Ammo (@JayCorma) profile picture
Joined August 2024
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Analogy for the newbies. When you buy socks off Amazon, are you buying socks? No you are buying a picture and promise of socks. They are only socks when they arrive in physical form at your door. Until then they are securities aka promises. Learn. When you buy crypto from a Centralized Exchange you are buying a picture of the crypto asset and a promise. Only when you withdraw to your wallet and take possession do you have crypto. Until then its just a security.
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We should not have to even think about pro crypto and anti crypto politicians. Or politicians at all. We just want to be left the f*ck alone.
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Ammo retweeted
Intelligence Is Overrated The older I get, the more suspicious I become of the way we talk about intelligence. We have built an entire culture around the concept. We classify people as intelligent, gifted, intellectually superior, analytical, highly capable. We develop tests, create labels, establish hierarchies and use these classifications to assign people a certain degree of value. But I increasingly wonder whether intelligence, as we understand and celebrate it, means anything at all. What we call intelligence is often little more than the collection of behaviours, cognitive patterns and intellectual habits that our education and environment have taught us to value. We reward certain ways of thinking, certain forms of expression, certain abilities to process and reproduce information. Eventually, we turn these acquired patterns into an identity. We call someone intelligent because they display the behaviours we have collectively agreed to associate with intelligence. But what does that actually tell us about their ability to navigate the world? Someone can be extraordinarily articulate, possess an encyclopedic knowledge of history, philosophy or economics, and still be completely incapable of making good decisions, building anything meaningful, managing their emotions, navigating relationships or creating a life they actually want. Someone else might have no particular academic distinction, no impressive vocabulary and no intellectual reputation, yet consistently make better decisions, recognize opportunities, understand people, adapt to changing circumstances and get things done. Which one is more intelligent? I increasingly think the question itself is misleading. The only intelligence that has any practical significance is the ability to translate one’s understanding of the world into desired outcomes. Can you recognize what matters? Can you distinguish signal from noise? Can you adapt when reality contradicts your assumptions? Can you understand people and circumstances well enough to make things happen? Can you turn knowledge into decisions, decisions into action, and action into results? That, to me, is intelligence. Everything else risks becoming an elaborate form of intellectual self-indulgence. We have confused the ability to think about things with the ability to do something about them. We have confused knowledge with understanding, sophistication with competence, and intellectual performance with actual capability. There is something particularly seductive about conventional intelligence because it offers a form of status that requires very little confrontation with reality. You can spend your entire life developing sophisticated explanations of why things work the way they do without ever having to demonstrate that you can make them work. Reality, however, is indifferent to how intelligent you believe yourself to be. It doesn’t reward the most articulate explanation. It doesn’t care about your intellectual credentials or how many books you’ve read. It responds to what you actually do, the decisions you make, the problems you solve and the outcomes you produce. This doesn’t mean knowledge, curiosity or abstract thinking are useless. Quite the opposite. They can be extraordinarily powerful. But they are instruments, not accomplishments in themselves. Perhaps the mistake is that we have turned intelligence into an identity rather than treating it as a capacity. And perhaps the more useful question isn’t whether someone is intelligent, but whether their way of thinking makes them more capable of achieving what they set out to achieve. Because intelligence that never translates into capability is ultimately just an impressive way of standing still.
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It's really not hard to figure out CZ and Binance They do the bidding of their masters now Their masters are within the US government & the Elite class Which is why October 10 has never been looked into but this offshore foreign "hack" was allegedly solved by the FBI in 48 hours Which is why on October 10 just hours before the the crash, reports came out CZ would be pardoned Which is why last week before the hack CZ was on Wall Street ringing the bell for a new BNB fund So while it's easy to put blame on CZ and Binance, they are not the head of the snake They are just puppets for their masters It's very clear who enabled October 10 and why it was covered up both from a law enforcement standpoint & media standpoint (When FTX happened it was pushed by the Media everywhere and every average person knew When 10/10 happened it was complete crickets and most people outside of crypto had no clue and still have no idea ) As far as this "hack"? Its a payment It's a payment to those above CZ and Binance Regardless it's all a theater show at the end of the day & ultimately does not change what is coming Also what they have done negatively they will do positively in the future except most won't be around to benefit from it
The FBI is releasing information advising the Democratic People's Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange, Binance, on or about October 29, 2026. The FBI refers to this specific North Korean malicious cyber activity as "TraderTraitor." The FBI, together with partners at the USSS and IRS-CI, has observed TraderTraitor actors converting stolen assets primarily into Ethereum (ETH). It is expected these assets will then be further laundered by converting them using DeFi and instant swap services as they prepare them for further laundering stages. How You Can Help: FBI, USSS, and IRS-CI are urging private sector entities including THORNode operators, RPC node operators, instant exchanges, DeFi services, blockchain analytics firms, and other virtual asset service providers to block transactions with or derived from addresses TraderTraitor actors are using to launder these stolen assets. A list of addresses associated with this activity is available here: fbi.gov/investigate/cyber/al…
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Ammo retweeted
Binance holds north of $150 billion in verified user assets. The $6.3 billion hack is a big number, 4 times larger than the Bybit hack last year, but Binance has sufficient scale to absorb this and avoid wider crypto industry contagion. Of the total amount almost $3 billion is frozen onchain and should ultimately be recovered. Furthermore, Binance's SAFU fund will cover another billion or so of the losses. Still a big hit, and may well be the most high profile crypto hack of all time, but unlikely this will have any material impact on the market, beyond some panic selling towards the bottom of a correction that has been in progress since September. As a long term Binance customer, @cz_binance and the team have my support.
