Friday, 31 December 2021
Happy new year … and ignore the USD price!
Bitcoin Treasuries List Claims 59 Companies and a Handful of Countries Hold 1.49 Million BTC
Lighting makes every other payments network on earth look broken by comparison.
Soon going to a country where ATMs, merchants, hotels and public transport aren't all paid with using lightning will be like going to a country today where no one accepts visa anywhere.
Going to a place where lightning isnt accepted everywhere will feel like landing into a 3rd world country where nothing works properly.
Imagine travelling the world knowing every destination you land in their taxi's, hotels, public transport and 4G data are all paid for easily just by scanning a lightning invoice.
Submitted December 31, 2021 at 06:44PM by slvbtc https://bit.ly/32SKEY7
I think today will mark the bottom and we will have very green 2022!
Proposal - Efficient reusable Taproot addresses (improvement over stealth addresses / BIP47 payment codes)
theguardian: "We have a powerful weapon to fight inflation: price controls."
I think mass media has gone nuts suggesting price controls. If you had lived in a country where inflation hits high, then you know price controls only creates MORE scarcity. This is because producers are forced to sell at a loss and then decide to give up business.
I wonder if we will see a stronger push for price controls in the left media in the upcoming months.
Submitted December 31, 2021 at 12:13PM by Dangerous_Moose_4765 https://bit.ly/3zeFRMW
Coinbase Pro security flaw exploitable
This is a zero day exploit of Coinbase Pro, as far as I know.
I emailed the Support and warned them I would publish if they didn’t fix it and they did not reply.
Anyone sniffing traffic on the open web can easily gather personal details of Coinbase Pro transactions, including: - email address - amount of BTC - Receive address
Of course once chain analysis companies get the receive address they can uncover much more detail including other holdings and counterparty addresses.
The key here is to know the following about email protocol: on the internet the email addresses and the subject line of an email are plain text, unencrypted!
Here is how it works:
1/ A coinbase customer buys Bitcoin on Coinbase
2/ Like all good bitcoiners, as soon as possible, they send their bitcoin to a self-custody wallet.
3/ When you take that action Coinbase Pro emails you with the Subject line containing BTC Amount and Receive Address
4/ Any one monitoring network traffic can see in plain text your email, your BTC and your wallet address
With this info they can search the web for sources tying your email to your name, address, and phone number.
I always knew Coinbase was scammy but this is criminal negligence.
Are they doing it to T-up data for the chain analysis companies they invest in or for a backdoor revenue stream from government? I don’t know.
But I know this is beyond “dont use it because they sell shitcoins” territory and well into “dont use it unless you want to be attacked” territory.
example subject line where 0.0 BTC is amount and Z is address
Submitted December 31, 2021 at 01:18AM by FrontpageNYTimes https://bit.ly/3pK3gT6
Bitcoin-HODLing Companies Keep Up With S&P 500
Thursday, 30 December 2021
I got tipped this on the beach
MicroStrategy Buys Another $94 Million Worth of BTC Amid $49K
Submitted December 30, 2021 at 09:46PM by sandygws https://bit.ly/32zyTWV
What is your proffesion
Bitcoin now greener then Germany in energy usage !
Submitted December 30, 2021 at 08:58PM by 33nmakkie https://bit.ly/3EHxZo6
"It might make sense just to get some in case it catches on.” — Satoshi Nakamoto on Bitcoin in 2009
Submitted December 30, 2021 at 11:41PM by DocumentingBitcoin https://bit.ly/3sL96G3
Coinone will no longer allow withdrawals to unverified external wallets (it could happen to you. Withdraw your funds from all exchanges)
Submitted December 30, 2021 at 03:12AM by SmoothGoing https://bit.ly/3Hnon3H
"It might make sense just to get some in case it catches on.” — Satoshi Nakamoto on Bitcoin in 2009
Wednesday, 29 December 2021
Bitcoin on children book about money
Submitted December 29, 2021 at 11:25PM by JunoKat https://bit.ly/3FIGtgc
Bitcoin on children book about money
People are misinterpreting the cause behind Bitcoin's declining exchange balances and dormant adresses over the last 3 years. It's not because more people are hodling...
