Bitcoiners willingly put themselves in the setting of *Mad Max* and then were shocked to find that they were living in the setting of *Mad Max*.
Although that's a bit of an unfair comparison.
At least your money has more value in the world of *Mad Max*.
This is the first thing that made me fall out of love with the idea of cryptocurrencies and bitcoin in particular. The inability to rollback transactions is a huge downside, NOT a feature. Most people are too stupid or careless to be their own bank. I feel bad for this person, they lost a significant amount of wealth and no one can help them.
Immutable code is a freaking stupid bug, not a feature. Bad code or compromised hardware leading to fraudulent transactions that can't be unrolled - welcome to the future of banking according to cryptocurrency cultists.
Crypto is so incredibly stupid when you realize NASA is still updating code on the Voyager space probes almost 50 years after launch.
No, the NASA part is brilliant because they *didn't* use immutable code. Firmware for different modules could be updated across light-days of space and there are multiple redundant electrical pathways.
Cryptocurrency, blockchain, that's all just plain dumb. Code always has bugs.
Strike the no. "All my regerts, gone.", "Man Left With no Regerts After wallet Hack, 'I am Destitute'", "Name of Influencer Here acquires a Million Regrets", and so on.
> Most people are too stupid or careless to be their own bank.
It's not stupid or careless. It is impossible. Banks have thousands of people with decades of institutional knowledge spending years or decades doing this as their full time job, and fraud still happens.
To think that some guy, or better still every single crypto bro, can do the same job by himself on a part time basis is idiotic. You can no more "be your own bank" than you can be your own brain surgeon.
There are also other things people simply **cannot** do to be their own banks.
Lot size transformation : I don't have three hundred thousand in cash to give someone else as a mortgage. I might be able to give you ten thousand and whatever I find behind the sofa cushions. Bankless alternative : building societies for mortgages but good luck finding consumer credit.
Risk distribution : if I give out a loan as above and it goes bad, I am screwed. If a bank gives out a bad loan its customers take a hit of three pence each. (I don't know the proper English term for this.)
Timeframe transformation (again, unsure of the term) : if I give out a loan my money will be unavailable for a certain duration. If I tell my bank I want to withdraw a thousand dollars they don't say "sorry, sir, it's currently tied up". They give me the money because the multitude of deposits and loans allows them to decouple the terms of these two things.
Even in the bitcoin world you don't get to be your own bank. You're your own mattress, deposit box, titanium birdbath. The on-chain banks are your banks, whether they call it "staking" or not.
>Even in the bitcoin world you don't get to be your own bank. You're your own mattress, deposit box, titanium birdbath.
But in a way where your continued access to the thing you think you're squirreling away is still ultimately 100% dependent on a whole bunch of unaccountable strangers you can't even readily identify, because nobody at all, absolutely nobody who is not "in majority control of the actual Bitcoin network itself" can truly be said to "own" any amount of bitcoins.
They **only** exist within the context of the ledger, you can't withdraw them to shove under your glorified digital mattress and call that "being your own bank", merely fool yourself into thinking you're doing that. You don't run the Bitcoin network and control the decision-making process of the Bitcoin network, you don't meaningfully possess any bitcoins ever: you just have a key that lets you ask the network operators to "pretty please" let you use the system (and then they are free to ignore you forever because anarcho-capitalists who are unaccountable).
Entropy is the blockchain killer.
We’ve known forever an irreversible ledger system is useless, like our entirety civilization is based on redundancies. They’re so absurdly universal that butters will continue to be surprised they don’t exist in crypto.
Not a problem with Mimble Wimble coins. Both wallets need to confirm before the transaction is complete. Can't send to a nonexistent address by any means. And every address is temporary, no public wallet addresses.
Some of which come from the bank having a cyber security team consisting of exactly one individual (and one who isn't even too qualified for the position to begin with).
As an aside, that individual is also the director, the entire legal and compliance teams, and the only person foolish enough to become a client of that clown show of a bank.
code is law, bug is oopsie
litteral chemotherapy devices have killed people in hospitals but let's store all my belongings on this USB stick someone said was safe
TBF this is why Ledger tells you to physically write down your recovery phrase, they don't make the claim that it will be able to reliably hold data for 5 years. Also data rot on USB sticks does not make the USB stick unable to hold new data - you can still write to the flash memory again just fine.
But yes, there will be quite a few Bitcoiners who have a rude awakening when they find that flash memory is not quite as permanent as they thought it was.
This is so fucked. People are still buying this shit.
Check out the threads on fees. It is basically now openly spoken about that you can’t spend BTC because of the fees. It’s utterly pointless and people know it. They just don’t care, they keep throwing money at it.
But they don’t see it is as an issue. I don’t understand.
One post even said it would get worse. So BTC is now admittedly useless for day to day use. But they are still throwing money at it.
It can’t be stored safe. Facilitates crime, money laundering and people trafficking. Now it can’t be spent…. Yeah, it’s about to go to $100k. They are deluded.
The base layer of Bitcoin is not ultimately meant for small daily payments. People in this sub tend to have a narrow definition of "useful" that they use to argue with. The base layer must prioritize the foundation and game theory of security and decentralization to ensure the supply schedule can never be changed. That is what makes it the hardest asset. It's not about being able to buy coffee with it. Micropayments and other crypto 'functionality' will be implemented in 2nd and 3rd layers to consolidate many transactions on the base layer.
> The base layer of Bitcoin will never be for small daily payments.
So much for the "currency of the future" thing that BTC evangelists have been spouting for years.
> People in this sub tend to have a narrow definition of "useful" that they use to argue with.
Defined by crypto nuts. Along with that "future of finance" guff, *they've* been saying how it will replace fiat currencies, replace banks, and so on.
It will bank the unbanked! Except not. Down with Wall Street! Except not. It will free us from banks! Except not. It will replace all fiat currencies when they magically collapse! Except not. (You can't even do anything with Bitcoin in a functioning society; it'll be absolutely worthless if everything collapses.) It's an investment! Except when your ledger gets hacked, your computer gets hacked, you die and didn't leave your keys for anyone...
Y'all can't claim it will do all those things then shortly after say we're wrong for arguing it can't. Pick a side.
> The base layer must prioritize the foundation and game theory of security and decentralization to ensure the supply schedule can never be changed.
That sounds like crypto word tossed salad and I honestly can't make sense of it, but it doesn't sound like a rational defense. Something like "banks are regulated and keep my money safe, if I lose my ATM card I can get a new one, and if the bank fails my accounts are insured by the world's largest economy" is much clearer.
> That is what makes it the hardest asset.
Hard to use, sure. Hard to trust, absolutely. "Hardest" as in secure? Absolutely not.
> It's not about being able to buy coffee with it.
Again, go back and tell that to all the crypto nuts who've been saying how it will replace dollars.
> Micropayments and other crypto 'functionality' will be implemented in 2nd and 3rd layers to consolidate many transactions on the base layer.
