BTC

throwaway12three4

When NiceHash got hacked they replaced all hacked BTC over time. it took almost a year for me to get my BTC back. If Binance does make people whole, it might replace BTC, but, it might also replace cash value at the time of the hack. So if the price goes up, you can rebuy the same $$ amount of BTC but will have less BTC in the end.

jjwhitaker

No. Shares are backed by assets from a real world company. In bankruptcy shareholders/investors may be prioritized or the assets/IP/etc are sold and cashed out to those the judge deems worthy. Plus if you lose access to your shares they are still YOUR shares, with a process and precedent to return them, or discover the true owner and process. Crypto is backed by nothing. No assets. No central groups over the system (only specific coins). Sure you can see where that BTC was a year ago in another wallet and trace transactions. But if it's a currency (it's not) then it's fungible and that doesn't matter, and can't be used to return your BTC anyway without compromising 51% of the entire network. At the end of the crash, a stock may have value. Crypto does not.

Feriman22

Everyone keeps asking when altseason starts. Almost nobody asks what would actually prove it started. If alts can't outperform BTC on the way up, what exactly are we waiting for?

stewsters

To be fair, if it was the 2011 hack 10btc was like 180 bucks (at 18 dollars per BTC)

Sherako4

I remember when "send me 1 BTC I'll send 10 BTC back" fake Elon musk or whatever was all over twitter. This was March - Sept 2020.

radio_four

Not if you invest in productive assets - park that cash in index funds, property, stocks, Bonds, etc.   BTC... Just sits there

FudgeAdventurous3875

I lost most of my BTC in the coldcard hack despite doing what was 100% correct at the time. What is correct changes and the manufacturer can fuck it up.

Temporary_Ad_5947

1 BTC = 1 BTC. Mt Gox was 650,000 BTC.

Infamous-Elk-5086

From my perspective, BTC is up

ZubatCountry

Nothing says "stable currency of the future" like a currency where 99% of the people holding it are only doing so on the hope it spikes suddenly and violently If Bitcoin ever became an actual, stable currency it would lose half its value overnight because it's no longer attached to the game cryptobros want to play It was a way to make money for 10-15 years when people didn't understand what a blockchain was and assumed you were smarter than them for knowing about it Now it's chasing shadows Say it went from 100k to 200k Who cares? You could have made more money backing any other coin, because they pretty much all rise when BTC does So at best the ceiling is now doubling your money with BTC, which drives people to other coins, which lowers BTC, which lowers the value of those other coins Like, unless they do Bitcoin 2 and people fall for it again you are never seeing the moons and spikes you did in the 2010's

changgerz

you think you have BTC until you deposit all of it into a scammers wallet

I_am_the_darkness_99

Until there is a very detailed explanation for how NK did this and people know the exploit isn't going to happen again on other exchanges, I think a lot of people are going to be spooked. I have zero affiliation or love for Binance, and don't even use that exchange. But by catching it and covering the funds, they saved the entire crypto market from the sort of thing that happened last time with Luna then Celsius and there was a domino effect of systems crashing that dropped BTC like an extra almost 50% from like 30k down to 16k. I'm actually sad about that because I was planning for a November bottom for crypto where I thought BTC was going under $45k. I still hold hope that a new, lower bottom is coming but I don't think it's going to be near as low as in previous cycles this time. Not sure we'll even get near the bottom from this summer of under $60k.

natekates

“Uptober” was just 4 red weekly Bitcoin candles this year. The jokes just write themselves tbh. I still think somehow BTC $95k before Christmas, -4% today is oddly resilient considering we’re at peak FUD Extreme Fear off the charts

eW4GJMqscYtbBkw9

Inflation =/= expanding monetary supply. Increasing monetary supply *can* be *one* cause of inflation, but it's just one of many. If 1 banana costs $10 and .01 BTC is worth $10 - then 1 banana costs .01 BTC. If the cost of a banana goes up to $11 due to a bad harvest, the cost of a banana does not magically stay at .01 BTC. Inflation.

