Aaron Wise
@AaronWise5147
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I hear a lot of people speak fawningly about Arthur Hayes, the "genius" who they think still owns thousands of bitcoin. Few recall that in response to months of investigation, Hayes finally admitted (on April 30, 2018) that BitMEX traded for-profit AGAINST its own customers. 🧵
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Solana-based Solend DAO just passed its first governance proposal. The "proposal" passed: 1,155,431 aye, 30,101 nay. ONE PERSON voted 1 million of the ayes.
#DecentralizationTheater
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$DOGE holders from Elon's SNL appearance have collectively lost $72 billion.
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Bitcoin lore: The difficulty adjustment occurs every 2016 blocks. That's the palindrome of Executive Order 6102 which forced Americans to sell their gold to the Federal Reserve under threat of 10 years imprisonment.
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Wences Casares, of Argentinian aristocratic descent who later became a self-made decamillionaire founding a South American E*Trade-type company, spent $250,000 trying to hack bitcoin's protocol as due diligence before buying at least $2M of bitcoin himself in 2012.
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If all Bitcoin solves is store of value for rich people, I’m not interested.
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Nic Carter once predicted that USDC would become the official central bank digital currency of the United States.
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$DOGE holders from Elon's SNL appearance have collectively lost $91 billion.
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Why did Jump pay $320 MILLION to bail out Solana? Maybe because as of November, Tether had issued Jump 98%+ of all USDT issued on Solana's Serum. Maybe because it owns equity in parent Certus One that built the hacked bridge Wormhole. Maybe because Jump Crypto employs 140... 🧵
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As if Ethereum wasn't centralized enough, Ethereum 2 will further centralize all remaining power and votes into a tiny oligopoly. It costs 32 ETH ($62,000) to activate validator keys in Ethereum 2. Almost no one will. They will all delegate their votes to the rich. A thread 🧵
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$ICP Dfinity holders from the date of
@RealVision
's June 18 commercial have collectively lost $3 billion.
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The central bank digital currency of seven nations has been offline since January 15. Not a typo. DCASH — built on Hyperledger, issued by the Eastern Caribbean Central Bank, launched in March, and rolled out to seven countries during 2021 — hasn't functioned for weeks.
#BITCOIN
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Swan Bitcoin announces intent to pursue a NASDAQ IPO.
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7/ regulated U.S. exchange operates its own for-profit marketmaker. Not only is it illegal and unnecessary, it's egregiously greedy — when just operating a quality exchange charging fair fees is fabulously profitable already. But Hayes wanted more. So he took it. I remember.
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Unbelievable to see
@FrancisSuarez
take $5.25 MILLION as compensation for fleecing his own constituents with promises of "430% APY" on
@muneeb
@Stacks
$MIA (Miami Coin) token that subsequently collapsed -90%.
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“Effective now, I'm halting my involvement with the development of the Lightning Network and its implementations… I think this new class of replacement cycling attacks puts Lightning in a very perilous position.” -Antoine Riard
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5/ higher the likelihood of total loss. Offering "100X" meant almost everyone would blow up — and give all their money to Hayes' marketmaker. Hayes would have never offered this leverage if he didn't own the marketmaker. But he did. So, he liquidated his own customers tirelessly.
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2/ Hayes admitted what researchers and harmed customers had begun suspecting: "BitMEX has a for-profit trading business that, among other things, transacts in products traded on the BitMEX platform. The trading business primarily trades as a marketmaker." Hayes would attempt to
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3/ characterize this secret, for-profit, second business as unremarkable at crypto exchanges, failing to acknowledge two damning realities: (1) that BitMEX offered unique leverage (famously, 100X), (2) in full knowledge that 95%+ of its customers would lose all their money.