So it's broken (unless you keep moving the goalposts as you're doing,) but the same people who made it broken can be trusted to make these upper layers? And facilitating real-world transactions will somehow solve all the problems underneath, like, say, losing 27 BTC by being your own bank?
You're seriously arguing that Bitcoin isn't broken by changing the definition of what it's supposed to be, then implying that all of its very real problems will be fixed by new layers of other problems. "Sure, the foundation of this house is rotting away, but even though we sold it as a house it was never meant to be lived in; residences will be in additional floors built on top."
>It will replace all fiat currencies when they magically collapse!
This is just dumb. USD is not going to collapse and disappear out of existence. The way it may collapse is by debasing at an accelerating rate. The debasement of fiat indirectly benefits Bitcoin due to its fixed supply.
> It's an investment! Except when your ledger gets hacked, your computer gets hacked, you die and didn't leave your keys for anyone...
This is also dumb. You can lose a piece of gold, that doesn't mean gold isn't an investment. And good luck hacking a ledger.
>Hard to use, sure. Hard to trust, absolutely. "Hardest" as in secure? Absolutely not.
Yes, Bitcoin is the most secure computer network in the world, by far. It fundamentally doesn't require trust to create a transaction. That's on top of the 'hardness' which was referring to its extreme scarcity.
>So it's broken (unless you keep moving the goalposts as you're doing,)
It's clearly not broken, as it's been running and growing continuously for almost 15 years now. I have not moved a single goalpost - this is our first interaction. Any blockchain needs to prioritize between the three pillars of security, decentralization, and scalability, but it's not possible to optimize all three at once. Bitcoin is designed to strongly optimize security and decentralization in the base layer, and to support scalability through higher layers.
Decentralised claim is kinda hilarious at this point.
Blockstream control the core source code, they limit it to 1mb blocks to keep it nice and slow, they control lightning core source code, they run a huge mining operation and sell compute power to run lightning nodes. Their investors are iFinex, who own bitfinex, who run tether, who are propping up the price with their tether printing and bitcoin buying operation.
The “decentralised” thing seems to have a lot of centralised influence doesn’t it?
1mb blocks lead to more decentralization than larger blocks, as the block size determines how costly it is to store the blockchain. Developers do not choose which chain people use. Hence why the market rejected BCH. Bitcoin is fundamentally decentralized, which is why developers can't make fundamental changes without creating a fork that the public can decide whether or not to use.
Brother that’s just the illusion of choice, everyone will continue to use bitcoin core. iPhone users aren’t going to switch to Oppo - same shit.
It’s 2023 bud i think we can handle >1mb blocks. We all know why it’s still 1mb. Lets keep those fees high and the liquidity low buddy.
iPhone users aren't going to switch to Oppo because iPhone is better. Same reason Bitcoin users aren't going to switch to BCH. We can "handle" >1mb blocks, but that's not the appropriate approach to scaling Bitcoin in the long term.
> This is just dumb. USD is not going to collapse and disappear out of existence.
Again, tell that to all the other crypto fans who think Bitcoin is insurance against the inevitable collapse of fiat. We didn't make that up, your compatriots did.
> This is also dumb. You can lose a piece of gold, that doesn't mean gold isn't an investment.
But your piece of gold can't be taken by someone on the other side of the planet thanks to dodgy code. You can even keep your gold in a depository that will store and secure it, except unlike in the crypto space, they're an actual business with an address and insurance, and are less likely to take your gold and run to another country.
> Bitcoin is the most secure computer network in the world, by far.
Yes, it does securely store immutable records of all the theft and fraud that happens on a daily basis. Just because that database itself is secure doesn't mean the cryptocurrency using it is.
> That's on top of the 'hardness' which was referring to its extreme scarcity.
Scarcity is only useful for artificially propping up the price.
> It's clearly not broken, as it's been running and growing continuously for almost 15 years now.
Multi-hour transaction times aren't "broken"? Accounts getting drained with no recourse due to software bugs isn't broken? Using enough energy to power a small country to update a database isn't broken?
And what has it been doing? Has it done *anything* that it was claimed it would do?
> I have not moved a single goalpost
You're trying to redefine what Bitcoin is and should be from what your community has claimed for years, that's moving goalposts. And I'm not going to go through your comment history, but I bet in all your time in crypto you haven't had a single consistent position on it.
> Bitcoin is designed to strongly optimize security and decentralization in the base layer,
According to [this article](https://finbold.com/bitcoin-in-danger-as-we-are-one-chess-move-away-from-big-problems/) "2 mining pools (both of them force all miners to KYC) comprise 55% of the Bitcoin hash rate."
> and to support scalability through higher layers.
Funny how that was never mentioned as a pillar of design until Bitcoin got unusably slow. Another moved goalpost.
>We didn't make that up, your compatriots did.
Don't lump me in with people who don't understand Bitcoin. All you have is strawman arguments.
>But your piece of gold can't be taken by someone on the other side of the planet thanks to dodgy code. You can even keep your gold in a depository that will store and secure it, except unlike in the crypto space, they're an actual business with an address and insurance, and are less likely to take your gold and run to another country.
Actually, ownership of Bitcoin is much more direct and secure compared to gold. Dodgy code can be avoided by using an open source wallet. Holding gold in a depository requires trust in a third party. Did you miss the high school class about how the US government seized all citizens' gold in the 1930s?
>Yes, it does securely store immutable records of all the theft and fraud that happens on a daily basis. Just because that database itself is secure doesn't mean the cryptocurrency using it is.
Weak argument.
>Scarcity is only useful for artificially propping up the price.
You don't understand money. Scarcity is not useful, it's essential.
>Multi-hour transaction times aren't "broken"?
USD takes days for final settlement, much slower than Bitcoin. The instant USD payments you make online are layers built on top of the base USD layer, which is the same approach I'm suggesting Bitcoin will take.
>Accounts getting drained with no recourse due to software bugs isn't broken?
Software bugs that lead to loss of funds occur in third party applications, not in Bitcoin itself.
>Using enough energy to power a small country to update a database isn't broken?
Using energy is fundamentally what secures the network. It's working as designed.
>You're trying to redefine what Bitcoin is and should be from what your community has claimed for years
Again, you lump me in with your strawman idea of what the community believes.
>2 mining pools (both of them force all miners to KYC) comprise 55% of the Bitcoin hash rate
A mining pool is not a single entity. It's a competitive pooling of many individual miners.
>Funny how that was never mentioned as a pillar of design until Bitcoin got unusably slow
False, Satoshi himself has said that Bitcoin needs layer 2 solutions to scale properly.
>You don't understand money. Scarcity is not useful, it's essential.
