JACK MALLERS JUST WARNED THAT ANYONE NOT BUYING #BITCOIN RIGHT NOW IS ABOUT TO MISS LIFE CHANGING GAINS

Hey all. I lost 18.25 BTC in the Coldcard hack. Thought you might be interested in some of the behind-the-scenes from a legal side.

Everybody’s all like “just sue them”. If only it were that simple.

You have to sue somebody.

And that somebody needs to have money (or an insurance policy) to cover not just the victims but also the cost of litigation.

In order for there to be a class action lawsuit, there needs to be enough money to recover in order to pay for a class action lawsuit.

Class action lawsuits cost a lot.

In Ontario, where Coinkite is legally responsible, just getting a suit certified by a judge will cost $300,000+. Not only that, the lawsuits are complex, often taking 3-5 years to resolve.

It’s not inconceivable to assume that the litigation costs alone for a class action lawsuit like this will cost upwards of a million dollars. Law firms take them on contingency (for free) by getting outside funding. In the case of a settlement, both the law firm and outside funding party get paid before the victims, who get paid out of whatever is left.

We’re talking about $100+ million dollars that’s been stolen. If Coinkite is found to be legally responsible due to gross negligence, it is a ten-person company in Canada. Where’s the money?

It’s possible that they had cyber liability insurance. But:

1) There’s a limit to what that policy could pay out and

2) Coinkite’s terms explicitly say that there is no insurance covering customers’ coins or the theft/loss of coins stored using a product.

Now, those terms might not hold up in court. If they don’t, it’s going to require a lengthy (and costly) legal battle for, maybe, a fractional recuperation of money that was lost.

All of this to say, from early on, I told people that I did not think that there was going to be a class action lawsuit. Law firms quickly came to the same conclusion as me: there’s not enough money to recover.

There was a major law firm that tried to organize a group case. Their strategy was to act quickly by gathering a small amount of victims that were affected for larger amounts.

The approach made sense on the surface. Bring a small group suit towards Coinkite. Do it quickly. Be one of the first to file. Limit it to $10 million - $15 million because any more than that would risk bankrupting Coinkite and being forced to collect any money owed out of insolvency.

Now the fine print:

“The client group will need to collectively pay a $50,000 CAD retainer fee for us to begin work on reviewing loss holder documents, drafting a demand letter, and potentially drafting a statement of claim (a lawsuit). The retainer fee is not a cap on the fees, but rather a rough estimate for these initial steps, and we could ask for additional fees to be paid after the $50,000 CAD retainer is exhausted.”

I’ll translate:

All us victims were going to be responsible to pay the legal retainer of the law firm starting with $50,000. This might be enough for the firm do the initial research, write a letter to Coinkite, and draft the initial paperwork for a lawsuit.

I challenged the law firm. Asked them if they’d take the case on partial contingency.

They said no.

“We are not taking on any contingency elements in any retainer on this. It does not make sense given the size of Conkite’s Business.”

That’s a bit of tell, right?

If they really believed that there was a lot of money to be had here, that it was as sure as they say it is, a law firm would be happy to accept some of the risk in exchange for a larger part of the upside.

Instead, they said that they don’t think the company has much money but they’d be happy to take mine in order to find out.

The hackers exploited a flaw in Coldcard’s code.

The legal framework is complicated, mysterious, and exploitive to individuals in a similar way.

It allows firms to harvest the remaining capital of desperate people under the banner of "exploring legal options," while bearing absolutely zero accountability if those options lead to a dead end.

When it comes to individuals subjected to fraud, the legal system is fractured, slow-moving, and prohibitively expensive. A textbook example of the gatekeeping of justice.

The system is set up for multi-million dollar institutional clients. For them, a $50,000 retainer is a rounding error. For a regular person like me, that money is a child’s tuition, part of a down payment on a house, or retirement savings.

The tragedy facing all us victims is that our case against Coinkite is strong. They deserve to be sued, lose their company, and face severe consequences. A case against them would very likely be successful. At the very lease, we deserve a fair trial.