KateR_H0l1day

Less than one days revenue for Binance, plus lots frozen, so essentially that’s more BTC taken out of circulation!

Mission_Specialist_2

Then a fiat experience hyper inflation, and everyone wonder: why is BTC not viable?

DistributionOk2111

Fully on his side, but what dis rookie doesnt understand is krypto and BTC are two different worlds

zitrone999

It wasn't really the argument. Rather: if you have an affected cold card, move your BTC immediately even if you have to send it to an exchange.

I-always-argue

And yet BTC barely dropped 

b1mm3rl1f3

BTC's muted reaction is so incredibly bullish. Where you headed? Enjoy

RosieDear

Not the point. The "genius" told us we'd all be using this daily....along with BTC, I'm sure. Likely there are 100's of quotes from the genius on this subject. ""Dogecoin is the people's crypto. No highs, no lows, only Doge."

No_Resolution8762

You are assuming people are required to carry their entire wealth in their day-to-day wallet. Which isn't the case. Just like how people today don't carry their entire net worth in their pockets when they go outside, you don't need to carry a wallet with huge sums of BTC in it to transact daily.

WolfBob808

I buy and hold BTC direct in Coinbase, and buy indirectly through MSTR in my Vanguard account. The only wallet I have is in my pocket with a bunch of twenties in it. With stories like this I will stick with these logistics.

BetterFunny6883

Once you update to Electrum 4.8.3: This risk disappears completely. Because 4.8.3 verifies signatures on every input before displaying an unconfirmed transaction, a server can never inject a fake transaction or sneak extra UTXOs into your history tab. How to make it 100% mathematically impossible to spend other UTXOs If you want absolute cryptographic isolation where even a compromised transaction builder cannot sign for your other UTXOs: Update to Electrum 4.8.3+ so fake unconfirmed transactions are blocked immediately. Always check the Inputs count and total Amount Sent before signing: In the signing preview window, check the top summary (Quantia enviada / Amount sent) and the number of inputs (Entradas). If you only intended to spend one 0.1 BTC UTXO, there should only be 1 input listed. Separate Passphrases / Accounts for Deep Cold Storage: Since you use a custom seed/passphrase setup, remember that adding or changing even a single character in your custom seed extension words generates a completely separate cryptographic vault with different private keys. No transaction signed in Wallet A can ever touch UTXOs sitting in Wallet B, because Wallet A literally does not possess the private keys for Wallet B.

ubermensch1001

You realize that in 2022 BTC dropped to 20k? You are literally comparing buying at the absolute peak of 2021 to an accumulation phase price of BTC shortly after the bear market low. This is like comparing a 20k BTC in 2017 to 25-30k BTC in 2023.

BetterFunny6883

this exploit never exposes your private keys, and under normal usage, frozen UTXOs protect your unspent coins—though with one critical technical nuance in how pre-4.8.3 Electrum handled RBF. Best way to prevent this to update to 4.8.3 version and always free remaining funds and address and only send in chunks of 0.05 or 0.1 BTC

BetterFunny6883

​Pro-Tip for your own Electrum transfers (Coin Control) When moving large balances in the future, beyond splitting into chunks (e.g., 4 transactions of 0.1 BTC), use Electrum's Coins tab (View -> Show Coins). You can right-click specific UTXOs and select Spend (or Freeze the rest of your UTXOs). If an exploit or human error ever happens during a transaction, frozen UTXOs cannot be touched or signed by Electrum under any circumstances.

Awkward-Green-1653

Yep, handle BTC in your own hands is still too unsafe for the mainstream. But this is why we are still early. Maybe 5 years maybe 10 but the time will come where you can easily storage your BTC without any risk of gettong hacked or doing dump shit and lost it all. I wish you the best for your Future, Bitcoin is not the problem, it's the way of storage thats not easy enough at the moment

Rickard403

That much BTC and ETH getting dumped on the market could do some damage. Probably not serious damage by itself, but additional fall out could occur from others selling out of fear, longs being liquidated, etc.