It's because of the rise of paper Bitcoins like WBTC, GBTC, ETFs, derivatives etc... Paper Bitcoins are making the velocity of real Bitcoins decline. Paper Bitcoin issuers hold the real asset in reserve somewhere, so onchain it appears the coins are dormant, when really the Bitcoins are moving in the paper market.
Now I'm not saying that more people aren't hodling than ever, I'm just pointing out that people are misreading what the onchain data really means. Onchain data is basically useless in this new world of paper Bitcoins.
Submitted December 30, 2021 at 12:05AM by ShotBot https://bit.ly/3JpZNkG
What BTC price slump? Bitcoin outperforms stocks and gold for 3rd year in a row
Full ape into Bitcoin
Submitted December 29, 2021 at 07:51PM by 3justincredible https://bit.ly/316IYtB
People are misinterpreting the cause behind Bitcoin's declining exchange balances and dormant adresses over the last 3 years. It's not because more people are hodling...
MMA fighter, Kevin Lee, says he signed with Eagles FC to be paid in Bitcoin
Tuesday, 28 December 2021
This has always been the way but now we have tools to do it automatically for us (Canada: Shakepay, US: Strike)
Let’s look on the positive side of bitcoins price! If bitcoin doesn’t reach $69,420 by New Years, Mogli_Puff will eat a Carolina Reaper on January 1st and post it here!!
Submitted December 29, 2021 at 07:16AM by reddit4485 https://bit.ly/3sG6okV
I just received my first snide "so how's your bitcoin doing?" from a family member and I feel so much more official now.
Submitted December 29, 2021 at 02:06AM by KateBushFuckingSucks https://bit.ly/3z74NG7
My 3 year old interviewed Pomp about Bitcoin 🙃
Submitted December 29, 2021 at 02:12AM by 50mm-f2 https://bit.ly/3FQKOhD
My 3 year old interviewed Pomp about Bitcoin 🙃
Daily Discussion, December 28, 2021
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Join us in the r/Bitcoin Chatroom!
Please check the previous discussion thread for unanswered questions.
Submitted December 28, 2021 at 01:08PM by rBitcoinMod https://bit.ly/3z5Ketq
Mexico’s Third Richest Billionaire’s Advice: Invest in Bitcoin, Stay Away From Dollars
Submitted December 28, 2021 at 08:13PM by itsglocx https://bit.ly/3qtt459
Has anyone ever tried using their retirement accounts to trade bitcoin? If you plan to HODL long term you get some cool tax advantages
Almost 20,000 new Bitcoin ATMs installed in 2021, more than 50 a day
Monday, 27 December 2021
Binance sends user's BTC into Nirvana, blames user for mistake, doesn't refund. - What a shitshow! Stay away from Binance!!
Assets in Worldwide Bitcoin Funds Hit $63B
Submitted December 28, 2021 at 12:46AM by rocklandreject https://bit.ly/311rejh
What led you to become a Bitcoin Maxi?
I made this post about 1 year ago showing the growth of r/Bitcoin. Today, we have over 3.7 million users. See you guys at 5 Million!
Submitted December 27, 2021 at 04:14AM by Deathstaroperatorguy https://bit.ly/3mDSdcu
Assets in Worldwide Bitcoin Funds Hit $63B
Hal Finney arrived at a figure of $10M per coin.
Submitted December 27, 2021 at 07:52AM by Fun-Hamster-8457 https://bit.ly/3Jibv0H
War Against Inflation – Bitcoin Beats S&P 500, Gold, and Silver by a Wide Margin in 2021. Bitcoin was the best weapon against inflation for the people in 2021. And it will remain so in 2022.
Sunday, 26 December 2021
UAE announces 5 year prison sentences to anyone promoting cryptocurrency scams. To all you Dubai based scammers promoting your own shitcoin tokens to your followers you better watch your back, when it comes to fraud Arabs don't mess about.
People who have six figures in "Savings Accounts"
The History of How Bitcoin made an individual ungovernable
Picture this, it was the 2015s, internet was starting to get fast, computers were starting to get truly smart. And bitcoin was starting to become well... bitcoin actually.
However as some early adopter were starting to pay attention to the cryptocurrency they quickly realized than more than a value reserve or a trustworthy currency, crypto could be used to avoid goverment restrictions and to survive lawsuits by shady individuals. The first of wich was a Brazilian youtuber names Daniel Fraga.