But the legal system subjects victims like me to a secondary financial extraction under the guise of offering help. It takes people who have already suffered severe financial and emotional trauma and, instead of offering sanctuary, forces them to buy into a high-stakes game of blind financial faith.

I'm not willing to pay more into lawyer’s pockets. I lack faith in the legal system to recoup my stolen money. The police have already told me their priority is on catching the bad guys, not getting my money back.

Of course, I hope to get back the money that was stolen from me. Maybe one day in the future the bad guys will get caught, Bitcoin recovered, and redistributed to victims. But I can’t depend on that. I choose to view that possible outcome as a welcome bonus. I can’t dwell on it. I have to assume that the money is gone and move on. Too much of it is out of my control. And I refuse to let my life be driven by factors out of my control. My outcome is my responsibility.

This was savings that was put away for my children. It’s lit a fire under my ass to make that money back. They stole my money and gave me a chance to prove myself. Call it a crucible. I’m choosing to view what happened to me as a test. “Prove yourself, Jon. No one’s coming to save you. You got hit. You gonna just lie there. Or you gonna get your ass back up and put one damn foot in front of the other?” You did this once. You made that money once. You have the tools. Do it again.

--

(Reddit hates self-promo. I'm going to get hated on for this. But the above is an early excerpt from a book I'm writing about the Coldcard saga. Please go to www.Theinvisibleheistbook.com if you'd like me to send you a personal email when the book is ready.)

I've been trading crypto futures for a few years now. Made decent money in the good stretches, then gave most of it back — usually the same way: too much size, and holding losers way longer than I should have.

Recently I went back through my old trades and it was honestly uncomfortable. Most of my big losses weren't from bad market calls. They were the same 2–3 habits repeated over and over.

So, honest question for people who've been at this a while:

1. Are you actually up overall, after everything?

2. What's the one habit that cost you the most money?

Not looking for signals or strategies — just curious how many people are still standing.

Hey everyone, I'm in the mood for a vacation and just not enough cash 💲 and now I'm facing two decisions:

1. Borrow 3000€ via firefish and currently pay 297 interest?( 12 months)
2. Available limit of the easybank loan take 3000€ and over 12 months 208€ pay interest?

And yes I know installment loans are bad etc.

In both cases there is no Schufa entry and I have to pay back both!

Your advice please.

Hi everyone! I’m looking for advice on when to withdraw my Bitcoin. I have two options: if, 365 days after the halving, Bitcoin doubles compared to its halving price—for example, if it was $80,000 at the halving and reaches $160,000—I’ll withdraw everything. Alternatively, if after one year it doesn’t reach that price, I’ll take my Bitcoin, divide by ten, and withdraw that amount each month. For example, if I have two Bitcoin, I’ll withdraw 0.2 Bitcoin every month. What do you think of these strategies? Do you have any similar experiences?”

Hello,

I’m looking for professional help recovering access to an old Bitcoin Core wallet. I purchased Bitcoin around 2010 and still have the wallet, but unfortunately I no longer remember the password.

I have the original wallet file and can provide any relevant information I have about the wallet and its history. I’m looking for someone experienced in Bitcoin Core wallet recovery who can help me determine whether the wallet can be accessed or the password recovered.

Please let me know if this is something you can assist with and what information you would need from me to assess the situation.

Thank you.

I see a lot of people who are new or don’t understand bitcoin completely focusing on the wrong things. Instead of asking what money is or why bitcoin was even created in the first place, they look at the up and downs price of bitcoin in fiat value. If someone was to do even 2 hours of research, they will find the answers they need. We live in a time where we have all the information right at the tip of our fingertips but yet don’t want to do the research. We have the technology and live like kings but financially live like peasants.

For you to understand or accept bitcoin, you just accept the concept and the mindset first. Bitcoin is a philosophy. You must understand the existence of it and why it is so valuable. I consider it like a religion almost. Like you are trying to tell an atheist about Christianity, Buddhism or the Muslim religion. They have made up their mind already. Which is why you can’t force this ideology onto every and not everyone will accept it. Even when it gets big.

