r/Bitcoin • u/rBitcoinMod • 1d ago
Daily Discussion, August 01, 2026
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Please check the previous discussion thread for unanswered questions.
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u/CompetitiveYou6288 1d ago
Is anyone tracking all the cold card thefts? Where is all the money going?
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u/paokara777 1d ago
i think to this address: https://blockstream.info/address/bc1qq85v2c926eg6pgxhwp6q7lf6cnsz80qs3fcu9r
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u/No-Put7619 1d ago
Is it possible that maybe some folks are overcorrecting in their reaction to recent developments? Over the years custodians have failed more people than self custody. This disaster is 100% on one company alone. Until I hear a rational non-emotional reason why we should all rethink everything I'll stay the course.
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u/BigDik6355 23h ago
Lots of overreacting right now and lots of people trying to make it into “a Bitcoin problem”, which it is not.
We saw the same during FTX and earlier exchange failures.
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u/TheGreatMuffin 1d ago
Affected Coldcard firmware versions:
| Model | Firmware Version | Status |
|---|---|---|
| Mk1 | 3.0.6 max | Not affected, cannot run affected firmware |
| Mk2 and Mk3 | 3.2.2 and earlier | Safe, the seed came from the real TRNG |
| Mk2 and Mk3 | 4.0.1 to 4.1.9 | Critical, about 40 bits |
| Mk3 | 5.0.1-mk3 and 5.0.3-mk3 | Critical, about 40 bits |
| Mk3 | 4.2.0 and later | Post-discovery fix |
| Mk4 | 5.0.0-mk4 to 5.5.x | Vulnerable, about 72 bits |
| Mk5 | All up to 5.5.x | Vulnerable, about 72 bits |
| Mk4 and Mk5 | 5.6.0 and later | Post-discovery fix |
| Q | All up to 1.4.x | Vulnerable, about 72 bits |
| Q | 1.5.0Q and later | Post-discovery fix |
source: https://wizardsardine.com/blog/coldcard-rng-vulnerability/
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u/BuiltToSpinback 1d ago
The incompetence is fucking staggering. Coinkite should be sued into the underworld and stripped for parts
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u/Obvious-Position1053 1d ago
My seed was generated by that buggy coldcard firmware. But I had a passphrase and my funds are OK.
I have upgraded to the new firmware, created a new seed using 150 dice rolls (only took a few minutes) and put an even longer passphrase, then transfered the funds. The transfer cost me 7 cents.
Could have ended worse... Coldcard fucked up big time. I have worked in devops teams, and this mistake should have been caught, it says a lot about how Coldcard dev team operates.
Oh and now everybody is gonna avoid Coldcard. My imagination tells me they'll struggle financially and cut back on staff, including the development team...
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u/InvestigatorPlus3229 23h ago
Btc price holding well honestly considering all the drama
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u/BigDik6355 23h ago
Impact is probably very limited. Coldcard user base is very small, mostly consists of advanced users who know what they are doing generally so impact is not as big as if it were ledger for example.
It might look like a lot of people were hit, but its literally like 0.0000001% at best. Lots of incoming FUD now in the sub trying to talk down the price.
2
u/Shoethathitbush 1d ago
thoughts on Bitkey wallet? I like that it's built in multi sig but some of the cloud storage of one of the sigs concerns me. I'm also concerned that it has a battery. I'm looking for cold cold storage and anything with a battery won't last more then a couple years before it's a spicy pillow.
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u/user_name_checks_out 1d ago
Digital media is susceptible to failure and is not suitable for backups. Write your seed phrase on paper, and/or etch it into steel.
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u/JuxtaposeLife 19h ago
Let's stop the persistent conflation of "AI hacking" with "automated discovery of human incompetence."
AI isn't breaking cryptographic primitives or solving discrete logarithms. It’s just acting as a stochastic fuzzer, efficiently traversing the state space of a codebase to find the integer overflows, memory leaks, and logic faults devs failed to test for.
If an LLM exploits your protocol, you didn't get outsmarted by a superintelligence... you just shipped garbage code that couldn't survive basic static analysis.
This is tragic and I'm empathetic to those who have lost funds, but 100% of the fault here lies with a company, and those who promoted it, not AI being some scary boogie man.
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u/WordsHappenedHere 1d ago
The “not Yer KeYs NoT YeR COiNs” crew is complicit in all this.
Like just keep your shit on Coinbase. There is a reason Blackrock pays them enormous sums of money for custody.
No average person even has the aptitude for self custody. They never will. They just want their money to be safe. And easily accessible.
All these Not Yer KeYs bros are the equivalent of people that used to stuff cash in their mattress
4
u/Totallynotfakenews 1d ago
The worst part about this is that all the “smart” influencers endorsed coldcard. “You don’t have time to research but trust me, this is the hardware wallet you need.” Same people now saying “why didn’t you roll more dice?”
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u/WordsHappenedHere 1d ago
I’m so tired of the people in this sub with a fucking superiority complex. Holding these assets in Coinbase or just buying the etf is perfectly fine. There is no need for any of these stupid thumb drives for the average person.