Daniel Fraga career began quite small, he was an anarchocapitalist youtuber with a camera and a confrontational personality with two goals. To get people started into what he tought was the next currency in the name of bitcoin and to denounce goverment corruption and mismanagement.
Video by video the young ancap began to build an audience, he was one of the first to make portuguese tutorials on how to buy and store bitcoins. And he was also extremely anti state, constantly making videos about corruption scandals, how to avoid taxation and actively calling Brazilian IRS officials and politicians "thieves and robbers" for their role both in seizing people's assets as well as their participation in corruption scandals.
It didnt take long for these people to notice the now sizeable videos agaisnt them, videos in wich even exposed politicians about their mishandling.
Angry about being called out by a guy who was just a youtuber back in the time where youtubers werent even seen as a professional, these politicians and IRS agents began to fight back. They began to file multiple slapsuits agaisnt the youtuber, demanding that he would take down his videos and pay back for his "slanders".
Ever an ANCAP, Mr Fraga refused to even receive the police officers carrying his court summon. Telling them to shove the lawsuit on his backyard and leave. The man even refused to show up in court, not acknowledging the state justice authority in a case that he saw was an attempt by authorities to silence him.
Without defence Brazil courts began to award the ones filing lawsuits agaisnt him. 2 IRS workers wered awarded thousands of USD in compensation, and a politician was even awarded 400k USD in "damages".
And this would have been it for the man, he would have been bankrupted by the state and forced to take his video down. That is...if bitcoin wasnt a thing.
Rather, Mr Fraga had a brilliant idea, rather than fatten the pocket lines of politicians he decided to gamble it all. He sold every single one of his assets, his house, cars, personal belongings and dumped all into BTC.
And then the absolute chad of a man, made a last youtube video, mocking the judge and daring him to find a way to seize his BTC wallet.
To his credit the judges and lawyers tried, they searched up and down for any seizable asset, they visited dozens of addresses and went after anything he could ever own. And after years searching they found absolutely nothing.
Finally without finding a single cent (well they did find around 200USD on a google account that was being used to pay for some really old process for google), the judge and lawyers gave up. They proclaimed the debt could not be payed and abandoned the search.
Daniel Fraga then dissapeared, vanished from public view with his bitcoins still stored in his wallet. And was never seen again.
Small updates on his youtube channel (such as a link of him promoting BCH) show that he is still alive. But for the man who had won thr battle agaisnt an entire state, it seems all he wished for was to rest in his (presumably insanely large) wealth.
And thus end the story of how BTC allowed a man to stand up to politicians, judges, lawyers and police officers. His reasons of his own volition, but his story filled with an insane tale of risk taking and protesting.
I tought this was an important tale to tell, for since it happend in Brazil, very few know about it. And that it comes to show how Bitcoin can help individuals to stand up to the state and repression.
I do not know if Mr Fraga reasons were correct, or if what he did was right. But i admire his dedication to a cause to the point of gambling his life on the promess of crypto, back in the day where most still tought crypto was a pyramid scheme.
As a law student myself its still a tale that fascinates me. How one guy managed to defeat the state.
Sources: (sadly in portuguese, i wish i could get you guys good english sources but i cant :( )
https://cointimes.com.br/daniel-fraga-pioneiro-do-bitcoin-divulga-novo-site-e-gera-polemica/amp/
https://portaldobitcoin.uol.com.br/pioneiro-do-bitcoin-daniel-fraga-da-sinal-de-vida-no-youtube/
*EDIT: Changed the date text soo its clearer when it happened (around 2015).
Submitted December 26, 2021 at 11:09PM by ArthurSalim https://bit.ly/3prPwMK
Bitcoin is a great investment but a terrible savings account for short-term needs, given its extreme volatility. Convince me otherwise.
Submitted December 26, 2021 at 09:48PM by thatsMRcurmudgeon2u https://bit.ly/3z0IgL5
The History of How Bitcoin made an individual ungovernable
Bitcoin is a great investment but a terrible savings account for short-term needs, given its extreme volatility. Convince me otherwise.
Saturday, 25 December 2021
Daily Discussion, December 26, 2021
bisq is growing!