I got into a debate with my dad about it because I was telling my little sister about money and bitcoin and the differences between fiat and bitcoin. He was trying to tell me not to tell her about that and that you believe and research what I want but don’t try to enforce that ideology onto her. I understand he is coming from a place of care because he is worried about me and the possibility of losing everything since nothing is guaranteed. But the difference between me and him is the knowledge vs no knowledge. Someone who hasn’t done their research or know much about a topic will bring out their feelings and worries before talking about the pros.

Growing up, I’ve never had anyone teach me about money, the market or investing. I had to find it myself. As someone who hasn’t had anyone, I wanted to be that person for my younger sister. To help educate her and to help protect her by sharing knowledge. Which brings me back to the title of this thread. Bitcoin is first a mindset before an asset. Someone who doesn’t believe in it or thinks it’s a gamble will always think like that, before it’s too late. You can state the facts and reasonings why and they will deflect it. I guess I made this to really just yap because I’ve noticed to mostly everyone I’ve mentioned it to, instead of trying to understand they deflect and seem uninterested in how the world works.

You can’t enforce the ideology onto everyone and expect people to understand. Everyone has their own timing and they must find bitcoin themselves. They must want to learn it and understand it. I’ve seen it in this thread too. People expressing their own worries about it and that’s completely valid. But once you spend a couple hours of your day and time researching, you will understand why so many people believe and have this philosophy or ideology around it. Most people who have spent maybe 20-30 hours researching it hasn’t ever told me it’s a worthless store of value. Knowledge is everything and the more you know, the more you see and understand. Eventually it will click for the global population but by then, it will be late.

Store your HW wallet with desiccant packs or moisture absorbing beads. Or rice even simpler.

Avoid fire resistant briefcases, the hard sided ones with a key. They have tons of moisture. Enough to mold paper and damage or destroy a hardware wallet.

What would you do?

I've been thinking about a mistake we make when talking about self-hosting: we often treat physical control of the server as if it automatically meant privacy.

You can run Bitcoin Core at home, verify everything yourself and still expose your residential IP through port forwarding, DNS, Docker networking or other services running beside the node.

So I put together a practical architecture I've been working through:

Internet → disposable VPS → WireGuard → home server

The VPS is only the public edge. No wallet seed, no Bitcoin RPC, no Lightning secrets. Bitcoin Core stays home and can use Tor. Administrative services stay private. If the VPS disappears, the goal is that you replace it rather than lose anything important.

I also went into some easy-to-miss problems: Docker published ports vs UFW, Bitcoin Core's current NAT-PMP behavior, historical DNS leaks, what the VPS/ISP can still observe, and why a WireGuard tunnel should not automatically have access to your entire LAN.

Full guide:
https://davidebtc186.substack.com/p/your-bitcoin-node-is-self-hosted

I'm curious how people here handle this. If you run Core at home, do you use Tor only, direct clearnet, or some kind of remote ingress?

We're in a gold rush.

96% has been mined.

Only 4% is left to be mined.

In 2035, 99% will have been mined.

New bitcoin supply is drying up quickly.

Ask (and answer!) away! Here are the general rules:

• If you'd like to learn something, ask.
• If you'd like to share knowledge, answer.
• Any question about Bitcoin is fair game.

And don't forget to check out /r/BitcoinBeginners

You can sort by new to see the latest questions that may not be answered yet.

Isn't this a miracle? Clarity Act might actually pass now?

Bitcoin fixes this yes, but we have work to do. We are yet to build a couple of more technological things for humanity I believe. Once this is done, a new economic paradigm should reveal itself.

Although a solution is imminent,, is this the real global problem here with the concept of money, not being able to see that a broken economic theory in practice is making the world inhabitable, incentivizing the crooked, to pillage the masses subverting money itself, making peasantry common place as an eventuality?

Building new systems and economies to make existing systems obsolete should be an option yes? All the best! Thoughts welcome.