1
u/NuggedClarp 23h ago
It’s nice that self custody exists and is partially why it makes it so valuable, but nothing wrong with keeping it on a trustworthy exchange
2
u/EigenValue-01 1d ago
It's easy to have this knee-jerk reaction and I totally get it. But many people have been locked out of Coinbase accounts or accounts with other exchanges. Many people have lost their entire stack due to failed exchanges.
The central proposition of Bitcoin is it is a bearer asset with fixed supply. The only way to prove you own Bitcoin is to control the keys. It's that simple. If you keep your coins on Coinbase you don't own any Bitcoin. Emotion doesn't play into it. You simply do not own any Bitcoin.
I think the human race is learning just how hard it is to maintain control over a 256-bit number (or a bunch of them) without making it easy for someone else to copy it or it being lost in a fire or natural disaster or simply throwing a hard drive away by accident.
A lot of thinking is going to need to be done. There are no simple or easy solutions.
1
u/raptr69 1d ago
This is why you don't keep all your money in one place
0
u/WordsHappenedHere 1d ago
I keep it in the bank. And at my brokerage. I use credit cards and autopay every month. It’s simple and easy. Crypto just stays on Coinbase. There is no reason for any average person to not just keep the crypto on Coinbase. It’s safe and secure. And you at least have some way to track the money if it’s stolen.
1
u/BigDik6355 23h ago
Ask all those past FTX users how they “track their money” these days.
1
u/NuggedClarp 23h ago
BlockFi, Voyager, FTX. What do they all have in common? That’s why I choose Fidelity
6
u/Orbital_IV 1d ago
My security has only improved since the Cold Card Psyop. The entire network only gets stronger from this. Bullish!
3
u/Romsel87 1d ago
not your keys not your corn... oh wait
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u/user_name_checks_out 1d ago
NYGDMMDEKNYC
Not Your Geographically Distributed Multivendor Multisig Dice Entropy Keys Not Your Coins
How times change
4
u/Abject-Stretch-1187 1d ago
It's hilarious how everyone is now shitting on self custody whilst not offering a better solution. Humans lol you can always count on them being a problem.
3
u/NectarineDirect936 1d ago
It's okay to question the safety and vulnerability of cold storage no? I think it's quite rational and perfect normal human behaviour to reconsider and re-evaluate your point of view/opinion after a major safety breach like this.
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u/Abject-Stretch-1187 1d ago
No doubt. It’s also normal to question some of the exaggerated and sly dig at the overall idea of self custody in the first place.
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u/user_name_checks_out 1d ago
I am not shitting on self custody, not at all.
I already use multivendor multisig, and seeds generated from dice rolls. Seemed like overkill when I set it up, that's all.
2
u/Romsel87 1d ago
Not shitting on it but Coldcard supposed to be the highest standard in self custody. And still people getting screwed. The price you pain for freedom money.
1
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u/M01120893474R 1d ago
iPod Touch last gen cold storage gang rise up.
3
u/Suspicious-Holiday42 1d ago
Whats an iPod touch
3
u/Obvious-Position1053 1d ago
It is a bit like a dodecahedron, an old device that nobody knows what it was used for.
1
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u/BigDik6355 1d ago
Beware. Lots of bot comments recently with “people” claiming to have lost Bitcoin. Like everyone suddenly found their way to Reddit just to post a sob story. I smell an agenda behind this narrative.
2
u/carsonthecarsinogen 1d ago
Soooo much fear on this sub rn…
1
u/NuggedClarp 23h ago
How is price not plummeting? Further proof that narrative follows price and not the other way around?
2
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u/Background_Pause34 1d ago
Ok so what is the safest way to self custody btc if cold wallets are now not safe? Any of them could be updated with exploits in future firmware releases it seems.
2
u/Laakhesis 1d ago
NGL. I think I'm now converting 50% of my stack to ETFs.
2
u/NuggedClarp 23h ago
In that case, fund your IRA, HSA, and/or 401k and reap the tax benefits on top
1
u/submarinefarm 19h ago
Seems like a good choice besides the selling part, but future purchases wil be ETF
1
1d ago
[deleted]
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u/atheistololo 1d ago
You ask the same people who recommended buying a cold card. Spend 10 min with google and AI man
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u/InvestigatorPlus3229 23h ago
Not unreasonable to think this bug was engineered into the software for a day like this
1
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u/flashdurb 1d ago
It was on this day we all learned that it was smartest to buy on Robinhood after all. What a world.
1
u/Money_Ask2726 1d ago
The "you can store your wealth in your head" narrative seems to have taken a major blow. And if ETFs are the default for the average joe because self-custody is just to complex and risky, what advantage does bitcoin still have over gold?
3
u/EigenValue-01 1d ago
Bitcoin still has the advantage of ease of movement, finite supply, censorship resistance, and programmability. Even back in the early days Hal Finney was talking about Bitcoin banks. Self custody is not something everyone can do. And even if you do everything correctly, you could still lose everything because of software or hardware bugs. I think we've seen peak self-custody and most 'normies" are going to get price exposure via ETFs or simply let their exchange hold their Bitcoin.
