@DocumentingBTC@HIVEDigitalTech Wow, well I feel embarrassed. That's what I get for late night doom scrolling and questioning everything, without clearly reading... Thanks all who corrected and pointing out my error.
@DocumentingBTC@HIVEDigitalTech This would be great but hard to believe these types of posts when they get basic info wrong. "..in Venezuela, Paraguay." Which are two entirely separate countries that don't even border each other.
BREAKING 🚨 NEWS : there is an email claiming @Gemini has filed bankruptcy going around. It states to protect funds withdraw to an exodus wallet (they give the seed phrase in the email). Do not follow these directions. Please retweet to protect those that may have been doxxed and sent this email.
Everyone wants to know what will happen with price today when the ETFs are approved.
I want to know what will happen 12 months after the ETFs are approved.
Today’s volatility is a meaningless distraction.
I think most people are overestimating the impact of the ETF short term, while underestimating it long term.
Short term, flows may be meh.
But over the next year, every investment advisor is sitting down with their clients to review their portfolio is going to look at the new list of products, and suggest their client diversify even just 1% into the ETF of the asset that had 157% return in the last half of 2023.
This won't be a god candle. It will be a relentless and maybe choppy grind up for the next few years - but at a constant pace.
Just slow enough to make you doubt, until you turn around and see BTC up at $500k a coin and you're still sidelined waiting on a big dip.
@WallStCynic I own bitcoin but not NFTs.
In addition to its finite supply, the Bitcoin network is a liquid global network effect, unlike NFTs. With bitcoin, almost wherever I go internationally I can access some of my noncustodial savings and can make permissionless payments.
This is strange:
Bitcoin and Gold just moved in sharply opposite directions after weeks of similar price action.
Beginning late Sunday night, both assets jumped sharply.
Since then, #Bitcoin is up 6.5% while gold prices have posted a massive $100 reversal.
Gold prices are now down 2.5% today and 5% from their all time high ~12 hours ago in a mysterious reversal.
With gold's massive market cap, the downswing reflects ~$675 billion in lost value since the Sunday high.
In other words, gold just erased ~85% of the Bitcoin market cap in 12 hours.
Is this a battle between Bitcoin and Gold or is something else happening here?
I just recorded this as the opener for the @bankless rollup tomorrow, here it is in written form:
On Thursday evening, this November 2nd, Sam Bankman-Fried was found guilty by the jury of all charges. That's all 7 counts.
We recorded this rollup before the verdict dropped - David is in Europe, likely asleep, so we haven't been able to talk about this, but I'm sure I speak for him when i say...it feels good to end this painful chapter in crypto.
1 year and 5 days ago we hosted SBF on our podcast to debate Erik Voorhees on crypto regulation. We arranged this debate after we'd heard through friends that SBF was up to mischief in DC - greasing the pocket of lawmakers and working with them on a bill that would make DeFi front-ends illegal. He was effectively pulling up the ladder for decentralized finance and accruing power to his exchange FTX, and doing all this under the auspice of practicality.
The podcast struck some odd tones - at times he was almost lecturing. We crypto natives didn't understand how to work with governments. Our values weren't practical, couldn't win, were too rigid. Here was a billionaire wonderkid who built one of the worlds top in less than 4 years, and what did we know about building business and getting things done in DC?
I remember Erik Voorhees eviscerating his arguments with monkish precision.
Crypto is an open, permissionless, financial system for the world Erik said - like the internet, like email. A society that rejects this technology is a society that rejects fundamental freedom. The moral clarity pierced through the bull shit like a knife through butter.
David and I watch as SBF absolutely withered under this reproach.
It was clear to me then that crypto had made a grave mistake in entrusting so much to people like Sam who didn't share our values and was happy to trade them off in some calculated game of maximum EV.
What we didn't know at the time, was that SBF was covering up the biggest fraud since Bernie Madoff. By that point in October of 2022 he had gambled away over $8 billion in customer funds...he must have been hoping for some way to last long enough to win it all back.
11 days later it would all start to come crashing down.
I still have no idea why he came to that debate.
I think it was the spark that took him down. He must regret it now, because in the the hours and days after the debate the crypto community quickly turned on him - there was a sense of betrayal - high alert - and it didn't take us long to sniff out the truth of his fraud. Credit to @CoinDesk for breaking the story of the Alameda Balance Sheet.
Today SBF was declared guilty in a U.S. court of law after hurting many people and doing incredible damage to an industry I love. I'm thankful we have a legal consensus process in the U.S. that afforded a fair trial and due processes.
I'm thankful justice has been served.
The values of SBF...and many of those like him in 2022...were a stage 3 cancer and we cut them out. If they persisted much longer it could have been terminal. I'm thankful for the bear market for giving us this opportunity.
Criminals and scammers will visit our industry again in the future. I hope those of us who lived through SBF will be wiser the next time.
But above all, let's make sure we remember that the true hope of crypto isn't another set of bankers like SBF.
It's decentralized finance. Holding our own private keys. Running our validators. It's ethereum. It's bitcoin. This is the real revolution, and it's just getting started.
Protocols not people.
Code not kings.
Let's get back to going bankless.
Elizabeth Warren is getting close to killing DeFi in the United States
🫵 YOU can help us fight back by leaving a comment with the IRS (instructions below)
CALL TO ACTION!
We need to stop the U.S. from killing crypto 🛑
The new IRS proposals could effectively destroy DeFi & other crypto use cases
The good news? We can change this ✊
5 minutes is all it takes to leave a comment & delay the interpretation
Instructions below👇