Feeling a lot different after the coldcard exploit.
One of my good friends took my advice and lost all his Bitcoin.
~$1.5 million gone.
Don’t trust verify was a LARP.
I kinda feel like an idiot again, like the advice I give people is ridiculous.
I kinda feel the urge to sell it all, pay a massive tax bill, buy an island, put the fiat to work in index funds, then buy back ~25% of my BTC
It could have easily been me that lost everything.
Do I really want to go down with the ship?
My back seized up after grappling with the last week of debating internally.
I had to help dozens of ppl I onboarded get off coldcard.
I had to think about what is the best way for them to hold their coins now in the age of AI and digital exploits.
It’s not just “maybe another wallet will have an exploit.”
It’s also what comes next, what can the average person do to protect their digital wealth.
Do I really want to ride this to zero and go back to being poor?
I thought I’d be ok with that.
That was a fantasy.
I’m really shocked the price has held up here, and likely that means $58k was the bottom.
After the STRC / MSTR crisis and the ColdCard hack … price holding through both of those is bullish.
…but my back is telling me otherwise.
Doesn’t help that I also have been doing manual labour and moving appliances at the new place I bought in Cape Breton…
Chiro says I sprained my facet joints and jammed my SI joints.
Anyway on a positive note I’m loving the sound of the waves from the beach house and really enjoying listening to @Lyn Alden Stolgard Incident on my long drives to physio/chiro.
@walker and @CARLA⚡️ knocked it out of the park with the audio play.
Anyone else feel their “all in bitcoin psychopath” conviction shaken the last weeks?
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And we are talking about a fatal flaw in one relative small wallet vendor...
Core is corrupted.
Even the current relative small 'spam' option will probably mean a longterm problem.
And that is what we know.
What is to come and what is already there that we don't we know ?
How to get Core pure again, who to trust...
Freeze an older release and for now stop all new developments is looking better by the minute.
Yes my 100% conviction has been shaken and I really don't believe bitcoin is bitcoin anymore. Not because of the coldcard incident though, this was just a (seemingly planned) malicious exploit and it changes nothing to the rules of self-generated self-custody. Rather, I've seen too much "the enemy is through the gates" stuff lately. Core is corrupt and luke seems out of his mind. I don't feel any implementation is safe at this point and mining is incredibly centralised, the latter is nothing new ofcourse. It's getting really tough to keep believing that it will save us from the fiat nightmare.
If you want a better future, retro-crypto really needs more development and adoption but people just ignore it and downplay it so far. You could post about that.
Survivors guilt exacerbated by recommending CC.
You owe your friend more than few favors that's for sure. But keep in mind more than half of the responsibility is on him for trusting (he couldn't verify).
Advice was sound just not complete.
Blame goes first to hacker, than Peter Gray, then NVK, then your friend and then, least blame, on you.
To undo the guilt, only helping others works. By guilt-quiting you won't help anyone including yourself.
Strength
PS: did you just doxx your home location? No bueno.
1. It wasn't a hack. It was exploited (possibly criminal) negligence.
2. Don't be a pussy.
3. Forwards, not backwards.
Spiral out. Keep going. 🌀
First off, 🫂. Can only imagine the weight and guilt of a friend losing 1.5M on my advice.
Second, yes, my psychopath conviction is somewhat shaken. But I’m coming full circle that this a broad and rapid repricing of attacking and defending software in general. My recent takeaway is this needed to happen in some painful way for the industry to take it seriously. The Red Team is inspiring. View quoted note →
I am glad I didn't set anyone up with Coldcard. That would weigh heavily on me.
None of my flock lost funds thanks to passphrases, but it was a huge scare and everyone I know in the bitcoin community is shaken. That is a tragic loss… Will pray for you and your friend🙏🏼
At the minimum, I believe all of us should be questioning our security setup and facing the post action review of if our recovery and migration process is set up correctly for a real attack - for many, the 2-2 multisig setup is looking like the most flexible and secure way to go while keeping things simple and mitigating risk without trusting a custodian.
My 2 sats - take some time… let the emotions and the guilt pass. Never make large financial decisions when you are rattled. Seek calm in body and mind, allow yourself to process this fully - then, with a calm spirit, decide what is best for you.
Do not allow this attack that you survived cause you to react in a way that damages your financial future 🙏🏼
$1.5 million stack on a single sig with no passphrase is living on the edge. I think the lesson is make sure your friends don't do things like that.
Yes my conviction is shaken. I think I’m going to go back to a custodian holding most of my btc, keep a little in self custody for walking around money.
Trust me from where I stand you don't fucking want to be poor... Also, none of this should be decided on an actual Total Solar Eclipse which we experienced yesterday. With everything that has occured and the fact we are now in eclipse season contemplating and churning this every which way within is appropriate. Sorry to hear about your back. Heal up fast. Sorry about your friend and that you feel responsible in some way in steering them to coldcard. That's tough. Big hug 💔🫂 Be with it all and breathe. And this shall pass. Lessons will be learned and hopefully we all find our way and highest path forward.