This ATM I found in X-Madrid
Just set up my Bitcoin node. Raspberry Pi 4. Easy.
Submitted December 25, 2021 at 11:08PM by fubolibs https://bit.ly/33Laiyv
Is the Time Ripe Enough for Crypto in Real Estate? Would you buy a house with BTC?
People of reddit. Today is the first day that I'll invest in Crypto Currency. Any tips?
Anything you wished you knew before starting?
Submitted December 25, 2021 at 05:23PM by lunaalbadi https://bit.ly/3mzoBg9
Just set up my Bitcoin node. Raspberry Pi 4. Easy.
Submitted December 25, 2021 at 11:08PM by fubolibs https://bit.ly/33Laiyv
Just set up my Bitcoin node. Raspberry Pi 4. Easy.
Friday, 24 December 2021
Daily Discussion, December 25, 2021
Safe Seed Metal Stamp Kit / $100 BTC Giveaway! Secure Your Crypto Seed Phrases With Safe Seed Titanium, Stainless Steel, and Copper Stamp Plates.
Safe Seed is a simple and straightforward way to secure your crypto assets. Just stamp it out or engrave the plate with your 12-25 word recovery seed phrase and secure it in a safe place. Compatible with all hardware wallets like Trezor, Ledger, Keepkey, and all software wallets.
Just post below and you will be entered into the contest; the winners will be selected randomly by redditraffle. Contest is from 12/24 10PM EST- 12/25 8PM EST
Winners will be messaged right away after the contest has closed, the message will come from u/safeseed only!
1st Place- $100 in Bitcoin, Complete Steel Stamp Kit W/ Wood Box, 1x Titanium Plate, 1x Stainless Steel Plate, 1x Copper Plate, 1x Steel Bench Block, and 1x Stainless Steel 6”x6” Bitcoin Logo.
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Anyone can enter, worldwide shipping available.
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Submitted December 25, 2021 at 11:09AM by safeseed https://bit.ly/3qrxysW
The end of "Fiat" and Bitcoin mass-adoption starting to happen.
Do you remember this post about mass adoption 9 years ago ?
Well, this is starting to happen right in front of our eyes. Check this out:
What has been called by international organizations as "The Bitcoin Experiment", is nothing more than the world watching how mass adoption changes a country’s economy.
If it’s for the good, it’s game over for FIAT.
El Salvador is the spark that ignites the real revolution.
And the third richest person in Mexico replies:
The end of "Fiat"
It's very necessary, but it will not be a pretty sight
Just wait until the "Bitcoin bonds" of El Salvador are sucessful and they can prove that they can borrow at a better interest rate without the IMF help. Then wait until other countries (specially those abused by the IMF) jump in.
I'm buying lot of more Satoshis and enough pop-corns for the party.
Submitted December 24, 2021 at 10:55AM by polloponzi https://bit.ly/3ySf74I
Isn't a 24-word seed phrase overkill? Is 12 words fine?
Inspired by the other guy, I’m now buying $1 every hour!
Microstrategy CEO Foresees Bitcoin’s Price Reaching $6 Million
Submitted December 24, 2021 at 07:02PM by itsglocx https://bit.ly/3Jh1Bwb
Giveaway BTC for Christmas
I’ve seen a similar post, and thought it was an excellent idea. Soooo, 400$ worth of BTC for whoever guess the correct price. Based on the closing price at 00:00 UTC, tonight.
You have until 8pm tonight (I edited 11pm to 8, too many comments). Good luck!
And Happy, Merry Christmas!🎄🎄
Edit: ofc, no edited comments. And one guess per person. Based on Binance closing price.
Submitted December 25, 2021 at 12:08AM by hugocrpto https://bit.ly/3Jrzc6S
LN is not just for sending payments. LNURL allows people to login to websites without using passwords and even usernames.
If you have a LNURL compatible LN wallet you can test it out here
Submitted December 24, 2021 at 03:41PM by xupitertolv https://bit.ly/33V9qHQ
Anyone else have the same journey as me with bitcoin? Leaving bitcoin thinking alts are "superior technology", then coming back to bitcoin?
