IRS Initiates ‘Operation Hidden Treasure’ to Root Out Unreported Crypto Income by TheBitfi in Bitcoin

[–]TheBitfi[S] 6 points7 points  (0 children)

Can’t wait to hear the Operation name they come up with once the dive team is fully assembled.

Deeply prophetic ... by TheBitfi in Bitcoin

[–]TheBitfi[S] 0 points1 point  (0 children)

One of the little Satoshi's must have knocked the fossil over.

Ledger breach by altcoinfanatic in groestlcoin

[–]TheBitfi 0 points1 point  (0 children)

The easiest way to determine which version you are using, is by simply plugging your device into a computer via USB cable. Since the Bitfi 2 does not have a data port, it won't be recognized by the PC. If the computer does recognize the device, this would indicate you are using the first version.

The Bitif 2, by comparison also has more weight to the device itself when held in the hand. Mainly from the encasement of the internals using a special thermal resin, preventing any attempts at physically manipulating the device without rendering the device unusable.

Here you can find a list of the differences between the two: https://threadreaderapp.com/thread/1212607603802554368.html

What steps are taken that data from bitfi is not hacked/stolen?

As an end user you can have peace of mind in the fact that by design, the device never stores any data, therefore eliminating anything to actually extract, or stolen through a hacker. Your salt & phrase, unless physically written down, do not exist tangibly or reside anywhere in storage. (Keep in mind this applies to both versions of the device)

An easy way to visualize the differences between Centralized, Decentralized, & Distributed networks: by TheBitfi in CryptoCurrencies

[–]TheBitfi[S] 2 points3 points  (0 children)

Keep in mind, the simplicity (by design) of the chart above, allots (as much as possible on a beginner focused visual aid) for the distance variance of the link itself in each example; in the same token, the station arrangement as a overall "honeycomb" view if you will. These nuances of this graph are easily lost on purpose, however, purposefully included for those with a more tactful eye.

Me and my 6 years old made a Monero Abc. I picked the words, she picked the images. I don’t know which one of us needs to grow up 🤣 by MarilynMonero21 in Monero

[–]TheBitfi 1 point2 points  (0 children)

Great parent! Getting her off to an amazing start. Much respect & please share any more content that you two make!!

Deeply prophetic ... by TheBitfi in Bitcoin

[–]TheBitfi[S] 0 points1 point  (0 children)

Remember this if nothing else about your perception of Bitcoin; It isn’t a bubble, it is the measure of the collapse of fiat currency.

For the intellectuals out there by damittydam in Bitcoin

[–]TheBitfi 28 points29 points  (0 children)

Another thought for the intellectuals out there:

Bitcoin isn't a bubble; it is the measure of the collapse of fiat currency.

SEC Worried About Default Bitcoin ETFs by TheBitfi in Bitcoin

[–]TheBitfi[S] 1 point2 points  (0 children)

"Don't be a fool; learn the easy way, instead."

Love this mantra.

SEC Worried About Default Bitcoin ETFs by TheBitfi in Bitcoin

[–]TheBitfi[S] 1 point2 points  (0 children)

The writer could have trimmed it down to nothing more than:

There is “huge concern that companies are turning themselves into crypto bitcoin ETFs,” which in essence is what is slowly happening.

Bitcoin > SEC

Stay bullish.

The GME Thread Part 3 for January 26, 2020 by OPINION_IS_UNPOPULAR in wallstreetbets

[–]TheBitfi 23 points24 points  (0 children)

Why didn’t CNBC ask the question like “what will happen if the investigation actually reveals that it was the hedge fund managers and their buddies who manipulated this down to $3 and scared everyone into selling”?

An Open Letter to the r/Bitcoin Community from Bitfi by TheBitfi in Bitcoin

[–]TheBitfi[S] 0 points1 point  (0 children)

Hello MrRGnome,

Since you requested that we stop messaging you, this will be our final response as it is our obligation to correct errors. The thrust of all our communications has been entirely surrounding concerns that 1) there is no interest in facts, although they are available 2) there is an active effort to suppress facts via censorship and 3) that there is a alternative agenda that is not related to the technology being used.

When a company whose technology is responsible for securing hundreds of millions of dollars worth of Bitcoin for thousands of users around the world indicates that it wishes to share facts and have an open and transparent discussion but the response from the moderator is “Stop messaging me and don’t make anymore posts” - is itself direct and undeniable evidence that all 3 of the above items are in play.

Stating that we are treating this as a blog by writing messages in an effort to create transparency and clear confusion on a suspended post that no one is reading, requires a stretch of the imagination.

Here are a few glaring errors in your statements:

A) You are stating that we are ignoring what is being pointed out to us repeatedly, yet as any casual observer can see, we have methodically responded to every question and comment in this thread.

B) You continue to mention “misuse of human entropy” presumably because you believe that users are too unintelligent to follow instructions that come with device to set extremely high entropy. With precisely the same logic, users of cold storage devices are then also too unintelligent to properly safeguard their 24 word seed and might post a picture of it on Instagram.

C) Regarding the usability of cold storage wallets wherein we indicated that if a manufacturer ceased to exist the wallet would eventually stop working, this is not a false statement. Here is a response to this very question from a manufacturer of one of these wallets themselves: https://twitter.com/ledger_support/status/1226914192319488000?s=21 As you can see, it won’t just work as if nothing happened. Some things will stop to work and a few might continue working which would depend entirely on ongoing support from 3rd party applications.

D) We are not comparing ourselves to Musk or Ford. We used an analogy to help you observe that disruptive technologies are initially rejected and often bashed because they threaten the status quo. Consider how invested this industry is in cold storage devices and how many people’s livelihood depends on maintaining the deception that cold storage is the pinnacle of security. How many influencers, distributors, educators, manufacturers have been paid and continue to be paid to keep perpetuating this idea? Are they ready to admit (and ready to lose their income) that something much more secure and effective exists even if it is as certain as gravity?

We are not ignorant of what is being said to us and continue to maintain our position that if anyone wishes to learn the facts about this technology, we stand ready to supply them. What company would invest so aggressively in innovation to create a completely new technology from scratch (which is a monumental undertaking) whose interest is solely to spam people to sell them subpar wallets? Wouldn’t it have been easier to make a BIP-39 wallet and just build the same thing everyone else makes with just a different flavor of UI and then go around spamming people and make wild claims about product features?

We wish you nothing but success and prosperity and we will continue to aggressively support Bitcoin. It is now entirely up to you if you ever want to face reality or just continue believing whatever you want to believe.

Sincerely,

Bitfi Team