LukeDashJr. Hacked, Bitcoin's Birthday, SBF Update - Week 21
LukeDashJr. Hacked, Bitcoin's Birthday, SBF Update - Week 21
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News
LukeDashJr Hacked
On January 1st, LukeDashJr, a prolific Bitcoin Core developer, said his Bitcoin wallet was hacked.
It is thought that he kept his PC secure through specific PGP techniques while at the same time storing his private keys on his PC connected to the internet (considered a bad practice by most Bitcoin users).
The preferred method is a stand-alone hard wallet, not connected to the internet, with a backup 12-24 word key.
Samourai Wallet has been tracking the coins through the transparent Bitcoin blockchain. According to the security wallet, the funds have not gone through any obfuscation, directly contradicting what Luke has said.
Bitcoin’s 14th Birthday
The first Bitcoin block was mined 14 years ago on January 3, 2009.
It was the start of an experiment that has brought us to today. Through chat rooms, open source development, and adoption, Bitcoin has become the behemoth it has today. Trillions of dollars worth of value are now transferred through the Bitcoin network each year.
Bitcoin has come a long way since Satoshi Nakamoto created it and disappeared.
SBF Pleads Not Guilty
A quick update on Sam Bankman-Fried and FTX:
SBF pleaded not guilty to US charges yesterday.
This was after his two cofounders pleaded guilty, creating confusion in the case. SBF also met with the White House in Washington DC earlier this week to discuss “pandemic prevention” concerning the money donated through his foundation.
Price
Over the past month, since the price hit up to $18,000, Bitcoin has continued to go sideways. This sideways and stable price action usually means there will be a big move in price very soon.
The chart below shows the 3D (3 day) chart of Bitcoin’s price since April 2020 with the Bollinger Bands indicator.
The Bollinger Bands get tight when an asset experiences price stability. Once the bands get tight, it usually means a big price move is coming.
The last time Bitcoin’s 3-day Bollinger Bands tightened this much was July 2020. The price broke up and that ended up marking the start of Bitcoin’s price run from around $9,000 USD to $60,000.
There is more evidence of the Bitcoin Halving cycle showing we are nearing cycle lows. Historically, Bitcoin has bottomed around this time in terms of how many days have passed since the halving.
Tweets
Thread of the week
Which is Illicit Activity
Map of the Bitcoin Network
Easy to Use Multisig Wallet Under $40
Jobs
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