Blue Bart @Moon_Math_Blog

Hodlonaut on the illusion that just shattered: "We bypassed the social layer, the human layer. We somehow thought the virtue and direction of this protocol was set in stone, no matter what developers do. That's obviously not true. Bitcoin didn't win. Bitcoin can change. Bitcoin is changing. Bitcoin has changed. The illusion that we had a foothold in this world we could put our energy on, that illusion is gone right now. All you want is to sit back posting 'Bitcoin fixes this, number go up, stay humble, stack sats,' and anyone sounding an alarm is seen as a threat. We need Bitcoiners to fight for Bitcoin. If no one fights for Bitcoin, Bitcoin will very soon be dead." @hodlonaut on The @_BitcoinMatrix #286.

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Blue Bart @Moon_Math_Blog

a week ago

GREAT ARTICLE. And it’s so true! Transaction won’t broadcast: reatart the wallet app. Wrong password: re-enter it. MicroSD card gets stuck in the slot: turns out it was backward Transaction not picked up after 4 blocks get mined: wait for the fifth Hardware sux: find another vendor Smash your finger stamping metal: maybe don’t use a sledgehammer Don’t understand something: research it It takes tenacity, to say the least

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Blue Bart @Moon_Math_Blog

a week ago

@Mandrik Apparently I love it. 😂😁

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Oliver L. Velez ⚡️ Bitcoin Intelligence @olvelez007

2 weeks ago

Mate, you're right about the part that matters most, so let me say it first. The trust chain failed. Coinkite shipped a flawed build for years. Many of us recommended it. Ordinary people had no way to audit the random-number generator. I'm one of them. I lost Bitcoin on July 30. But the conclusion you're drawing doesn't follow. A failure of one custody architecture is not a failure of self-custody. Paper wallets weren't the escape either. Coldcard-generated paper wallet keys came from the same broken generator. That's one of the least-reported parts of this story. More importantly... Across every wave of this attack, not one multisig wallet has been reported compromised. Not one. Single-signature concentration failed. Self-custody didn't. And the ETF doesn't solve the trust problem you're describing. Read IBIT's own filings. The Bitcoin custodian is Coinbase Custody Trust Company. You're saying trust failed... ...then recommending another trust model with a ticker symbol. That's not eliminating trust. It's relocating it. History matters. Mt. Gox. Quadriga. Celsius. Voyager. BlockFi. Genesis. FTX. Those institutions have cost Bitcoin holders far more than every hardware wallet defect combined. For someone completely non-technical with one affected device and nowhere else to go, using a reputable exchange while they learn or migrate is a defensible temporary decision. But making institutional custody the destination rather than the bridge abandons the very breakthrough Bitcoin introduced. Bitcoin didn't give us a better intermediary. It gave us the option to remove one. The lesson from this week isn't that self-custody failed. The lesson is that life-changing wealth should never depend on one key. That's a custody lesson. Not a Bitcoin lesson. And certainly not a reason to surrender the one property an ETF can never deliver: Final settlement without asking anyone's permission.

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Blue Bart @Moon_Math_Blog

2 weeks ago

@americanhodl8 I’m so confused 😵‍💫😩

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Blue Bart @Moon_Math_Blog

2 weeks ago

@olvelez007 @americanhodl8 Appreciate the clarification

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Blue Bart @Moon_Math_Blog

2 weeks ago

@newenglandhodl @americanhodl8 Right??!

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Blue Bart @Moon_Math_Blog

2 weeks ago

@dougboneparth 💯

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Blue Bart @Moon_Math_Blog

2 weeks ago

@olvelez007 🤦‍♂️

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Blue Bart @Moon_Math_Blog

2 weeks ago

@olvelez007 @recalibrateme @BritishHodl 🤣🤣

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Blue Bart @Moon_Math_Blog

2 weeks ago

@olvelez007 @BritishHodl 😂😂

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Blue Bart @Moon_Math_Blog

2 weeks ago

@olvelez007 @satsbythesea This is the most importantl take away. 💯🙏

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Blue Bart @Moon_Math_Blog

2 weeks ago

I agree. But longer term — a different manufacturer will probably be neccesary. I don’t think CC can recover from this unfortunately. It was always my favorite because of the physical design and overall simplicity of the user experience. Nothing else I’ve tried was as satisfying to use, and I have tried more than a few. Sorry for your loss, OV. 😢❤️‍🩹