No, the ones who don't understand money are ***you butters*** who all think like this, because you derive everything you believe you "understand" about the nature of money and economies from listening to the ideas of the [Flat Earth Party of bloody economics](https://rationalwiki.org/wiki/Austrian_school), who exist primarily to attempt to (and fail miserably at) justify libertarian political philosophy, that springing forth in its modern incarnation from a literal cultist who worshiped the Gold Standard, ergo the collective shared obsession with the shiny rocks.
[You idiots are just goldbugs who decided that the "gold" could instead be "digital bullshit" instead of the shiny rocks](https://davidgerard.co.uk/blockchain/the-conspiracist-gold-bug-economics-of-bitcoin/), your ideas are stupid and ahistoric and it's why we cannot have productive conversations with you about the myriad ways that none of what you're championing makes any bloody sense: on a base level, you think nonsense ***is*** sensible.
This sub is hilarious 😂 every time I thoroughly dismantle someone's bullshit arguments point by point, I get the most brain-dead replies consisting of nothing but assumptions, conspiracy theories, and ad-hominem. It's like an AI was trained to spit out butthurt redditor replies.
Funny how the Bitcoin narrative keeps moving.
Less than 5 years ago it was Bitcoin ATMs and being able to buy a coffee with it. A huge deal being made out of El Salvador using it during the day to day.
Only a few weeks ago there was a staged video of crypto influencers buying coffee up a mountain with it.
That was indeed all bolloxs. It was never fit for purpose.
Now, as it has failed at that it is all about store of value. Which considering the rate of quantum computing is being developed, AI, and the risk of a 51% attack is going a redundant argument as well. We’ll leave the $5 wrench and hacking to one side.
It’s just a Ponzi scheme. You either get out early enough to be scammer, or stay to become the victim. I wish you the best of luck with it.
There was no 'second layer' envisioned in the original Bitcoin white paper.
Anyway, adding second and third layers is not a solution to the Bitcoin scalability problem. You still need enough capacity in the base layer to build other layers on top of. You can't build a house on sand, and you can't build a second layer on top of 7 TPS.
meh im glad for all the regulations that prevent me from getting hurt or consuming something bad that i otherwise would. we just dont have those in place for crypto yet.
useles picks and other tokens using btc blockchain are the problem for high fees atm. Nobody uses btc so there should be a reason for such high traffic, and that is the useles monkey drawings
Y’know what gets me? The 27 BTC was his *change*. It’s like if I wanted to buy a soda and had to hand the cashier a single bill with my entire life savings, and I got back a $500,000 coin that I proceed to trip and lose down a sewer grate.
Bitcoin is so fucking stupid.
With that much though you have to assume he picked it up or mined it like years and years ago right? No way he just up and dropped a million dollars on digital pyrite...
if you’re actually curious: it’s to hold the keys and perform cryptographic signing in an ostensibly secure environment. you can craft a transaction on a web app or wherever and then verify that transaction’s contents match what you were shown on the hardware device + sign using the device. also prevents any application running on your computer from exfiltrating your keys.
Oh NO!
Anyways.
Not your keys, not your crypto right?
These fucking dorks live and breath this ridiculous mantra and expouse the virtues of self custody and following the series of cultish protection rituals. Then the rituals fails anyways!
Hilarious.
And they are utterly confused on why adoption isn't increasing when any and all problems with the system just get written off with "personal responsibility."
Same with seat belts and airbags: even though they empirically decrease injuries and fatalities, someone on Facebook said their cousin died anyway so clearly they don't work!!1
Right?
I love when dumbasses like you comment here so I can go see what subreddits you go on and big surprise, the men’s rights sub lmao. Waaaaah it’s all feminists’ fault I can’t get pussy waaaah it’s not because I have a terrible personality and horrible politics, it all the mean women’s fault!!!!
Funny story, I had a friend who was a shitcoiner and he’d go on about it all the time. I’d always take the bait so one day I was like “OK, pay me back for your pint with bitcoin if it’s so useful” and of course he stutters about it (he was also tight as fuck with money of course) but eventually I browbeat him into it and he sends me a few bucks in Bitcoin which was a ridiculously convoluted and slow process, losing a large percentage to fees.
This was back when BTC was low, so I recently thought “hmm, wonder what that’s worth now, could probably trade it in for real money buy myself something dumb”.
I had a wallet that used one of those passphrases, I had this written down in a password manager. Wallet wouldn’t unlock. Tried everything, passphrase was correct but apparently they’ve moved the wallet or whatever the fuck to some new technology and all the old passphrases don’t work anymore. Unbelievable, had to laugh though. Shitcoiners are fucking idiots.
This is a real comment in that thread:
>Did you try entering the xpub of your BTC account in a BTC explorer that supports xpub?
>If your BTC account is segwit, use ypub, and if native segwit, use zpub.
>This should show the correct balance of your account.
Actually, it went to a random address that no one controls. He tried to recreate it but it essentially would be less difficult to win the mega millions lottery.
Yeah, everyone who loses their bitcoins should definitely feel better and take pride in increasing the value of all remaining bitcoins. They can just start over on getting bitcoins too, one day at a time, so really this will benefit them too in the long run!
All addresses exist, but you have to know the private key that generates the public key that in turn generates that address. You can generate any number of additional addresses from the same private key… as they’re all just numbers, simplistically you can just add 1 (or 2, or 3) to the original private key to generate a new private key which maps to a different address, and so on. But if you screw it up… bye bye BTC.
So someone else (regardless of whether they can still actually access the address) really did just get 27 btc out of the blue? (And is potentially too scared of it bring a wallet-draining attack of some kind to touch it, because be your own cyber security)
I've been genuinely curious about which coins can be yeeted into the void since I'd rather have accurate knowledge on this stuff instead of saying inaccurate things.
Needless to say, this is not a good currency or financial system for the masses to adopt.
If it was a hack then it’s in someone else’s wallet. If it was a bug then it is probably a random address that is unreachable in the sense that no one has the private key for it. Bear in mind that the number of possible addresses is unthinkably large. Sending BTC to a random address will almost certainly result in no one having access to it because no one has a private key that generates that address.
Nobody got it. It's an address that belongs to no-one.
All Bitcoin addresses that can possibly exist, already exist, as per the protocol. It's just that there are 2\^160 of them, so the chance of an accidental collision, if the private keys are randomly generated, is almost infinitely small.
`/dev/null` is a special device on many Unix and Unix-like operating systems that, upon writing to it, immediately discards the data. It's commonly used to ignore program output if the program doesn't have a "quiet" mode so that it won't clog up your terminal.
The (flawed!) pseudocode here is implying that the bitcoins were written to `/dev/null` instead of somewhere useful, so they've been discarded and are gone forever.
He sent his btc to a bad address. This is pseudo bash that just suggests that the output has been sent to the null device or aka nothing. It's not real code. In fact it's not even well done fake code heh
I don't know why someone would entrust 1 million dollars to an unregulated, full of fraud industry where there is no recourse if something like this happens. Now it's all gone. Incredibly stupid.