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6/ Running a crypto exchange from 2017-2019 was already profitable beyond anyone's wildest imagination. Standard trading commissions alone, with no marketmaking, netted BitMEX over $1 billion in profit. Hayes didn't need to take the other side of his customers' trades. No other
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4/ When customers lost money at BitMEX, they mostly lost it to a forced liquidation. Their leveraged position would be forcibly closed by Hayes' for-profit marketmaker, who would prevail as the winning party of each and every liquidation. The higher the leverage multiplier, the
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Anyone else following this developing story about Ethereum genesis block-era wallets and China owning a majority of ETH supply? Just beginning my research.
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"Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk has learned."
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...of the world's most sophisticated traders who informed risk managers that despite hours of attempts to unwind positions, they could not, determining that $320 MILLION was cheaper than those losses and burning relationships with Solana industry partners.
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What could possibly be so security-like about promising to use EIGHT FIVE PERCENT of Binance's ICO to build and market a business and to use corporate operating profits to reward investors with BUYBACKS? Besides, founders "only" premined 40% of the supply.
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Although some support covenants generally or BIP-119 specifically, the following oppose
@JeremyRubin
's Speedy Trial:
@ToneVays
@jimmysong
@adam3us
@start9labs
@zndtoshi
@LukeDashjr
@BitcoinErrorLog
@francispouliot_
@peterktodd
@MrHodl
@giacomozucco
@TheBlueMatt
@GrassFedBitcoin
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I am incredibly fortunate to be young, smart, healthy, and able to work hard to buy more savings. I am grateful for opportunities like today.
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It’s hilarious how many people think Proof of Reserves conveys any meaning or solves anything. If I prove to the world on-chain that I have 1,000 bitcoin, and I have a paper contract off-chain that encumbers that bitcoin, how is my “proof” helping, anyone, anything, at all.
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Remember when Binance prevented $UST orders below $0.70 for three days.
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So we’re just going to move right along from the news that Bitmain is a monopoly with +/-50% of Bitcoin’s Proof-of-Work (both hashpower and hardware) and bribed a half dozen mining pools to lie to us for years? All good?!?? Moving right along to election and price chart talk?!??
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@NeilJacobs
There are various forms of non-51%-style attacks that suspend Bitcoin in an unusable state (think, strong-arming Core devs, malicious Core client update, social engineering mining pool comms, etc.) but the most common vector is block-stuffing and/or selfish mining which only
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Update for all the idiots who thought Francis Suarez was a pro-bitcoin mayor: his MiamiCoin is now offering 430% APY on offshore exchanges, requires the user to buy two altcoins plus stake it with a custodian, and refuses to report its market cap publicly.
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If you don’t understand by now that the overwhelming majority of crypto exchanges’ profitability comes from *trading against their own customers* while keeping the conversation focused on anything — just, literally *anything* — else, you’ve learned nothing.
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A public Google Sheet with edit permissions granted to your 20 validating "node operators" and your 10 "developers" would be a faster and more secure blockchain than most of your projects.
#YouDontNeedABlockchainForThat
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Currently listening to Kynikos' Jim Chanos, an investigative short-seller of 40 years, talking Tether and crypto. $USDT $COIN $MSTR $UST $LUNA
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I'm shocked, shocked to discover that "Bill Hinman continued to receive millions of dollars from [a pro-Ethereum entity] in retirement benefits while employed at the SEC, according to the letter."
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Ripple co-founder Jed McCaleb has finished dumping his bags of $XRP onto the world. He has been relentlessly selling for 8 years. He sold the majority AFTER he knew the SEC called Ripple’s ICO an illegal securities offering. Forbes estimates his net worth at $2.2 billion today.
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Guess who WILL be able to sell their ETH into The Merge run-up? The VCs who paid for the “earn 4% by staking into ETH2” ads that you believed. They aren’t stupid; their ETH will stay unrestricted; no 6+ month lockup post-Merge. But thanks for staking into the Beacon Chain, idiot.
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Bitcoiners love Twitter! There’s just something about a cantillionaire venture capitalist platforming our speech with centralization, censorship, mutability, confiscatability, insecurity, and opaqueness that Bitcoiners just can’t resist when discussing Bitcoin!