Febos

Crypto is less usefully than it was 10 years ago. We went backward. If I remember right I could not even buy ledger wallet few years ago with BTC anymore. Crypto usecase really just become a speculation.

PheelGoodInc

Any significant amount of BTC in self custody should be multi sig. Companies like Unchained Capital also make this really easy.

AdEuphoric5133

That scam pattern is really one of the most disgusting... If am so sorry for your loss OP. I hope there are joyful things in your life that will allow you to move on. I am surprised that you tried to move almost all of your savings in one transaction? Reuniting all UTXOs of over 10 years in one single transaction is unadvised, as you indicate to the network that they all share the same owner. By sending the content of your hot wallet to the cold wallet by smaller batch, not only you avoid giving away unnecessary informations to the world, but the scam would also have made you lost less money. That being said, it does not invalidate the moral of your story. The amount of care that someone has to use when manipulating BTC is really a hindrance to the adoption of bitcoin as a store of value. I have an amount of btc similar to yours on a bitcoin core cold wallet, and the general bearish sentiment of these past months due to the Coldcard hack, then the Ledger hack, and then more recently the Binance hack is really bugging me. And now your sad story is again reminding that the very strength of bitcoin, its decentralization, is also its biggest weakness: people using bitcoin have no right to make a mistake.

timelock1

So sorry to hear this. Hind site is 20/20 yes at my end...but one way to circumvent this is to copy your initial unbroadcast TX and then close electrum, goto to mempool or any other website that allowes you to broadcast and broadcast it there. You can even decode it and see what addresses your BTC is going to before you broadcast

silentsandwich

I sold in 2021 and never looked back. I never tell anyone in real life that I had anything to do with crypto and the current crowd who are into it (grifters, crypto bros) are nothing like the people who were into it in 2012 (nerds and druggies) when I first got BTC. I met a random Russian woman this year at a conference who told me she was a "bitcoin founder" and I immediately ended the conversation, lol. It's such a good tell that someone is completely full of shit now.

12161986

Is the dip still coming from the Binnance crypto attack? I swapped my BTC yesterday so I kind of expect BTC to just go up from here instead of dipping just based on the universe and luck.

Pretend_Education_86

but but what about all that BTC I used to buy Pizzas and things off silkroad. Pfft.

TrueBirch

I have to wonder what would happen if the hackers took their blacklisted BTC and just started sending it to random active wallets. Like one grand at a time. They could gum up the works for a lot of people.

Sufficient_Mud_3179

many are staying BTC is not a asset you can get a loan against, if so the loan is backed by your other assets in your account ?

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Post is by: chainglance_cm and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1xjitir/tether_made_112m_last_week_more_than_the_next_9/ Was scrolling DefiLlama’s revenue rankings and Tether is at $112M for the past 7 days. The next 9 combined (Circle, Canton, Polymarket, Hyperliquid, Pump, etc.) are around $101M. Didn’t expect a coin built to sit at $1 to be this far ahead. Here are a few reasons why I think this is the case: * You give Tether $1, you get 1 USDT. They park the dollar mostly in T-bills and keep the interest. Holders get nothing. * The math checks out. $112M/week is \~$5.8B/year. At \~4.1% T-bill yields that’s \~$140B earning interest out of \~$181B USDT. The rest sits in gold, BTC and loans. * Circle (#2) gives a big cut of its reserve income to Coinbase. Tether doesn’t share with anyone. * No token emissions, no liquidity incentives, no yield paid out. Revenue is basically profit. * USDT is the default dollar on most exchanges and in weak-currency countries, so demand doesn’t need much marketing. In 2020-21 with near-zero rates, this same model made a fraction of this. So it seems like it’s mostly a rates trade. Is that all it is, or am I missing something about Tether specifically? And with the Fed now leaning toward hiking again, how much of this survives when rates eventually drop? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

radio_four

Real talk though... One mistake and it's all gone.  AI-assisted hacks are happening more frequently (just ask Binance).   Doing everything 'right' means you can't use BTC as money for small purchases.... Which is 99.99% of daily economic activity. Why is Bitcoin superior to a currency that is insured, has institutional support/infrastructure behind it, and can actually be recovered if it's stolen? Seriously, just this year how much BTC was stolen?  