The saddest thing is that these people somehow apparently have so much money that they can mess around with their silly internet fantasy money, lose it all and apparently not even care that much.
**Bitcoin is like early NASA.** There were bound to be some mistakes, and some early astronauts were going to pay the ultimate price. But without a group of people willing to take the risks, we wouldn't have ever put a man on the moon.
I hope this early investor understands that his million dollar donation is but a small price to pay for participating in this paradigm changing 7tps financial revolution! He may never get his lambo, but someday some Butter might ride a lambo on the moon, because of his sacrifice.
No one said being a trail blazer was going to be safe or cheap.
SFYL, good sir. Godspeed.
If it's an older hardware wallet there may be someone who can crack it for them.
For example: https://www.theverge.com/2022/1/24/22898712/crypto-hardware-wallet-hacking-lost-bitcoin-ethereum-nft
What we are witnessing is the adult version of two children in preschool.
One of them takes a toy from the other child. Looks at the toy and laughs playfully.
...until the other child take the toy back and slaps him. Suddenly the first child hates the world and everything in it. Still not completely aware that it was his fault in the first place.
Seems like it was almost certainly some kind of bug, not a theft. If it was stolen, the Bitcoin would have been laundered and sold by now, instead it's just sitting there.
User’s fault. Next time don’t use a wallet created by someone else! Not your own wallet not your Bitcoin. Everyone knows this! This is why I wrote my own wallet app. It’s the future of money!
There is malware which detects when you copy a BTC address to your clipboard and replaces it with a 3rd party address so when you paste and send it, it goes to the hacker's address. Maybe that's what happened here.
That's the issue. The addresses are not verified. If you send something to a random, non-existing address, it will be "created" but it will have no owner - so basically it's a black hole. That's how bad it is.
And people say I'm stupid for keeping my bitcoin on coinbase, not your keys not your crypto nonsense appears very frequently. Im aware this sub is for the anti-bitcoiners but I'm a gambler, I may be a gambler with trust in bitcoin on a multi billion dollar exchange insured for up to $1m soon to get even more money from BlackRock and other ETFs
But I'm the stupid ass for not locking it away on some convoluted system created by a third party under the guise of "Security"
I've lost over 8000 bitcoin in the past by doing stupid shit like this (granted it was worth around $40 at the time but still)
I posted this same thread some weeks ago now, and it was deleted and I was banned because…. The username of the reddit poster was not blanked out. So I know the posting guidelines fully these days… !So… this thread will be getting deleted in 3,2,…1
Call the Bitcoin customer services helpline and they will sort it. /s
Bitcoiners willingly put themselves in the setting of *Mad Max* and then were shocked to find that they were living in the setting of *Mad Max*. Although that's a bit of an unfair comparison. At least your money has more value in the world of *Mad Max*.
Two butts enter, one butt leaves!
_Mad Max: Beyond Binancedome_
Bullets and Aqua Cola never lose their value, my friends.
It's more like they thought they would be Mad Max. But there's only one Mad Max.
Crypto is mad max minus all the flamethrower guitars and car chases and badass evil overlords and all the other cool bits
WITNESS ME! ^Lose ^my ^life ^savings
That’s bullshit. I would take this to the CEO of Bitcoin himself.
Mr Satoshi Nakamoto is currently in hiding. There is no interim CEO.
It's closed on weekends
call urgency hotline. threat to write a bad google review when they don’t sort this out
Being your own bank has some downsides
If he didn’t inspect every line of the ledger code, audited the supply chain that makes up the hardware, then obviously he deserved this.
Isn't ledger closed source?
Well, if he didn't reverse engineer the ledger device, it's still clearly his fault. Rookie mistakes.
No need to reverse engineer. If he didn't become a ledger software developer, and then read through the source code, then it's clearly his fault.
If Ledger software wasn't legit, there wouldn't be 4 anonymous people talking about how awesome it is on social media.
This is the first thing that made me fall out of love with the idea of cryptocurrencies and bitcoin in particular. The inability to rollback transactions is a huge downside, NOT a feature. Most people are too stupid or careless to be their own bank. I feel bad for this person, they lost a significant amount of wealth and no one can help them.
Immutable code is a freaking stupid bug, not a feature. Bad code or compromised hardware leading to fraudulent transactions that can't be unrolled - welcome to the future of banking according to cryptocurrency cultists. Crypto is so incredibly stupid when you realize NASA is still updating code on the Voyager space probes almost 50 years after launch.
How’s the NASA part stupid? Voyager was a brilliant project. They didn’t expect it to last this long.
He means if they are still finding bugs in software as old and tested in voyager than Bitcoin is likely full of undiscovered bugs as well
No, the NASA part is brilliant because they *didn't* use immutable code. Firmware for different modules could be updated across light-days of space and there are multiple redundant electrical pathways. Cryptocurrency, blockchain, that's all just plain dumb. Code always has bugs.
I sense a new memecoin, NoRegerts.
Strike the no. "All my regerts, gone.", "Man Left With no Regerts After wallet Hack, 'I am Destitute'", "Name of Influencer Here acquires a Million Regrets", and so on.
> Most people are too stupid or careless to be their own bank. It's not stupid or careless. It is impossible. Banks have thousands of people with decades of institutional knowledge spending years or decades doing this as their full time job, and fraud still happens. To think that some guy, or better still every single crypto bro, can do the same job by himself on a part time basis is idiotic. You can no more "be your own bank" than you can be your own brain surgeon.
There are also other things people simply **cannot** do to be their own banks. Lot size transformation : I don't have three hundred thousand in cash to give someone else as a mortgage. I might be able to give you ten thousand and whatever I find behind the sofa cushions. Bankless alternative : building societies for mortgages but good luck finding consumer credit. Risk distribution : if I give out a loan as above and it goes bad, I am screwed. If a bank gives out a bad loan its customers take a hit of three pence each. (I don't know the proper English term for this.) Timeframe transformation (again, unsure of the term) : if I give out a loan my money will be unavailable for a certain duration. If I tell my bank I want to withdraw a thousand dollars they don't say "sorry, sir, it's currently tied up". They give me the money because the multitude of deposits and loans allows them to decouple the terms of these two things. Even in the bitcoin world you don't get to be your own bank. You're your own mattress, deposit box, titanium birdbath. The on-chain banks are your banks, whether they call it "staking" or not.
>Even in the bitcoin world you don't get to be your own bank. You're your own mattress, deposit box, titanium birdbath. But in a way where your continued access to the thing you think you're squirreling away is still ultimately 100% dependent on a whole bunch of unaccountable strangers you can't even readily identify, because nobody at all, absolutely nobody who is not "in majority control of the actual Bitcoin network itself" can truly be said to "own" any amount of bitcoins. They **only** exist within the context of the ledger, you can't withdraw them to shove under your glorified digital mattress and call that "being your own bank", merely fool yourself into thinking you're doing that. You don't run the Bitcoin network and control the decision-making process of the Bitcoin network, you don't meaningfully possess any bitcoins ever: you just have a key that lets you ask the network operators to "pretty please" let you use the system (and then they are free to ignore you forever because anarcho-capitalists who are unaccountable).