Let me preface this by saying I tell new people, "If you want to make money the only strategy that has held up is buying and holding bitcoin for 4 years." and, "The only coin that has managed to stay at the top of the charts is Bitcoin. When bitcoin drops 5%, altcoins drop anywhere from 10-50%. Just buy bitcoin and hold it a long time. Use money you don't need to buy it, and you will be pleasantly surprised a few years from today."
However, I too also fell in to the "superior technology fallacy" that a lot of altcoins promised but either A) failed to deliver on or B) delivered with an unacceptable level of centralization. I went with altcoins over the years thinking, "It's just a matter of time until they surpass bitcoin." But that never happened for various reasons.
The one thing that bothers me now is the amount of new people we have saying dumb shit with regards to altcoins being "superior" to bitcoin without any well-formulated research on the topic at hand - and yes, that includes people like Elon Musk influencing people to buy new shitcoins or shitcoins that have higher inflation than what is considered a "healthy" amount of inflation in a growing economy.
Submitted December 24, 2021 at 04:36PM by sgtslaughterTV https://bit.ly/3JdrRYl
Giveaway BTC for Christmas
Thursday, 23 December 2021
Why are Hillary and Trump United in Warning of Bitcoin's Dangers? Interview with Alex Gladstein
Bitcoin Is An Enduring Bull Market, Says Bloomberg Strategist
Submitted December 23, 2021 at 02:11PM by bdinu89 https://bit.ly/3pmypMh
El Salvador Government Continues Bitcoin Accumulation, Makes New Symbolic Purchase
Submitted December 23, 2021 at 09:19PM by Mars_chego https://bit.ly/3Ej7vJr
Bitcoin miners generated more than $15 billion in revenue during 2021
Submitted December 24, 2021 at 01:02AM by Michellerose6834 https://bit.ly/3EmSCWM
Wyoming Senator Cynthia Lummis To Propose New Bitcoin Bill Next Year
Current state of the market
Average cost to buy BTC hourly on Strike
There was a post today showing a notifications list of $2.50 hourly buys on Strike. The comments were flooded with people screaming about how OP was getting screwed on fees (there are none buying on Strike), or if they had more than two braincells assuming that OP was getting screwed on the spread.
I've also been buying hourly on Strike, though for quite a bit less than the other guy. I have had $0.50 hourly buys going since Dec 10th, and yesterday I upped it to $0.60. I have been monitoring the buys and comparing the price I paid to the current spot price and found it's usually $50 to $100 higher (~0.1-0.2%). But that's just me randomly checking it, not real data, so today I bring you some real data.
I took the high/low data from the minute chart on Binance and calculated the hit I took on the spread. As you can see the average "fee" I paid is 0.12%. There was one buy where the cost was much higher than the others (5:34 AM), but for the most part it's pretty consistent.
The data is a bit imperfect since Binance is probably not the source that Strike uses to buy your BTC, but I think it's safe to say it's close enough.
Personally I really like the hourly recurring buys. It takes the guesswork out of trying to time your buy on a dip, or getting FOMO when it is pumping. You really do get a true average.
Don't @ me about recordkeeping either. It's really not a big deal. If you can't handle it then don't do it, but don't assume everyone else is as dumb as you.
Edit: Also withdrawals are free.
Submitted December 23, 2021 at 04:18PM by Cats_n_Porn https://bit.ly/3qoewnx
Bitcoin miners generated more than $15 billion in revenue during 2021
US concidering cutting off Russia from SWIFT banking system. If this happens, Russia will be forced to find an alternative monetary network. This would be bullish for Bitcoin.
Submitted December 23, 2021 at 09:15PM by jonesocnosis https://bit.ly/3qmMR6s
El Salvador Government Continues Bitcoin Accumulation, Makes New Symbolic Purchase
Wednesday, 22 December 2021
A Better Future for El Salvador Through Bitcoin – Nayib Bukele Stands Up to Global Institutions. The president has the support of the people of El Salvador, and that's all that matters.
The Bitcoin standard continues to make its way in El Salvador. President Nayib Bukele stands firm against the powerful people of the current monetary and financial system who are doing everything to discredit this initiative that will change the future of El Salvador for the better.
Despite threats and criticism from the IMF, the Central Bank, or even America, Nayib Bukele continues the Bitcoin adventure and went further a few weeks ago by announcing the creation of the first Bitcoin City in El Salvador.