Sufficient_Mud_3179

do you make interest payments on the 5% a year ? How does this work ? Lets say someone had 1 BTC, 10-20% is $8K to 16K loan or about $800 a year in interest

Foreign_Lobster_875

Honestly true. As more Btc are in the hands of scammers pumpers and thieves they can control the price better with fake trades. Expect BTC to skyrocket as we near 100% ownership by pedofiles and the worst of humanity

I-always-argue

Eh, it's only a small fraction of my total and BTC is already recovering 

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Post is by: RelevantSecurity399 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1xjiaky/was_about_to_put_60k_into_bitcoin_then_i_saw_this/ I was planning to put around $60k into Bitcoin. Been thinking about it for a while and was finally getting ready to buy. then I come across a claim attributed to hardware wallet maker OneKey saying BlackRock’s IBIT could be the next target for North Korean hackers. Really wasn’t what I wanted to read right before buying.Can that actually happen? I know buying BTC directly is different from buying an ETF, but someone still holds the Bitcoin behind that fund. Could it get stolen if their custodian was compromised?Trying to understand if there’s anything specific behind this claim or if people are just naming the next big target. Anyone got more context? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

chainglance_cm

For stables, sure. It’s basically a normal debit card with a bit of extra spread. With BTC or ETH I’d skip it. In a lot of countries every swipe counts as selling crypto, so a month of groceries turns into 40 tiny capital gains events to deal with at tax time. Some cards also hide a 1-2% conversion spread on top of the ATM fees. Cashback is the only real reason to use one, and that’s usually paid in the card’s own token, so it’s worth whatever that token decides to do.

thanosied

There are times when you don't want to move your BTC. This is one of those times. Everything has been getting hacked, Bitcoin just went through a contentious hard fork, we have a huge election coming up and Europe is burning down. The best time to move Bitcoin around is when everything is nice and quiet unless you have some personal emergency and need the funds ASAP

Cryptoxic93

BTC will be screwed. They lack the governance needed to be ready in time. Ethereum and other chains will pivot as needed. 

General_Theo_Magath

Why do you keep bringing up Reddit account age? I’ve also made 6 figures trading it, but the difference is I’m aware the luck of being an early adopter.  Who the fuck cares about the yearly? Makes me doubt your claims cause anyone who’s actually made money on BTC wouldn’t spout the frankly retardation you have. Your thesis is since we dropped last March we will drop again this March??? OK lmao. Anyways I saved my comment and I’ve saved no others so in March when we haven’t hit 62k you can look back and recognize you were in fact an idiot and that some guy with a week old Reddit account was more aware than you were. 

Igucis

just be careful. Anyone reaching out and offering to help recover your BTC is almost certainly trying to scam you, don't fall for it

__redruM

Every time you post it’s down even more, now we’re down 12% YTD, but still the same loss 30% on the one year, because that’s the seasonal pattern. A bump in October followed by a decline that doesn’t turn around until March/April. So this time last year we were at 109k and dropped to 62k in March. This time we’re starting at 83k. I’ve made 6 figures trading BTC, but right, 7 days on reddit and you have it all figured out. You may loose 20% but at least you won’t go broke.

Ok_Review_784

I am sorry for your loss. Honestly I checked out when you stated you had your life savings on a **HOT** Wallet. BTC has never been hacked but the methods of securing the coins have been and that ranges from Exchanges to compromised wallets. Bad security practices ARE bad security practices regardless of who or how they are “secured”

shacovic

“After that, I still understand that FIAT is not viable, but how can BTC be if in a matter of seconds I lost my family's retirement plan?” Sigh….

Rortherina

Yes nothing to do now. I provided the prints and addresses so everyone can check for themselves - unfortunately for me, the story is true.. Regarding the "low amount" of BTC.. I already answered in another comment but again: Im from brazil and for the better part of my life my monthly wage was 200-300 dolars. I would be able to buy something like 10 to 30 dolars in BTC a month...

