Not Your Keys, Not Your Bitcoin — FTX Was Selling Fake BTC to Its Users.www.inbitcoinwetrust.net/not-your-keys-not-your-bitcoin-ftx-was-selling-fake-btc-to-its-users-3489239ebf0c
179 sats \ 4 comments \ @slatheredloss 20 Dec 2022 bitcoin
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5 sats \ 1 reply \ @Bitcoiner1 20 Dec 2022
What is a fake bitcoin? Is bitcoin cash or bitcoin gold a fake bitcoin or a shitcoin?
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10 sats \ 0 replies \ @orthzar 20 Dec 2022
Fake Bitcoin (aka paper Bitcoin) is like paper gold. They are claims to BTC, an IOU to receive a specific quantity of BTC at any time. This is fine as long as the exchange has enough BTC to cover all claims, but FTX had far less BTC than the claims they sold to customers. Some argue that is a form of fraud, but that's a complicated topic I'm gonna skip.
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0 sats \ 0 replies \ @BLOCKNERD 20 Dec 2022
If you have your keys, you should be able to to open this is another Wallet also right? if the bitcoin is assigned to your keys the should not be able to double spend your bitcoin right ? 🤔
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0 sats \ 0 replies \ @orthzar 20 Dec 2022
At this point, we should start saying "not your keys, not Bitcoin," because you can't prove whether what you own is BTC or just an IOU until it's in your wallet.
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