Bull Market… CONFIRMED?

by birtanpublished on September 27, 2020

I'm not gonna lie I'm pretty shocked right now what's going on everybody it's your boy Krypto Bobby I hope you were having a great day great night wherever you're watching or listening from and we've got an interesting episode here today and

Yes the by aeneas hack happened and yes everybody on the internet and YouTube and podcast world has probably already provided some level of opinion I'm a whole 12 hours late on this so my apologies but I want to break down my

Super high level thoughts on what happened and then also taking a look at the market recovery because I think that is one of the more interesting things one of the more interesting components here and something that we should really

Be paying attention to because when you combine this with what happened with BitFenix wasn't a great two or three weeks for for Bitcoin and cryptocurrency as a whole but if you look at the price of Bitcoin you really couldn't tell – if

You a few bad candles everything seems to be on the up up up up and up so we're gonna talk about all that and more in today's episode on the off chance that you have been sleeping for the past 14 hours and or under a rock yes bye Nance

Was hacked there was a security breach they lost 7,000 Bitcoin from their hot wallet and they are reimbursing the Bitcoin that they lost apparently through their Saboo fund a couple quick points on the by Nance hack number one

No centralized cryptocurrency exchange is immune from hacks I don't care how good their marketing is I don't care how much trust you personally have in said exchange I don't care if it's a salut exchange if it's not a salut exchange

Whatever no centralized cryptocurrency exchange is immune from hacks they are giant massive honey pots for nefarious actors for hackers for people that have huge incentives to disrupt their business and to go after the money that

They have at play and you can see when you can execute a hack properly we're talking about 40 million dollars in Bitcoin that is now gone from Finance so again that's that's that's huge and no cryptocurrency exchange is immune to

It it's happened over and over and over again to some of the biggest exchanges some of the smallest exchanges some of the most trusted exchanges some of the least trusted exchanges it doesn't matter they're not immune it's just not

It's not a thing and that is something that is always important because I do think a lot of people had a ton of trust in buy Nance because they have reacted well in the past cz is a very public figure and takes ownership of mistakes

And things like that so people have a ton of trust in them and to the second point we're lucky here and so is buying in specifically buy Nance is lucky that they are profitable as hell and that 40 million dollars is about a month or so

Of profit because finance basically prints money this might have been a different story if bi'ness wasn't one of the most profitable cryptocurrency exchanges on the planet and they didn't have these the Sabu fund or a bunch of

Money that they just saved up and ready to go at their beck and call in the case that a hack ever did occur so to that point I think users of Finance are lucky if they had their money on the exchange and they are able to get that back and

Then also by Nance itself is lucky really do you guys are the profit of profitability of buying in so you could say you know that's their own doing because they execute and because they are you know a good crypto currency

Exchange yes but hey maybe by Nance wasn't so profitable maybe they weren't forward-looking enough to have that fund in place could be could be an entirely different conversation here for the love

Of God get yourself a ledger get yourself a treasurer get yourself a cold card wild or cool wild or whatever I don't care just store the cryptocurrency on your own be smart about how you store your cryptocurrency

Be intelligent about it it's happened over and over and over again and yes I think we are getting lucky in this case and most likely if you did have money on on Finance you seems like you're gonna be fine you're gonna get your money back

But that might not be the case in the future if something additionally happens if finance might not be the case in the future if something else happens at another cryptocurrency exchange but just be smart about it

Store your crypto in cold storage and don't be a dummy let's let's be real here and lastly specifically on the subject of the hack before we get into the market as a whole this was something that almost got more attention than the

Actual hack itself was somebody suggested it was Jeremy Rubin who has been in the Bitcoin game for a while I believe also works on stellar from not mistaken but was with MIT crypto I think the MIT crypto lab and he said see see

Said after speaking with various parties including Jeremy rumen Prestwich has to fly Jihan whoo and some other people they had briefly considered doing a reorg and I Nance and cz got absolutely roasted which was also kind of funny to

