We went from:
"Take your sats out from exchanges!"
To..
"Take your sats out from some Hardware Wallets!"
Is this the last "capitulation" of this cycle or we'll see more drama this year?
What happened to Coinkite is at level of MtGox or FTX as how big will impact the sentiment and the industry IMHO.
The comcept of self custody will be hit again, and the idea of not owning your keys and/or using bitcoin as money will be even more criticised by the ones who are incentives in collecting your sats nd vicing you IOUs.
Stay safe out there. There's no heroes, or villains.. it's just you.
Replies (30)
Yeah, it definitely feels like a Gox or an FTX level event.
I wasn't around during the first but definitely same vibes as FTX collpase.
I don't want to rub salts in people's wounds, but it's definitely something to be said about not blindly trusting what every influencer is pushing.
Genuinely sucks to see the fallout of this.
Love watching everyone scramble after they was told to study.
For me hardware wallets were always part of the "trust issue". A 3rd party is a 3rd party no matter what kind of product or service they're offering.
Yeap.. when I started my journey I understood that was a point where or you "trust" or you study and learn as much to verify and or secure yourself.
Learning the hard way was always the way to learn more and deeply.. sad but true.
Yeah I completely agree with you.
To not create heroes is better and wiser than to slay them along the way..
Psycho way is the best way.. maybe the only one.
We aren't far away from Blackrock/Strategy as well as any governments advocating and lobbying against self-custody. You know, "for your safety".
Posted a note about this more than a year ago.. ii was already smelling this kind of FUD
No one can be sure it will not happen..
Learn how this stuff works. The bug has been fixed, the wallet will be fine again. Random number generation always has risk. It's possible these issues exist in other wallets, even exchange wallets. At least ColdCard lets you generate entropy above their code guided generation, a lot of wallets don't.
ColdCard suggests that users roll dice in the manual.
@npub1rxys...hnp8 encouraged it and explained why it's important.
Coinkite is dead.
Save this note.
#Bitcoiners didnt want to hear it, but I maintain:
note1qrap5jgxj23dpgk4dnmd79j7s9gr3d475yp2hflxfumgw3ffsfdq796lq6
The happenings of the last 24hrs will be critical for the next two weeks.
I believe time wise we aren't far from the bottom.
When we touched 60k months ago I thought that would already be a close level of the bottom.
Sentiment is definitely cratered now.. good times.
To be fair people still buying Ledger wallet also.. so yeah probably.. but the amount of coins stolen will have repercussions for long time..
Bam 💥🪬
“Stay safe out there. There's no heroes, or villains.. it's just you.”
View quoted note →Capitulation to clear way forward to come
To me it is a nice way to teach all who where holding their own keys on a hww how it actually works and how to do it. Not a lot are affected by this, at this moment, so a lot bitcoiners are in time to do it right now. #positivethoughts
Yeap.
Is still surprising to me anyway how the price hasn't be much affected. Maybe still early, but I would imagine at least shorts being more effective.. it is itself a sign of how much already the sentiment was very low even before this.
You are right, but before AI the "verify" part that everyone should do, was much harder to do by someone that doesn't code.
Even if you are the best coder you'll have to trust the hardware, transistor and chip producers to not create some malicious thing.. (almost everything is produced in China).. so in the end there will basically always be a certain level where your skills will not allow you to verify and you'll have to trust. But knowing which point of potential failure you have helps.
Anyway I agree this will boost a lot the knowledge of some bitcoiners in term of security, but also on the other hand will push someone far from self custody into exchange or derivatives.. ☯️
Most never study. So i gave up trying to tell them 🙈
It's fine if they don't.. until they start blame others instead of their luck of competence.
I know that the more I don't know the more I have to "trust" others..
The more you learn the more you can verify and the less you have to trust, but I also believe there will always be a certain level where you just can't verify anymore. This level varies for each individual IMO.
There are no cheat codes for any kind of frontier tech.
I learned that this time around smh cant belive I fell for that shit 🤦🏽
I believe that Coinkite is not going to patch the mk3, but only later models. So no, it's not been patched. And patches take a long time to propagate when they have to be installed manually with a nontrivial amount of effort.
There's no recovering from this when the majority of coldcard wallets in people's hands are pwned. Mk3 for sure and the rest severely degraded.
Ah, I take the first part back. There is a patch for the mk3 now. I saw a screenshot earlier that there wasn't.
Still, the problem remains an enormous problem, and people's trust in Coinkite products should be at zero, patched or no.
COLDCARD Documentation
Upgrade Firmware
How to check current COLDCARD security status, choose and verify firmware for your model, and upgrade using MicroSD.
Yeah the patch just makes sure it uses the proper RNG. So once that's fixed, it's technically good again.