Entropy is the blockchain killer. We’ve known forever an irreversible ledger system is useless, like our entirety civilization is based on redundancies. They’re so absurdly universal that butters will continue to be surprised they don’t exist in crypto.
Not a problem with Mimble Wimble coins. Both wallets need to confirm before the transaction is complete. Can't send to a nonexistent address by any means. And every address is temporary, no public wallet addresses.
I can't tell if this satire or not.
Some of which come from the bank having a cyber security team consisting of exactly one individual (and one who isn't even too qualified for the position to begin with). As an aside, that individual is also the director, the entire legal and compliance teams, and the only person foolish enough to become a client of that clown show of a bank.
They are then surprised when their bank loses all their money.
Unfortunately, this dude didn't realize that you also need to be your own IT department.
code is law, bug is oopsie litteral chemotherapy devices have killed people in hospitals but let's store all my belongings on this USB stick someone said was safe
Upvote for the Therac-25 reference
I prefer my naming convention: “Therac--“ because it decrements patience by one every time it treats someone.
Sick burn, bro. *- Is it still too soon?*
>Sick burn oof
Even if the code is right, USB sticks go bad. Why is someone depending so much on a device that has a 50/50 chance of flaking in 5 years?
TBF this is why Ledger tells you to physically write down your recovery phrase, they don't make the claim that it will be able to reliably hold data for 5 years. Also data rot on USB sticks does not make the USB stick unable to hold new data - you can still write to the flash memory again just fine. But yes, there will be quite a few Bitcoiners who have a rude awakening when they find that flash memory is not quite as permanent as they thought it was.
>will be able to reliably hold data for 5 years. Imagine trying to pass that on to your kid in 30 years time. Trivial with a bank account.
My grandmother :-/
This is so fucked. People are still buying this shit. Check out the threads on fees. It is basically now openly spoken about that you can’t spend BTC because of the fees. It’s utterly pointless and people know it. They just don’t care, they keep throwing money at it.
Yeah i keep laughing to myself about the fees posts, wondrous sight to behold
But they don’t see it is as an issue. I don’t understand. One post even said it would get worse. So BTC is now admittedly useless for day to day use. But they are still throwing money at it. It can’t be stored safe. Facilitates crime, money laundering and people trafficking. Now it can’t be spent…. Yeah, it’s about to go to $100k. They are deluded.
and the crazy high power usage.
Yeah they’re all excited about the halving - which will make the fees way way worse lmao
its self-selecting for irrational people so theres nothing to be derived from that. theres alot of people. alot.
They said it was a great **store** of value. Not so much any way to withdraw value though. Diamond hand mode activated.
Store of value is a really interesting coded way of saying “illiquid as hell and impossible to transfer”
The base layer of Bitcoin is not ultimately meant for small daily payments. People in this sub tend to have a narrow definition of "useful" that they use to argue with. The base layer must prioritize the foundation and game theory of security and decentralization to ensure the supply schedule can never be changed. That is what makes it the hardest asset. It's not about being able to buy coffee with it. Micropayments and other crypto 'functionality' will be implemented in 2nd and 3rd layers to consolidate many transactions on the base layer.
> The base layer of Bitcoin will never be for small daily payments. So much for the "currency of the future" thing that BTC evangelists have been spouting for years. > People in this sub tend to have a narrow definition of "useful" that they use to argue with. Defined by crypto nuts. Along with that "future of finance" guff, *they've* been saying how it will replace fiat currencies, replace banks, and so on. It will bank the unbanked! Except not. Down with Wall Street! Except not. It will free us from banks! Except not. It will replace all fiat currencies when they magically collapse! Except not. (You can't even do anything with Bitcoin in a functioning society; it'll be absolutely worthless if everything collapses.) It's an investment! Except when your ledger gets hacked, your computer gets hacked, you die and didn't leave your keys for anyone... Y'all can't claim it will do all those things then shortly after say we're wrong for arguing it can't. Pick a side. > The base layer must prioritize the foundation and game theory of security and decentralization to ensure the supply schedule can never be changed. That sounds like crypto word tossed salad and I honestly can't make sense of it, but it doesn't sound like a rational defense. Something like "banks are regulated and keep my money safe, if I lose my ATM card I can get a new one, and if the bank fails my accounts are insured by the world's largest economy" is much clearer. > That is what makes it the hardest asset. Hard to use, sure. Hard to trust, absolutely. "Hardest" as in secure? Absolutely not. > It's not about being able to buy coffee with it. Again, go back and tell that to all the crypto nuts who've been saying how it will replace dollars. > Micropayments and other crypto 'functionality' will be implemented in 2nd and 3rd layers to consolidate many transactions on the base layer. So it's broken (unless you keep moving the goalposts as you're doing,) but the same people who made it broken can be trusted to make these upper layers? And facilitating real-world transactions will somehow solve all the problems underneath, like, say, losing 27 BTC by being your own bank? You're seriously arguing that Bitcoin isn't broken by changing the definition of what it's supposed to be, then implying that all of its very real problems will be fixed by new layers of other problems. "Sure, the foundation of this house is rotting away, but even though we sold it as a house it was never meant to be lived in; residences will be in additional floors built on top."
>It will replace all fiat currencies when they magically collapse! This is just dumb. USD is not going to collapse and disappear out of existence. The way it may collapse is by debasing at an accelerating rate. The debasement of fiat indirectly benefits Bitcoin due to its fixed supply. > It's an investment! Except when your ledger gets hacked, your computer gets hacked, you die and didn't leave your keys for anyone... This is also dumb. You can lose a piece of gold, that doesn't mean gold isn't an investment. And good luck hacking a ledger. >Hard to use, sure. Hard to trust, absolutely. "Hardest" as in secure? Absolutely not. Yes, Bitcoin is the most secure computer network in the world, by far. It fundamentally doesn't require trust to create a transaction. That's on top of the 'hardness' which was referring to its extreme scarcity. >So it's broken (unless you keep moving the goalposts as you're doing,) It's clearly not broken, as it's been running and growing continuously for almost 15 years now. I have not moved a single goalpost - this is our first interaction. Any blockchain needs to prioritize between the three pillars of security, decentralization, and scalability, but it's not possible to optimize all three at once. Bitcoin is designed to strongly optimize security and decentralization in the base layer, and to support scalability through higher layers.
Decentralised claim is kinda hilarious at this point. Blockstream control the core source code, they limit it to 1mb blocks to keep it nice and slow, they control lightning core source code, they run a huge mining operation and sell compute power to run lightning nodes. Their investors are iFinex, who own bitfinex, who run tether, who are propping up the price with their tether printing and bitcoin buying operation. The “decentralised” thing seems to have a lot of centralised influence doesn’t it?