An interesting piece of news has just been published by a local newspaper in El Salvador. In this article, you learn that a poll was conducted indicating that more than 85% of Salvadorans still trust Nayib Bukele.
This poll is interesting because the powers that be in the current system have tried several times to discredit his initiative by saying that the people disapprove of the implementation of standard Bitcoin in the country.
In the latest issue of the In Bitcoin We Trust Newsletter, I explain all this in detail, and more importantly, why other countries will follow Nayib Bukele's lead in the months and years to come: https://inbitcoinwetrust.substack.com/p/a-better-future-for-el-salvador-through
It's only a matter of time.
Submitted December 22, 2021 at 04:48PM by sylsau https://bit.ly/32kR0Qf
Do you think Bitcoin Will ‘Replace The U.S. Dollar’?
Submitted December 22, 2021 at 10:39AM by Bitcoin_Mining_Tech https://bit.ly/3sqWWlt
El Salvador Buys 21 Bitcoin To Mark A Special Occasion
Submitted December 22, 2021 at 08:03PM by bdinu89 https://bit.ly/3JaIAeK
Visa Partners With 60 Crypto Platforms to Let Consumers Spend Digital Currency at 80 Million Merchants / Bitcoin Insider
Submitted December 22, 2021 at 08:15PM by CoinCorner_Sam https://bit.ly/3FmxMIr
Venture Capital Funding for Bitcoin Companies Is Surging
Found Physical coins that have Bitcoin logo on them (caption)
Michael Saylor Reveals His Personal Bitcoin Holdings To Be Worth Over $800 Million, Sees BTC price going to $6 Million
Alan Greenspan after the U.S. credit downgrade (2011)
Submitted December 23, 2021 at 02:44AM by theloiteringlinguist https://bit.ly/32ssVGS
Visa Partners With 60 Crypto Platforms to Let Consumers Spend Digital Currency at 80 Million Merchants / Bitcoin Insider
Alan Greenspan after the U.S. credit downgrade (2011)
Bitfinex keeps frozen $150,000 since 2019. My loss is over $50,000! Ticket #751709.
Bitfinex is removing all information regarding its awful customer service from its Reddit group and blocking users who try to write about the problems with payout of funds from the Bitfinex accounts. It is the common problem and we have to inform everyone about it.
Moreover, if I ever knew about Bitfinex massively blocks their clients funds or conducting "checks" within months, I would never, never, never register on it to use their services. My story is ordinary, read it, at least you be prepared for what awaits you when you working with Bitfinex.
I have a small company with my partners and in the 2017 we decided to invest some money in bitcoin. In February 2018 we registered an account on the Bitfinex exchange , it was fully verified up to the maximum level. All the funds were deposited from our own cold wallet and all transactions fully confirmed. In 2019, due to internal corporate reasons we decided to block the account and all outcoming\incoming transactions of it with balance just over $15,000. So, we directly asked the exchange to execute it and, actually, the account was blocked immediately. August 15, 2021, when the account funds were valued at $200,000 due to increase in bitcoin exchange rate, we asked to unblock the account and provide us with access to deposit to withdraw our funds. Then the endless journey of "go there - do not know where, bring it, I do not know what" has begun.
Chronology of events in 2021:
- August 24 A Bitfinex employee asks for a notarized agreement between me and my partners;
- August 27, we send the draft of the agreement for prior approval;
- August 30, we send the signed and notarized agreement;
- August 31 Bitfinex Employee asked to amend the text of the already executed agreement;
- September 5, we send a new one draft of the agreement for approval;
- September 7, Bitfinex employee replied that they are satisfied with the draft of agreement and awaited for the signed and notarized document;
- September 9 we send the new one notarized agreement, with all the amendments requested by Bitfinex;
- No response from Bitfinex;
- September 16 we re-write to customer service about when the $200,000 account will be unlocked;
- September 18 Bitfinex employee demands notarial confirmation that the account really belongs to the owner, despite the account is fully verified, KYC completed to the maximum.
- On September 19 we asked to clarify what kind of legal document should proof that the account belongs to the owner?
- September 21 An employee of Bitfinex replied that we have to ask our lawyers what kind of document it should be. Amazing.
- On September 23 we had prepared a notary certification of the owner's rights for the account and sent scans of the document as well as a link to the notary register to check its authenticity.