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$CVX The breach of the Oct 15th low means we are still correcting in wave (2), which is now similar in duration to wave (1). At the local top, a follower asked what I would do if I didn’t already have a bag, and my answer was to wait for a correction first. That correction has now arrived. Let this be a reminder: no matter how good the price action looks, resistance levels are for selling or shorting — never buy out of FOMO. #ConvexFinance
$CVX Range high reached ✅ This took a lot of patience, but here we are again. Above current levels sits the 10/10 supply zone, which is expected to be a heavy one. Odds favor consolidation around or below it before a full breakout. I hope my previous posts helped you see that #ConvexFinance wasn’t over and avoid panic selling at the lows.
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Ammo retweeted
Binance has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. The company has already publicly committed to cover losses through company funds in the prior announcement. Binance has already reserved over $6.34B of company funds to cover this incident. $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels. We are doing this to match the format of the remaining token assets and address any asset shortfalls. This step can take longer because some tokens may have low liquidity and OTC settlement also takes time. We will share more progress as soon as we can. These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification. Currently, $3bn has been frozen, with thanks to our industry partners. We are working with partners and law enforcement to recover the frozen assets.We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be verified publicly through our Proof of Reserves. We will weather this storm. Thank you for the support.
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Ammo retweeted
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified. The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far. Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete. As an immediate precaution, Binance has: - temporarily suspended deposits and withdrawals while security checks are completed; - revoked the affected address authorisation; - engaged law enforcement and blockchain intelligence partners to trace and recover funds. Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice. Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions. binance.com/en/support/annou…
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Ammo retweeted
Binance has 144bn of assets under custody, with USDT and USDC frozen the total loss now is around ~1bn, which is only 0.69% of their total assets under custody They'll cover it from balance sheet easily
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Ammo retweeted
Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe. Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.
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This is exactly the type of event that could mark a bottom.
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User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m). I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.
[🌲] TETHER FREEZES $971M USDT IN LIKELY BINANCE HACK, WITH NO UPDATE FROM BINANCE STILL
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If this was a hack, that is at least a third of the funds frozen which is good. Bybit previously suffered a 1.4B hack a couple years ago, this one would eclipse that if the news is true. No word from @binance yet. That said, Binance is the largest crypto exchange in the world- and if this was a hack, they should be able to recover from it. The previously settled lawsuits with the US Gov and the settled amount was over 4B, so while this would be the largest hack of a centralized exchange that we have seen, it's also not something to panic about. Let's see as more news comes out.
[🌲] TETHER FREEZES $971M USDT IN LIKELY BINANCE HACK, WITH NO UPDATE FROM BINANCE STILL
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Apparently a potential Binance hack in progress...keep calm folks. Need to see more details come to light.
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Ammo retweeted
With the amount of bad news and uncertainty being thrown at Bitcoin right now, you’d expect it to be trading a lot lower. We’re definitely in the process of establishing a major pivot low soon. Bearish FOMC, with rates held (priced in) Rising oil prices Hot CPI data Global bond yields surging DXY rallying Ledger wallet hack Relentless FUD around the pivot to AI MSTR delisting fears Yet despite all of this, Bitcoin is quite literally holding its range. In the grand scheme of things, considering how much negativity and macro pressure is being thrown its way, BTC is looking quite good. You’d think with this kind of shit we’d already be trading well below 70K. But we’re not. And to me, that’s interesting. $BTC is becoming increasingly resilient. The market is absorbing bad news without the kind of downside reaction you’d normally expect. That is clearly a sign we are in a bull market. Bad news in a bear market pushes prices lower, bad news in a bull market pushes prices higher. Sometimes strength isn’t about how much an asset rallies on good news. It’s about how well it holds up when everything seems to be going against it. And right now, BTC’s resilience is telling us something. Very telling indeed.
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Ammo retweeted
$BTC daily RSI is now at the same level as when the pump started in August RSI has been fully reset but the price is still up 25% This is what happens during a bull run and those waiting for $65K will never get an entry
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Ammo retweeted
The billionaire in a private jet who would give it all back to be young again… The millionaire flying first class who wants to own his own jet… The businessman in a fancy sports car dreaming of becoming a millionaire… The employee in a cheap old car who wants a fancy sports car… The unemployed cyclist who just wants a job and a cheap old car… The pedestrian who wishes he had a bike so he didn’t have to walk everywhere…. The paralyzed man in a wheelchair who would give everything to walk again… All while the terminally ills’ only wish is to be healthy again…. You’ll never stop wanting more until you learn to be grateful for having things instead of getting them.
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Ammo retweeted
Trump's weekly routine: Monday: Talks are going well with Iran Tuesday: Record amount of oil is passing through Hormuz Wednesday: Iran badly wants a deal Thursday: No mood to make a deal with Iran Friday: All hell will break loose on Iran Saturday: Major strikes coming on Iran Sunday: Holding strikes on Iran for now
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Possibly setting up for one of the biggest short squeezes in crypto history #Bitcoin
Bitcoin Open Interest is now at the same level when BTC was at $87K Back then it was greedy longs who were chasing the pump This time it's late shorts who are expecting a crash
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