Newsletter #408 - Entropy Crisis

Hey Shitcoiners,

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We have plenty of action, commentary and shenanigans to get through this week. Before we dive in, remember to catch the latest episode of the Shitcoin.com Weekly Recap. We covered the COLDCARD situation, how to upgrade your security setup and more.

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Arguably the biggest story this week came from COLDCARD. Users who thought their funds were secure found out that might not be the case.

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And it would get much worse.

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If you are looking to understand what exactly happened, this next article is an excellent explainer.

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“That’s exactly what makes the Coldcard bug so ugly by comparison. It took something mathematically unwinnable and turned it into something a determined hobbyist with a laptop and some patience could plausibly land on.”

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Dice rollers were on cloud nine.

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Eric Wall returned from being AFK to find the machines breaking our RNGs. Can the accelerating machine god be stopped? What have we created?

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We are not ready.

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We also saw a manhunt taking place where anyone promoting COLDCARD came under scrutiny. Luckily for McCormack, the guilty company was not one of his sponsors. Here’s a throwback for you.

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Mr Mt. Gox, Mark Karpeles, is buying up old COLDCARDs. If you were a victim of the hack, do not give yours away.

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Bitcoin wives, we salute you.

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For anyone affected, remember there are people you can speak to.

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Bitcoiners are a resilient bunch and initiatives are springing up to fix any vulnerabilities. The “Red Team” has been formed.

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And it is growing!

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One man who will not be joining the efforts is ZachXBT. Turns out the Bitcoin maxis do not pay for his time and effort. Sad.

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And sometimes the people he helps end up scamming him too!

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Some thought the day would never come, but now “Strategy are selling” is a regular post we see on the timeline.

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Don’t worry, Saylor hasn’t sold any of his 0.1 BTC yet!

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Paul Sztorc’s eCash hardfork is coming very soon. With only a few weeks to go, here is his latest livestream! Great to see him mention our friends at @sideshiftai.

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Meanwhile on Ethereum…

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Robinhood Chain was big news in recent weeks but it appears the party is over. Volume has tanked.

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James Wynn keeps recycling his referral link profits right back into the liquidation engine. Five times in three days is quite a feat. Will it ever end?

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Probably not. He continues to outdo himself. He was liquidated four times in 12 hours. RIP.

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While on the topic of cult heroes who fell from grace, here are two Columbia alumni you might have heard of.

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Imagine stealing $1M in crypto and then asking ChatGPT how to spend it. This man has fine taste.

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Congrats Gabriel! Taking kicks from UFC fighters is one way to spend a bear market.

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Backpack are looking for volunteers in China. We sense they have a certain desired aesthetic. Where do we sign up?

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With BitMEX closing their doors, the time has come for BitMEX Research to end. A legendary run.

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We round this one off with some hard truths. We may have a crippling dopamine addiction and no discernible skills, but we had fun, right?

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Until next week.

Team Shitcoin.com