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Spain's legislature passes a law mandating disclosure of virtual currencies held abroad. The fine is the greater of $5,900 per incomplete disclosure, with a minimum $11,800 fine. (An EU resolution on July 15 could challenge its implementation.)
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9/ And so, the centralization of all remaining money and power in Ethereum ⏤ which launched in 2014 with a two-thirds pre-mine and meetings in Miami about executive compensation using that pre-mine ⏤ only continues to accelerate. It won't stop. "Yield," just, irresistible.
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Waaa those Bitcoin Maximalists were sooo meannn warning everyone about leaving your bitcoin on exchanges, altcoins, derivatives, crypto scams, and the dangers of trusted intermediaries sooo meannnn and dumbbbbb
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@Melt_Dem
It's hilarious that you opted for ALL CAPS when their own website literally says that 3AC is a hedge fund.
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It's true: Vitalik Buterin said that running a full node is a "weird mountain man fantasy." He subsequently invented terms like "stateless clients" and REDEFINED "full node" to make non-archival and non-fully validating "nodes" on Ethereum sound like Bitcoin full nodes.
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"Every single ICO I ever saw was unlawful on multiple levels." —Founder of the SEC Office of Internet Enforcement. "I believe every ICO I have seen is a security." —SEC Chairman Jay Clayton. "I find myself agreeing with Chairman Clayton." —SEC Chairman Gary Gensler
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GET WELL SOON
@jaygould
!!! Love,
@BeccaAmilee
@DonnaRedel
@Rob1Ham
@venturecounsl
@siberianfruit
@WbccD
@shegotwordz
@AEHW1
@blockbain
@phjlljp
+AmericanHodl and Laurel
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2/ Ethereum 2 will pay validators a variable 3-10% annual yield as compensation for proof-of-stake. This punishingly generous APY for not adopting Ethereum 2 means that most users WILL migrate from self-custody Ethereum 1 to Ethereum 2 else quickly lose their wealth to inflation.
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Nominate Bitcoin creator Satoshi Nakamoto for a Nobel prize.
@NobelPrize
@DrBrianKeating
@sehunhatesme
@ProfSubashNayak
@gurimelby
@k3jph
@AlanEggleston
@AnastasiaSMihai
@jsajuria
@TJagland
@beritandersenn
@henrikstenson
@FromHessa
@AndrewMCrespo
@MartinSonneborn
@SevimDagdelen
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"Craig Wright has produced forged documents in this litigation... I have previously found that Dr. Wright gave perjured testimony in my presence." —Bruce Reinhart, U.S. Magistrate Judge
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It’s been four weeks since Richard Heart launched his cheaper, faster, better Ethereum ecosystem. How’s it all going?
HEX: -50%
PLS: -70%
PLSX: -75%
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In which Coinbase loses all credibility while advertising the 37% premined Ape Coin (15% to Yuga Labs, 8% to founders, and 14% to “launch contributors”) and every single comment is worth reading.
THE DEGEN TRILOGY: PART ONE
⛓️RUN THE CHAIN⛓️
Here's a first look at what we've been building with the community 👀📽️
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It's emotional for me today, because Bitcoin proves that people can find solutions to major problems like violent rule, censorship, and debasement using CREATIVITY, not violence. Bitcoin is an ingenious, peaceful answer. Congratulations to all of us today!
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This Dorsey versus a16z match is one of the best Twitter fights in a while.
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Even if EVERY country in the world banned Bitcoin mining, uncountable thousands of miners would just keep mining. People like operating the Bitcoin network. No one can stop it.
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The cheapest Bored Ape on May 1, 2022 cost 153 ETH. Today? 13 ETH.
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Chart patterns and indicators trick your brain. None of them help you predict bitcoin's price, but you've used technical analysis successfully (or know someone who has), so YOU JUST KNOW you've found an exception. You haven't. It's time to graduate and think critically. Thread 🧵
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The Basis scam team was also behind Bitclout (CLOUT) Decentralized Social (DESO) by Nader al-Naji.
