do we go under 17k?
I got a piece at 17.7 today
I got a piece at 17.7 today
I'm sure we're about to hear about more actors going bankrupt soon, so most likely. Too bad they all seem to own BTC despite hating on it at every turn.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 2797. (Read 26715627 times)
November 09, 2022, 05:07:32 AM
I'm sure we're about to hear about more actors going bankrupt soon, so most likely. Too bad they all seem to own BTC despite hating on it at every turn.
November 09, 2022, 05:06:08 AM
do we go under 17k?
I got a piece at 17.7 today
I got a piece at 17.7 today
November 09, 2022, 05:01:17 AM
Got to admit I'm getting a bit sick of these dramas in the "crypto space" and their effect on BTC. FTX may have been wiped out but my concern is Alameda hasn't completely liquidated yet, and then whoever else lent to them and so on. I'm hoping for a bottom and that things have already been cleaned out, but, I will not be surprised if this drama is not over yet.
How anybody could still support anything other than BTC right now is beyond me.
How anybody could still support anything other than BTC right now is beyond me.
Contagion is yet to play out, you’re right in suggesting a potential domino effect. I have a stack of fiat waiting. I still think this goes lower. Who or what entity is next to get REKT? What odds on it being Saylor?
I won't rule Saylor out as a possibility, he was buying way too much on the way up. But, apparently he's all good till the 3k level. Or so he says.
November 09, 2022, 05:01:16 AM
November 09, 2022, 04:57:34 AM
Oh grief...
November 09, 2022, 04:55:58 AM
Got to admit I'm getting a bit sick of these dramas in the "crypto space" and their effect on BTC. FTX may have been wiped out but my concern is Alameda hasn't completely liquidated yet, and then whoever else lent to them and so on. I'm hoping for a bottom and that things have already been cleaned out, but, I will not be surprised if this drama is not over yet.
How anybody could still support anything other than BTC right now is beyond me.
How anybody could still support anything other than BTC right now is beyond me.
Contagion is yet to play out, you’re right in suggesting a potential domino effect. I have a stack of fiat waiting. I still think this goes lower. Who or what entity is next to get REKT? What odds on it being Saylor?
November 09, 2022, 04:01:20 AM
November 09, 2022, 03:15:05 AM
Got to admit I'm getting a bit sick of these dramas in the "crypto space" and their effect on BTC. FTX may have been wiped out but my concern is Alameda hasn't completely liquidated yet, and then whoever else lent to them and so on. I'm hoping for a bottom and that things have already been cleaned out, but, I will not be surprised if this drama is not over yet.
How anybody could still support anything other than BTC right now is beyond me.
How anybody could still support anything other than BTC right now is beyond me.
November 09, 2022, 03:13:43 AM
November 09, 2022, 03:01:16 AM
November 09, 2022, 02:01:17 AM
November 09, 2022, 01:27:20 AM
Zhong was living on Ruth Street in Athens in March 2019, when he reported his home was burglarized while he was out of town between March 7-13. He came home to discover a window in a rear bedroom shattered and the thief had found a brief case that contained $400,000 cash and a USB thumb drive with personal information, according to the police report.
November 09, 2022, 01:01:21 AM
November 09, 2022, 01:00:32 AM
would be nice, if this was the double bottom compared to the double top in '21
November 09, 2022, 12:40:54 AM
November 09, 2022, 12:39:57 AM
[edited out]
About this... here's the thing. Assuming the IRS-CI folks actually took custody of the BTC, How in THE HELL did Zhong justify storing ~50k BTC in a way so insecure that this could even happen? Maybe they only have the addresses, and the private keys are somehow secure (like maybe a simple BIP39 passphrase???).
I am all for keeping your setup simple so you don't lose the coins via complication. But there is either more to this story, or our dear "Loaded" was incredibly ill prepared.
PS. Wonder if our little dump has anything to do with this? Nah, right?