Igucis

back in 2016, BTC was around $400 from what you're saying, you've been buying for 10 years and never sold anything. If that's really the case, 0.85 BTC seems like a pretty small amount after all that time just curious, how much have you actually invested over those years? And what's your average buy price...? if you've been buying since 2016, that's a pretty long DCA run idon't know, something about your story doesn't quite add up. mybe it's true, though either way, I feel bad for you. Unfortunately, I don't think you'll ever see that BTC again. And please don't trust anyone offering to recover it for you. you'll probably just end up losing more. sometimes you just have to accept the loss, as painful as it is no offence

Interesting_Loss_907

I’m curious about something: 10 years ago BTC was still less than $1K per whole coin. OP said he was accumulating (& never selling) “for more than 10 years”, implying his initial BTC purchases were in 2015 or at least early 2016. In that era BTC was trading in the range of around $250 to $500 /BTC. It was an era where buying whole coins was reasonably easy for anyone believing in it, as OP apparently did. If after more than 10 years OP had accumulated less than 1 coin, it just seems strange.

Forded_Fiction24

How is it not the same? If Coinbase got hacked and drained then IBIT ETF would lose all the Bitcoin that is backing the ETF issuance. If you read the ibit prospectus on the fund it details the risk here and there are no consumer protections to the end user. They do not guarantee that they would be able to refund any hacked BTC. So I don't see how the risk is much different

Cryptizard

There isn't really a simple plan with BTC, which is why one hasn't been accepted yet. Post-quantum signature schemes are orders of magnitude larger than ECDSA. The BTC block size is too small to effectively use them. The transaction throughput would drop to less than a tenth of what it is now. There is also the problem of actually manually upgrading every single wallet. There is nothing that could be done automatically, every person has to do it themselves. For some ballpark numbers here, if BTC moved to PQ signatures without much more deeply changing the protocol, just the transactions to upgrade all non-zero-balance wallets would take up the entire capacity of the protocol for nearly a year.

cryptokeyhole

It has plenty left to pay people out, but it's short of the backing it had. On our node the BTC at Binance's published addresses fell from about 662,380 to about 645,000 when the 18,270 BTC left one of its hot wallets at 20:20 UTC yesterday, and it has barely moved since. Its last proof-of-reserves snapshot, about a month old, put customer BTC at about 688,570, so coverage at those addresses dropped from about 96.2% to 93.7%. Getting back to where it was means finding roughly 17k BTC, bought or moved in from wallets it hasn't published.

Rortherina

Electrum is the oldest wallet in the market and had an stellar safety record. Several other cold hardwallets as you mentioned have had issues in the past, even recently. Im not "blaming BTC", just saying that even an experienced person that had done it multiple times can't control all variables and, unfortunately, i did not see that comming. This post is not run away from responsibility or to people feel sorry for me, but to warn others that there are dangers that we are not even aware exists to hopefully prevent this to happen to more people

Beaesse

The lesson being what, "don't get robbed?" "Sometimes when you do everything right, others' negligence can destroy everything you worked for?" "Theives exist?" They didn't make a mistake, the software was hacked and they didn't know that. The company should not have still been using it. They lost their money due to others' negligence and theives' malice. IF there was any lesson, it's "your BTC savings may be vulnerable in ways you haven't thought of that make it impossible to recover." BTC has the potential to counter inflation and maintain/increase its value while fiat currencies fall, but if they had some in btc and some in more traditional savings (market ETF, bonds, commodities), they wouldn't have lost everything. You have recourse to laws, institutions, and deposit insurance that can make those other investments whole in the event it gets stolen.

wanderingmanimal

You believed correctly but acted wrongly. You needed a cold wallet purchased directly from the manufacturer and this would not have happened. Don’t blame BTC for something you could have prevented from happening by actually following due diligence and understanding the risks. It’s that simple and sums up to: lack of self responsibility

wanderingmanimal

It wouldn’t have happened if they didn’t store their BTC on an exchange FFS. Even then if they didn’t do their due diligence they may have ended up ordering a cold wallet from a 3rd Party supplier rather than the manufacturer, and that’s on them also. The whole thing is about responsibility, and people do NOT want responsibility around their money. That’s the last thing they want to worry about while worrying over every day issues. So why will BTC not be mainstream for a while? Lack of self responsibility is the primary answer here.