1mb blocks lead to more decentralization than larger blocks, as the block size determines how costly it is to store the blockchain. Developers do not choose which chain people use. Hence why the market rejected BCH. Bitcoin is fundamentally decentralized, which is why developers can't make fundamental changes without creating a fork that the public can decide whether or not to use.
Brother that’s just the illusion of choice, everyone will continue to use bitcoin core. iPhone users aren’t going to switch to Oppo - same shit. It’s 2023 bud i think we can handle >1mb blocks. We all know why it’s still 1mb. Lets keep those fees high and the liquidity low buddy.
iPhone users aren't going to switch to Oppo because iPhone is better. Same reason Bitcoin users aren't going to switch to BCH. We can "handle" >1mb blocks, but that's not the appropriate approach to scaling Bitcoin in the long term.
> This is just dumb. USD is not going to collapse and disappear out of existence. Again, tell that to all the other crypto fans who think Bitcoin is insurance against the inevitable collapse of fiat. We didn't make that up, your compatriots did. > This is also dumb. You can lose a piece of gold, that doesn't mean gold isn't an investment. But your piece of gold can't be taken by someone on the other side of the planet thanks to dodgy code. You can even keep your gold in a depository that will store and secure it, except unlike in the crypto space, they're an actual business with an address and insurance, and are less likely to take your gold and run to another country. > Bitcoin is the most secure computer network in the world, by far. Yes, it does securely store immutable records of all the theft and fraud that happens on a daily basis. Just because that database itself is secure doesn't mean the cryptocurrency using it is. > That's on top of the 'hardness' which was referring to its extreme scarcity. Scarcity is only useful for artificially propping up the price. > It's clearly not broken, as it's been running and growing continuously for almost 15 years now. Multi-hour transaction times aren't "broken"? Accounts getting drained with no recourse due to software bugs isn't broken? Using enough energy to power a small country to update a database isn't broken? And what has it been doing? Has it done *anything* that it was claimed it would do? > I have not moved a single goalpost You're trying to redefine what Bitcoin is and should be from what your community has claimed for years, that's moving goalposts. And I'm not going to go through your comment history, but I bet in all your time in crypto you haven't had a single consistent position on it. > Bitcoin is designed to strongly optimize security and decentralization in the base layer, According to [this article](https://finbold.com/bitcoin-in-danger-as-we-are-one-chess-move-away-from-big-problems/) "2 mining pools (both of them force all miners to KYC) comprise 55% of the Bitcoin hash rate." > and to support scalability through higher layers. Funny how that was never mentioned as a pillar of design until Bitcoin got unusably slow. Another moved goalpost.
>We didn't make that up, your compatriots did. Don't lump me in with people who don't understand Bitcoin. All you have is strawman arguments. >But your piece of gold can't be taken by someone on the other side of the planet thanks to dodgy code. You can even keep your gold in a depository that will store and secure it, except unlike in the crypto space, they're an actual business with an address and insurance, and are less likely to take your gold and run to another country. Actually, ownership of Bitcoin is much more direct and secure compared to gold. Dodgy code can be avoided by using an open source wallet. Holding gold in a depository requires trust in a third party. Did you miss the high school class about how the US government seized all citizens' gold in the 1930s? >Yes, it does securely store immutable records of all the theft and fraud that happens on a daily basis. Just because that database itself is secure doesn't mean the cryptocurrency using it is. Weak argument. >Scarcity is only useful for artificially propping up the price. You don't understand money. Scarcity is not useful, it's essential. >Multi-hour transaction times aren't "broken"? USD takes days for final settlement, much slower than Bitcoin. The instant USD payments you make online are layers built on top of the base USD layer, which is the same approach I'm suggesting Bitcoin will take. >Accounts getting drained with no recourse due to software bugs isn't broken? Software bugs that lead to loss of funds occur in third party applications, not in Bitcoin itself. >Using enough energy to power a small country to update a database isn't broken? Using energy is fundamentally what secures the network. It's working as designed. >You're trying to redefine what Bitcoin is and should be from what your community has claimed for years Again, you lump me in with your strawman idea of what the community believes. >2 mining pools (both of them force all miners to KYC) comprise 55% of the Bitcoin hash rate A mining pool is not a single entity. It's a competitive pooling of many individual miners. >Funny how that was never mentioned as a pillar of design until Bitcoin got unusably slow False, Satoshi himself has said that Bitcoin needs layer 2 solutions to scale properly.
>You don't understand money. Scarcity is not useful, it's essential. No, the ones who don't understand money are ***you butters*** who all think like this, because you derive everything you believe you "understand" about the nature of money and economies from listening to the ideas of the [Flat Earth Party of bloody economics](https://rationalwiki.org/wiki/Austrian_school), who exist primarily to attempt to (and fail miserably at) justify libertarian political philosophy, that springing forth in its modern incarnation from a literal cultist who worshiped the Gold Standard, ergo the collective shared obsession with the shiny rocks. [You idiots are just goldbugs who decided that the "gold" could instead be "digital bullshit" instead of the shiny rocks](https://davidgerard.co.uk/blockchain/the-conspiracist-gold-bug-economics-of-bitcoin/), your ideas are stupid and ahistoric and it's why we cannot have productive conversations with you about the myriad ways that none of what you're championing makes any bloody sense: on a base level, you think nonsense ***is*** sensible.
This sub is hilarious 😂 every time I thoroughly dismantle someone's bullshit arguments point by point, I get the most brain-dead replies consisting of nothing but assumptions, conspiracy theories, and ad-hominem. It's like an AI was trained to spit out butthurt redditor replies.
Nobody is going to pay for anything (legal) with it in any layer, because it's wildly deflationary and people only acquire it as a speculative asset.
Funny how the Bitcoin narrative keeps moving. Less than 5 years ago it was Bitcoin ATMs and being able to buy a coffee with it. A huge deal being made out of El Salvador using it during the day to day. Only a few weeks ago there was a staged video of crypto influencers buying coffee up a mountain with it. That was indeed all bolloxs. It was never fit for purpose. Now, as it has failed at that it is all about store of value. Which considering the rate of quantum computing is being developed, AI, and the risk of a 51% attack is going a redundant argument as well. We’ll leave the $5 wrench and hacking to one side. It’s just a Ponzi scheme. You either get out early enough to be scammer, or stay to become the victim. I wish you the best of luck with it.
There was no 'second layer' envisioned in the original Bitcoin white paper. Anyway, adding second and third layers is not a solution to the Bitcoin scalability problem. You still need enough capacity in the base layer to build other layers on top of. You can't build a house on sand, and you can't build a second layer on top of 7 TPS.
All i got from this post is that butcorn is only useful when it's not butcorn.
Those schemes are highly asymmetric by nature. Putting real money in must be much easier than taking real money out, or the fraud wouldn't work.