For sure we have to consider the various ways that our bitcoin could be vulnerable, and preparing for a raid could be one of those things in which too many coins are held in one location or that it is too easy to figure out how to get at the keys.
We do not know yet, but I am with you in terms of hoping that the "authorities" are exaggerating that they actually have gotten access to the keys. Just think how they got Ross's keys.. by supposedly getting him while his computer was on. .and the same with the Alpha bay guy when they crashed the gate and his computer was on..
There are a lot of ways in which some of us normies could screw up, and maybe having our stash separated into various locations can sometimes become too complicated, too? because there is ONLY the necessity to have one vulnerability.. and likely there might even be times in which we are UPdating our backup system in which we are vulnerable on a short-term basis, and they something happens during that vulnerable period?
For me, personally, there are times in which I have my various keys separate, but then when I am testing them out and going through them to make sure that everything is working, during those times, my stash could become vulnerable if something were to happen. Of course, there could be ways to do the updates in a more secure way, yet sometimes we might not even realize ways that we might be making ourselves overly vulnerable to something happening.
There are some other "dumb" things that I have done sometimes in which part of the vulnerability comes from being too lazy.. such as going to another location.. or leaving something out for several weeks before stashing it away properly.. and even getting confused by my own system, and thinking that maybe I should change this because it is too complicated.. even though it seems easy when I am setting it up and it is all fresh in my mind.
[edited out]
Dude don’t say “only blockchain counts as real btc”Did you even attempt to read any kind of proper context, or are you merely wanting to spread misinformation?
You should have abilities to adequately understand what I am talking about. No?
“not your keys does mean not you coins”
Are you changing the topic?
We are not talking about that.
If we are attempting to figure out how many people are using bitcoin, then we count people who hold their own keys and we count people who have left their keys with third parties in a variety of ways.
What the fuck do you want to do? Do you want to count third parties as if they were just one person/entity?
Don't get caught up in nonsense, Phil... Try to treat this matter seriously rather than getting into some dumb arguments.
How many bitcoiners are there, and how do we count them?
But if paypal says you have .5 btc it is legally real.
Is anyone saying that the third parties have the coins that they claim to have? We are not talking about that. You are getting distracted, it seems.
Let's say for example, Paypal has 100k worth of bitcoin, and they have 1 million account holders who have an average of 0.5BTC each. Yeah, they do not have enough BTC to cover all the claims,,, so how are you proposing to treat those 1 million account holders who believe that that they have an average of 0.5 BTC, but they really ONLY have an average of 0.1 BTC? How you going to count them? They are supposed to have 500k bitcoin to cover all of the claims, but they ONLY have 100k BTC. so they have 1/5th the quantity of BTC.
I am saying that they still count.. even though they do not have as many bitcoins as they think they have... and so the reality of the matter could be that the one who believes that he is holding 0.001 BTC really ONLY has the ability to claim 0.0001 BTC.. but who cares? That is a bit of a tangential issue, no? Yeah, we have to draw the line at some point, but I am not going to count all of them as zero or even count them as 1/5th of their total number of bitcoiners merely because it cannot be determined if they are going to get their BTC prior to the exchange rug pulling them.
and likely they have 1000 btc in a wallet spread across a million people.
So one funded address would legally cover a million adopters.
so yeah 43 million address can easily cover 200 million people.
and they legally have rights to btc.
which a custodian holds.
So one funded address would legally cover a million adopters.
so yeah 43 million address can easily cover 200 million people.
and they legally have rights to btc.
which a custodian holds.
Ok. We are coming to the same conclusion. There is still hope.
Btw after today keep more of your coins in your own wallets.
That's a bit of a side issue, in regards to what we are trying to discuss.. Focus Philip.. Focus.
November 09, 2022, 12:01:16 AM
November 08, 2022, 11:57:44 PM
Story on Loaded getting arrested.
https://www.onlineathens.com/story/news/crime/2022/11/08/former-athens-resident-pleads-guilty-3-3-billion-bitcoin-theft/8304936001/
https://www.onlineathens.com/story/news/crime/2022/11/08/former-athens-resident-pleads-guilty-3-3-billion-bitcoin-theft/8304936001/
Quote
A Hall County man who once resided in Athens recently pleaded guilty in U.S. District Court in New York to the largest cryptocurrency theft in U.S. history.
James Zhong, 30, of Gainesville last week pleaded guilty to committing wire fraud, according to the U.S. Attorney in New York. Facing 20 years in prison, Zhong will be sentenced on Feb. 22, 2023.
The investigation into Zhong’s Bitcoin finances led to a November 2021 search of Zhong’s home in Gainesville that resulted in the seizure of more than $3.36 billion in Bitcoin, described by the U.S. Attorney as the largest financial seizure ever by the Internal Revenue Service.
When federal investigators searched Zhong’s home they also seized Bitcoin in an underground floor safe, bitcoin loaded on a computer that was hidden inside a popcorn tin, along with $661,900 cash and 11 1-ounce bars of silver and gold.
Zhong was living on Ruth Street in Athens in March 2019, when he reported his home was burglarized while he was out of town between March 7-13. He came home to discover a window in a rear bedroom shattered and the thief had found a brief case that contained $400,000 cash and a USB thumb drive with personal information, according to the police report.
Zhong told the police officer he felt the person who stole the money apparently knew him because he had hidden the brief case behind an air vent.
Police Lt. Shaun Barnett said Tuesday that the cash was never recovered, nor was a suspect identified. However, he said the burglary and amount of money reported stolen "raised a red flag with the IRS.”
Federal investigators said Zhong originally stole the Bitcoin by going into the Silk Road dark web marketplace, according to the report.
Silk Road is an online black market used by drug dealers and others to distribute illegal drugs and goods to buyers, according to the U.S. Attorney. Silk Road was created by an Austin, Texas native who is now serving life in prison.
“James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road. For almost 10 years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery,” U.S. Attorney Damian Williams said in a statement released Monday. “... Thanks to state-of-the art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds."
James Zhong, 30, of Gainesville last week pleaded guilty to committing wire fraud, according to the U.S. Attorney in New York. Facing 20 years in prison, Zhong will be sentenced on Feb. 22, 2023.
The investigation into Zhong’s Bitcoin finances led to a November 2021 search of Zhong’s home in Gainesville that resulted in the seizure of more than $3.36 billion in Bitcoin, described by the U.S. Attorney as the largest financial seizure ever by the Internal Revenue Service.
When federal investigators searched Zhong’s home they also seized Bitcoin in an underground floor safe, bitcoin loaded on a computer that was hidden inside a popcorn tin, along with $661,900 cash and 11 1-ounce bars of silver and gold.
Zhong was living on Ruth Street in Athens in March 2019, when he reported his home was burglarized while he was out of town between March 7-13. He came home to discover a window in a rear bedroom shattered and the thief had found a brief case that contained $400,000 cash and a USB thumb drive with personal information, according to the police report.
Zhong told the police officer he felt the person who stole the money apparently knew him because he had hidden the brief case behind an air vent.
Police Lt. Shaun Barnett said Tuesday that the cash was never recovered, nor was a suspect identified. However, he said the burglary and amount of money reported stolen "raised a red flag with the IRS.”
Federal investigators said Zhong originally stole the Bitcoin by going into the Silk Road dark web marketplace, according to the report.
Silk Road is an online black market used by drug dealers and others to distribute illegal drugs and goods to buyers, according to the U.S. Attorney. Silk Road was created by an Austin, Texas native who is now serving life in prison.
“James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road. For almost 10 years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery,” U.S. Attorney Damian Williams said in a statement released Monday. “... Thanks to state-of-the art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds."
