Top crypto tweets of the day – May 16th

So yesterday @Ledger published an update for a service that sends your seed phrases to different companies

Which can be “opted out” but i feel like trust is now 100% broken because whether a person subscribes to the service the backdoor was always there to begin with pic.twitter.com/BkbCLShzsg

— jawz ✨ (@sayinshallah) May 16, 2023

Let me pile on the request for a super technical write up about the functioning of the new @Ledger seed backup feature.

From the website explanation ( https://t.co/wpIynaJVwU ) it doesn't seem the seed can only be backed up at creation time, but it reads as if you could back the…

— Paolo Ardoino ? (@paoloardoino) May 16, 2023

WTF is this real @Ledger ? this is unreal im literally getting sick

do you have any idea how much money your devices secure ???

have you been lying all this time saying the seed on the device cannot be accessed in anyway? pic.twitter.com/34txno7koR

— Clouted (@CloutedMind) May 16, 2023

Stop using Ledger hardware wallets. Migrate away from them immediately. They’ve shown nothing but gross incompetence and wild misunderstanding of their own purpose. And now they’ve publicly admitted to intentionally backdooring their own proprietary hardware. Stop using Ledger pic.twitter.com/LLFFUsOW4y

— foobar (@0xfoobar) May 16, 2023

New crypto regime in HK starts June 1

Chinese flows coming back into the spotlighthttps://t.co/Yps7DDh5AF

— Andrew Kang (@Rewkang) May 16, 2023

Argentinian responses to crypto haters on HackerNewshttps://t.co/OBFQT8MWxS pic.twitter.com/NOXU7Rn6t0

— Mikko Ohtamaa (@moo9000) May 16, 2023

There are two things in #Bitcoin that you need to be prepared for.

1. An 80% drop in price at any time.

2. A 20x increase in price at any time.

This is why I don't believe in retiring early on your #BTC & I don't believe in dollar cost averaging.

— Undisclosed ₿ ⚡? (@BitcoinUndisc) May 16, 2023

Before the misinformed become involved: Dollar cost averaging = having a large sum of money that you *slowly* invest in an asset instead of putting it in in a lump sum. It does not mean putting aside a sum of your income every month. That is simply saving.

— Undisclosed ₿ ⚡? (@BitcoinUndisc) May 16, 2023

WSJ: The court filings shows that Jump Trading made some $1 billion in profit through its dealings with Terraform Labs. The January 2020 email outlined a deal in which Jump would boost the liquidity of "Terra and Luna," and Jump would get to buy Luna at 30 cents, 40 cents, and 50…

— Wu Blockchain (@WuBlockchain) May 16, 2023

$BTC Binance Open Interest
Short liquidity taken & now market is hunting long liquidity

Note funding rate calculation will swing both ways depending on spot & perp difference within funding periods

For now binance spot is leading the way https://t.co/Nx2HZHBt1v pic.twitter.com/06Cs8r6Olp

— Skew Δ (@52kskew) May 16, 2023

A whale is accumulating $ARB.

Address"0x37bf" was created 4 days ago with 1.5M $ARB ($1.76M) withdrawn from #Binance at $1.07 at the time.

And withdrew 1M $ARB ($1.18M) from #Binance again 13 hrs ago.

The whale holds 2.5M $ARB ($2.95M) now, the average buying price is ~$1.13. pic.twitter.com/FdYcN8Top6

— Lookonchain (@lookonchain) May 16, 2023

We've detected that Pepe $PEPE has been listed on Kraken!

View on Kraken: https://t.co/2b9ZpgbhMV
https://t.co/EcooA4WgWd

— Crypto Exchange Listing Bot (@crypto_alerting) May 16, 2023

1/5

Dear American Law Makers,

Let's be clear:

The current pace of the SEC rule making is not only an embarrassment to the United States but a real and present danger.

Chair Gensler cites cases suggesting that 10-20 year rule makings are acceptable. pic.twitter.com/sEe8Mfq62c

— Adam Cochran (adamscochran.eth) (@adamscochran) May 16, 2023

3/5

One can appreciate that new technology can be challenging to understand the implications of and merits time to study.

Which is why despite crypto being created in 2010, it took other US regulators time to respond – but, respond they did.

— Adam Cochran (adamscochran.eth) (@adamscochran) May 16, 2023

Also @HesterPeirce how many decades did you work on your crypto safe harbor proposal?

I believe it was less than 0.1, right?

So qualified SEC commissioners can indeed develop nuanced rule making proposals in sub-decade timeframes?

— Adam Cochran (adamscochran.eth) (@adamscochran) May 16, 2023

I don't know why it took me so long, but I discovered the use case of meme coins like #PEPE

It's all about washing money. Millions of it. pic.twitter.com/wiB2R2hR1A

— Duo Nine ⚡ discord.gg/ycc (@DU09BTC) May 16, 2023

Justin Sun attacked the younger brother of Huobi founder Lilin for obtaining zero-cost HT and selling, and will burn these HTs. Li Lin hopes that Sun should show evidence, and if it is true, he will pay 10x the compensation. Sun bought the Huobi exchange from Li Lin last year.…

— Wu Blockchain (@WuBlockchain) May 16, 2023

celsius just moved their 428,000 stETH 10mins before lido withdrawals go live ? pic.twitter.com/5EdfiK16Tr

— alto | dollar.eth (@etheraltog) May 15, 2023

https://t.co/lG1G8Msz7x

— alto | dollar.eth (@etheraltog) May 15, 2023

The Dutch Central Bank today revealed it spent months executing an operation to move $15 billion including 200,000 kg of bars and coins, requiring police and military support.

This would have been 10 minutes+$3.02 on the #Bitcoin Standard. #GovEfficiencyhttps://t.co/Rg00HHDcmK pic.twitter.com/J3oPREyToS

— Vandelay ₿TC Industries ⚡ (@VandelayBTC) May 15, 2023

DNB also built an entire new high-security facility to store the gold in Zeist. 14,166 gold bars and 1,006 boxes of coins started being moved there in October 2020. pic.twitter.com/fW7oZzQZit

— Vandelay ₿TC Industries ⚡ (@VandelayBTC) May 15, 2023

Total costs to taxpayers were not revealed.

That's something that central bank shills like Alex "Digiconomist" de Vries don't like to see mentioned while spreading FUD about #Bitcoin using "too much energy." – because they know this is maximum fiat inefficiency. pic.twitter.com/qBt6anC756

— Vandelay ₿TC Industries ⚡ (@VandelayBTC) May 15, 2023