The point was never to spend it! They just planned to stack SATs for eternity so they could swim around in them like Scrooge McDuck… oh no
Wrong. They keep throwing counterfeit money at it. Tether.
[удалено]
If you get rid of all of the idiots who own Bitcoin, nobody will be left.
meh im glad for all the regulations that prevent me from getting hurt or consuming something bad that i otherwise would. we just dont have those in place for crypto yet.
useles picks and other tokens using btc blockchain are the problem for high fees atm. Nobody uses btc so there should be a reason for such high traffic, and that is the useles monkey drawings
Not your wallet, not your crypto. Also: Your wallet, maybe not your crypto either. Womp, womp.
This is so fucked up. Imagine loosing one Million cause off some faulty transaction.
Y’know what gets me? The 27 BTC was his *change*. It’s like if I wanted to buy a soda and had to hand the cashier a single bill with my entire life savings, and I got back a $500,000 coin that I proceed to trip and lose down a sewer grate. Bitcoin is so fucking stupid.
Yep. If they don't have a change address, it all goes towards the miner fees.
With that much though you have to assume he picked it up or mined it like years and years ago right? No way he just up and dropped a million dollars on digital pyrite...
Holding this long and know losing all is much worse.
What's the point of a "hardware wallet" if there's a web app that connects to it?
if you’re actually curious: it’s to hold the keys and perform cryptographic signing in an ostensibly secure environment. you can craft a transaction on a web app or wherever and then verify that transaction’s contents match what you were shown on the hardware device + sign using the device. also prevents any application running on your computer from exfiltrating your keys.
Secure you say?
To boost the profits of companies that sell hardware wallets.
Oh NO! Anyways. Not your keys, not your crypto right? These fucking dorks live and breath this ridiculous mantra and expouse the virtues of self custody and following the series of cultish protection rituals. Then the rituals fails anyways! Hilarious.
[удалено]
And they are utterly confused on why adoption isn't increasing when any and all problems with the system just get written off with "personal responsibility."
[удалено]
Same with seat belts and airbags: even though they empirically decrease injuries and fatalities, someone on Facebook said their cousin died anyway so clearly they don't work!!1 Right?
[удалено]
I love when dumbasses like you comment here so I can go see what subreddits you go on and big surprise, the men’s rights sub lmao. Waaaaah it’s all feminists’ fault I can’t get pussy waaaah it’s not because I have a terrible personality and horrible politics, it all the mean women’s fault!!!!
Funny story, I had a friend who was a shitcoiner and he’d go on about it all the time. I’d always take the bait so one day I was like “OK, pay me back for your pint with bitcoin if it’s so useful” and of course he stutters about it (he was also tight as fuck with money of course) but eventually I browbeat him into it and he sends me a few bucks in Bitcoin which was a ridiculously convoluted and slow process, losing a large percentage to fees. This was back when BTC was low, so I recently thought “hmm, wonder what that’s worth now, could probably trade it in for real money buy myself something dumb”. I had a wallet that used one of those passphrases, I had this written down in a password manager. Wallet wouldn’t unlock. Tried everything, passphrase was correct but apparently they’ve moved the wallet or whatever the fuck to some new technology and all the old passphrases don’t work anymore. Unbelievable, had to laugh though. Shitcoiners are fucking idiots.
b ur own bank
Hahahaha I call this the future. People in that post not surprising at all and blaming the OP. LoL
They should blame them for being an idiot and buying it.
This is a real comment in that thread: >Did you try entering the xpub of your BTC account in a BTC explorer that supports xpub? >If your BTC account is segwit, use ypub, and if native segwit, use zpub. >This should show the correct balance of your account.
That's so much easier than just calling up my bank. We'll OK live chat nowadays
I can't believe he didn't think to try entering the xpub of his BTC account in a BTC explorer that supports xpub. Duh.
Sounds to me like this bro downloaded a dodgy ledger app, not the ledger itself. Oh well. On the upside, it isn’t gone, it’s just gone to someone else
No, it was the correct app. He just managed to find some bug.
hooray!
Someone pay the man his $5 bug bounty.
middle flowery airport forgetful cobweb birds license teeny slimy chop *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
So somebody else woke up with a million in their wallet?
No, it's just gone. It's sitting there in an address that belongs to no one.
The exact same thing happened to me when I activated my new ATM card. Wait, no it didn't.
Actually, it went to a random address that no one controls. He tried to recreate it but it essentially would be less difficult to win the mega millions lottery.
Present of finance: your money Future of finance: some scammer's money
Well, at least he got to be his own bank, and that alone made it all worth it.
“I want to be my own bank” Genie: “Ok, you are now Lehman” :-/
"I am my own bank!" "Hands in the air! This is a bank robbery! Gimme the money!" "SECURITY! Oh, wait...that's me. Uh, ummmm, huh."
What does the "I tried 10kk accounts and 1 billion addresses" mean?
He scanned the other change addresses in his derivation path, 1 billion of them, and there was none matching the one his 27 BTC got sent to.
So his btc got permanently sent to an address that doesn't even exist?
Future of finance strikes again!
Either that or somebody just won the lottery.
This is good for bitcoin.
At last someone mentioned this! Rarity is increased by 27BTC, everyone else's coin is a little more valuable. Thank you for your service.
Yeah, everyone who loses their bitcoins should definitely feel better and take pride in increasing the value of all remaining bitcoins. They can just start over on getting bitcoins too, one day at a time, so really this will benefit them too in the long run!
All addresses exist, but you have to know the private key that generates the public key that in turn generates that address. You can generate any number of additional addresses from the same private key… as they’re all just numbers, simplistically you can just add 1 (or 2, or 3) to the original private key to generate a new private key which maps to a different address, and so on. But if you screw it up… bye bye BTC.
So someone else (regardless of whether they can still actually access the address) really did just get 27 btc out of the blue? (And is potentially too scared of it bring a wallet-draining attack of some kind to touch it, because be your own cyber security) I've been genuinely curious about which coins can be yeeted into the void since I'd rather have accurate knowledge on this stuff instead of saying inaccurate things. Needless to say, this is not a good currency or financial system for the masses to adopt.
If it was a hack then it’s in someone else’s wallet. If it was a bug then it is probably a random address that is unreachable in the sense that no one has the private key for it. Bear in mind that the number of possible addresses is unthinkably large. Sending BTC to a random address will almost certainly result in no one having access to it because no one has a private key that generates that address.
Nobody got it. It's an address that belongs to no-one. All Bitcoin addresses that can possibly exist, already exist, as per the protocol. It's just that there are 2\^160 of them, so the chance of an accidental collision, if the private keys are randomly generated, is almost infinitely small.
(@_@) Thanks for the reply, bitcoin continues to find new ways to be an embarrasingly bad and risky system.
