Big Bitcoin doesn't want you running a node or taking direct control over your money.

OCEAN gives you a 50% discount on fees if you do.

There are a few good business that push their users to act in a way that improves decentralization, they deserve to be…

3 years of clowns lying and gaslighting me, telling me my personal computer running a bitcoin node should store their JPEGs for free

BIP 110 is doing gods work

The longest chain is actually the one Satoshi designed to prevent arbitrary data

there is an exploit in the code, no matter how much you try to hide it, gaslight and personally attack me

Longest *valid* chain.

Bailey is revealing he's a Bcasher. "Longest chain" are their words.

Relai Co-Founder & CEO Julian Liniger exposes how traditional media...

Fedora has transformed the Linux gaming sphere without making a name for itself

It's the best for running a home lab.

Armin Sabouri recently demonstrated how wallet fingerprints can be used to decompose payjoin transactions and recover payment amounts, and in this episode he explains what that means for privacy tools across the board. Shinobi and Armin discuss why standardization…

Follow this guide to quickly set up and control your smart home from anywhere with Tailscale.

July 16, 2024 (2 years ago)

The Day Mt. Gox Moved $5.8B in Bitcoin

On July 16, 2024, the Mt. Gox trustee made the largest single transfer of the entire distribution: $5.8 billion in bitcoin, ten years after the exchange collapsed. Brief thread... 🧵👇

2/8 - Mt. Gox opened in 2010 and became the world's dominant Bitcoin exchange. A 2011 hack silently drained 850,000 BTC. In February 2014 it froze withdrawals, filed for bankruptcy, and disclosed the theft. Bitcoin was worth around $500 per coin.

https:…

3/8 - Standard bankruptcy in Japan converts creditor claims to yen at the time of filing, roughly $400-600 per BTC, and treats that as full settlement. Creditors fought for four years to switch to civil rehabilitation proceedings instead, and won in 2018.

4/8 - Civil rehabilitation changed everything. Instead of a yen payout at 2014 prices, creditors could receive actual Bitcoin at its current value. The legal fight took four years. Distribution took six more. The structure of what they'd receive had been…

5/8 - Distributions had started July 5, but July 16 was the biggest day: trustee Kobayashi moved 48,641 BTC and 42,587 BTC in two transfers, totaling roughly $5.8 billion. Bitcoin Cash followed. Kraken and Bitbank then distributed to creditors over the following…

6/8 - The market panicked anyway. Bitcoin dropped to $62,446 by 4:33 AM EDT, just 21 minutes after the transfer, on fears that ~20,000 creditors holding coins at a 100x gain would immediately sell. Most didn't. The feared dump was absorbed and Bitcoin recovered…

7/8 - For creditors, the fight for civil rehabilitation was worth it. A straight bankruptcy in 2014 would have paid yen at $500/BTC and called it settled. Ten years of proceedings instead ensured they were compensated at 2024 prices. The wait had protected…

8/8 - The collapse of Mt. Gox was supposed to be Bitcoin's obituary. It took a decade of Japanese legal proceedings and ~20,000 creditors refusing to abandon their claims. The saga ended not with catastrophe but with funds finally moving back toward those…

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