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$XMR Monero discloses that its privacy token hasn't actually been private for 90%+ of transactions. Whoops! Used Monero in a transaction and didn't wait longer than 20 minutes? It wasn't private.
A rather significant bug has been spotted in Monero's decoy selection algorithm that may impact your transaction's privacy. Please read this whole thread carefully. Thanks
@justinberman95
for investigating this bug.
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Reminder that for five years, Peter Thiel blew up a $8 billion hedge fund, Clarium, to $0.
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Update: Those December $100K strike bitcoin call options that cost you $9K apiece are expiring worthless. Hope you enjoyed your first options experience. Welcome to Wall Street.
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THANKS FOR STAKING INTO THE BEACON CHAIN, IDIOTS.
Guess who WILL be able to sell their ETH into The Merge run-up? The VCs who paid for the “earn 4% by staking into ETH2” ads that you believed. They aren’t stupid; their ETH will stay unrestricted; no 6+ month lockup post-Merge. But thanks for staking into the Beacon Chain, idiot.
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6/ Meanwhile, Lido's administrators awarded themselves 64% of Lido's governance token. They choose what issues the poors get to vote on. The allure of Lido is so obvious that Vitalik wants to just arbitrarily cap Lido at "15%" of liquid stakes.
#excathedra
Etherians: Your great and fearless leader created Ethereum 2 that obviously incentivizes centralization of validating power with custodians/pool operators. So his solution is now to just artificially cap max pool centralization at 15%. CANNOT MAKE THIS UP.
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Bitcoin is an unstoppable network of people who want to operate a better financial system.
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If you thought 2022 was bad, just wait until you learn what Binance has been doing since 2017.
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Trading volume of Bitcoin inscriptions (“ordinals”) -97% since May.
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Remember: As soon as you deposit 1BTC into a sidechain, it’s instantly worth less than 1BTC because of your uncertainty of withdrawal, ceteris paribus.
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3/ As everyone is financially incentivized to migrate to Ethereum 2, third-party staking custodians ("liquid staking" providers, most decentralized in name only) have already begun advertising yield packages for poorer-than-$62,000 people. Their solution? More centralization.
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@MrHodl
@nic__carter
Never ever gonna happen. Seriously, do you know how many altcoin investments Nic has? 🤣🤣
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Tested positive for covid. Unremarkable and completely easy to handle. Zero special treatments, pills, lights, supplements, nothing. Just lots of sleep. I remain so happy that I never medical advice from anyone over a social media app.
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In which Bill Ackman begins promoting crypto for the first time, starting with (yep, you guessed it!) a Ponzi scheme, Helium.
Helium’s global network of 974k hotspots was crowd created by individuals who purchased and deployed Helium hotspots to mine HNT, its native token. Customers who wish to use the network must purchase HNT and burn it, ie, remove the ‘consumed’ HNT from its total supply of tokens.
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Cover of Bloomberg's 325,000+ circulation magazine. Can't make this up.
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$DOGE holders from Elon's Saturday Night Live have collectively lost $67 billion.
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Effective Altruism is sex parties in a $40 million Bahamian mansion while daytrading other people’s money.
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Etherians: Your great and fearless leader created Ethereum 2 that obviously incentivizes centralization of validating power with custodians/pool operators. So his solution is now to just artificially cap max pool centralization at 15%. CANNOT MAKE THIS UP.
Speculative controversial take: we should legitimize price gouging by top stake pool providers. Like, if a stake pool controls > 15%, it should be accepted and even *expected* for the pool to keep increasing its fee rate until it goes back below 15%.
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5/ The poors will give their ETH to a liquid staking service. They already are. Lido already controls ONE-THIRD of all Ethereum 2 liquid stakes. And why not? Enjoy Lido's 4% with no lockup, plus loop and lever-up Lido's stETH using DeFi techniques to goose yields even higher.
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8/ As Lido has amassed over $8 billion in ETH deposits today, other competitors smell easy money. RocketPool and other liquid staking custodians are offering even higher APRs, faster liquidity, more % liquidity, more ETH-pegged altcoins, and governance tokens on more blockchains.