Watch because I am a fan of Finance I am a fan of cz and I do like certain things he does I also think he can get away with a lot finance and cccc was a hero an absolute hero in Bitcoin land when he D listed

Bitcoin SV and when after Craig Wright even as earlier as recent as yesterday put out a tweet about put out a tweet about having the legal fund for Peter McCormick and for Hottel not and all these people that are getting sued by

Craig Wright gets get funded by some by Nance charity so as recent as yesterday was talking about that at a ton of like goodwill from the the Bitcoin specific community and the cryptocurrency community in general then this happened

Where Jeremy Rubin suggested hey maybe you could look at what would happen with a block reorge approach and the pros and the cons he listed here and we'll talk a little bit more about that but so CZ said the pros of this is we could quote

Unquote revenge the hackers I don't know if that's necessarily revenge its kind of its kind of on you for for getting hacked it's you know that's your job is to protect yourself and your users from being hacked I don't know if that's

Revenge but Susie says we could revenge the hackers by moving the fees to minors deter future hacking attempts in the process and explore the possibility how of how the Bitcoin network could deal with situation like this cons we're

Damaging the credibility of Bitcoin we may cause a split in both the Bitcoin network and community and both of these damages seem to outweigh the $40,000,000 revenge the hackers did demonstrate certain weak

Points in our design and user confusion and that was not obvious before and then he says for you know 4th con while it was an expensive lesson for us it was nevertheless a lesson it's our responsibility so I appreciate him

Taking responsibility because he damn well should our responsibility to safeguard our users funds and we should own up to it learn and improve and I do think you know a lot of that is true you know gotta eat here if you just do

Like it sits on you number one number two there's a lot of components to a block reorganization that would make this a little bit a little bit difficult and for those who aren't familiar what was essentially suggested to Cece was

The possibility of directly approaching Bitcoin miners and directly approaching the people that mind that the recent Bitcoin blocks offering to pay them or reorganizing the blocks to basically take the hacked transaction out of the

Bitcoin network and remove that from the history now the binding attack was 7,000 Bitcoin or about 40 million dollars but the binding attack was about 7,000 Bitcoin so theoretically let's say I don't remember the exact numbers but

Theoretically let's say if C Z could pay all of the the Bitcoin miners 4000 Bitcoin and that would be more than they actually received during their during the mining since that transaction occurred then they would have a $3,000

Bitcoin Delta or something like that and it would actually lessen the blow less than the impact but there are a lot of massive issues on this and then it goes to kind of spit in the face of the Bitcoin immutability you know we're

Talking about Bitcoin being this immutable digital store of gold that may be adopted by institutional investors and all this type of thing and then you could have a very profitable enterprise that was hacked due to its own

Negligence and is now rolling back time and of resetting things to look in their favor and that is one of the big things that a lot of bitcoiners point at a theorem with and say you know you guys the bed on the Dow that was your

Fault and now for the rest of eternity etherium is essentially useless because you ruined immutability when you pull rolled back the dow hack and then split aetherium in a theorem classic so something worth

Considering here would also love to hear your thoughts if you're on youtube make sure to sound off in the YouTube comments do you think a block reorg with finance there's a good thing bad thing something they should have considered or

Anything else otherwise so now let's talk about the market this is something and again I'm pretty shocked at this I'm not gonna lie I would have expected a different set of circumstances here and we could see at the time of the Bitcoin

A basically the time of the buy Nance hack curiously there were two massive sell-off candles earlier in the day as well taking Bitcoin down about $200 and $150 within an hour but Bitcoin dropped at its peak from at its peak to the

Bottom about 4% and is since essentially completely rebounded it is down less than half of it's down around half a percent from where the announcement about the buy Nance hack occurred and to me this is something that again is is

Rather shocking because I would have expected finance in my opinion is is probably the most important crypto exchange in many ways I think from a retail perspective the most respected crypto currency exchange out there also

One of the most liquid crypto currency exchanges out there so to hear not necessarily that the 40 million dollars doesn't end-all-be-all or that you know that the exchange that they're they're covering the hack and

