BTC

ImPinkSnail

If he's discovered he will be lucky to get a trial. People commit acts of violence to forcibly take BTC

LionRivr

Self custody isn’t killed. Coldcard is killed. Temporary morale and temporary sentiment is killed. But many other competitors can learn from ColdCard’s mistakes. This is overall good for the BTC space in the long term. Better to understand it now than later.

IndependenceTop6501

Per BTC Sessions: there is reports of two word Passphrases being cracked.

Careless_Monkey_Man

No, this has nothing to do with bitcoin or who it's "for". It's a product of the untraceability of tumblers and non-KYC exchanges. If it wasn't BTC it would be gift cards or wires to offshore banks. In other words, old people be gettin' scammed dawg.

Leithm

I think people underestimate how much crypto’s fortune is tied to Bitcoin and how much Bitcoin’s fortune is tied to MSTR. Also how close MSTR came to forced liquidation of much more Bitcoin.  However I think they are out of the woods for now. They have shown how easily they can raise money.  Lets say they get to 5 Bln cash (already at 4 bln) they will have over 3 years of coverage for STRC. Add the interest on their cash and a reduction of dividend to 10-11% they will have about 4 years of coverage. STRC will increase to par, and any more sales they generate at par will strengthen their balance sheet further. They already own 4% of  the supply so don’t  ever really need to buy any more, so will be able to do nothing and watch BTC rise. 

ThisIsMyFifthAccount

Why did you reply to me twice [I already confirmed to you that yes, if you had invested in MSTR 4 years ago you made a great trade selling today](https://finance.yahoo.com/quote/MSTR/). Personally I would've just bought native BTC 4 years ago, but maybe you're not comfortable with that and so you sought out the publicly listed equity that holds BTC exposure for you. I think perhaps you're a bit out of your depth when it comes to thinking about PNL or corporates or investing in equity markets.

cozmicraven

I hate reading all the posts about this hack. Cold storage isn't as cold as we were promised. I sure hope other companies like Ledger and Trezor and etc. are paying attention. At some point BTC holders will have to decide if the security of holding your coins at an exchange or even buying into an etf is worth trading your ownership for. Presumably corporate security (Coinbase, Kraken etc.) is better and they have private insurance to at least get you some of your value back in the event of a hack. I'm fully aware of the crappy cs all these companies share but all the wallet owners that got attacked here have nowhere to go.

Tilpatinhas

is it possible to keep BTC safe during divorce?

panthera_NN

It's equivalent to someone winning the Powerball/Mega Millions jackpot 9 times in a row. The Coldcard incident, which drained over 1000 BTC wallet addresses by creating duplicate seed phrases, is a crime against humanity. Instead of taking a few minutes to check and detect the error, they simply didn't check at all and spent that time badmouthing Ledger and Trezor, similar to a daily coffee habit 🤡🤡🤡

Novel-Yak1927

It's good to see that someone at least has put some thought into this. Etfs do the same thing to stocks, they get very stretched thin the value gets manipulated heavily by large institutions. BTC would be no different and it would be ggs to breaking it's all-time high if the government passes the clarity act

Alimakakos

New highs and new lows being set for BTC and ETH SOL and a few other non shit coins too...

xiskghferx

Even though I use a Ledger and a random passphrase, my stomach turns watching these transactions... Idea – why didn't Coinkite immediately start brute-forcing the seeds right after the first attack, since they have the most information about their PRNG? If they had overrun the attackers, they could have gradually returned the BTC to the owners.

Saibazz

BTC holding up while everything else struggles? That's strength

iloverunning11

His opinions are a bit extreme and he's obviously biased af (he celebrates when BTC price is down etc) now, in fairness: 1. There are close to 0 real daily BTC transactions (adj. for its market cap ofc) so we're left with the 'it's a store of value' argument, which fair enough, but 2. You can create the same store of value without any issues, why BTC performance is so strong is mostly due to the fact it's a novelty and its community is insanely large, kudos to all of you for that, but that means it's more about speculators 3. BTC, for many years, has profited from a relatively low IR and therefore weaker USD, this is not sustainable I know I am most likely wrong here and BTC will reach new ath, but I'd still really appreciate it if you could challenge my arguments, thanks!