November 08, 2022, 11:45:06 PM
We had recently explored some statistics asserting world-wide population of bitcoin adoption is about 140 million
Every time I read such numbers, I check how many funded Bitcoin addresses actually exist: 43 million.Yeah.. but that is not the ONLY source.
I would not count various 3rd party custodians as if they were ONLY one.. because some 3rd party custodians proclaim to be holding the keys to the bitcoins of hundreds of thousands of members or even millions in one address or in a small number of addresses.
And, sure sometimes single users will have hundreds of bitcoin addresses that have more than dust amounts.. like some BTC addresses might have 10s of dollars of value, other addresses 1,000s of dollars of value and even other addresses could have 100s of thousands of dollars of value or more.. and all of those many addresses owned/controlled by one person (or one business in some cases).
We had recently explored some statistics asserting world-wide population of bitcoin adoption is about 140 million
Every time I read such numbers, I check how many funded Bitcoin addresses actually exist: 43 million.Interesting. Then how have 140M people adopted Bitcoin? The only Possibility is the multi-sig wallet. Do you know how many of them have multi-sig addresses? If people claim that they deposited USDT and bought WBTC or something else (On different chains, Binance chain, for example), Do you think it should be counted? I won't count them. The Internet is full of fake news.
Of course, ONLY the bitcoin blockchain counts as real bitcoin, yet if a third party whether Binance or the WBTC folks are holding BTC in some location (a BTC address, of course) in order to collateralize those other claims, then the BTC (to the extent that they actually exist) would be real and potentially constitute the claims of potentially thousands or millions of people who might believe that they actually have BTC... Whether they are holding 10 BTC or even 100s of thousands of BTC in support of those claims.. same with Grayscale GBTC holding something like 600k bitcoin on behalf of customers who believe that they have claims on those bitcoins that are being held - and whether there is enough BTC to support all of the claims is another story.. but still does not seem to represent 1 owner in a case like like the Grayscale GBTC holding something like 600k BTC.
Then how have 140M people adopted Bitcoin?
My assumption is they include people who "own" Bitcoin on an exchange, just like people who "own stock" are counted, even though their broker holds them.If people claim that they deposited USDT and bought WBTC or something else (On different chains, Binance chain, for example), Do you think it should be counted?
There's Bitcoin, and there's scammers trying to sell their own made-up token as Bitcoin. So no, I don't count them. They're meaningless.Of course, the WBTC and the various other coins do not count as bitcoin, but if some of those services whether claiming to be held in a centralized or decentralized way in some kind of a contract would still be bitcoin that is held by someone on behalf of others.. so yeah, if everyone (maybe 30,000 clients) believe that such service has 2,842 Bitcoins backing up their issuance of their various scam coins, but in fact they ONLY have 28.42 BTC, then that could become an issue if they were to all attempt to claim them at the same time... otherwise they might be able to "get away" with their scam for years, years and years.. but it still would not mean that those 28.42 bitcoin are ONLY owned by one person (entity), and perhaps we have 30k persons who believe that they own more bitcoin than they actually own.
Dude don’t say “only blockchain counts as real btc”
“not your keys does mean not you coins”
But if paypal says you have .5 btc it is legally real.
and likely they have 1000 btc in a wallet spread across a million people.
So one funded address would legally cover a million adopters.
so yeah 43 million address can easily cover 200 million people.
and they legally have rights to btc.
which a custodian holds.
Btw after today keep more of your coins in your own wallets.
November 08, 2022, 11:35:00 PM
This eXPHorizon guy... is he retarded? Or a bot? I mean he's posting nonsense here on WO all day long... every day.. 
I had to unblock him to catch up on his recent blather. He's the guy that has allegedly been in bitcoin for years, but appeared here begging for 3 BTC. He has a tesla fetish, and lives in mom's basement. He seems to have got into the liquor cabinet. He posts a lot of children's cartoons.
Best to block his waste of electrons here.
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