- On September 28 we asked to clarify when the account finally be unlocked;
- September 28, An employee of Bitfinex wrote that they were checking the information and contact us in the near future;
- October 7, we again asked when the account be unblocked;
- October 13 Bitfinex Employee answered - wait, we are checking;
- October 29, we again asked when the account be unblocked;
- November 3 Bitfinex Employee wrote that as he has had written to us earlier - October 13, wait;
- November 3 we wrote, tell us at least how much longer to wait, we lose money! By in that time the deposit had decreased by $50,000, also because of kept opened margin positions;
- November 5, an employee of Bitfinex answered - I can't tell you anything about the legal verification period, we have no time limits!
- November 27, we wrote again, that it has been more than two months since we sent all the documents they requested, when the verification be completed?
- No response from Bitfinex;
- On December 10 we again wrote to say that we have recorded but privately that the support does not respond to the client's letters and ask to clarify the verification period once again;
- On December 10, an employee replied that, as he had written earlier, they were checking and could not name the terms.
What was the result?
In the end all notarized documents were sent, including their notarized translation - just over 10 pages of the very documents that Bitfinex support itself requested. Even if you check 3 pages a month, for the past 3.5 months you could have checked them all. But that's not the goal folks. It's much more complicated than that. The account value during this time has decreased from $200,000 to $150,000, the margin positions were open and are still open and chargeable with all the period, because it is impossible to close it. My direct losses amounted to $50,000, hours of consulting with lawyers and billions of nerve cells. Bitfinex has made my life a living hell these three months!
Imagine how it feels when you look at your deposit and it decreases by 25% and you can't do anything, not only withdraw, but even convert to USDT not to lose your money. And your support employee answers you every two weeks for months - wait, due diligence in progress and there are no any exact term when it will be completed.
I am definitely not against due legal checks and moreover, I believe that all of them are absolutely necessary in any business. But in the case of Bitfinex we are not talking about document checking, we are talking about trivial abuse of rights and direct damage to their clients. How can the legal procedures be timeless? How can your due diligence be endless? How can it be that you first receives our money and then start checking of the client ? When we open an account at the bank, we first go through verification, open an account and only after that bank gets the money to the account. Bitfinex is doing exactly the opposite.
There are hundreds of situations like ours, they block accounts under any claim. If there are any funds on them the exchange starts the procedure of legal verification, which according to them is not limited in time. It is not only unfair, immoral, but also illegal.
Their meaning is that if you have an account with aprx. $100,000, so you have to spend even more money if you claim them in the British Virgin Islands (Bitfinex jurisdiction) court. This is partly true, because lawyers in such matters and in that jurisdiction are very expensive. At the same time, those clients' funds are a source of enormous liquidity for Bitfinex, which uses client funds at its own will, because if my funds are effectively frozen - no one will charge me interest on the use of my money. From the other side, Bitfinex quiet easy lends money to another client at a huge interest rate, because the exchange has no "liquidity" problems.
Nice "business", right?
The fact that user funds are blocking “en masse” without any regulations and held indefinitely is not acceptable. I ask to help our community as much as possible in spreading this topic, my Bitfinex Ticket number is 751709, all the given information I can with screenshots or in any other legal way. All of you who suffered in the same way, mates, please, write in the comments, let's unite our efforts.
I will keep you informed about this situation, thank you for spending your time and reading the post to the end.
Submitted December 22, 2021 at 10:30PM by Artur_Alekseev https://bit.ly/3JbwTEU
Online Chess Tournament on lichess.org puts up 1BTC prize money...
Over 20,000 participants and the site immediately crashes.
Agadmator CakeDeFI Christmas Arena https://lichess.org/tournament/WMEZdyxr
Lots of big name chess players coming for the BTC.
Submitted December 22, 2021 at 03:10AM by toddgak https://bit.ly/3mMJF39
I finally got my ring with the Bitcoin symbol. It has changed my life forever in many ways. Bitcoin is the true revolution and it’s here to stay.
/r/Bitcoin will be matching ~12BTC of your BTC donations. Made gains? Pay it forward, double!