Original-Assistant-8

"If it can crack wallets, we'll have bigger problems with other systems" Thankfully there are upgrade solutions and standards, which are already being planned or implemented in critical systems. Regardless of what, when and how people think quantum threat will play out, the general consensus is the risk must be removed no matter how unlikely some believe it may be. And a wait and see approach is unacceptable. So now we have systems worldwide looking at how to migrate. Solutions that play in that space have guaranteed demand. Qanplatform is the project I've followed for years is the only blockchain based tech I'm aware of offering innovation for this new market - enabling quantum-safe "designated survivor" keys to be used once Elliptic Curve Cryptography becomes obsolete in practice. Unlike other holders of quantum coins, I don't think we need Qday panic, nor do I think it helps utilty coins if Bitcoin fails to navigate the quantum threat. I think it's best if BTC addresses this in an orderly fashion. The more people discuss now, the easier it is to gain consensus on tough decisions and hopefully make for a slow migration process.

TheBestintheWest11

not all heroes buy BTC at the bottom

brandnewmoo

I believe the tech underlying BTC has value but I’m not convinced it will outperform the stock market long term. Still, it’s the most unique and successful out of all the crypto, has a relatively simple selling point, and has the best advantage by far to increase in value. This latest crash has me excited about BTC again. I believe there will be more institutional adoption in the next 5 years as it becomes more price stable compared to its history. Then I think we’ll see another exciting bull run. I’m only betting 1% of my money on this. I’m a boring boglehead investor, and BTC keeps the investing spark alive.

FuturePrimitiv3

If CLARITY helps institutions do you think thats gonna helps retail BTC investors? I'm gonna go out on a very short limb here and suggest that inviting corporate and institutional money only makes BTC more manipulatable under a thin the veil of legitimacy which will generate more volatility (more organized pump and dumps) and ultimately hurt BTC in the long run.

Even_Routine5011

Have you seen the transaction entering the wallet on the blockchain? Thousands of wallets and on average they have somewhere around 0.8 BTC each just a rough estimate. Many of the posts on here are fake but many are real. Out of thousands of people there is definitely some real people writing their stories.

VendettaKarma

BTC maybe. Wouldn’t put $1 anywhere else, has no purpose

iloverunning11

This is basically what the hacker took advantage of, rather than trying to brute force your seed they have been creating many need ones themselves and checking if there is any BTC. This is absolutely insane how much this company screwed their customers, and although I never used it (rather have been saying it's shady) I really hope they will be held accountable and these poor folks will get their funds back

AvailableTie6834

if I understand this correctly, the hacker sent it all to a KYC exchange? If so, well, I think people still lost their BTC because: Most probably do not have a way to prove that it their BTC, meaning the exchange together with the authorities wont be able to give back to some, or the authorities will probably corrupt themselves and take all the BTC for them because they are part of an "investigation", so it will go from thief to another thief. Rip.

hrad95

I feel genuinely terrible for anyone who lost their BTC, but I get the sense this event is being used to convince us to give up. "I wish I had stuck with traditional investments." 1. Nobody should be investing SOLELY in bitcoin. I have tons of index funds. 2. The Fed needs to be stopped; nobody said we wouldn't take casualties in this fight.

tehmungler

I have a dumb question. Years ago when I actually had some BTC (financial pressures meant I had to sell) I printed a page of public/private keypairs I’d generated on a website in offline mode (JavaScript based generator). I probably had about 30 keypairs and I chose one at random. In this day and age, how secure or not would those original keypairs be now?

dj_destroyer

Ask the white hat hackers -- there's already a ton of them. A lot of people already have the compute and have no problem donating the electricity. All in the name of being a good person. Furthermore, if they made their seeds without entropy (dice rolls) of at least like 25 dice rolls then it doesn't really take that much power/energy to crack them. These white hats also probably have sizeable BTC holdings if I had to guess. Drop in the bucket in the grand scheme.

iloverunning11

If we check their ToS and ToC they are kinda protected, but you summed it up in a really good way! I mean you can sue them but it'll be pretty hard to win since their argument is they are not liable (their ToS and ToC specifically mention this scenario that just happened) and it's not their fault, ultimately, it clearly is their fault and Canada is not that bad when it comes to customer protecion laws, but trying to prove that might be quite difficult.. Either way I think they will be sued by many victims (perhaps many will collectively sue them) and they will go belly up, but whether these victims get their BTC back or not, that is highly questionable and I'd not be very optimistic here

