Cryptocurrency

[Whorty]

Future of money -



"It was just past midnight on Jan. 7, 2021, when “Nick Wendell” (a pseudonym) lost half a million dollars in bitcoin.


Bitcoin’s price was roaring toward $40,000, and Wendell was moving some of his bitcoin to a paper wallet generated by BitcoinPaperWallet.com. These wallets allow you to store your private key on a pdf that can then be printed out or saved as a computer file.


Within a minute of depositing 14.5 BTC, worth over $500,000 at the time (and now worth over $700,000), it was all gone. Someone had swept the funds from Wendell’s wallet and, after playing blockchain hopscotch across multiple addresses, sent them to the Binance exchange."


https://www.coindesk.com/bitcoinpape...funds-research

Ooops!

[_V_]

Paper wallets are not safe.

https://en.bitcoin.it/wiki/Paper_wallet

A paper wallet is the name given to an obsolete and unsafe method of storing bitcoin which was popular between 2011 and 2016.

[mogga71]

Terry Smith (probably the last fund manager superstar left in the UK?) on Bitcoin :

https://www.ii.co.uk/analysis-commen...ncies-ii515234

...personally can't argue with anything he says .... and I like the way he doesn't just rubbish it.

Clearly, as a transactional currency, Bitcoin as it stands, is not fit for purpose.

Love the bit .... 'speaking from his home in Mauritius.'

[AtW]

Terry Smith (probably the last fund manager superstar left in the UK?)

Who was the one before him, Woodward?

[DealorNoDeal]

Bitcoin to $40k by Mid-March


https://www.tradingview.com/chart/BT...-by-Mid-March/

Well, that settles that then.

This time might be different, and he might actually have called something right for once.

Still can't get my head around how something with a market cap of $1tn is so damn volatile. It's fallen almost 25% in 6 days!

[AtW]

It’s only a real market cap if one could sell large quantity and price won’t drop much - what would be tulipcoin price if Satoshi sold his 1 mln tulip coins for 40 bln?

[DealorNoDeal]

It’s only a real market cap if one could sell large quantity and price won’t drop much - what would be tulipcoin price if Satoshi sold his 1 mln tulip coins for 40 bln?

Yes, I wonder what % of coins are actually ever in play. It could be a small fraction which might explain the large price movements. Either that or it's a market traded by skittish idiots.

[Lance]

Yes, I wonder what % of coins are actually ever in play. It could be a small fraction which might explain the large price movements. Either that or it's a market traded by skittish idiots.

you can find out.
Every transaction is public.
Last I heard it was estimated that Satoshi's wallet contained half the coins ever mined, but haven't traded, at all, for many years. He may be dead, forgotten his password, lost the key, or hodling with a plan to screw everyone.

[AtW]

Every transaction is public.

Transactions inside "exchanges" don't get reflected on blockchain, Shirly?

[Lance]

Transactions inside "exchanges" don't get reflected on blockchain, Shirly?

they are not BTC transactions though. Anyone with any decent size holding isn't going to trust an exchange.
How do you even know they have enough BTC to cover all the money they've taken? You don't, until you try and take it out.

Before BTC crashes entirely (which will happen) there will be a run on the exchanges.