Many new people will be asking themselves, “What is money?”
“Wait, my dollar isn’t backed by gold, you say?!?”
Nobody is printing more stuff. That takes real effort and human time. Fucking with the tape measure is not going to build an extension on your house.
Jeez this is why we Bitcoin
Nobody works just for the fun of it. Even if you love what you do, you’re working to produce value—either to meet your own needs or someone else’s. Work is about output, not just effort.
#bitcoin
#Bitcoin
Live look at the anti #bitcoin crowd tonight
Finally lost some Bitcoin due to a hack 😞
Takeaway: Remove your Bitcoin from exchanges as soon as possible and monitor your bank accounts.
Story: I’ll try to keep this short. I've been working toward orange-pilling my dad for a few years. I bought him a hardware wallet and some bitcoin about 4 years ago. The only way he was going to understand this was if he had some skin in the game and I took him through a cycle on his own. He was interested from the beginning but did not understand much. He eventually wanted to learn how to buy his own Bitcoin. I suggested Coinbase (my first mistake), and he was able to get set up and purchase his own Bitcoin. It was only a minimal amount, and when I would visit, I helped him move it to his wallet.
Since then, he has bought a little bit more (about $200), and by the time of the hack, it was worth a little over $300.
The hack: On October 31st, he noticed his bank had a charge for $1000 from Coinbase. He had to pay $35 to cancel this charge. Then he called me, and we looked at his Coinbase. Someone got in and sent all his Bitcoin away (~$300), and they tried to buy $1000 more. Luckily, we stopped the $1000, but he lost the $300. Coinbass told him to call local law enforcement, but I told him that was hopeless.
Anyway, he now says, “I’m out.” :( He was just starting to come around to Bitcoin, see real returns, and ask better questions about energy and liberty. But now I fear he is back to square one.
Supper shitty. Even with 2-factor, he was vulnerable. This was my first brush with a hack, and now I will be more cautious about the exchanges I reccomend. And will now lower my threshold for sending funds to cold storage.
Hopefully someone finds this story useful. I am still really bumped for my dad. I just hope he can see this as a learning experience and not let it turn him away from Bitcoin for good.
#bitcoin