JTHM8008

As they say, “Don’t Trust, Verify.” I ditched ledger after they came out with that backdoor BS… I moved to Trezor. I’m very sorry to hear about what happened and my heart goes out to anyone that lost BTC. I hope Coinkite gets sued to oblivion.

quintavious_danilo

I‘m not too worried though. Last cycle we had **two major black swan events**, the collapse of Luna/UST and the collapse of FTX and a few others. Users lost **billions** in assets over night, yet BTC proceeded to go to form a new ATH at $125k.

quintavious_danilo

Expect a bull market in late 2028 and 2029. Until then its accumulation time. I speak for BTC only. Seize the opportunity to buy cheap.

pjb1999

Yep I just made a comment about this. I'm likely selling at least half of my BTC at the next ATH and putting that money into my ETFs.

pjb1999

Yeah this whole thing has sort of turned me off to crypto maybe for good. I started buying BTC and some other coins nearly 10 years ago but Im seriously thinking about selling at least half of everything I have at the next BTC ATH and just dumping that money into my VOO ETF. The stress of self custody is just too much honestly. Especially after something like this happens.

AAAdamKK

I'll hold it for you and send you 2 BTC back for every 1 BTC you send to me!

Leto33

People who invest in BTC have their money in BTC, and may use it for a number of purposes which -surprise- they cannot foresee for lack of prescience skills. Luckily, vilent\_sibrate is here to remind them of the errors of their ways. Only on Reddit 🙄

BrokenHefaistos

BTC subs 

DOG-ZILLA

They would use what's called a "mixer". You deposit your BTC into it and then it's mixed with others. You can then take out BTC but without the 1:1 trace.

cubeeless

BTC to $400k!

Icy_Giraffe_21

Someone else posted a screenshot shot of .7 BTC being drained and it was like 7-8 small transactions also, very odd.

JohnnyKac

I'm done with BTC as well...this was the last hurrah for me.

gtwooh

We may come to learn that the Coldcard CEO -nvk -owns the address that the BTC was swept to. He’s called bitcoiners plebs before and stated hodlers don’t matter “Controversial opinion, the bitcoin plebs never mattered. The grifters will always grift. How you or I feel about them is irrelevant in the big picture. And that’s ok.” So basically he hates his customers at worst, doesn’t care about them at best, and I wouldn’t be surprised if he grifted people out of their BTC

Crucco

I have $120 of BTC on it, I doubt it will happen to me.

Generationhodl

"So maybe I won't give my daughter 5BTC, what I can give her today is time, love and attention and those are irreplaceable." This is the most important part here.. As a kid, the most precious thing is loving parents and time with them. As a kid I didn't give any fuck about if we have money or not, but I had the time of my life because my parents cared about me, and this hold till today. I wish and want my parents to spend all their money on themself because I love them and want them to have a good time, or the best time until the end. - I'm an adult and I will go through my life just fine on my own. We often lose ourselves while stacking sats or trying to get wealthy / rich, but we forget that we cannot take anything into afterlife and we only have the time here and now with our loved ones. So even if you lose money, and it sucks really hard, just think about what is the most important thing in your life and be happy that you have time right now (and hopefully health) to spend with your loved ones and friends.

unknowngloomth

100% bruh is bragging about being up "100%" Do the math. BTC from its absolute bottom to the its absolute top blew up most of other assets out of water. Many crypto did good if you sold and took profits obviously. You can do whatever research. The SPIVA study states 90 to 94% fails to outperform the S&P 500 in the long run. I doubt you picked Nvidia or even XOM. You can still make huge gains with crypto. Plus this is the bear. Accumulation phase. You accumulate as everyone shits on BTC and say stuff like you're saying "crypto is dead" blablablabla.

Counciltuckian

Super expert chiming in, BTC to easily hit $1m by summer of ‘27.  

