrated.
First, the world is full of people that pulled off brilliant crimes but got caught by a single dumb mistake.
Second, a ransomware attack is easy! Any script kiddie can put together a customized exploit with a few minutes of work from tools that anyone can download from the internet. Getting it into somewhere is just a matter of getting some dumb ass who works there and has enough network permissions to stick a USB drive in their computer, or open the wrong email and get fooled into clicking a link.
That these exploits are always assumed to have to be the work of brilliant hackers or state sponsored actors is either intentional FUD or, more likely, just ignorance (I don't mean ignorance in an insulting way). Ignorance of how easy it is to craft such a hack, and ignorance of how many glaringly obvious holes are left in most networks.
A ransomware attack is simple. All you need to do is to get one person to execute a program that encrypts every file that the person who runs it has access to. Companies are rarely willing to put up with the annoyance and maintenance cost of tightening down access to only the bare minimum that people need. As someone responsible for corporate network security I fought that battle with management constantly for more than 25 years. I very nearly lost my job a few times, and I'm sure soured my chances at promotions more than once, by trying to stand up to this stupidity. It's endemic.
Spot on. These things are at most the catalyst for moves that are normal and were already going to happen eventually.
I don't think it's going to be that dramatic. This is still just consolidation phase where consensus starts to build on which direction a more general move will eventually take. I believe that is going to be up, but maybe not for some time. Until then there's going to be this normal kind of sideways up/down seesaw. But we'll see. 😉
I've started a couple of long and boring drafts when people compare markets to gambling and say they're completely unpredictable. That simply isn't so. There are tons of indicators (too many) that are quite good once you begin to understand how to use them.
didn't say i think politicians/goverments are behind this :-)) there are more smart guy who actually want buy bitcoin :-)) it's same scheme for years and this year it goes to extreme.. always some FUD, then significant outflow from exchges.. pretty curious if we will see significat outflow oeskmin next days
i know ut this is just too much :-)) Literally school kids knows that with onchain analytics tools like glassnode or cryptoquant we can track all transactions with surgical precision... Even former CIA chief recently in interview said that Bitcoin is not good for illegal activities and if criminals would use it more, there willl be more solved cases :-)))
This is not dumb mistake. This is like going to do bank robbery and not just don't take any mask, but pose before cameras with ID card 🤣😂
Coinbase ? Like really ? From all exchanges they picked the one which coopersting with goverment institutions probslby most ? Partially because they are now publicly traded at Stock, it's basically exchange which is most regulated, monitored and collaborating wih goverment(s) moste than any other exchange on this planet :-)))
This is one of most crucial learning during my crypto journey. Really horrible.
Your deep immersion in the subject clouds your view of this. Most people don't have a slightest clue about these things. I know. I'm someone fully capable of deploying a ransomware attack that has never looked into that aspect of crypto. I've no need to at this point.
Dude. That stuff like that happens all the time. 😂
I believe it was just a dumb mistake and it shows that this was most likely no very sophisticated hacker group. Absolutely doesn't need to be. I could have done it myself (and made the same mistake).
Obviously.
away from speculations, back to numbers...
long term holders are still (or better ti say again) accumulating: