This is possible because phone companies employ normal people who are not very security aware. When I needed to port my SIM, I did not have any ID. I went to the kiosk and asked for SIM porting service. They wanted ID. I said I didn't have one and they refused to proceed. I wasn't mad at them because they were doing it correctly. So I walked about 500 m to 2nd kiosk and asked for the service there. They wanted ID. I said I didn't have one and they started to ask some statistical questions about my service usage. I actually provided wrong information but they still completed the process for me because they wanted to be nice and I looked desperate. When people want to be nice to you instead of following security procedures it creates security hole in the system.

​

Don't expect normal people to follow security procedures. It is well above their pay grade. This can only work if the IT system of the company does not allow the employee to proceed unless correct information is provided.

NYKNYB

Hasn't this been common knowledge for at least 5 years now?

https://twitter.com/wiz/status/528806600941662209

This is suppose to be the future right?? I didn’t even read it, didn’t have to. I just skimmed through the flow charts, graphs, etc. How is bitcoin suppose to get past this? The levels of attack will only get more sophisticated as it grows. Sorry dude I feel for ya. Good luck in the future.

Thanks to the author for sharing this lesson.

When are phone companies going to realize they are gatekeepers to most people's wealth and identity and get serious about it? I tend to think we need several phone companies destroyed - literally - by multi-billion dollar fines and lawsuits, to scare the bejeebers out of the rest of them so they get serious about this and offer robust protocols for SIM porting.

If someone willingly signs a waiver saying they don't want to submit to the enhanced protocols, fine, that's on them. But it ought to be standard for everyone else.

Other thoughts:

1. Shame on any organizations that are STILL offering SMS-based 2FA. In 2019??? That's insane given all the criminals exploiting it and the false sense of security it offers.
2. No one "deserves to get hacked." Criminals have no right to others' property, even if it is left alone in an open field.
3. Teach your less technically inclined friends and family about these risks and the warning signs.

Companies should stop using sms 2 factor because of the security flaws.

I am looking at the first diagram, and see the words "2FA"; but however I look at it, his phone number was a *single* factor that was enough to take over the email account?

This blog was crazy verbose and detailed with a bunch of unnecessary infographics for something that could be explained in one sentence. The blogger acts like a sophisticated hack was used on him.

Keeping 100k$ in coinbase.

What could go wrong right guise !!!

Guise ?

That's really sad to hear. But I straight up wouldn't be able to sleep or eat knowing I had that much in Cointbase.

ITT: Never move your Bitcoin to an exchange. The moment you transfer your funds to an exchange, the fucking wolves are out and after your coins. Leave them in a cold wallet, forever. Never sell, trade or anything. Just keep that shit on your Trezor, for life.

Got it, thanks for the tip!

Okay storing Cryptos on an exchange is one thing but someone gaining access to your email accounts which is linked to everything is another.

What are good ways to avoid this?

Google Authenticator gives me anxiety since I'm normally travelling so I'm not able to have an offline storage code somewhere for it should I lose my phone, what are some tips?

drained my Coinbase account.

Bake him away, Toys.

I can't imagine having 100k in crypto and not spending ~$100 on a hardware wallet.

PSA Don't use sms 2FA, it's shit.

Uh. Stay poor and maybe you won't get hacked.

Why on earth would you keep 100K apprx. 12.5 BTC sitting in Coinbase? Ledger device costs $60 and is practically idiot proof to configure for offline storage.

Sorry for your loss... I have a big faith in Digital ID projects that will tackle this security flaw to the core. If mobile/internet carriers integrate the security level blockchain has to offer as being linked to your ID and make that "cyber-money" not able to move without your bioauthorization.

About 2 years ago I setup a verbal password with my mobile phone provider. Since then anytime I have called my phone provider to ask a billing question or requested to make changes to my account, the provider always first asked me to verify my verbal password. I'm sure its not a perfect system and maybe a good talker could still get through the phone service representative to my account, but its still better than nothing. And yes, not your keys not your coins. Don't leave large sums on exchanges.

https://www.binance.vision/security/common-scams-on-mobile-devices

Don't just look out for SIM swapping scams. There are many other ways hackers / scammers can steal your crypto on your mobile phone.

can't login to your google account and ignored? dude...

I'd rather lose everything in an exchange hack/exit than to lose 0.0005 Bitcoin to the withdrawal fee /s

If he had setup 2FA on Coinbase, wouldn’t of that had blocked the SIM hacker to not be able to get into Coinbase no matter what the password reset attempt was?

Why can't we tag fraud accounts and keep following transaction addresses all the way through?

Would we then have a problem with transfer dilution? what other problems would we have? I know there has got to be a way to address this.

I recently had my Number ported over via a scam.

The only way to prevent this is to call up your Telco and put in a password with your number. You can attach a pass code so that no-one can ever steal your number over.

After I did this, the scamming faggots tried to steal my number again but they failed. My telco company told me it’s now safe.

Prior to this, there was no password. Anyone with an ID and details can steal a number over.

There was nothing new in the program, but it was still good to watch.

Disappointing

Charlie Shrem must be the hairiest motherfucker I've ever seen in my life. I bet if he takes off his shirt it's like he's wearing a sweater.

"Central bankers, like you. No offense.."

LOL

I also love how the mining operation let them film their door key code.

How is $8000 x 10.000 = 800 Million Dollars ? That’s some weird math.

any youtube links? it just plays a pfizer ad in loop.

The video is not working for me, does anyone got a mirror?

Anyone got a link that isn't geoblocked? I get 'oops this video isn't available in your region'.

I think the doc aproached Bitcoin in a very superficial way actually. Shameful

I think it was really bad tbh. She couldnt explain what bitcoin is, they focus on his failure for half the show and kept talking about selling bitcoin for USD and a banker warning us. This achieved nothing.

Video does not play for me, plays sound for 1 second and then blank..

So top is in then?

They call it Bi-t'coin - it was invented by Craig Wright in 2001 and is now used to buy everything from heroin to methamphetamine

It was more about Charlie Shrem than anything else. CBS could have done a LOT better with that airtime.

Wow, this was excellent (for its purpose).

Lame.... more suitable in 2013. Slackers.

Pretty cool.

Why is 60 minutes only 13 minutes long? I don't get it

Bitcoin always needs 60 minutes - that's just one of its problems.

"The Federal reserve and the government stand behind it and when you hold your dollars in a bank account you have deposit insurance".

So the two institutions that most want to inflate the currency are what's backing it and it has an insurance I don't need with Bitcoin because I can have my own keys. Cool.

kind of unstructured piece. seems unfinished and I don't know what people shall take away from this. at least it wasn't bashing all the way.

and 45min ads really?

Sauce?

this show was made for grandmas

Is this the cream of the crop of US investigative reporting? lol. 13 minutes of superficial shit. Did the show run 60 minutes in the past?

They say the guy paid 800 Million for pizzas. I bet they forgot to add the value of the forks and the real Bitcoin (BCH) in those calculations.

Imagine having $100k in savings. Imagine having it in bitcoin...

Where "a bit of bad luck" means losing his bitcoins to one of the most newbie security mistakes despite working as an engineering manager for a secure cryptocurrency custody provider, which he himself clearly did not use. His job is literally to secure and protect institutional cryptocurrency wallets, and to publicly tell the world how careless he was with his own personal account is just wow.

how do you prevent sim porting? or is that a lost cause.

Wtf, this guy is "engineering lead" at a crypto startup whose mission is "Delivering trust in digital currency with the industry’s most complete offering of security, compliance, and custody."

No excuses...

The attack vector was the phones auth email... This is why you need to have multiple emails and lock down the ones that are attached to your daily use or main communications devices.

If you can reset the password with 2FA, it's not really a second factor is it? It's the *only* factor. Then SMS 2FA is not the best mechanism...

If it's an *actual* second factor it's probably fine, although there are better solutions. I'm not convinced though that storing the secret in a mobile app is indeed better, given the poor track record of mobile os security.

Thought experiment: If no one ever implemented any kind of password recovery, we would have learned by now how to handle passwords and zero passwords would get lost by users.

That's why you don't 2FA over SMS or phone call.

Gotta use an app that's tied to your Google/Apple account.

Correct me if I'm wrong but in this case 2FA showed to be an added attack vector instead of added security. I you don't have 2FA enabled the attacker is left with brute forcing the password / guessing security questions...

Slamming (moving their whole phone number to another provider to an account you control) is almost as easy,

https://en.wikipedia.org/wiki/Telephone_slamming

...if you can get the customer service rep on the phone to give the "super secret 4 digit pin" to you, and that only requires a couple basic bits of information.

Some times not even that:

PIN number: Your PIN is usually the last four digits of your telephone number. It cannot be found on your bill, invoice or online account. You can call AT&T at 1-800-331-0500.

...although I guess sim porting will delay how long they figure out something fishy is going on.

Call your wireless provider, tell them to put your account on high security, request them to ask at least 3 secret questions everytime someone calls. Restrict them any porting request. Use 2fA everytime you can

Edit: and remove your number from the recovery list!!

Why the f*ck would someone use SMS 2FA to protect $100K? Google Authenticator is the way to go. I have it both on my exchange account and my email acct. So they must get physical access to my phone to get the job done. I'm sure there are workarounds with social engineering and such, but it would be much more difficult and lower probability of success.

Anyone else think his article seems inauthentic? It seems to polished of an 'explanation' of what happened. I'm thinking this is bogus.

This is why services in the US piss me off (I do not know if other countries are like this). If I know a person's first name, last name, date of birth and SSN, I can open an account or hijack an account in their name with basically any major physical service provider: AT&T, Verizon, Spectrum, Comcast, etc. We even have government issued IDs, but none of these providers require them if you just call in over the phone and have all of the information.

When I was in college, I learned that my mother (which I was in foster care for 7 years leading up to me being 18), had used my info to open AT&T and (then) Time Warner accounts in my name.

I don't know what shitty bank that is, but you'd expect a withdraw limite to be said, like at 1000k$/day. Why would anyone set it above that? Even if you pay with cash all the time, it's unlikely that you have over 100k transactions every day. Just set the limit to a small number that is your daily average expense + 1 standard deviation. No need to be it above that. Just basic risk management lol. If the bank doesn't offer that option, get another one.

This is why you always transfer your crypto to your personal wallet.

The attacker ports your SIM card to a phone that they control. The attacker then initiates the password reset flow on your email account. A verification code is sent from your email provider to your phone number

Haha. As if my e-mail provider knew my phone number...

Take a moment to consider the sheer volume of sensitive information tied to a single Google Account: [...] Access to potentially compromising photos of you (and/or your partner)

🙄🙄🙄

I intensely regret not taking stronger security measures with my crypto.

Cryptocurrency, FFS.

This entire article is a security & privacy NOT-to-do list.

Guy loses 100k$ because he kept his crypto on an exchange instead of in his own wallet, and his credentials to both his email and the exchange were vulnerable to a SIM card 2FA hack.

​

FTFY.

​

So many mistakes there, including one the Telco Industry Association here has been telling people about for years:

https://www.itnews.com.au/news/telcos-declare-sms-unsafe-for-bank-transactions-322194

Lesson; SMS != (effective) 2FA

Not sure this would work here. If your phone is lost and you need to get your number back they will send a new sim card to the person who made the contract. They wont just transfer the number to some random sim card. I am surprised that this is even possible.

imagine using coinbase

Repost:

https://www.reddit.com/r/Buttcoin/comments/br1n55/engineering_leadership_guy_at_crypto_security/

Future generations will cry laughing reading all the negativity and insanity vomited by these permabears.

Snapshots:

1. This Post - archive.org, megalodon.jp, archive.is

^(I am a bot.) ^([Info](/r/SnapshillBot) ^/ ^[Contact](/message/compose?to=\/r\/SnapshillBot))

A VERY IMPORTANT NUANCE HERE:

With Gmail (and my other services) even if you enable more advanced 2FA like Google Authenticator or Yubikey/FIDO you may still be subject to the SMS takeover attack vector.

You MUST REMOVE YOUR PHONE NUMBER from your account. Gmail will default to your most secure option, but will allow you to choose from other 2FA options. If your phone number is still listed on your account, the attacker can use your phone number to bypass more secure methods.

This day and age your primary email account is the key to the castle. Protect that shit.

Why didn’t he just use google Authenticator?

In the case of the two registrations issued to Mr. Wright, during the examination process, the Office took note of the well-known pseudonym “Satoshi Nakamoto,” and asked the applicant to confirm that Craig Steven Wright was the author and claimant of the works being registered. Mr. Wright made that confirmation.

WTF?

I suspect that Wright is just trying to find some kind of way to get a government record linking him to the Satoshi pseudonym. This might be the closest he’ll ever get.

Troll lvl = God

This is even funnier than your title implies because they aren't even refuting his claims. They're very dryly describing how their job is literally not to attest to the truth of his claims but to take them at face value, but lying carries the possibility of criminal charges. "We don't know and don't care if he's lying, but he probably shouldn't."

They're probably receiving a lot of unwanted correspondence from err.. "low-information" types.. so they decided to put up a this page. Someone call their office and see if it says "If you're calling about bitcoin ..."

I thought the same thing. Maybe now faketoshi feels special.

Probably not Craig, but every bitcoiner out there writing to tell them BUT YOU'VE GOT THE WRONG SATOSHI GUYS.

ETA: Oh wow, it does actually look like a new page - I thought they just didn't have an archive and permalink for news items, but Wayback Machine isn't aware of that page existing until yesterday.

Has this ever happened before in the history of this government office? Lol.

If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!

Snapshots:

1. like, just how much does Craig Wrig... - archive.org, archive.today

I am just a simple bot, not a moderator of this subreddit | bot subreddit | contact the maintainers

I’m curious what it takes to get the copyright office to make a public statement such as this. I know we all think the Craig Wright saga is big news but in general world events, nobody has ever heard of this. If a government office feels the need to clarify a copyright claim, does that mean they have been flooded with information requests?

I like to refer to CW as the underdog villain of crypto. 90% of the market hate him but when he proves that he is SN with inrefutable evidence he might just shut the whole market up.

Haha 😂 can’t wait till BTC tanks on itself - wake up people BSV is the only bitcoin - the funny thing is you have bit the hand that fed you and you will pay when satoshi dumps his bags and says thank you very much for all your lovely money 💰 house always wins

Spin.

Copyright is a form of protection for original works of authorship, check it -->

https://www.copyright.gov/help/faq/faq-general.html

​

Dr. Craig has copyright for the Bitcoin white paper and source code 0.1. He can use his right to sue anything claiming to be Bitcoin but do not follow his white paper but they are not such as BTC, BCH.

Dr. Craig can use his copy right of Bitcoin 1.0 source code to ask for license fee or ask them to not to use of his source code for developing such as BTC, BCH

”In the case of the two registrations issued to Mr. Wright, during the examination process, the Office took note of the well-known pseudonym “Satoshi Nakamoto,” and asked the applicant to confirm that Craig Steven Wright was the author and claimant of the works being registered. Mr. Wright made that confirmation. This correspondence is part of the public registration record.”

BSV is as real as a unicorn 😂😂 Sold my stack when it went up thank the gods, know it shall crash and crumble.

Craig is a fraud, always has been always will be, it’s proven time and time again :)

Dumb trolls mess with this law and you shall get it. BSV is the Bitcoin and Craig W is Satoshi N. Eat that Trolls!

11. Registration and civil infringement actions11

(a) Except for an action brought for a violation of the rights of the author under section 106A(a), and subject to the provisions of subsection (b), no civil action for infringement of the copyright in any United States work shall be instituted until preregistration or registration of the copyright claim has been made in accordance with this title. In any case, however, where the deposit, application, and fee required for registration have been delivered to the Copyright Office in proper form and registration has been refused, the applicant is entitled to institute a civil action for infringement if notice thereof, with a copy of the complaint, is served on the Register of Copyrights. The Register may, at his or her option, become a party to the action with respect to the issue of registrability of the copyright claim by entering an appearance within sixty days after such service, but the Register’s failure to become a party shall not deprive the court of jurisdiction to determine that issue.

(b)(1) A certificate of registration satisfies the requirements of this section and section 412, regardless of whether the certificate contains any inaccurate information, unless—

(A) the inaccurate information was included on the application for copyright registration with knowledge that it was inaccurate; and

(B) the inaccuracy of the information, if known, would have caused the Register of Copyrights to refuse registration.

(2) In any case in which inaccurate information described under paragraph (1) is alleged, the court shall request the Register of Copyrights to advise the court whether the inaccurate information, if known, would have caused the Register of Copyrights to refuse registration.

(3) Nothing in this subsection shall affect any rights, obligations, or requirements of a person related to information contained in a registration certificate, except for the institution of and remedies in infringement actions under this section and section 412.

(c) In the case of a work consisting of sounds, images, or both, the first fixation of which is made simultaneously with its transmission, the copyright owner may, either before or after such fixation takes place, institute an action for infringement under section 501, fully subject to the remedies provided by sections 502 through 505 and section 510, if, in accordance with requirements that the Register of Copyrights shall prescribe by regulation, the copyright owner—

(1) serves notice upon the infringer, not less than 48 hours before such fixation, identifying the work and the specific time and source of its first transmission, and declaring an intention to secure copyright in the work; and

(2) makes registration for the work, if required by subsection (a), within three months after its first transmission.

Isn't the mob frightening? Are they the white walkers?

1. Dr. Craig says "I registered with the U.S. Copyright Office so that I can confirm my authorship and copyright ownership, and start teaching people the true meaning of what Bitcoin is about and stop people twisting the narrative". Pls check it here -> https://coingeek.com/dr-craig-wright-and-jimmy-nguyen-discuss-bitcoin-whitepaper-copyright/

​

2. Why copyright and authorship is important bellow

Copyright is a form of protection for original works of authorship, check it -->

https://www.copyright.gov/help/faq/faq-general.html

​

Copyright for original works of authorship for Bitcoin White Paper and source code is proving Dr. Craig is Satoshi officially.

​

Dr. Craig has copyright for the Bitcoin white paper and source code 0.1. He can use his right to sue anything claiming to be Bitcoin but do not follow his white paper such as BTC, BCH.

Dr. Craig can use his copy right of Bitcoin 0.1 source code to ask for license fee or ask them Not to use of his source code for developing such as BTC, BCH

​

3. Only the fools of BTC, BCH do not know the importance of the Copyright granted to Dr. Craig. The end of BTC, and BCH is coming

Lol the fact that they make a press release for this literally proves that the press release on coingeek was false and riddled with untruths.

They are a propaganda outlet posting lies to pump their shitcoin.

We should rename bitcoin satoshi vision to (BSV) bitcoin original (BCO) or simply bitcoin. Now that Craig owns the patent of bitcoin. We should show people that bitcoin is unique. Corecoin and babycoin are copycat altcoins.

We know Satoshi copyrighted bitcoin in the white paper therefore Satoshi must have been willing to claim that copyright if necessary otherwise why do it. Therefore if Satoshi is not Craig (which he is) he would now come forward and sue for infringement of his copyright else why did he bother copyrighting it in 2009? but of course Satoshi isnt going to come forward and sue Craig because Satoshi is Craig.

In a case in which a work is registered under a pseudonym, the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous author.

A claimant can say anything. They don't investigate. Perfect set of rules for any Faketoshi.

Free "Faketoshi (CSW)" collectable token announcement. 500,000 if you can show you disrespected CSW on social media before the SLP token was created (early May). Now offering 100,000 for more recent posts/replies.

https://old.reddit.com/r/btc/comments/blpirb/massive_free_faketoshi_csw_collectible_slp_tokens/

The tulip trust could drop Bitcoin price. Craig would kill his own creation

As a general rule, when the Copyright Office receives an application for registration, the claimant certifies as to the truth of the statements made in the submitted materials. The Copyright Office does not investigate the truth of any statement made.

And yet CoinGeek's claimed "Importantly, the registrations issued by the U.S. Copyright Office recognize Wright as the author – under the pseudonym Satoshi Nakamoto – of both the white paper and code."

Clearly, CoinGeek has lied again. This wasn't the first time.

I feel their goals are definetly aligned to what this space needs. So reassuring to hear openly from them on these subjects.

I like that the blog post humbly recognizes that there are "many hundreds of live applications".

I saw Vitalik comment recently that Ethereum is purposely not run like a business (the way EOS is run) and it definitely seems like this is the right approach to foster decentralization. Great update =)

I'll be honest this article has blown my mind. For the non-technical and ill-informed individuals like myself, this truly shows the effort that is going on behind the scene to grow and expand this incredible eco-system.

This alone has makes me 10x more bullish and proves that Ethereum is an incredible discovery.

An excellent article.

A must read for everyone here

This is an excellent and timely update.

I'm sure I'm not the only one who has wondered for the past couple of years what the role of the EF was, considering the overall radio silence, and this open letter has done a more informative job in describing the EF's reason to be, its goals, and ethos better than any other document produced in the past. Kudos.

I wish to become a part of Ethereum team lol and I like its logo here, colourful one

Last year there were several critics who lamented the lack of project management and sense of direction in the Ethereum core space, most notably a certain Mr. Wilson. I think today's comprehensive update has gone against that sentiment and shown a great improvement. Funds allocation, timeframes, commitments to goals. Great job you guys!

Eth haters mad af right now

Great to see some transparency and coherent philosophy from the EF.

I really enjoy that the Ethereum Team described the philosophy of subtraction. This is what differentiates the Ethereum Foundation from every other foundation in existence, including within the crypto space.

Regarding ETHGlobal. I can help with on-boarding new developers into the ecosystem and facilitating project and company creation.

My previous EF DevGrant supported my first trips to promoting ERC-721. Then that took off and became self-sustaining. The entire time I have been focused on on-boarding new developers, including people without programming experience. I'm a teacher.

Project and company creation is also my focus. I have been through the gamut, including being a part of a team when they successfully completed an 8-figure ICO. Also have worked on Ethereum implementations at two companies that are larger than the ETH market cap, one is 50 years old, one 150 years old). I'm an architect.

If EF wants to encourage more of this and wants to continue to support me then let's talk.

Thanks for posting this update, Hudson!

Very professional, clear and well written. Agree with the vision and the goals. Good job!

I feel like I understand the EF and some of their recent impact more clearly after reading this. This really is a great update and I hope to see more frequently communication from the EF like this. Congrats to the EF and all of the funded teams for these incredible accomplishments.

For those who may be reading this comment and work at the EF, remember that the noise is often loudest when you do not speak. Ethereum has reached a point where there are many stakeholders and no one can credibly claim that Ethereum is centralized. It's time for the EF to get back in the communication fight to advocate for Ethereum adoption in a more direct and focused way (as the write-up seems to indicate the EF will do moving forward).

The EF creates incredible value for Ethereum and employs some incredibly talented people. Providing open and transparent communication will only enhance that value- not detract from it.

Great job, thanks.

Why dont you support a real payment processor development for ETH?
We need it.

I think it would be also a way to reconcile technical development and commercial Development.

Awesome stuff! Great update. Fully onboard with the direction too.

I'm curious to know whether or not the EF is still considering support for developing a VDF ASIC: https://www.coindesk.com/ethereum-foundation-weighs-15-million-bid-to-build-randomness-tech

I feel like I understand the EF and some of their recent impact more clearly after reading this. This really is a great update and I hope to see more frequently communication from the EF like this. Congrats to the EF and all of the funded teams for these incredible accomplishments.

For those who may be reading this comment and work at the EF, remember that the noise is often loudest when you do not speak. Ethereum has reached a point where there are many stakeholders and no one can credibly claim that Ethereum is centralized. It's time for the EF to get back in the communication fight to advocate for Ethereum adoption in a more direct and focused way (as the write-up seems to indicate the EF will do moving forward).

The EF creates incredible value for Ethereum and employs some incredibly talented people. Providing open and transparent communication will only enhance that value- not detract from it.

Great news, It’s always good to have something in writing.

“When the Ethereum ecosystem was much smaller, it made sense for the Foundation to prioritize several “in-house” teams to work on the most fundamental projects. [...] Today, it shouldn’t matter to the Foundation whether a project is “internal” or “external”. What matters is that we’re spending resources effectively, and that Ethereum’s goals are accomplished. “

This is probably (at least partly) about the discontinuation of Mist.

1. Are there more “projects” under scrutiny?

2. I feel that There are some projects the Ethereum community doesn’t know a lot about ( e.g. swarm) and it doesn’t feel like a lot of progress happened over the last months. Would be nice if the EF could blog about these projects a bit more!

Title Correction: Facebook prepares to struggle to stay relevant in 2020

Get ready for a pump and dump of epic proportions. Also remember: Not your keys, not your crypto.

it's nice to see Winklevii getting payback for what Zuck did to them

F Facebook. Terrible company.

This will introduce more people to crypto and when they figure out FB coin is centralized and fake maybe they will buy Bitcoin.

My hatred overfloweth.

Zuck the Traitor should be locked up.

Psychopaths doing psychopathic things...

Cmon guys !!! Lets give them a chance, Maybe they are running short of money AFTER selling all of our personal info and need new sources of revenue !!!

But coming from an entity as big as Facebook, they will probably market it to their entire base of users as the new HIP thing and most of the dumb users will buy. Looking at this stupid coin rise in value, all of us crypto users will also want to FOMO in and then all the money we have HODL'ed in good crypto projects will go here and our good projects will continue declining !!!

Such a ripoff of Evil-coin

F*ck Facebook, and everything related to it.

This will usher in so many newcomers to the world of cryptocurrency. Even if Globalcoin is 100% centralized, it’ll get many people who currently think all of this is magic internet money to want to learn more about Bitcoin, Ethereum, etc.

It’ll also pave the way for other companies (Apple, etc.) to also get involved in cryptocurrency. I can’t imagine Apple, with their focus on art and design programs, won’t want to embrace NFTs, or at least take a shot at launching an Apple Pay exchange or marketplace.

It is believed that Facebook and its partners want to prevent wild swings in the coin's value by pegging it to a basket of established currencies, including the US dollar, euro and Japanese yen.

Why would FB need to raise a billion dollars?

Didn't FB ban cryptocoin ads?..

Globalcoin...is that really the best they can come up with?

It sounds like the currency of an evil totalitarian government straight from a sci-fi B-movie.

Here is the list of people who really care about facebooks "coin":

• Mark Zuckerburg

It won’t be Crypto. Nothing to worry about.

Fake money, fake social justice, perfect for Fleecebook.

They were like planning this for months now while they ban cryptocurrency ads, then when they unveil they will have their own, suddenly they lift the ban, how unfair is that right?

Fuck Facebook.

Social credit system by a company who now wants to track your movements and transactions anyone?