Tuesday, 21 December 2021
New Jersey bank to let clients to buy, sell and hold Bitcoin
Submitted December 21, 2021 at 09:54PM by youngconservativemax https://bit.ly/3yQDAaG
I finally got access to my old Coinbase wallet which I last used in 2016. I thought there may be something in there but wasn’t sure. When I get the access today I had £304! The last time I used it I had £3.50. Has anyone else found a ‘lost stash’ of bitcoin?
Banks in Argentina are not letting unvaccinated people to get inside... The only way to withdraw dollars from your account is to do it physically in your bank
Whether you are pro vaccines or anti vaccines, this is nuts.
My decision to go all-in on Bitcoin has been the best decision I've made in my life.
Submitted December 21, 2021 at 11:53PM by EntaronAdun https://bit.ly/3yUzgHh
Crypto Funds Explode in Boom Year Marked by First U.S. Bitcoin ETF
BoE Warns Bitcoin Could Become “Worthless” — It’s True, and That’s Why Bitcoin Is So Valuable. No one forces you to believe that Bitcoin has value. You choose to believe that Bitcoin has value.
Submitted December 21, 2021 at 07:23PM by sylsau https://bit.ly/3Fi21Ad
The Wall Street Journal (WSJ) attempt to delegitimize Bitcoin’s decentralization is the new low in spreading misinformation with no evidence.
Banks in Argentina are not letting unvaccinated people to get inside... The only way to withdraw dollars from your account is to do it physically in your bank
Monday, 20 December 2021
Valkyrie signs on to the Crypto Climate Accord, which seeks to decarbonize the global crypto industry by prioritizing climate stewardship and leading the industry to net-zero greenhouse gas emissions by 2040.
Submitted December 21, 2021 at 01:20AM by hushedIcecream32341 https://bit.ly/33EYMol
Roald Dahl gets bitcoin scarcity
Was watching Willy Wonka and the Chocolate Factory with my kids, when I came across this interesting scene:
Charlie is contemplating selling his golden ticket to support his poor and starving family.
His grampa pulls him aside and tells him:
There's plenty of money out there. They print more every day. But this ticket: There's only five of them in the whole world. That's all there's ever going to be. Only a dummy would give this up for something as common as money. Are you a dummy?
Submitted December 21, 2021 at 05:21AM by IchorOfTheElders https://bit.ly/3e7BCsS
How I lost my 0.6 BTC - buy a hardware wallet guys. Don't rely on software wallets.
Well I had an electrum wallet on my Laptop. It appears I visited a website (or clicked a link) that somehow breached my anti-virus. It installed ransomware and encrypted all my files. They asked me to send Bitcoin to decrypt the files. Their email was [helprecover@foxmail.com](mailto:helprecover@foxmail.com).
I DID NOT send them anything. I re-installed Windows on the whole hard drive - and then proceeded to install Electrum and tried to restore my wallet. The moment I entered my private key on the PC the coins (0.599 after transaction fees) were sent to the hacker's address (https://www.blockchain.com/btc/address/16Myr9GVhwRF6YKxLnQod5jZZgiXULbAYx)
I had accumulated 0.6 using 0.1 increments after selling most of my stuff on eBay!
NOW, the same address then sent their bitcoins to another address in January 2020 (https://www.blockchain.com/btc/address/bc1qw509mgwxy0trsws0254854fpdyux9sxqywguxj)
I called the police, called action fraud UK. Sent them all the details. They said they couldn't help, although they had tracked the foxmail address to China with an IP possibly in China or Russia, their words, not mine.
I then emailed the [helprecover@foxmail.com](mailto:helprecover@foxmail.com) many times literally begging them to return my Bitcoin. Obviously, I was naive.
I then proceeded to report these two addresses as scam on most sites who monitor crypto scams.
I then bought a new laptop (jeez, they are expensive!), as apparently even a deep rooted residual infection on the laptop can result in your soft wallet getting wiped. I could format the whole hard drive - but it was too much of a loss to tolerate should anything happen again.
Then I bought a Ledger device.
Then I sold off myself as a slave on eBay to buy my first 0.01 Bitcoin.
OK, that last line isn't true! LOL
But you know what - they haven't broken my spirit.
Peace!
Submitted December 21, 2021 at 01:54AM by Fun-Hamster-8457 https://bit.ly/3peq6SX