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So, what do you think, what do you think, Bitcoin is all about? I just think it's limited, and then I think it will eventually be broken and it will drop to zero. Breaking news: A critical security vulnerability has just been discovered, leading to millions of hacking attempts right now. This is the reason why US markets are falling rapidly.
Massive sell-off in US markets, $ 1.1 trillion lost today , mostly in the technology sector. And even crypto legend CZ warns cryptocurrency users to be especially careful. Click " subscribe" to Altcoin Daily to receive one video per day and stay up to date with what's happening in the crypto world. And the first thing to understand is: don't panic.
That's when mistakes are made. When you are in a hurry to quickly transfer assets, when you are panicking—that is when hackers have the best chance to take advantage of you. So don't panic. This did n't affect all of crypto, and we'll go into detail, but for example, PancakeSwap doesn't use PHP— which is the vulnerability—in its technology stack .
And our platform was not affected. Your funds are safe. What other cryptocurrencies are safe after this event? Let's look at this explanation, and then I'll respond. The entire internet is rushing to update PHP versions, while the entire cybercriminal underground is trying to figure out how to use this as a weapon.
The world woke up to the news that PHP, the venerable programming language that powers much of the internet, was found to be vulnerable, and critically vulnerable, due to flaws hidden in the code for over a decade. These are flaws that were discovered using AI tools. The main fear is that they can now be exploited using the same tools.
You may have never heard of PHP, but you come across it all day, every day. PHP is Wikipedia. This is part of Drupal. If you go to my personal website—my personal website runs on PHP. If you interact with any WordPress site, it's PHP. He's everywhere on the internet. And as a cryptocurrency owner, here's how it affects you personally.
Because PancakeSwap is out of danger at the blockchain level . No major blockchain has been affected at the chain/protocol level. Bitcoin is fine. Ethereum and Ethereum chains are secure. BNB chain is safe. The other big chains, Solana, Base, Sui—they're fine. Where is the real risk? Well, this is an off-chain vulnerability at the web level.
That is, these could be exchange control panels, frontends of decentralized applications, that is, not the base chain itself, but an interface, perhaps a website. KYC portals, wallet connection pages, any marketing sites. Of course, marketing is centralized. But the decentralized part, i.e. smart contracts, cold wallets, and protocol-level assets remain untouched by these PHP bugs.
Again , there are millions of hacking attempts, but not at basic levels. Send this to a friend so they don't panic and put their cryptocurrency at risk. This is important. Do you think Bitcoin is over? Then why is billionaire Chamath Palihapitiya, who used to adore Bitcoin and was its biggest supporter in the beginning, saying it will be hacked and its value will depreciate to zero?
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And the main opportunity today is to invest in Gigastar's business through WeFunder. I saw the potential, so I invested. Of course, this is a startup, so it's a high risk . Be sure to read the offer before investing. See the full offer at the link below. In fact, Chamat gives another reason why he believes Bitcoin will depreciate to zero.
I want to show this in full so you understand everything, but let's first outline the context of the situation in the crypto market, because the institutions do not agree with Chamat. Just got the news: Bitcoin ETFs bought $ 528 million worth of Bitcoin yesterday . Weekly net inflow of funds exceeded one billion.
Institutional buyers are not leaving. And again , someone sold, so it looks like ordinary people are still selling to institutions, ordinary people are giving in to fear, and institutions are buying on fear. We also understand that tokenization is happening. The largest market in the world is moving to blockchain.
Over 440 stocks have been tokenized, and it's not over yet. Specifically, they are all located in Ondo. Tokenization, in my opinion, is happening mainly on Ethereum, Solana, and partly on BNB and Ondo. And the evidence is in the data. This is through exchange partner Binance. Large-scale. Binance's B-stock assets under management (AUM) have exceeded $1 billion.
It's probably even more now. Crypto is growing rapidly, TradFi is here, and again , it shows in the data . B stocks assets topped $1 billion a few weeks ago with one- to-one convertibility and zero fees; users converted over $6 billion between B stocks and underlying stocks. How this affects you: This brings TradFi onto the crypto rails.