SkidMarkShark

I pray you are fake, but when it comes down to it you should have done more research and learned how to actually store your BTC. Never let the wallet generate your seed words. Use a non BIP 39 uncommon words passphrase with Upper and Lower case letters with numbers and characters. The Coldcard or any wallet is just a keysigner. There is nothing wrong with the device. I'm sorry for your loss, but as soon as you realize your mistake the faster you'll move on

MisterMephistopheIes

BTC 1 YR charts: Down 44% SP500 1 YR charts: Up 21% You're  not as smart as you think you are because you can quote the most well known fact in all of investing lmao. Literally just buying and holding SPY would have made you way more money than buying crypto. And if you have the slightest amount of emotional control, conviction, and ability to do your own research, it's really not that hard to beat SP500. I'm up over 100% in the last year, just making logical choices and rotations. 

NerdFarming

Anecdotally, I posted a serval hundred word post a few weeks back explaining why I was pausing my IBIT DCA but holding onto my on chain holdings, explaining my doubts BTC will rebound in price. The mods removed it, with no explanation and no reply when I asked why the post was removed. Honestly, this post is will likely get deleted shortly.

Disavowed_Rogue

Putting your BTC into Robin Hood is not safe

Javanaut018

With code public for reviewing that new inofficial "wallet mining episode" was open for everyone with understanding of the BTC protocol and modest coding or some AI skills ...

Able_Mud_5373

I still consider myself a novice in the Bitcoin world since I only started stacking last December and 2 weeks ago I transfer my first 0.01 BTC to my Keystone. Hearing how this coldcard exploit harm so many users. I can't help but to think that this is great news for the banks and ETF funds. I think many people will be too scared to deal with the responsibility and stress of self custody but still want to be involved in Bitcoin. Well here is a Bitcoin ETF to the rescue.

WolfBob808

I was taught the efficient market hypothesis in college as well. I bet many BTC holders are unaware of the threat.

Lavayo

Problem is trust. You don't only have to trust that your custodian has the security on point, you also have to trust they hold the BTC in the first place. And your government that you still can legally withdraw your BTC. There are lots of reasons. That said in reality most people probably won't have issues on exchanges. The coldcard disaster also was enabled by trust. In the product, in the community verifying the code. But we can't forget that technically the coins on exchanges are not better secured than coins in self custody. Hopefully better than the average setup, but the highest level of security there is, ignoring quantum at this point, can also be achieved by individuals.

lexicon_riot

The scale of this attack is miniscule in proportion when you consider the size of the overall BTC economy. * 2014 Mt. Gox: 850k BTC (7% of circulating supply) * 2016 Bitfinex: 120k BTC (0.76% of circulating supply) * laundry list of other hacks with 0.1% - 1% of circulating supply impacted * 2026 COLDCARD: approaching 2k BTC (0.009% of circulating supply) This has become a massive and unprecedented fire drill for the BTC space, solely due to the nature of the attack and the vulnerability.

Lavayo

Is this factual? Maybe the first stolen BTC were moved on one address but at this point those wallets are open for every person on earth that is finally and morally inclined to get what's left. Passphrase wallets will last longer but will be emptied sooner or later, those addresses are burned forever. Can't imagine the all will be collected on one address. But even if its not that relevant. Transactions can't re reversed anyways and the future flow of those BTC can be tracked either way. Multiple addresses would make it harder but barley if you use software. They will end up in countries that don't care or use mixing sites that make tracking much harder.

iloverunning11

You sound extremely reasonable for a guy who just lost so many BTC. So sorry you have to be dealing with this and I hope you’ll recover your losses! Good luck mate

Crucco

I have my BTC on Kraken, like a boomer.

aesthetique1

Crypto expert here: BTC will hit 200k by the end of the year.

WolfBob808

Quantum is an existential threat to BTC so do not believe it is priced in. I also hope BTC goes to 100k by year end and 250k by next year. But there is currently no evidence this will happen but I am ready to jump back in if BTC stages a comeback.

Hyphen_Nation

Getting near the bottom for BTC, imho. But then we need to drag and feel dead for about 10-14 months...

ardyes

ISM Manufacturing PMI came in at 55.6 for July. BTC supply in loss passed 50%. Things are starting to look up. 

LornaQin

Interesting, I only knew EVM's blockchat. TIL you can leave messages on BTC too

NeeloGreen

Damn so many stories coming out now, my BTC is on Strike atm. Once I get over a certain amount might need to change tactics.