All that good stuff but the fact that that's kind of a it's a breach of trust in some stand points or it's just a it's a it's a it hurts confidence and it goes to show that this is still such a nascent market when the most respected

Exchange in crypto currency cannot still keep its users funds safe and they have to resort to you know basically taking out their own insurance policy the Sabu fund to reimburse users so as I saw this last night I was watching the

Market go from $5,900 essentially all the way down to 56 50 and then just bounced straight back up like it didn't happen it was pretty shocking – pretty shocking to see and in my mind it does go to show

Interestingly enough that I do think we have dug ourselves out of this air market obviously that has happened quite a while ago but if this doesn't if this isn't something that goes to show that we are in a positive market and we have

Significant positive momentum I really don't know I don't know what else is is as clear of an indication for me at least I mean very clearly buyer stepped in very quickly and scooped up Bitcoin under the 5700 mark and to me that was

Pretty surprising does this is this ironclad and is this absolutely you know we are in a bull market and we're never going down again no absolutely not but this clearly shows that in my mind we are in a market where people are

Taking every opportunity to buy up dips and to accumulate now on the other end of the spectrum though we're also seeing a pretty significant divergence between Bitcoin and altcoins while this was a hack that involved Bitcoin didn't affect

All coins really at all you saw the price impact way more so in altcoins than you did see of a Bitcoin Bitcoin has really since recovered on the other end of the spectrum you have alt coins that were you know not keeping pace with

The BTC value their BTC trade pair so something to continue to keep an eye on because Bitcoin is really sucking the air out of a lot of these all coins and the Bitcoin market dominance is moving into a I would say a strong direction

Now when I look at that and when I think about what's happening with with Bitcoin dominance if the past is any indication of the future which it by no means ever is but if the past is any indication of what will happen in the future I do look

At this and I think you know Bitcoin is going to continue to move up it's going to continue to crush all coins and there is going to be a point in time where people are looking at their all coins saying why the hell am i holding this

Crap I want to be a Bitcoin maximalist I want to you know I want to go all-in on Bitcoin and write about the time that probably happens is it time we see some type of alt coins pop and market move and that happened in 2017 where you know

Bitcoin dominance was absolutely crushing all coins and then you saw this this crazy it was the short-lived pop but it was a crazy crazy crazy run so that's that's what I'm looking at from what from a historical perspective but

Right now the fact that the Bitcoin market has been able to shrug off not only the tether nonsense we were at about fifty five hundred dollars on bit mechs at least we're at $5,500 when the tether nonsense happened dipped all the

Way down to five thousand dollars and then we are now really closing in on six thousand which is crazy to think we've not only put the bit for next Heather nonsense behind us at least from a market perspective not necessarily that

It's were in the clear on that at all but now we're looking at finance too and saying hey – just got hacked one of the largest crypto currency exchanges just got hacked and Bitcoin is down half a percent I'd say that it's pretty bullish

In my book I'll obviously be keeping an eye on everything that's occurring in the market will pop in with anything that I see that I think is relevant or interesting – quick notes though number one the fluidity summit is is happening

Tomorrow I will actually be there with a professional videographer which is kind of cool but I'm gonna be popping around the fluidity summit doing like a behind the scenes asking speakers and a bunch of people that I know and also people

That I don't know questions with a mic at the events that should be a lot of fun I'll have a video up soon for that I'm really looking forward to that so stay tuned on that and additionally I'm having Jeremy Ross aka Jebus on Twitter

On the podcast so that should be a great time as well one of the I would say oh geez I don't know if you would love that word I'm himself but one of the OGS of crypto Twitter at least and somebody who's been around for a number of

Different cryptocurrency cycles so I want to talk to him about the cyclical nature of cryptocurrency and kind of where he sees things going so that should be a really good time if you enjoyed this

Video make sure to hit that thumbs up button if you're new to the channel by any chance will love for you to subscribe thank you so much for your time Krypto babi signing out have a good one pace

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