Sounds awesome. Say something that someone doesn't like, get blocked from making payments.

Not interested.

Fb coin will be shit

We are maturing, the purpose of crypto was never to become part of the existing ecosystem. Price action is reflecting that more people understand this.

Gold tested by fire, Bitcoin tested by time. TIME goes by Bitcoin become stronger. SEC playing by fire, but they cant play time :)

Truly sad they (baby boomers) keep trying to fuck with us by manipulation like this but we’ve been rejected / delayed so much that market doesn’t care

How long is the delay this time?

Lol literally no one cares..

*shocked face*

Honestly, I wish they would just give up. All this does is create more FUD. A Bitcoin ETF is not going to be approved.

Who is sec, no one gives a fuck, irrelevant

Eventually, it will happen and when it does, I believe that's when the true crazy FOMO happens for this crypto cycle.

​

e.g. We let's say we are back up to $15k BTC before end of year and the SEC approves a Bitcoin ETF (finally) I bet that pushes BTC to completely new levels $25k, $35k, $50k etc in the year(s) that follow.

This just tells me they need more time before giving the final approval. Why else would they postpone it this many times instead of outright rejecting (like all of the other proposed ETFs)?

At least it wasn't outright rejected, still a positive indicator IMO

Bitcoin: small decline

SEC: decision postponed

Bitcoin: price rises

SEC: https://imgur.com/gallery/cnu2RrM

edit: typo

No one cares and prices will continue to rise...

yawn dot com

Meh

With Bakkt and Fidelity we will fair pretty well, ETF would have been icing the cake. Hopefully by the end of this ETF submission the SEC sees everything they need to go forward.

See, nobody cares. Plenty of ways for people and institutions to buy btc soon and have custody solutions.

We don’t even need an ETF. Seriously, it’s a good thing that we don’t have it. You can say goodbye to 50% pumps and yearly gains of 500% with wallstreet behind it.

Not good

as expected

No shit! Wooooooooooooooooow, didn’t see that coming!

What a surprise, who cares, futures and Fidelity are enough for now.

A blessing in disguise. More time to accumulate.

I don’t want btc @100k. I like it just the way it is. :)

Buy the dip

Bitcoin's inventor Satoshi Nakamoto set a monetary policy based on artificial scarcity at Bitcoin's inception that there would only ever be 21 million Bitcoins in total. The Bitcoin protocol specifies that the reward for adding a block will be halved every 210,000 blocks (approximately every four years). It means less new supply, which limits inflation, but existing circulating BTC supply will not change. The next date of halvening is in May 2020.

Let loose the trumpet howls.

Price prediction at that time: $202,000 = 5x20x2020

This is certainly going to affect the price in a positive way.

Thanks for the post, didn't knew this tool. Looking forward to see what will happen when the halvening occur.

I wonder if the recent run-up has anything to do with U.S.-based buyers wanting to get the long-term capital gains tax rate (only available if asset is held for at least 1 year) ?

moons..lambos ... comin up next

Will pump even sooner as people anticipate the halvening

How time goes by...

Litecoin is in 77 days (https://www.litecoinblockhalf.com/)

Last time I checked was forecasted in aug 2020..are we hashing at a faster pace? 🤔

When does the bitcoin clock say McAfee has to eat his own dick?

If the revenue for bitcoin miners drop due to halvening, what would happen if they stopped mining? Wouldn't the price of each transaction increases? If there are no more miners (when all the bitcoins have been mined), would the transactions still occur? If so, how? Thanks.

https://i.imgur.com/K37loZn.jpg

I’ll be selling both kidneys before then, get rich AND die trying!

Does this only affect bitcoins? What about the other alt coins?

This is also good for Ethereum

http://imgur.com/tcIKKDz

My Bitcoin Block Clock agrees! (Meter on the bottom right indicates time to next halvening. The other meter is time to next difficulty adjustment. Also indicated: current block hash, mempool size, recent blocks “tick” clockwise around the outside)

I wanna throw a backyard kegger party on that day. All is welcome.

I’m very new to bitcoins, but could someone explain what a halvening and how it will affect the price?

I wouldn't say that until there's 144*365 blocks left, that's the next target I'm looking at and we're not quite there yet.

I'm curious about the impact of this halvening compared to the previous 2. If you think about it earlier halvenings were cutting bigger supply from a smaller pool. I.e.

- First halvening takes away 25 coins per block, or 3600 per day, or 1.3m coins per year off the table from a collected pool of 10.5m coins.

- Second halvening takes away 12.5 coins per block, or 1800 per day, or 0.65m coins per year off the table from a collected pool of 15.75m coins.

​

So in order to meet the same demand, in the first halvening over 12% of all the coins needed to be shifted to active pool (i.e. more selling from hodling) per year, wherein the second one only 4% of the pool shifting to active market meets the demand per year. Considering halvenings keep for 4 years this clearly is not sustainable, so dramatic price rise is observed.

​

- Now for the third halvening we are look at 6.75 coins per block, or 900 per day, or 0.325m coins per year off the table from a collected pool of 18.375m coins.

Here less than 2% (1.7% to be exact) of existing coins shifting to active trading per year would thus be meeting demand. Even over 4 years, this is nowhere near as dramatic as people put it to be.

​

So my question is, why do people expect same level of impact from this halvening when the conditions are much more different this time?

---

Edit: To clarify the impact of halvening rather than replying to individual messages

Supply change works as following (assumed probabilities and demand numbers but the message stays the same), starting from today;

1. Time t, assume you have 100,000 bitcoins exchange hands on average, and say 2% of buyers are HODLers, making 2,000 of these coins go away and locked up until a certain price is met (or never for some folks)
2. Time t+1, still similar volume, most of t's coins (98,000) still on the market, but another 1800 was mined and assume 1,500 of these are immediately sold (since miners have real costs and most cannot afford to hoard the coins), making the total pool 99,500, but the demand was 100,000 so remaining demand is met by someone willing to sell their coins for a slightly higher price making Bitcoin price raise. If demand was a bit lower that day the opposite happens. Here you can see why a whale mass order can change things significantly but that is not our point. Again 2% of buyers HODL, so another 2,000 gets locked away until higher prices met
3. repeat the same for day in day out, while everyday depending on the demand either the pool shrinks and more coins need to be moved to hot wallets, or demand shrinks and people sell their coins at loss.
4. There comes t+365, where halving happens. Assuming demand was still stable around 100,000, the new supply goes 900 from 1800. This 900 needs to be met by someone moving their coins to their hot wallet and willing to sell. At first it makes very little difference, since 900 is barely anything compared to total volume of existing coins, however note that 2% of each purchase is locked away for good.
5. t+366, another 900 new supply coming in, another 2% got hedl since price point is not there yet to liquidate them ...
6. t+480, now ready-supply starts getting dried out. For almost 4 months new 900 coins entered space, and a portion of them got locked away. There comes a point where a mismatched demand increase easily squeezes out the order books and we see very sharp rise in price so that some of the previously locked away coins can make their way into the hot wallets to meet the demand.
7. t+481, same happens again, wow it is rising fast.
8. t+510, the thing is price rose so fast to the point where many locked away coins got "unlock price" at the same time, now they are flooding the market, causing massive drop in prices
9. t+550, some balance have been found, at much lower value from the ATH we saw around `t+500`, now demand and supply are somewhat in sync, everyone knows what to expect.
10. .. some drama on dip, rise etc etc that are not related to this supply-demand point

As you can see, the ratio of the "cut in supply" to available coins make a huge difference in this loop. If that 900 was 1800 per day, you can see these happening more drastically, similarly if available coins were not 18.375m but 10.5m million chances of coins getting unlocked also decreases until higher price point is met.

Get the popcorn ready, what a show 2020 will be!

This makes my pee pee hard.

I wonder what happens to miners, if half of them go bankrupt or the price will somehow double to keep them alive. They need to make shortage on exchanges if they want to achieve this. It will be bloodbath

Between 2002 and 2014, the price of a medallion rose to more than $1 million from $200,000, even though city records showed that driver incomes barely changed.

Holy shit! I was vaguely familiar with the whole taxi driver devaluation thing, but I assumed the price was consistent until the introduction of ridesharing apps. But that's clearly not the case.

The banking industry just facilitated what was driven by the taxis themselves and the city of New York.

The Taxi industry brought this on themselves with their discriminatory work practices.

Welcome to America...

Look at Evgeny Freidman's puckered face.
Those tiny pursed lips look just like a sphincter.
A shitty, up-bidding sphincter.
A sphincter-lipped up-bidder.
A fraudulent sphincter face.
Probably learned the tactic on ebay among all the stool gobblers that live there.

They weren't conned - they made a shitty investment.

Yea that’s bullshit. They bought a depreciating asset. They made a bad investment based on past results for the asset class.

They bought a licence into a monopoly that was offering the worse level of customer service in any sector. It 100% makes sense that that monopoly be broken up for abusing their privileges.

This is no different then the multiple bad investements I’ve made in my life.

and yet they blame Uber

Another example of failed government regulation. The blood of those taxi drivers is on their hands.

Don't get a million dollar loan if you can barely speak English? Don't sign a huge loan contract if you can barely speak English?

It's shitty what happened to them, the top of the ponzi scheme gets rich while these fools go bankrupt, but they literally did it to themselves by ignorantly signing.

Uber was the only thing that could make them clean their disgusting cabs.

Paywall mirror: www.archive.is/https://www.nytimes.com/2019/05/19/nyregion/nyc-taxis-medallions-suicides.html

Very predatory, sounds like the Student Loan bubble.

This was already posted here.

Fun fact: Michael Cohen, convicted felon and former attorney to the President was part of this scam.

Buying into a state-backed monopoly and then being upset when the monopoly starts to collapse is absurd. The medallion system only existed under the implicit threat of govt violence against anyone who ignored it and competed against medallion monopolyists. Taxi drivers werent conned, they're just upset that NYC declined to violently shut down competition.

Some fleet owners worked to manipulate prices. In the most prominent example, Evgeny Freidman, a brash Russian immigrant who owned so many medallions that some called him “The Taxi King,” said he purposefully overpaid for medallions sold at city auctions. He reasoned that the higher prices would become the industry standard, making the medallions he already owned worth more. Mr. Freidman, who was partners with Michael Cohen, President Trump’s former lawyer, disclosed the plan in a 2012 speech at Yeshiva University. He recently pleaded guilty to felony tax fraud.

It’s like everything is connected...

...and while these immigrants' negative perception of African-Americans caused them to drive passed Black cab hailers in what could be seen as an ode of solidarity to the racial hierarchy; it was this same White supremacy that turned around and saddled them with debt and chauffeured them into a self-imposed yellow cab of slavery.