CompetitiveDrawing89

https://preview.redd.it/xt0onjrlvbhh1.png?width=1025&format=png&auto=webp&s=c9a87f4a9b38917fad07a52303af34baa053a2a8 Yeah according to this never changing chart, sell you mums house and buy BTC

TheDuhbb

Don't gamble, markets are manipulated so if you are not an insider you will get rekt. I also got fucked in this hack, so decide which way to go: 1- you still believe in BTC: keep your coldcard and roll the dice to generate your own physical entropy for the new private keys, stay humble stack sats. 2- you don't believe no more in Bitcoin and self custody: sell it and go away. I wrote a post yesterday about my loss, i immediatly got DM by scammers, so watch out, anyone DM you telling the want to help you are trying to fuck you again.

lexicon_riot

You did everything right. The scale of this exploit is miniscule compared to previous exchange hacks, but the manner in which it was discovered and carried out has made this one of the most damning incidents in BTC history. Literally everyone working in the Bitcoin space right now is combing through every open source BTC project to scan for additional vulns. Whatever you do, DO NOT DESTROY OR DISCARD YOUR COLDCARD HW WALLET. You may need it to prove yourself to be the rightful owner of funds, in the rare case they can be recovered. Sources are saying that the primary attacker used a well-known, paid block explorer API to help with the attack. If this is true, we may very well discover their identity. There's also the chance a white hat secured your funds for you.

MidEastBeast

Not yet. I touched my Ledger after the coldcard incident. You can see my post regarding that. Yet to transfer out BTC from Ledger.

Skinny_Human

This is a great post OP. I am currently transferring my BTC to a hot wallet and I think I am done. AI has changed the game forever and it’s too risky now

Turbulent_County_469

normal people dont know this and would never understand it........ BTC are for super nerds

GodsMoney_Ape

The question is irrelevant. If people want to use BTC, they will. I am ok either way.

pairoxR

You’re just an idiot if you’re going to use that wallet. After so many people lost their life savings, you’re still going to use Coldcard? No way, never again. The only way I would ever use this crap is if I saw them send all the BTC they lost back to their customers — which will never happen.

BackgroundStory7986

I'd probably keep it sealed. The collectible value could be worth more than redeeming the BTC.

CapoDoFrango

Yes, it even has a feature to recover your BTC if you forget the key

TimYapthebest

It means people eating up the BTC of mstr

JumpProfessional3372

Indeed. Even the first years mine pools with mined BTC disappeared with the account holding something that today is more valuable

Aware-Translator-235

why not move 6 BTC to 6 different wallets? 1 BTC per wallet. I don't have all my money on the same bank account. and with BTC where you are 50% sure one day someone steals it from you, better split. No need if you have another 60 BTC on other wallets.

mrkingkongslongdong

Maybe storing money in ‘centralised’ banks with 15k+ employees and actual security practices makes more sense than storing your money on some device created by coders that think they’re literal wizards. Who would’ve thought? As an engineer, I checked out of BTC being legit after checking out some of the code repos lmao. It is, hands down, some of the worst code I have ever read.

Crypto-Bets

Generally speaking, people with large holdings like to only keep the BTC they are going to sell soon on exchange.

Past_Computer3343

I don’t think CC matters for price movement. BTC is already an institutional asset. People with money don’t even think about thinking about self custody. It’s not a thesis killer for them. It might be a little for our community, but I still think it’s not “dead”…it just strengthens from now on in my opinion.

fireduck

At the time it was a joke. 50 BTC on a gold coin, the gold was worth so much more than the BTC. Hilarious.

Ok_Winter8503

Bitcoin changed the way I think about diversification in one specific way: asset count and diversification are not the same. Five coins that all move with BTC can still be one risk factor, while BTC plus broad equities and cash may be fewer holdings but more genuinely diversified. The practical checks are concentration, correlation during drawdowns, and whether one position now dictates the whole portfolio.

Ok_Winter8503

That is allocation drift. Before deciding to sell or hold, define the maximum percentage you can live with and model what happens if BTC falls 50% or 75% while your other assets are flat—or fall too. Then compare rebalancing through new contributions, fixed percentage bands, or trimming after considering taxes. The decision should come from a risk budget, not the current market narrative.

