This is going to be interesting: Netflix will cover the Bitfinex hack with an upcoming film

The Cointelegraph, one of the most influential crypto news outlets out there, reports that Netflix has officially announced the production of a docu-film covering the Bitfinex hack and the New York-based couple that reportedly perpetrated the hack and/or helped launder the 119,000-something BTC that was stolen.


The [in]famous hack happened in 2016, when a grand total of 119,756 Bitcoin disappeared from the platform, in what remains one of the largest crypto hacks to date. It was worth around $72 mln back then but worth well over 5 billion dollars at today’s rate.


Netflix has remained rather cryptic about it, probably because they’re still in early phase of development, but we do know that the docufilm will be directed by Chris Smith (The Yes Man, Fyre, 100 Foot Wave), and co-produced by Nick Bilton. In 2017, Bilton published a book titled ‘American Kingpin’, telling the story of the Silk Road marketplace.


The news that the funds stolen during the hack have been retrieved and will possibly lead to a lengthy sentence for the two people that were either behind the hack or at the very least instrumental in laundering the funds stolen has since been used by many to reinstate the fact that Bitcoin is not, as many believe, anonymous, but rather pseudonymous, which means it actually doesn’t lend itself well to crime.



I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, Xmr, is highly appreciated (see address below) Thank you.

Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D

Xmr: 8BZ1CtEoQsu1AekeSRmum5Y9o15RGjnbGbY34EertEYxYtXLsTwsH4bHQQrDf1Azz2du9h6NucR5aTxtMHpKRH38QhCkDu6

Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13

Doge: DD7use8x8Zw37XumJcwQxfkiqYR4eo5pjF


Use this link to get a discount on Undone Watches

Use this link to get a discount on your first Glovo order

Use this link to get up to $250 in crypto on your first deposit on BlockFi

Use these links to get free crypto on your deposit CoinbaseCrypto.com or Binance

Use this link to get free diamonds use my CoinmarketCap code

Advertisement

Debunking the 7 biggest myths about bitcoin

I feel like if you inhabit the crypto world, you spend 50% of the time learning and studying, and 50% of the time worrying about buying the dip. There’s still so much I don’t know, and I wanna learn more, but for people who literally know zero about BTC – because they’re just getting started – there are a few myths that must be debunked. And the sooner you learn about it, the better. I thought it’d be interesting to put together a list of myths that I want to debunk. As ever, feel free to correct me and/or add your take in the comments.


1. “Bitcoin is anonymous”


Bitcoin is not actually anonymous, it’s pseudonymous. If Person A sends XY BTC to Person B, you won’t be able to extract their identity from the transaction HASH or the BTC addresses involved, but the transactions are recorded on the blockchain and they will stay there forever, and you can trace transactions in perpetuity. And that means that you can, in theory, follow the public address that’s been used, say, 10 years ago, follow that address and use it the trace the IP address or the exchange account to which the transaction was sent.


2. “Bitcoin is often used for illegal activities”


This is actually, factually incorrect. Every single BTC transaction ever is recorded on the blockchain, which is a public ledger anyone can observe. So if Mr Baddie gets paid in BTC for an illegal activity you know of, you can trace that payment back to Mr Baddie and you know, beyond doubt, which transactions were used for illegal purposes. At the time of writing, only 3% of what goes on in the Bitcoin blockchain can be traced back to illegal activities, and that number has been steadily declining.


In 2020, only 0.34% of crypto transactions (so not just BTC) was associated with illegal activities. 


3. “They’re just gonna ban it”


We keep hearing about countries ‘banning’ bitcoin but the first question I’d ask is “what does ‘banning’ actually mean’?”. The truth is, holding and transacting bitcoin is not a black-or-white affair, in the sense that there are several layers with several degrees of centralisation. If, for example, you hold your coins in an exchange, you’re having a relatively ‘centralised’ experience because the exchange is regulated and governments can regulate exchanges out of existence, in theory. However, on the opposite extreme, if you hold your coins in cold wallets (=not connected to the internet), no one can touch it.


Transactions can’t be affected either. Let’s say you wanna buy my watch and you’ll give me 0.1 BTC for the watch. Governments can’t stop that transaction, they can make it very difficult for you to top up your crypto account with your debit card, and they can make it very difficult for me to sell that BTC for cash if I wanted to, but they can’t stop the transaction per se.


4. “Bitcoin is bad for the environment”


When somebody says “BTC is bad for the environment” because it uses too much energy, I always tell them, “what about the fields of terabytes and servers that your bank needs to keep its systems running? Where does that energy come from?”


