- Tweets 4,588
- Following 1,580
- Followers 4,304
- Likes 5,495
Pinned Tweet
By now, I hope you’ve realized the new incentive structure of X: The engagement prize goes to the first person who posts the fake news. You have the AI tools, the fact-checkers are gone, and Elon dgaf, so go enjoy the social media game. You, too, can be a star.
9
5
56
27,934
Aaron Wise retweeted
We know many of you are eager to know what will happen to Lightning payments in the BULL wallet, and when you will be able to convert L-BTC to BTC.
The reality is that the Liquid network's situation is completely outside of BULL’s control: we have to wait for the Federation to resume pegouts.
Any service that accepts L-BTC to send out BTC will soon accumulate L-BTC in its inventory, while its BTC inventory is depleted. Under normal circumstances, swap services that accumulate L-BTC use the pegout mechanism to rebalance their inventory. Absent this mechanism, our view is that a swap provider or exchange cannot operate sustainably.
BULL could re-enable inbound Lightning payments, allowing users to start accumulating L-BTC again, which would provide liquidity for those who want to exit L-BTC.
We have decided not to follow this approach for now and will wait for pegouts to resume, because that approach would rely on some users taking the risk of holding L-BTC without compensation or a guarantee that they can exit back to BTC.
For the pegout mechanism to be reactivated in Liquid, two conditions must be met.
First, the software needs to be secure to avoid another exploit that could drain the federation’s remaining ~3,600 BTC. That part is within the control of the federation members and their IT provider, Blockstream. The known vulnerabilities, as far as we know, have been fixed. What is harder is finding any currently unknown vulnerabilities, but this should not prevent the Liquid network from moving forward.
The second and most serious problem is that the total amount of BTC held by the federation must be equal to the total amount of L-BTC in circulation. In other words, the backing of L-BTC by BTC must return to a 1:1 ratio. We are aware of ongoing efforts to 'fill the gap' and at this stage, all we can do is wait for that to happen. Once that is done, BULL will be able to offer a conversion service that allows users to exchange their L-BTC for BTC at a 1:1 exchange rate.
Based on the information we have, our expectation is that Liquid swap and exchange services allowing users to convert their L-BTC to BTC could resume within 30 days. This is an educated guess, not a guarantee.
Looking beyond the current situation, we are also evaluating the best path forward for Lightning payments in the BULL wallet. As part of BULL’s ongoing R&D efforts, our CEO, @francispouliot_ is preparing a presentation examining the tradeoffs of the main alternative payment protocols available to Bitcoin wallets.
The goal is to identify the most robust and sustainable architecture for providing BULL users with the best possible experience going forward.
We would like to thank all our users for their continued patience and understanding. We will share further updates as reliable information becomes available.
Liquid update for BULL Wallet users
The Liquid Network has been resumed, producing blocks and processing transactions again.
However, Swaps from L-BTC to BTC and L-BTC to LN remain unavailable until the 1:1 peg is fully restored and peg-out operations are allowed again.
BULL’s default receiving wallet, aka Secure Bitcoin Wallet, which uses the Bitcoin network for transactions, is unaffected by this incident.
BULL’s instant payments wallets use the Liquid Network. While it is now possible for users to receive payments via Liquid, we strongly discourage them from doing so.
The BULL wallet automatically prevents users from accumulating more than 1,000,000 sats in their wallet via its autoswap feature, which is enabled by default.
While we wait for the Liquid Network peg to return to its full 1:1 reserve, this feature is not functional.
What’s next
We are confident the 1:1 peg will be restored and that no BULL Wallet user will lose funds as a result of this incident. Once full backing and peg operations are restored, you will be able to convert your L-BTC to BTC or to LN as before.
If full backing cannot be restored, we will advocate on behalf of our users for a recovery plan that lets every affected user recover funds proportional to the peg ratio.
BULL’s primary directive is, and always has been, to make Bitcoin a useful, private and censorship resistant means of exchange. Only then can our Mission to Destroy Fiat be realizable.
BULL first integrated Lightning in its exchange in 2018. Since then, we have kept up with all new developments in the space, examined all available alternatives and tradeoffs in depth. We have presented on this topic at technical conferences, and we plan on soon releasing more insights into our approach.
We thank our amazing users for their patience and support.
Despite the difficult cybersecurity incidents of the past few months, we remain dedicated to building infrastructure to make Bitcoin a scalable and usable form of money.
39
29
221
26,592
Aaron Wise retweeted
Thanks for holding up the creator of StickDix and promoter of Safemoon and a dozen other -99.9% crypto projects as a role model!
1
9
251
The Strategic Bitcoin Reserve is doing so well, we should establish the Strategic Bitcoin Reserve. therage.co/the-strategic-res…
182
Aaron Wise retweeted
135 South LaSalle St. Chicago, Illinois
Reported a new appraised value of just $34.0M, a 90% drop from its $330.0M valuation when the loan was originated in 2015. The building is nearly empty and cash flow has been negative for years.
CMBS ($100.0M | 47.5% of CGCMT 2015-GC31)
-Morningstar
#CommercialRealEstate
104
142
880
327,338
This tweet is cited in a new DOJ indictment. nitter.net/cobie/status/151387497… justice.gov/usao-sdny/pr/for…
Found an ETH address that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published, rofl
1
1
438
Aaron Wise retweeted
Literally the definition of pandering. While Bitcoiners celebrate scraps thrown under the table, the feast continues for promoters of thousands of upcoming ‘Clarity Act compliant’ ICOs that will almost all crash 99%.
1
1
175
14 years old on YouTube with 100 views, this might be my favorite video on the world wide web. Zahi is still one of my all-time favorite tracks. piped.video/watch?v=_N1C7VoM…
1
263
JUST IN: Mark Moss-backed British #Bitcoin treasury company Satsuma Technology (SATS) just announced it sold all of its 669 BTC and, following a High Court order, will return $41.4 million to shareholders.
The company's treasury business has completely shut down, and LSE trading has been suspended.
1
4
408
There was 15X more Mexican debt than bitcoin on Blockstream’s hacked Liquid network.
Backing close to $5B+ USD in digital promissory notes (pagarés) on @Liquid_BTC, uptime is vital for us.
We began broadcasting our queued issuance transactions, and batches are clearing cleanly.
Huge credit to @Blockstream & all 15 functionaries for the quick recovery.
263
You’re not getting a $5,000 check from Trump. He promised you a “DOGE savings” check that you didn’t get. He promised you a “tariff revenue” check that you didn’t get. He promised the Ukraine war would end “day 1,” and gas at “$2 a gallon.” It’s not happening.
1
1
7
437
How did we have FLYING SHIP TAXIS in the 1970s that were somehow scrubbed from our memory over the past 50 years?
703
871
11,434
2,581,552
Our third-party e-mail provider has been breached. Please be aware that the email named ‘Critical Security Alert: STM32 Entropy Vulnerability’ is not coming from us, and it’s a phishing attempt. Do not click on any link.
We have taken down the domain, and we are investigating the situation, including how the hackers got access to our legit domain.
985
1,376
5,592
3,420,610