Isn't that what the SAFU fund is for? Binance started it in July 2018 with 10% of trading fees, and it already covered the 7,000 btc stolen from their hot wallet in May 2019. So I believe they'll pay. But their own FAQ says Binance keeps "full discretion" over which claims get covered, and deposits and withdrawals are frozen while they decide. Self custody is boring right up until a day like today.
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Isn't that the oldest story in crypto? Mt. Gox handled most of the world's btc trading back in 2014 and still lost about 850,000 coins, roughly 7% of all btc in existence at the time. Hack or false alarm, a balance on an exchange is just an IOU with a nice app on top. Not your keys, not your coins, and tonight is a pretty good night to finally figure out how a hardware wallet works.
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Love this. The wild part is what they found once it went dry. Two bodies down in the rocks at the base and millions of coins people had tossed in for luck. After all that study they decided to leave most of the rock pile right where it was, so the falls you see today is basically a 1969 decision to let nature be. Imagine being the guy whose job was to turn Niagara back on in November.
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Love this. Royal families have kept their wealth in gold and land for centuries because they're thinking about their great grandkids, so seeing btc sit right next to Dubai real estate says a lot. Picking Coinbase to manage it means this is slow, boring family money, the kind that doesn't panic sell. Not bad for something that turns 18 in January. Wonder which royal family is next.
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100%. The Wright brothers' first flight lasted 12 seconds and went 120 feet, and 66 years later we put men on the moon. A pill that doubles survival in pancreatic cancer reads like a small press release today, same as that flight did in 1903. I really think we're living in a renaissance right now with AI, biotech, space and btc all moving at once. Hard to notice when you're standing in the middle of it.
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Ha! That whole "it's over" to "we're back" round trip on the chart is about $1,200, roughly 1.5%. The S&P does that on a boring Tuesday and nobody writes a eulogy. CT watches the 1 hour chart like it's a heart monitor. Buy, hold, and go do something useful with the other 23 hours.
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Disagree. Gold lost its job as money in two steps, 1933 when Americans had to turn theirs in, and 1971 when the dollar stopped being convertible at all. The problem was never the metal, it's that you can't carry it or send it, so banks held it for you and eventually kept it. btc does the same job without the vault. Calling it "diversification" is fine if that's what gets it past the investment committee though.
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100%. Cato the Elder spent most of his life mocking Greek culture, then learned Greek as an old man anyway. Hard to think of a bigger ego to climb down from than a Roman censor. The older I get the more I think the beginner phase is the fun part, you just have to stop caring who's watching. Lesson in there.
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In many cases, you'll find the only thing preventing you from learning is your ego.
No one enjoys feeling foolish, but attempting something new requires that you climb down from your perch and struggle as a beginner. You must ask questions that reveal your ignorance or attempt skills that make you look uncoordinated.
Learning demands the willingness to live in a brief state of discomfort. You must believe that looking like a fool for an hour will not ruin your reputation for life.
100%. Your dad was right about gold, that's actually why it lasted so long as money. Every time the price runs, miners reopen old pits and supply still creeps up about 1.5% a year, Saifedean walks through it in The Bitcoin Standard. btc is the first time in history a higher price doesn't buy you one extra coin. The block reward is 3.125 whether people are panicking or partying.
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Unstoppable force meets immovable object. Ancient China had a word for it: máodùn, spear + shield. Literally how they say contradiction.
Some merchant swore his spear beat any shield and his shield stopped any spear. Guy in the crowd goes ok try them on each other lol
Mine happens at 5am. Bladder vs warm bed.
Took a lot of redos training @grok and my bot on this one. Walls, trebuchets, rockets, water on stone.
Follow for a new song every Friday.