This gives TradFi a crypto wallet, integrating traditional finance into crypto platforms. This is mass implementation. And also understand that this is not just centralized AI, this is decentralized AI. Decentralized AI is on the rise. $ 27 million worth of hardware is currently being leased on the BitTensor Tao network.
Sorry, correction. This is only on one Tao subnet, and there are 128 of them in total. What are subnets? These are early- stage companies, mostly in the fields of AI and robotics. Liam currently hosts over $30 million worth of hardware , and that's just one subnet out of hundreds. BitTensor Tao is growing.
And also pay attention not to what they say, but to what they make big money, because Chamat can say anything. JP Morgan is much more competent, has significantly more capital, and JP Morgan's asset management division is expanding access to its tokenized money market funds on Solana. And now, understanding all of this, now that we have this context, how could Chamath even say that Bitcoin would depreciate to zero?
He will remember one word . He'll mention the word " interchangeable" right here. He will mention the word " interchangeability". Essentially, this means privacy. He'll say, "Hey, Bitcoin isn't private. Why do we need it?" And then at the end he mentions… actually, let's watch the full clip, and then I want to… Uh, what's your take on crypt, given , you know, the rapid development of superintelligence?
Are we safe or not? I think it has limitations. I believe that traditional crypto lacks the interchangeability to have all categories of buyers. The buyer pool is retail clients, then institutional investors, and then central banks. And retail crypto lacks the fungibility to be owned by central banks.
So from that perspective, it has limitations. Then it is limited because there are enough leaks of information about who owns what, which creates security risks. I think France is the best example, where the government forced the disclosure of who owns which crypto assets , and that led to a whole wave of kidnappings and, you know, all sorts of really bad things.
And the third one is the AI issue, where if you believe that, you know, recursive self-improvement is aimed at, you know , cryptographic breaks, then the most obvious target would be Satoshi's wallet to, you know, break SHA-256 and just withdraw funds from it . And then open a short position and tell everyone that you did it.
So then you would make money, you would make money twice. All of these things, I believe, are real reasons why it is limited and why there is a certain upper limit. And so this effort to move to quantum-safe, quantum-resistant cryptographic mechanisms is necessary, which, as you see in the Bitcoin community, is virtually impossible, because it's a bunch of people who can't even agree on where to meet, let alone what time the meeting starts.
So, I think cryptocurrency is a bit lost in the thicket here. So you think, you think Bitcoin is " ready"? I just think it's limited, and then I think eventually it will be broken and it will drop to zero. Do you own Bitcoin? Are you ready to say? Through a company, a company called Digital Currency Group.
So I had this very long-term investment in Bitcoin. I invested it in DCG a long time ago. They launched a bunch of ETFs. They gave me shares in return. And it was much better for me because then I got rid of the storage risk and the security risk, and I had shares of the company. So, first of all, he doesn't own any Bitcoin.
The guy who sold too early, and he admits it, is trying to convince you that the price will fall, it will go lower. Second, he says that Bitcoin will be destroyed by a quantum computer. This is actually not true. Literally every coin can be upgraded, except for those that are lost or controlled by Satoshi , which are considered lost.
So, 4.6% of the supply could be stolen using quantum technology, and 7.7 % of lost bitcoins could be stolen in a similar way. This represents about 12% of all coins. The rest are safe. So, if there was a fear that 12% of the coins might be sold, would that drive the price down 100%? No, maybe it would lower the price by 20% or 50%, maybe even 70%.
But 70% corrections, even with Bitcoin, don't happen that often anymore. But they are normal. Even with this quantum upheaval, nothing has died. And thirdly, Chamat says that the only thing he currently owns in the cryptosphere is DCG. This is Digital Currency Group, they are the ones who launched the Zcash ETF.
That's why Chamat talked about interchangeability. Bitcoin doesn't do what Zcash does. That's right, it's Zcash, there you have it. So he's just touting his assets for the sake of DCG shares. DCG has also filed for an ETF on BitTensor. It hasn't been approved yet, but when it does, I'm sure Chamat will start talking about decentralized AI much more often.
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