Most global companies and institutions are transitioning towards sustainable energy and the same principles and tools could be used for bitcoin mining. And indeed they are. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, and according to their latest data, 39% of BTC mining comes from carbon neutral sources, but that number is going up, mostly using hydro and wind energy. So even if we accept the argument – and I’m not saying we should – it’ll be a short-lived argument.


5. “Bitcoin is just a bubble”


I guess this may sound more like an opinion than a fact but Bitcoin is too big and it’s gotten too far to be “just a bubble”. The adoption rate has been growing steadily and quickly, it is an asset that created a multi-trillion market from zero in just 13 years. It has already survived two major crashes, including one (after the 2017 ATH) that could have destroyed it because that did, indeed, look a bubble that was about to burst.


It could go to zero, it’s a possibility, but it is not a probability. If I were a betting man, I’d give it a 0.01% probability of it going to zero.


6. “Countries are just going to make their own cryptocurrencies.”


Sometimes people use the Digital YUAN, issued by the Chinese government, as an example but that’s a terrible example. Government-issued, government-backed and government-controlled digital cryptocurrencies are the exact opposite of what Bitcoin is and is trying to be. And they’re contributing to the problem that BTC is trying to solve.


No one can take your BTC or dilute your BTC by issuing more, whereas governments can easily do it with government-issued money. The only thing that the Digital YUAN or any equivalent government-issued ‘cryptocurrency’ has in common with Bitcoin is that they both only work online. That’s it.


7. “Bitcoin is worse than the USD for transactions.”


Bitcoin is deflationary and as such, it means its scarcity is absolute and can’t be diluted, so I’m not sure you actually want to use it for transactions. Only 21 million BTC will ever be available, you’re free to do what you want with your BTC but I’d personally keep mine. And while it is true that there other better, faster, cheaper coins you can use for transactions, it is still – should you choose to transact with BTC – faster than a wire transfer, and it has no borders.



I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, Xmr, is highly appreciated (see address below) Thank you.

Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D

Xmr: 8BZ1CtEoQsu1AekeSRmum5Y9o15RGjnbGbY34EertEYxYtXLsTwsH4bHQQrDf1Azz2du9h6NucR5aTxtMHpKRH38QhCkDu6

Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13

Doge: DD7use8x8Zw37XumJcwQxfkiqYR4eo5pjF


Use this link to get a discount on Undone Watches

Use this link to get a discount on your first Glovo order

Use this link to get up to $250 in crypto on your first deposit on BlockFi

Use these links to get free crypto on your deposit Coinbase or Binance

Use this link to get free diamonds use my CoinmarketCap code

The main reason why I believe that bitcoin, whatever else happens, can’t go 0

It’s a simple reason, actually. And maybe I should apologise because I’m gonna turn this into a full-blown article but the bottom line is: bitcoin won’t go to 0 because people believe, fiercely and strongly, it won’t. It’s basically a religion.


Bitcoin is a 13-year-old technology that changed what we knew about money and property. Everybody is talking about the monetary side of it, and I’m up for it, no problem, but we all know that the true value lies in the technology that supports it. That’s the number one reason why most people ‘believe’.


The second reason why is that if you’ve been in the game long enough, you’ve already seen a bunch of corrections including two major and loud drops, one in 2018 and then again one in March 2020. I, for one, can confidently say that if I didn’t lose faith, and didn’t panic-sell in 2018 and 2020, I probably never will. I can only speak for myself, of course. I can’t speak for anyone else, but I strongly suspect a lot of people feel exactly like I do. Whales definitely do, considering they’ve been buying everyone else’s dip in recent times. But that’s a different conversation altogether, I guess.


What do you think?



I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, Xmr, is highly appreciated (see address below) Thank you.

Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D

Xmr: 8BZ1CtEoQsu1AekeSRmum5Y9o15RGjnbGbY34EertEYxYtXLsTwsH4bHQQrDf1Azz2du9h6NucR5aTxtMHpKRH38QhCkDu6

Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13

Doge: DD7use8x8Zw37XumJcwQxfkiqYR4eo5pjF


Use this link to get a discount on Undone Watches

Use this link to get a discount on your first Glovo order

Use this link to get up to $250 in crypto on your first deposit on BlockFi

Use these links to get free crypto on your deposit Coinbase or Binance

Use this link to get free diamonds use my CoinmarketCap codePosted