ChocoNutty_

You can borrow against BTC without selling. Figure does crypto loans around 8.91% fixed at 50% LTV, comes up from the mortgage side. Only catch is the terms 12 months, so with a house 2-3 years out youd be refinancing before you even buy.

throwaway18032000

The best time to buy crypto was when BTC was a few cents. Or you can always invest in BTC on an investment platform.

Rortherina

I live in Brazil and earned not a lot 10 years ago. My monthly wage was 200 dolars.. I would buy 10 to 30 dolars a month in BTC... thats why after 10 years I had "only" 1 BTC. But that was a lot to me, not only for the money, but it was years of savings.

Desperate_Bath_4299

I'm sorry but u believed wrongly about BTC. What economic value proposition does it have exactly? To criminals yeah alot of value since is literally untraceable if stolen. To 'enthusiast' like yourself, lame ducks and meat fodder for the former I must say.

PeacockMamba

Also everyone whose been trading BTC for 10+ years has had swings like this. Get used to it. Use it as a learning lesson. Don’t be like me & never write down the password to your .dat file with 10+ BTC on it dating back to 2012. It’s part of the crypto game.

__redruM

Once the BTC ETFs were created self custody became obsolete. If you’re going to save at “investment” levels don’t self custody, or keep it on an exchange. Stick it safely in a brokerage account, like you would any other investment.

RealLilacCrayon

I mean sure. I would always take 10 million in BTC over usd anyday.

juggarjew

We already have that something, its called Precious metals... Buy Gold instead of BTC. At least it holds its value better than fiat and is something you can physically hold and control.

sonoskietto

Doesn't matter. Fiat is still fiat. Give me $10m in fiat. You can keep the $10m in BTC or any crypto and keep playing games 😂🤣

lekebecker

but still ,, in the end,, BTC will go to 1 millions some day!:) for they other crypto,....well...gl .lol

mrlandlord

It was weird. I bought a trezor years ago and still had some BTC on it. So over the years of updates of the trezor suite they added the passphrase functionality. When I went to send the BTC from it, the passphrase prompt came up. I gave up trying to figure out what it could be. Then did a workaround.

FoucaultCareofSelf

Ai overall, not just in one way, is really beating crypto down, hard. Would be fascinating to see where BTC and ETH would have been without AI.

Sct1787

Poxa mano, minhas condolências, isso é ruim. Especialmente agora que o BTC subiu e vai subir mais contra o real. 🙏

No-Compote-8920

If some one keeps all their $ in cash they are mentally challenged. Keep it in a bank. Multiple times my card has been skimmed and hacked I have always gotten my money back. BTC can never match that.

Glittering-Bus-5546

Was told the power of the BTC network is incredible and decentralised. 🤣 One insider with a laptop and everyone’s fck 😂

RealLilacCrayon

Something will replace fiat. Fiat is just a debt based currency that gets debased year over year. Yes BTC has issues like this but at least it has proof of work and can’t be printed freely.

Rortherina

The wallet I was using (Electrum), despite being one of the oldest in the market, had a sceurity breach that allowed hackers to change the BTC sending address in a specific type of transaction

PrizePreset

Sounds hilariously complex and you still lost everything. Good luck with “mass adoption” when even a 99.9 percentile BTC security guy still can’t hold on to it

ch7mbucket

BTC value gonna rocket soon. Believe me /S

mrlandlord

I almost lost 0.45 BTC because somehow Trezor decided I needed a passphrase. Ironically I used Electrum to just enter in my seed phrase and move my BTC to Coinbase so I could move it to fiat for a down payment on a cabin. That was the longest 10 minutes of my life. I will never again self custody. Apparently, I am not qualified. Sorry this happened to you. Hopefully someone here can help.

