Show notes
Mr HODL argues the $6.3 billion Binance hack was not a custody failure but a hot wallet failure: your UTXOs should be cold no matter who holds them. Terence Michael opens with the multisig case and the Mt. Gox lesson, the room audits CZ's promise to cover the hole against the cash a company like Coinbase actually holds, and Bruce Fenton closes with the case for tokenization. Bitcoin held $77,000 through the largest exchange hack in history.Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.X: @lorenhodlChapters:0:00:00.00 Opening: the sky is falling0:02:16.36 Terence: custody gets challenged this year0:03:55.94 Terence: everything points to multisig0:05:51.14 Terence: Bitcoin itself was never hacked0:07:03.00 Mt. Gox fell to a penny and lived0:08:36.72 Exchanges will catch no break0:10:23.02 A laptop and an Ethereum upgrade0:11:49.70 Institutions split keys worldwide0:13:03.02 Lorenzo: Binance is trust me bro0:14:25.58 Gloria: protection of assets is power0:15:52.08 Start cold storage with a few sats0:19:52.50 The hole is triple the headline0:22:57.24 Ozzy: every October, Binance rugs us0:24:33.88 The stolen Bitcoin was wrapped Bitcoin0:26:22.12 Grant: covering it is self-interest0:29:25.56 ETF holders are underwater at $82K0:31:50.16 Treasury yields are rolling over0:33:09.88 Anything can be hacked, even banks0:34:46.04 Split your Bitcoin four ways0:36:00.44 A custodian who loses it covers it0:38:33.14 Should Strategy custody its own coins?0:39:58.26 Fred: frozen Tether strands Aave0:43:12.02 Elvis: Binance is the biggest exchange0:44:55.32 BitMEX never got hacked: no hot wallets0:47:43.80 Cold keys do not get hacked0:53:49.38 Scott: CZ is not in charge anymore0:54:57.60 Binance is buying back the Bitcoin0:59:51.64 CZ: it hurts, but we survive1:03:25.40 Your balance is an IOU, not coins1:05:52.08 Fidelity and IBIT are two custodians1:09:52.02 You cannot freeze Bitcoin1:11:00.48 Bitcoin is horrible to steal1:14:35.10 You cannot Tornado Cash 18,000 Bitcoin1:18:27.88 Withdrawals are paused until Monday1:19:08.32 Made whole argues against self-custody1:23:27.54 Someone has to custody the Bitcoin1:24:14.68 An exchange hack is not a hardware flaw1:26:44.34 A lawyer asked: is Bitcoin broken?1:29:20.22 Mr HODL: not custody, hot versus cold1:31:42.54 PHP runs 60 percent of the web1:34:33.86 Crypto is hit because it is final1:35:43.26 AI agents need attested authorization1:39:06.78 Mr HODL: fraud runs through exchanges1:42:59.72 CFTC wants federal registration1:45:11.94 Mr HODL: your UTXO should be cold1:48:44.46 Sign while completely cold1:50:27.96 Darkside: TradFi chose convenience1:54:27.08 Speed is the enemy of security1:56:31.92 Mr HODL: keep keys off software1:59:47.48 Blockchain was a marketing term2:00:32.86 TradFi runs on time to fix mistakes2:02:13.30 None of the other chains work2:03:47.72 One laptop should never move a billion2:05:53.36 Tico: peace of mind has a price2:07:13.36 Ownership is law, Bitcoin is possession2:09:32.44 Ozzy: Bitcoin is the only chain that works2:10:44.08 Darkside: Strategy CFO quit in a week2:14:24.50 Mr HODL: keep your Bitcoin cold2:17:49.66 Bruce Fenton: tokenization is winning2:19:44.74 The chain enforces nothingSegment: https://youtu.be/QXZN6z4d24M