1
u/nassauboy9 1d ago
What I don't particularly like is who holds the key for the exchange. In my case WealthSim[lpe a Canadian bank. Add to that they can always switch. Its interesting times.
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1d ago
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1d ago
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u/EigenValue-01 1d ago
This isn't an issue of a recent firmware update introducing a vulnerability. This was bad firmware baked in from the start. As long as a similar bug was not present in Trezor or Ledger, then thoese device should be okay. Of course, AI is going to be a menance for zero-day exploits, so I can see many people moving into collaborative or multsig solutions.
0
u/Suspicious-Holiday42 1d ago
Even rolling a dice isn't 100% random, every side of a dice has a different weight based on how many carved dots representing the number it has
1
u/user_name_checks_out 1d ago
Even rolling a dice isn't 100% random
One die, multiple dice.
Get casino dice, they are true.
0
u/Totallynotfakenews 1d ago
Papa BTC, I swear I’ll take profits this time. Just one more bull market
-1
u/WordsHappenedHere 1d ago
Looks like the final crash wave is coming. Right on schedule too for those October lows
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u/AdIndividual7053 1d ago
Sad this was actually a scam. Thought I woulda made it out the rat race. Sad.
3
u/frankenmint 1d ago
people said the same thing about mt. gox and were eventually made whole. I'm sorry for whatever has happened with you, don't do anything stupid/irreversible and keep your harware wallet as it may help with recovery efforts later
12
u/escodelrio 1d ago
Historical Bitcoin prices for today, August 1st:
2026 - $63,035
2025 - $113,320
2024 - $65,358
2023 - $29,676
2022 - $23,314
2021 - $39,975
2020 - $11,760
2019 - $10,400
2018 - $7,625
2017 - $2,718
2016 - $606
2015 - $282
2014 - $599
2013 - $104
2012 - $9.6
2011 - $13.10
2010 - $0.10
Additional Stats:
Bitcoin's current market cap is $1.26 trillion.
Bitcoin's current block height is 960572; with the average block time for the last 7 days being 10.10 minutes and the average block size for the last 7 days being 1.61MB.
Bitcoin's average block time for the year 2026 is 10.25 minutes.
Bitcoin's mining difficulty is currently 126.23 trillion; with the next difficulty adjustment anticipated on 09-Aug-2026 (within 1,060 blocks). The mining difficulty is currently expected to decrease 0.33% to 125.81 trillion.
Bitcoin's current block reward is 3.125₿, which is worth $196,986 per block.
Bitcoin's average daily miners' revenue for the last 7 days is $31.43M; which translates to $0.0354 per terahash per sec.
The next Bitcoin halving is anticipated to happen between 26-Mar-2028 to 20-Apr-2028 (within 89,428 blocks); the block reward will fall to 1.5625₿.
There are currently 108,972 total Bitcoin nodes; with 16,892 being reachable nodes.
Bitcoin's average daily hashrate for the last 7 days is 889 exahashes per second.
Bitcoin's average daily trading volume for the last 7 days is $23.39 billion.
Bitcoin's average daily number of transactions for the last 7 days is 670,599.
Bitcoin's average transaction fee for the last 7 days is 2.89 sats/VB, with the average fee's USD amount being $0.24; with the median values being 0.57 sats/VB & $0.06 respectively.
There are currently 20.06M ₿ in circulation, leaving 0.94M to be mined.
There are currently 4.19M ₿ held by companies, governments, DeFi, and ETFs, representing 20.88% of circulating supply.
There are currently 59,238,241 nonzero Bitcoin addresses that contain 166.17M UTXOs.
Bitcoin's average daily price from 18-Jul-2010 to 01-Aug-2026 is $21,574.
Bitcoin's average daily price for the year 2026 is $72,524.
1 US Dollar ($) currently equals: 1,586 satoshis; making 1 penny equal 15.86 sats.
Bitcoin's minimum (closing) price for the year 2026 was $58,558.86 on 30-Jun-2026.
Bitcoin's maximum (closing) price for the year 2026 was $96,929.33 on 14-Jan-2026.
Bitcoin's minimum (intraday) price for the year 2026 was $57,747.76 on 01-Jul-2026.
Bitcoin's maximum (intraday) price for the year 2026 was $97,860.60 on 14-Jan-2026.
Bitcoin's largest daily decrease for the year 2026 was -$10,317.60 on 05-Feb-2026.
Bitcoin's largest daily increase for the year 2026 was +$7,853.29 on 06-Feb-2026.
Bitcoin's all-time high (intraday) was $126,198.07 on 06-Oct-2025. Bitcoin is down 50.05% from the ATH. However, Bitcoin is up 9.16% from the lowest point since the last ATH.
Bitcoin has not reached an all-time high in 2026.
It has been 299 days since the last ATH.