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By far my favorite Bitcoiner and the third Lead Maintainer of Bitcoin Core is retiring. THANK YOU
@orionwl
for years of mostly thankless service to one of the most important projects in human history. You will be missed! 🙏THANK 🙏YOU🙏
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“Sequoia was a prominent cheerleader for SBF. In September it published a lengthy hagiography of the FTX boss, saying his ‘intellect is as awesome as it is intimidating.’ This week Sequoia wrote its $210M FTX investment down to $0 and deleted the article.”
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The thousands of full node operators will protect it again. Happy Bitcoin Independence Day.
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4/ Why settle for Coinbase's paltry 3.675% Ethereum 2 APR, which requires locking up all of your funds for months, when you could go with Lido and earn the same rate (4%) with access to CONTINUOUS portfolio liquidity via their 1:1 ETH "pegged" altcoin, stETH? You won't settle.
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Solana rekt again, for the umpteenth time, network-wide, happening now. Good thing there are corporate governors with centralized decision-making power who will now convene in invite-only communication to unilaterally decide how to manage this “decentralized” catastrophe.
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It was great celebrating Bitcoin with you this year in Miami! 🥳
#Bitcoin2022
@jason_vtf
@JonathanMohan
@thepaulosophy
@kobiduran
@creditbridge1
@hodl4good
@KrystynaHutch
@TheDorrian
@deregs_
@DeTix_Tony
@luu244
@rdeedy_
@stakamoto21
@BitcoinExecutor
@cinemuck_
@elcaptainyouth
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@SwanBitcoin
@coryklippsten
@TYonClubhouse
Truly impressed with how fast you work with small business owners at Swan. Experience with Wall Street sets expectations at 2-5 weeks for business account opening. Wholeheartedly grateful that Swan's down from weeks to a couple days. 🙏
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It's hilarious to discover how many "Bitcoin only" people literally advertise altcoins ("related to," "built on," "supporting," or "powered by" Bitcoin) for their livelihood.
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Before it gets too late — as the bell tolls for unrecorded-by-default social audio — I wanted to repeat that Clubhouse was a lot of fun. Truly, a wonderful few months with all of you. Thanks. ❤️
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Hey guys, so if you’re wondering how Su Zhu from Three Arrows Capital is doing these days, he’s been surfing, spending extra time with friends and family, working out, limiting screen time, and enjoying the sunshine. Yep. Forgot about him already?
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Yaron Shalem, the CFO of Celsius $CEL, has been arrested. Alex Mashinsky has scrubbed Celsius' webpage of Shalem's name. 1 billion $USDT were printed and sent to Celsius on November 26.
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🥂🍰🎊🧁Happy 1st Birthday,
#Plebnet
! 🎂🍾🎉🥳
#girthday
@shukla
@rajwinder
@ErinEMalone
@phjlljp
@D_plus__plus
@AEHW1
@ditchanddon
@NodeHello
@barackomaba
@PoleVaultDream
@BVBTC
@OGBTC
@birdsrnotreal2
@madelyn_ash
@RandyMcMillan
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Before Celsius, Voyager, and BlockFi. Before DeFi Summer 2020. Before Terra LUNA’s 20%. Before Wonderland’s lambo calculator. Before USDD’s 39%. A full year before DeFi Summer, there was this. 16% APR on Tether, compliments of CZ and Justin Sun. From 2019.
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7/ Lido's lead dev, Vsh, recently proposed a "self limit" on Lido ownership % of Ethereum 2 liquid stakes, so that it wouldn't have to accept an Ex Cathedra limit from Vitalik. How nice. Missing in that proposal does he suggest giving the poors any more of his team's 64% premine.
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Jeremy Rubin has announced his retirement from Bitcoin development today. “i'm no longer actively involved in bitcoin development. still happy to chime in on an occasional question, but consider me on a sabbatical with no end date.”
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