Milcah_Ganderton

Saylor's been trimming a bit lately - probably smart to take some profits at these levels rather than just hodling everything. Still got over 800k BTC though so he's clearly not panicking or anything.

AdDecent3079

You’re trying to convince others or yourself? In terms of security there’s no comparison between crypto and BTC.

ThreeTonChonker

The result of events like this is that people realize the problem isn’t Bitcoin, it’s the products surrounding Bitcoin. If the hackers had only stolen Ethereum, would that mean the death of ETH? No. It means BTC is scarce, valuable, and requires defense. Thus the price reflects that and if anything it will go up.

Sea_Variety_1691

eh, bear markets have been getting less devastating over time when it comes to BTC. 50-55% feels right for this one.

Usual_Suspect8663

Dumb take, it was a faulty product that was not secure. Nothing to do with Crypto or BTC

GreenStretch

At each stage of the BTC market, different exchanges and wallets become favored and are not supposed to be like the trash from previous stages, but it takes time to know if that's true or if the problems just haven't been exposed yet.

CelebrationNo8699

I believe the total tally of all BTC hacked as of now is 2,000? So if this is real 650BTC total is like 35% of it? Is that really true?

fvm7274

Mstr could get hacked though. They never disclosed how they store their BTC.

NoMoRatRace

I’ve been anti-BTC from the get go. But I would never wish this on anyone and am sorry this happened to you.

NorthComparison4356

my take is something else: I dont believe anybody now! Buying a Trezor and believe them and their RNG? No way… I trust them as little as I trust Coinkite. I am for the first time glad I have been so paranoid, like I have always been paranoid and bothering my family and friends with my weirdo attitude - so this time it worked out and for the sake of BTC I will stick to it. Does rolling dice suck? yes….a little…..but trusting human beings and being recked for that trust sucks so much more. I dont believe in companies, I dont believe what anybody tells me. I try to verify as much as I can, gather knowledge as much as I can. I dontstick to my Q because of I trust Coinkite, i dont trust them. But i paid for that stupid device and now the marketing guys from other companies want again money from me? No way. I wait until CK is done and there will be no updates. Or I built myself a signing device and not giving anybody my money any more….

Zaytion_

> I will know my BTC is secure. But will its value be secure? If everyone is too afraid to hold Bitcoin themselves, then what value does it even hold? It's not decentralized money anymore.

Zaytion_

> I will know my BTC is secure. But will it's value be secure? If everyone is too afraid to hold Bitcoin themselves, then what value does it even hold? It's not decentralized money anymore.

A_Long_Knight

I've been echoing this since the ETFs launched: Self-custody is not wise for the majority of holders anymore than self-banking is. If you want to store your cash under the mattress, fine, but the vast majority do not have the resources to properly manage a physical cash pile. The only cash you should keep at your house is the cash your willing to lose. Personally, I keep about $2000 cash in a fireproof lockbox. I would never keep anything like $250k in a lockbox - nor should anyone keep $250k worth of BTC in a self-custodial wallet. Banks/ETFs have much more secure systems than I could develop on my own in the name of "self-custody". The right to self-custody is essential to bitcoin, but why anyone would actually exercise that right with a substantial amount is beyond me

Huntingtonbeach88

Other than actual fear of societal collapse and then believing BTC would be the chosen post apocalyptic currency there is no reason to self custody!

Kinslayer817

The infrastructure isn't even cheaper than existing systems. BTC costs an insane amount of money and energy to run and the only reason people are paying that cost is that they're making tons of money off of the people using it All that crypto accomplished is creating a new way to scam and steal from people

WeCanTripleIt

Fidelity stores actual BTC. Institutional safety is the way

mixlplex

Don't forget about when the feds seized exchanges, like Coin.mx, BTC-e, Bitzlato, Cryptex, PM2BTC, and a number of smaller ones.

invariantspeed

LifeLock is a scam, and this is different anyway. A BTC address should not be privileged information. It’s what you hand out to conduct transactions with others. If sharing it leads to a breach of that wallet, that’s worth knowing.

Decent_Okra_3521

you gotta understand for mass adoption, this is not going to fly on any level. you have to be passionate about the tech to take it this far, the VAST majority of people will never buy BTC if they get hit with all of this.

Fil3toFishy69

Yea I wish he lost more than his measly .7 BTC too. Fucking moron