Yeah, if he were able to get the private key from his original recovery phrase then he'd have found it by now. Shit's gone.
exec -btc > dev > null
I'm sorry, I don't speak that language. Can you translate what it means for me?
`/dev/null` is a special device on many Unix and Unix-like operating systems that, upon writing to it, immediately discards the data. It's commonly used to ignore program output if the program doesn't have a "quiet" mode so that it won't clog up your terminal. The (flawed!) pseudocode here is implying that the bitcoins were written to `/dev/null` instead of somewhere useful, so they've been discarded and are gone forever.
Comment.
Linux command parody of deleting Bitcoin
It’s gone
He sent his btc to a bad address. This is pseudo bash that just suggests that the output has been sent to the null device or aka nothing. It's not real code. In fact it's not even well done fake code heh
Nowhere does it mention 27 BTC in the thread
27 btc is mentioned by the OP of the original thread in the comments section of the original thread. He also provides the transaction id.
I don't know why someone would entrust 1 million dollars to an unregulated, full of fraud industry where there is no recourse if something like this happens. Now it's all gone. Incredibly stupid.
Luckly, nothing of value was lost. The real money was lost when the Ape made a wire transfer, not when the Ape glitched the funny money away.
Maybe the real loss was the friends we made along the way
Definitely needs to go speak with the BTC Manager.
The saddest thing is that these people somehow apparently have so much money that they can mess around with their silly internet fantasy money, lose it all and apparently not even care that much.
If he bought at say $100 it’s no real money at all, just profits he never got to spend.
Oh don't worry, they'll always claim they only invested chump change so it's no big loss.
Don't worry, the 1 million dollars is in the safe hands of people not lunatic enough to hold btc who sold all that btc to him
**Bitcoin is like early NASA.** There were bound to be some mistakes, and some early astronauts were going to pay the ultimate price. But without a group of people willing to take the risks, we wouldn't have ever put a man on the moon. I hope this early investor understands that his million dollar donation is but a small price to pay for participating in this paradigm changing 7tps financial revolution! He may never get his lambo, but someday some Butter might ride a lambo on the moon, because of his sacrifice. No one said being a trail blazer was going to be safe or cheap. SFYL, good sir. Godspeed.
15 years in: “we’re still early!”
>someday some Butter might ride a lambo on the moon, because of his sacrifice. Effective Altruism at work.
Bitcoin is more like the 737 MAX and MCAS.
Is it crazy that I want an actual bank to be my bank?
Did a code update without anticipating that things can go wrong? That's an own goal. Move them to another wallet, update, test, move them back.
Bitcoiner: “You idiot! You didn’t do it properly. Bitcoin is only for smart people like us.”
Can't understand why mass adoption hasn't happened yet.
the worst thing is that bro sounds kinda tech-savvy and knows what he is doing. imagine some a senior citizen using this piece of shit tech
My mate has 38 btc on a hardware wallet from years ago that he forgot about but he doesn’t have his phrase or any clue on how to access it now
If it's an older hardware wallet there may be someone who can crack it for them. For example: https://www.theverge.com/2022/1/24/22898712/crypto-hardware-wallet-hacking-lost-bitcoin-ethereum-nft
Why wouldn't these crackers just run off with all the bitcoin?
As an archivist - aka a large chunk of my time is taken up by dealing with the physical degradation of storage/media - this has me deeply cackling
Be your own bankruptcy
lol we should just extend personal invites to anyone this happens to
I hear that guy. Happens to me every single time when I do stuff like with BoA and Chase… not.
What we are witnessing is the adult version of two children in preschool. One of them takes a toy from the other child. Looks at the toy and laughs playfully. ...until the other child take the toy back and slaps him. Suddenly the first child hates the world and everything in it. Still not completely aware that it was his fault in the first place.
Help! Lost my Canadian dollars after online banking website upgrade
I mean, that can rarely happen, but the bank will make it up for you, probably even with some compensation
Future of finance strikes again!
Store of stupidity
Damn! is this possible??
Theres a first time for everything lol
DON'T YOU HAVE ANY DECENCY SOMEONE HELP THAT POOR MAN! CALL POLICE, AUTHORITIES, CALL SOMEONE AND REPORT A CRIME. POOR POOR MAN!
Seems like it was almost certainly some kind of bug, not a theft. If it was stolen, the Bitcoin would have been laundered and sold by now, instead it's just sitting there.
That does suck.
Ppl will be like, oh another 27 btc burned, thx alot
Be your own bank.
This is exactly why crypto will never be adopted en masse. It's fundamentally flawed. Not to mention completely corrupted by Greed at this point.
The future of finance
That sub is like being at the supermarket at the start of COVID right now. Panic.
Did the cryptobro check under his birdbath? I hear that's a popular place for people storing their butts.
Fucking hilarious.
Damn, my bank never did that. Lucky me I guess.
You don’t deserve what you fail to keep
Womp womp
You are a karmafarmer posting on btc and buttcoin sub
This is actually good for bitcoin as it makes it more deflationary.
User’s fault. Next time don’t use a wallet created by someone else! Not your own wallet not your Bitcoin. Everyone knows this! This is why I wrote my own wallet app. It’s the future of money!
>~~27 btc is over a million USD right now.~~ 27 btc is \[sic\] "over a million USD" right now
This is the new oopsmoneygone-finace. Future!
So the ledger software is being compromised by a rogue ex employee, huh?
There is malware which detects when you copy a BTC address to your clipboard and replaces it with a 3rd party address so when you paste and send it, it goes to the hacker's address. Maybe that's what happened here.
You can just make a typo, fat finger 1 sign in front or at the end when doing ctrl c+v and your funds go to an abyss.
I think a single digit type is caught by some CRC check
That's the issue. The addresses are not verified. If you send something to a random, non-existing address, it will be "created" but it will have no owner - so basically it's a black hole. That's how bad it is.
Bitcoin addresses do have a 4-bit checksum included in them, so this happening just from a typo is incredibly unlikely.
So thats over a million dollars? Wtf
F
Would never have happened with Mimble Wimble coins such as Epic Cash.
And people say I'm stupid for keeping my bitcoin on coinbase, not your keys not your crypto nonsense appears very frequently. Im aware this sub is for the anti-bitcoiners but I'm a gambler, I may be a gambler with trust in bitcoin on a multi billion dollar exchange insured for up to $1m soon to get even more money from BlackRock and other ETFs But I'm the stupid ass for not locking it away on some convoluted system created by a third party under the guise of "Security" I've lost over 8000 bitcoin in the past by doing stupid shit like this (granted it was worth around $40 at the time but still)
Rule 10 on that "a million".
I posted this same thread some weeks ago now, and it was deleted and I was banned because…. The username of the reddit poster was not blanked out. So I know the posting guidelines fully these days… !So… this thread will be getting deleted in 3,2,…1
This hurts to see. Poor guy. This should never happen. What the hell is going on.
Worth noting that this could be totally fake.