​

It's not all of them but to those that look down on the underclass of the USA to beseech "butter biscuits" and admiration from the oppressor class, here's a big middle finger to you. The devil doesn't have allies, if he hasn't used and abused you it's not because you have his favor, it's because he hasn't gotten around to it yet.

I'm pretty sure that was massive industry regulations (medallions/unions) and the general populace hated using cabs due to resultant behavior over their market monopoly. Rideshares are a much better option its just that simple.

Hasn't the cab industry suffered because of Uber too? I know the article downplays this, but I think it definitely made the bubble go "pop".

How predatory capitalism cons people into slavery and forces them to toil until they kill themselves to escape. This is now happening all over America.

There is a discussion on Hacker News, but feel free to comment here as well.

>But a New York Times investigation found much of the devastation can be traced to a handful of powerful industry leaders who steadily and artificially drove up the price of taxi medallions, creating a bubble that eventually burst. Over more than a decade, they channeled thousands of drivers into reckless loans and extracted hundreds of millions of dollars before the market collapsed.

>These business practices generated huge profits for bankers, brokers, lawyers, investors, fleet owners and debt collectors. The leaders of nonprofit credit unions became multimillionaires.

This was Michael Cohen's line of work, wasn't it? Once again, rich scoundrels are taking advantage of average working people. There should be a law against this practice. It is an unfair business practice that victimizes workers for the benefit of scoundrels.

That’s not the problem, the problem is we tell every capitalism is the answer, “survival of the fittest” and all that bs but as soon as a company had a more convenient/cheaper alternative for the consumer, we need to save the taxi drivers and sign new legislation to cause more traffic in NY. Why not just buy back the medallions and let them start their life over?

Needs a login/subscription

Very unfortunate but how can you sign for a huge loan without reading the terms?

I used to joke and say GoT was porn for Political Science majors. It was about working the social systems and the results of working those systems. You want power? Kill someone and marry into a powerful family. Who can be trusted? No one. But the system can be trusted because everyone is operating within the system. Geoffrey was hated but the one major thing he did was not follow the system, which sent the world into chaos.

Really interesting article. I'd love to read more sociological stories set in fantasy worlds.

Imagine dropping what could've been the best TV Show of all time for fucking Star Wars.

That's like quitting Google to go work for Oracle or something.

This show has been going down hill from at least Season 6

Brienne of Tarth seems to exist for no reason

Stopped reading after this TBH. What a stupid fucking thing to say

I don’t really understand what he means by sociological vs psychological. Can anyone explain it to me?

This completely nailed it for me. I've been spreading this article to any who will read it and probably annoying people with it.

The "psychological/sociological" divide is useful in analyzing and articulating differences in all kinds of things too; systems are not just the sum of their constituents. The fundamental attribution error is also a powerful concept.

Really smart stuff. I didn't realize that and probably George RR Martin didn't either. Maybe if he did he could have told DD what kind of story they needed to write.

But I've always felt there was something fucked about Game of Throne's story structure, I think the problem was all these talks of prophecies and legends and gods that didn't fit the sociological aspect of the show. They where bound to clash in the end with either something stupid like "god didn't exist I guess" or something equally stupid like "Well I guess god exists and if we believe he can fix shit for us" Which would make the first seasons completely pointless and all the magic we see ultimately absurd.

In a sociological story there's no grand scheme, no divine intervention, no chosen one etc... Otherwise it's not a story about society as a fixable human thing.

Don't show miracles, plot armored or ressurrecting characters and accurately predicted prophecies all throughout your series if you want it to be about society.

Sorta interesting to think about but misses the mark entirely w.r.t. GoT. This is one of those rare cases where a normally oversimplified critique like "the writing/storytelling is bad" is appropriate and complete in describing the show's litany of critical failures - of which a shift from "sociological" to "psychological" storytelling is not one.

Very interesting article, and maybe it is right, but honestly I think D&D just didn’t give fuck about this season, just rushed it completely.

It wasn't just psychological storytelling.......it was really crappy psychological storytelling.

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Love the article! After watching the finale, I felt nothing.. and 2 years ago, I was so sure I'd be crying when it ended. Hoping against hope for a do-over.. P.S. I signed the petition :D

It’s a monumental disaster

تحليل علمي لسبب فشل النص للموسم الثامن من صراع العروش Game of Thrones

بالمشرمحي ومتل ما علّقت من قبل على الموضوع ... الـ #DumbandDumber ما بيعرفوا يكتبوا شخصيات مدورة وكاملة ... يادوب يعرفوا يكتبوا شخصيات مسطحة من شلة سوبرمان وسبايدرمان وجماعة Marvel وحتى هي كتابتهن أقل مستوى بكتير من كتابة بعض المتابعين للمسلسل اللي ألفوا توقعات على النت!

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1632 is a great example of rippling changes to the world from one event. It isn't perfect, most of the characters get married far to quickly, but the way it tells a story of history being made by the common people is amazing.

This writer makes a great and important observation. GRRMs writing style let the audience feel the political forces at play.

Using the WWII reference: we all like to think we’d be Schindler, or the family that would hide Anne Frank, but the truth is for most of us that we’re the policeman just following orders because we want to keep our family safe.

I loved this article, and it made so much sense.

Forget about GoT, the emphasis on psychological over sociological has been harmful to us as a society for decades in every respect. We never look at contextual factors effecting behavior, but rather assess the individual, and this is illogical.

Even right now as the left bemoans the emergence of Trump, they actually think that his rise is some sort of fluke, rather than the logical manifestation of our political system as it has unfolded over the decades.