Bitcoin is an open source censorship-resistant peer-to-peer immutable network. Trackable digital gold. Don't trust; verify. Not your keys; not your coins.bitcoin.org/bitcoin.pdf WorldwideJoined August 2011
We are aware of a security incident on @Liquid_BTC. Purported white-hat hackers have withdrawn ~4,000 BTC (~$320 million) from the Liquid Federation wallet. The @Blockstream team is working on contacting them on-chain with a signed message.
What we know so far is that the funds were withdrawn via the SideSwap PAK (Peg-out Authorization Key), but that key was not compromised, nor were any others.
Exchanges have been notified and have already paused (or will pause) LBTC deposits and withdrawals. Other Liquid assets such as USDT, DePix, and RWAs are unaffected by this security incident.
Bridge nodes have been temporarily disabled, so no new transactions can be submitted to the network. Effectively, the Liquid sidechain is paused until this issue is resolved.
Liquid wallets will be impacted, and we're sorry for any inconvenience. Federation members are actively working on resolving this so we can restore normal network activity.
You can monitor the situation via @mempool's liquid.network site below:
mempool.space/address/bc1qdl…
⚡️The early Bitcoin holder may be one of the cleanest wealth outcomes capitalism can produce.
Think about what happened to the rare person who accumulated meaningful Bitcoin very early and actually held it.
They did not need to build a 10,000-person company.
They did not need customers.
They did not need employees.
They did not need a board.
They did not need to manage LP money.
They did not need to continually recreate the economic engine that made them wealthy.
They made one extraordinarily consequential capital-allocation decision, survived years of uncertainty, and eventually the asset itself did almost all of the scaling.
That is an incredible lifestyle outcome.
A founder worth $100M may technically have the same net worth, but much of it can be trapped inside a company requiring their attention, carrying payroll, lawsuits, competition, customers, executives, financing, and constant strategic decisions.
The early Bitcoin holder can have $100M sitting in an asset that requires almost no organizational complexity to own.
Enormous wealth. Tiny operating surface area.
That combination is rare.
There is also something profound about how the wealth was created. They recognized a new category before the world agreed the category was real.
The wealth came from carrying uncertainty.
Bitcoin looked ridiculous.
Then dangerous.
Then speculative.
Then legitimate.
Then institutional.
Every step upward removed uncertainty while also removing asymmetry.
The earliest holders were compensated for occupying the period when the world could still plausibly say the entire thing was worthless.
But survivorship bias here is enormous.
Thousands of people also concentrated into things they believed were revolutionary and lost everything.
Even among people who bought Bitcoin early, many sold at 2x, 5x, 10x, or 50x. Others lost keys. Others got destroyed by exchanges. Others overleveraged. Others simply could not psychologically carry an asset through repeated 70% to 90% drawdowns while everyone around them told them they were insane.
So the extraordinary outcome required several things to happen together:
see correctly very early, size enough for being right to matter, survive enormous volatility, preserve custody, and resist selling when the gain already looked life-changing.
That is almost impossibly difficult in real time.
The highest form of wealth creation may actually be finding a very small number of generational capital-allocation decisions rather than continually maximizing labor output.
One Bitcoin-like decision can compress decades of economic effort into ownership of the right thing at the right moment.
Afterward, the entire purpose of wealth can change.
You no longer need to optimize for more work.
You can optimize for autonomy.
Time.
Privacy.
Research.
Relationships.
Travel.
Building things because they matter to you rather than because they need to pay you.
And compared with becoming a billionaire CEO whose phone can never truly be turned off, the anonymous person who quietly owns enormous permanent capital may have won a different and arguably more valuable game.
The founder builds a machine powerful enough to create freedom later.
The generational investor finds an asset powerful enough to make the machine unnecessary.
That second outcome is incredibly rare.
But when it happens, the lifestyle asymmetry is almost absurd.
“Term out the debt honestly and pay the price the market sets. If the 30-year must trade at 5.5% to clear, that isn’t a crisis. It is an invoice. Then do the only thing that durably lowers long-term yields: address the primary deficit.” wsj.com/opinion/let-th…
Your past self made trades to benefit your future self. As a result, now your current self now has that exact amount of bitcoin:native. Everyone has potential and beliefs.
The sequence is straightforward: potential feeds belief, belief drives action, action produces results, and those results either strengthen or weaken the original belief.
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17K Followers 857 FollowingWorking on something that excites me like 2010 Bitcoin did
Founded the first US #bitcoin exchange, investor and former Marine, owner of 20Mission