2peg2city

No it was withdrawn from their system, the stolen ETH and BTC are not able to be frozen. Quite a bit of thr USDT and USDC was frozen, some was used to borrow ETH and BTC before that happened

JuxtaposeLife

Demand is demand. Sentiment is important. That said, what ends a bear market isn't so much new demand, it's supply drying up (the 80% of BTC held by whales who decide "no more room to move lower" so they simply stop selling. The scarcity and printing of fiat drives Bitcoins price up organically with or without new demand. Whales stop selling and crowds rotate in... the average retail trader trading about Binance and a hack is relevant in our circles on social media, but less so for the long term trend and market forces that compel Bitcoin higher each cycle.

Forded_Fiction24

ETF's hold their BTC on exchanges. IBIT uses Coinbase as it's custodian while FBTC takes custody of its own in Fidelity. Most others use Coinbase.  So holding ETF's are no safer than the exchanges they use for their custodians. They're not SPIC or FDIC insured 

TitanicChurro

The problem is that BTC is mainstream now. Same thing happened to the internet, thus enshitification.

Abgg_Reviss

CEX hacks have no impact on actual long-term holders tbh. Most of them have their BTC in cold storage, and don't care what is going on with exchanges. We could all learn a thing or two from them, if you ask me.

TitanicChurro

That's why you only buy from the vendor. That has been the rule since I've been in BTC.

JuxtaposeLife

Key takeaway (TLDR): While Binance covers the losses, the on-chain data shows long-term Bitcoin holders barely moved. 99.94% of the 16.3M BTC held 155+ days never moved in the 12 hours after the hack. I'll update with data over the 12 hours that covers US market open (today) later. I'm sure ETFs might react, they tend to be soft money in Bitcoin. On chain data shows that Whales and LTH are acting as accumulators on this event.

I-always-argue

It levelled out at 77k. I'm not worried about BTC price, I'm worried about people not being able to withdraw their funds

__redruM

Don’t mess with Fidelity then just look into what’s available on Schwab and buy your BTC ETF there. VGT is close the QQQ, and works. My point was mostly that once the BTC ETFs are an option, it no longer makes sense to invest in BTC outside of your brokerage account.

Turdfurgsn

Reminder that the FTX collapse marked the bottom of BTC in that run Sell if your scared but I see opportunity

eltuna3636

The more BTC matures the more the ETF’s will become normalized, cold wallet guys will look like money under the mattress guys within 5 years and definitely within 10 years. I think the general groupthink of “not your keys” that’s been said throughout the BTC world over the last 10 years will become outdated dinosaur opinions when looking back with hindsight.

suspicious_Jackfruit

They have more potential wealth in BTC than ETH (about a billy in each) so I'm not really sure you understand enough to be allowed to use margin trading

ClockerXP

Well, River keeps your BTC offline so I have heard

Cryptic99

Crypto is a joke now. BTC will go to zero.

Safe-Painter-9618

FBTC looking pretty good right now. But if this keeps happening, BTC will die.

No-Setting9690

I did up until Cryptsy stole all of mine. I used LTC and BTC for many things long before they had a serious value.

Grizly2000

Been in the game since 2014. Not mad. Not 26. Think it's funny for BTC sub is now full of dollar loving bitches. Not y'all those cats talking bout why own BTC.

Radiant-Concern6391

You must not understand how big binance is. It will fully reimburse users for the $6.3 billion hack using its Secure Asset Fund for Users (SAFU, holding roughly $1 billion in Bitcoin) plus company funds. No private key leaks, and about $3 billion already frozen via partners.  The exchange maintains substantial reserves, with recent Proof of Reserves showing roughly $151–165 billion in crypto holdings and over 100% coverage ratios for major assets like BTC, ETH, and stablecoins. The loss represents only a small fraction of total reserves, enabling full coverage without impacting user balances or binance operations